Narwhal Capital Management

MARIETTA, GA · CIK 1461287 · 13F filing filed 2026-07-24

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$2.1bn
Staff18 · 12 in investment roles
Main clients (by assets)Companies 50%, High net worth individuals 43%, Charities 4%
Form ADV · 2026-08-31SEC adviser record

Kindinstitutions
Others nearbyMarietta, GA

$1.4bn reported value +6.8% vs Q1 2026

155positions

49.2%in top 10

7 new 42 added 66 reduced 20 sold out vs Q1 2026

Options: 1 call positions ($4 notional), 1 put positions ($2.6k notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	212,038	$158.8m10.97%	10.97%	Added +469	+469 0.2%
2	NVIDIA CORPORATION COM NVDA	NVDA	498,520	$99.7m6.89%	6.89%	Reduced -951	-951 -0.2%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	278,904	$98.5m6.81%	6.81%	Reduced -6.6k	-6,614 -2.3%
4	APPLE INC COM AAPL	AAPL	280,237	$81.1m5.60%	5.60%	Added +685	+685 0.2%
5	MICROSOFT CORP COM MSFT	MSFT	162,292	$60.5m4.18%	4.18%	Reduced -1.8k	-1,843 -1.1%
6	AMAZON COM INC COM AMZN	AMZN	227,622	$54.3m3.75%	3.75%	Added +6.9k	+6,875 3.1%
7	ISHARES GOLD TR ISHARES NEW IAU	IAU	672,087	$50.7m3.50%	3.50%	Added +354	+354 0.1%
8	JPMORGAN CHASE & CO COM JPM	JPM	129,578	$42.4m2.93%	2.93%	Reduced -231	-231 -0.2%
9	VULCAN MATLS CO COM VMC	VMC	133,357	$39.3m2.72%	2.72%	Reduced -1.2k	-1,222 -0.9%
10	META PLATFORMS INC CL A META	META	47,775	$26.9m1.86%	1.86%	Reduced -1.4k	-1,361 -2.8%
11	ANALOG DEVICES INC COM ADI	ADI	65,383	$26.0m1.79%	1.79%	Added +1.8k	+1,823 2.9%
12	GOLDMAN SACHS GROUP INC COM GS	GS	24,939	$25.2m1.74%	1.74%	Reduced -949	-949 -3.7%
13	ELI LILLY & CO COM LLY	LLY	20,444	$24.5m1.69%	1.69%	Reduced -1.0k	-1,040 -4.8%
14	JOHNSON & JOHNSON COM JNJ	JNJ	94,177	$23.9m1.65%	1.65%	Reduced -434	-434 -0.5%
15	CATERPILLAR INC COM CAT	CAT	22,180	$23.6m1.63%	1.63%	Reduced -1.0k	-1,006 -4.3%
16	HOME DEPOT INC COM HD	HD	65,453	$23.1m1.59%	1.59%	Reduced -2.2k	-2,202 -3.2%
17	CISCO SYS INC COM CSCO	CSCO	192,141	$22.6m1.56%	1.56%	Added +3.6k	+3,569 1.9%
18	ISHARES TR S&P 500 VAL ETF IVE	IVE	92,784	$21.1m1.45%	1.45%	Unchanged
19	AMERICAN EXPRESS CO COM AXP	AXP	56,415	$19.1m1.32%	1.32%	Added +2.0k	+1,958 3.6%
20	BLACKROCK INC COM BLK	BLK	18,788	$18.1m1.25%	1.25%	Reduced -1.3k	-1,315 -6.5%
21	VISA INC COM CL A V	V	46,402	$15.9m1.10%	1.10%	Reduced -7.8k	-7,782 -14.4%
22	ISHARES TR RUS 1000 GRW ETF IWF	IWF	125,220	$15.5m1.07%	1.07%	Unchanged
23	BROADCOM INC COM AVGO	AVGO	41,122	$15.5m1.07%	1.07%	Added +5.9k	+5,900 16.8%
24	EXXON MOBIL CORP COM XOM	XOM	112,375	$15.4m1.06%	1.06%	Reduced -7.3k	-7,328 -6.1%
25	RTX CORPORATION COM RTX	RTX	80,241	$15.2m1.05%	1.05%	Added +8.0k	+8,039 11.1%
26	GENERAL DYNAMICS CORP COM GD	GD	38,504	$13.6m0.94%	0.94%	Added +642	+642 1.7%
27	NEXTERA ENERGY INC COM NEE	NEE	155,183	$13.6m0.94%	0.94%	Reduced -17.4k	-17,356 -10.1%
28	LOCKHEED MARTIN CORP COM LMT	LMT	25,135	$12.8m0.88%	0.88%	Reduced -7.0k	-6,990 -21.8%
29	MERCK & CO INC COM MRK	MRK	99,503	$12.8m0.88%	0.88%	Reduced -11.9k	-11,872 -10.7%
30	MICRON TECHNOLOGY INC COM MU	MU	10,985	$12.7m0.88%	0.88%	Reduced -38	-38 -0.3%
31	PROCTER AND GAMBLE CO COM PG	PG	86,077	$12.6m0.87%	0.87%	Reduced -3.4k	-3,380 -3.8%
32	L3HARRIS TECHNOLOGIES INC COM LHX	LHX	40,344	$11.7m0.81%	0.81%	Reduced -6.4k	-6,357 -13.6%
33	CANADIAN PACIFIC KANSAS CITY COM CP	CP	126,466	$11.0m0.76%	0.76%	Added +13.5k	+13,491 11.9%
34	PHILIP MORRIS INTL INC COM PM	PM	57,529	$10.4m0.72%	0.72%	Reduced -6.4k	-6,367 -10.0%
35	SERVICENOW INC COM NOW	NOW	103,711	$10.3m0.71%	0.71%	Added +71.0k	+70,980 216.9%
36	VALERO ENERGY CORP COM VLO	VLO	38,358	$10.0m0.69%	0.69%	Reduced -704	-704 -1.8%
37	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	12,866	$9.5m0.65%	0.65%	Reduced -11	-11 -0.1%
38	CINCINNATI FINL CORP COM CINF	CINF	49,750	$9.2m0.64%	0.64%	Reduced -1.0k	-1,015 -2.0%
39	QUALCOMM INC COM QCOM	QCOM	48,292	$8.9m0.62%	0.62%	Added +14.1k	+14,094 41.2%
40	ENTEGRIS INC COM ENTG	ENTG	48,096	$8.7m0.60%	0.60%	Added +1.3k	+1,257 2.7%
41	NORTHROP GRUMMAN CORP COM NOC	NOC	16,474	$8.4m0.58%	0.58%	Reduced -162	-162 -1.0%
42	NOVARTIS AG SPONSORED ADR NVS	NVS	52,702	$8.3m0.57%	0.57%	Added +34	+34 0.1%
43	AVALONBAY CMNTYS INC COM AVB	AVB	43,562	$8.2m0.57%	0.57%	Reduced -8.4k	-8,432 -16.2%
44	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	42,000	$8.0m0.55%	0.55%	Unchanged
45	ISHARES TR S&P 500 GRWT ETF IVW	IVW	56,000	$7.7m0.53%	0.53%	Unchanged
46	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	61,878	$7.6m0.53%	0.53%	Added +9.7k	+9,700 18.6%
47	BLACKSTONE INC COM BX	BX	63,897	$7.5m0.52%	0.52%	Reduced -8.6k	-8,636 -11.9%
48	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	93,850	$7.0m0.48%	0.48%	Reduced -5.5k	-5,521 -5.6%
49	GRACO INC COM GGG	GGG	90,559	$6.8m0.47%	0.47%	Added +23.2k	+23,155 34.4%
50	COSTCO WHSL CORP NEW COM COST	COST	7,079	$6.6m0.46%	0.46%	Added +339	+339 5.0%
51	STARBUCKS CORP COM SBUX	SBUX	63,274	$6.5m0.45%	0.45%	Reduced -24.5k	-24,454 -27.9%
52	MUELLER INDS INC COM MLI	MLI	52,481	$6.5m0.45%	0.45%	Reduced -6.3k	-6,325 -10.8%
53	ORACLE CORP COM ORCL	ORCL	43,601	$6.4m0.44%	0.44%	Reduced -1.9k	-1,918 -4.2%
54	SCHLUMBERGER LTD COM STK SLB	SLB	131,518	$6.1m0.42%	0.42%	Added +16.4k	+16,422 14.3%
55	PEPSICO INC COM PEP	PEP	43,887	$5.9m0.41%	0.41%	Reduced -12.2k	-12,204 -21.8%
56	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	11,080	$5.8m0.40%	0.40%	Unchanged
57	CHEVRON CORP NEW COM CVX	CVX	34,537	$5.7m0.40%	0.40%	Reduced -1.2k	-1,237 -3.5%
58	RELX PLC SPONSORED ADR RELX	RELX	177,412	$5.6m0.39%	0.39%	Added +8.5k	+8,469 5.0%
59	BWX TECHNOLOGIES INC COM BWXT	BWXT	28,838	$5.6m0.39%	0.39%	Reduced -10.1k	-10,131 -26.0%
60	CRH PLC ORD CRH	CRH	50,749	$5.4m0.37%	0.37%	Reduced -102	-102 -0.2%
61	KINDER MORGAN INC DEL COM KMI	KMI	155,586	$5.0m0.34%	0.34%	Reduced -52	-52 -0.0%
62	GARMIN LTD SHS GRMN	GRMN	20,122	$4.8m0.33%	0.33%	Added +2.4k	+2,448 13.8%
63	NETFLIX INC COM NFLX	NFLX	66,575	$4.8m0.33%	0.33%	Added +18.6k	+18,551 38.6%
64	ETFS GOLD TR PHYSCL GOLD SHS SGOL	SGOL	112,946	$4.3m0.30%	0.30%	Reduced -302	-302 -0.3%
65	UFP INDUSTRIES INC COM UFPI	UFPI	47,190	$4.3m0.30%	0.30%	Reduced -2.5k	-2,531 -5.1%
66	SPDR GOLD TR GOLD SHS GLD	GLD	10,244	$3.8m0.26%	0.26%	Reduced -19	-19 -0.2%
67	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	5	$3.7m0.26%	0.26%	Unchanged
68	CONSTELLATION ENERGY CORP COM CEG	CEG	14,268	$3.5m0.24%	0.24%	Reduced -1.5k	-1,500 -9.5%
69	AMRIZE LTD SHS AMRZ	AMRZ	65,645	$3.5m0.24%	0.24%	New
70	TESLA INC COM TSLA	TSLA	7,913	$3.3m0.23%	0.23%	Added +1.4k	+1,394 21.4%
71	ISHARES TR SELECT DIVID ETF DVY	DVY	21,008	$3.3m0.23%	0.23%	Added +10	+10 0.1%
72	SPDR SER TR S&P DIVID ETF SDY	SDY	20,615	$3.1m0.22%	0.22%	Reduced -374	-374 -1.8%
73	CONSTELLATION BRANDS INC CL A STZ	STZ	22,214	$3.1m0.21%	0.21%	Added +2.5k	+2,450 12.4%
74	ISHARES TR CORE S&P SCP ETF IJR	IJR	20,450	$3.0m0.21%	0.21%	Unchanged
75	QUEST DIAGNOSTICS INC COM DGX	DGX	13,348	$2.8m0.20%	0.20%	New
76	WALMART INC COM WMT	WMT	24,315	$2.8m0.19%	0.19%	Reduced -2.7k	-2,736 -10.1%
77	HCA HEALTHCARE INC COM HCA	HCA	6,813	$2.7m0.18%	0.18%	Reduced -4.6k	-4,566 -40.1%
78	ABBOTT LABS COM ABT	ABT	27,594	$2.5m0.17%	0.17%	Reduced -44.2k	-44,218 -61.6%
79	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	1,235	$2.5m0.17%	0.17%	New
80	NATERA INC COM NTRA	NTRA	8,927	$2.4m0.17%	0.17%	Reduced -176	-176 -1.9%
81	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	82,707	$2.3m0.16%	0.16%	Added +6.1k	+6,097 8.0%
82	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	4,634	$2.2m0.15%	0.15%	Unchanged
83	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	21,665	$2.1m0.14%	0.14%	Added +16.9k	+16,884 353.1%
84	WISDOMTREE TR US QTLY DIV GRT DGRW	DGRW	21,779	$2.1m0.14%	0.14%	Unchanged
85	INVESCO EXCH TRADED FD TR II S&P 500 MOMNTM SPMO	SPMO	12,836	$2.1m0.14%	0.14%	Unchanged
86	ADOBE INC COM ADBE	ADBE	9,357	$1.9m0.13%	0.13%	Reduced -7.5k	-7,460 -44.4%
87	UNITEDHEALTH GROUP INC COM UNH	UNH	4,500	$1.9m0.13%	0.13%	Reduced -54	-54 -1.2%
88	ENTERGY CORP NEW COM ETR	ETR	15,134	$1.7m0.12%	0.12%	Added +193	+193 1.3%
89	EXELON CORP COM EXC	EXC	36,855	$1.7m0.12%	0.12%	Unchanged
90	DELTA AIR LINES INC DEL COM NEW DAL	DAL	16,850	$1.6m0.11%	0.11%	Unchanged
91	ONEOK INC NEW COM OKE	OKE	17,194	$1.5m0.10%	0.10%	Unchanged
92	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,743	$1.3m0.09%	0.09%	Reduced -19	-19 -1.1%
93	ISHARES TR RUS MID CAP ETF IWR	IWR	10,231	$1.1m0.08%	0.08%	Unchanged
94	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	35,238	$1.1m0.08%	0.08%	Reduced -438	-438 -1.2%
95	AT&T INC COM T	T	50,228	$1.0m0.07%	0.07%	Reduced -3.5k	-3,500 -6.5%
96	ISHARES TR S&P MC 400VL ETF IJJ	IJJ	6,923	$1.0m0.07%	0.07%	Unchanged
97	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	22,360	$1.0m0.07%	0.07%	Unchanged
98	DOMINOS PIZZA INC COM DPZ	DPZ	3,422	$1.0m0.07%	0.07%	Reduced -11.6k	-11,640 -77.3%
99	VANGUARD WORLD FD INDUSTRIAL ETF VIS	VIS	2,799	$1.0m0.07%	0.07%	Unchanged
100	SAIA INC COM SAIA	SAIA	2,366	$996.5k0.07%	0.07%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BLACKROCK MUN TARGET TERM TR BTT	BTT	357,067	$8.1m357.1k shares
SIMPLIFY EXCHANGE TRADED FUN MTBA	MTBA	62,064	$3.1m62.1k shares
FIRST TR HIGH YIELD OPPRT 20 FTHY	FTHY	196,865	$2.7m196.9k shares
FIRST TR EXCHANGE-TRADED FD MGOV	MGOV	58,576	$1.2m58.6k shares
VANECK ETF TRUST CLOI	CLOI	18,181	$958.1k18.2k shares
INDEXIQ ACTIVE ETF TR MMIN	MMIN	19,660	$466.1k19.7k shares
VANGUARD SCOTTSDALE FDS VGLT	VGLT	8,235	$455.8k8.2k shares
COPART INC CPRT	CPRT	13,221	$438.9k13.2k shares
FIRST TR EXCHANGE-TRADED FD LMBS	LMBS	8,753	$436.0k8.8k shares
BLACKROCK 2037 MUNICIPAL TAR XBMNX	XBMNX	15,265	$396.0k15.3k shares
COCA COLA CO KO	KO	4,445	$338.0k4.4k shares
ISHARES TR SGOV	SGOV	3,250	$327.2k3.2k shares
SPDR SER TR SPTS	SPTS	10,399	$303.4k10.4k shares
FERGUSON ENTERPRISES INC FERG	FERG	1,263	$294.6k1.3k shares
SOUTHWEST AIRLS CO LUV	LUV	7,500	$281.8k7.5k shares
D R HORTON INC DHI	DHI	1,817	$249.3k1.8k shares
SPDR SER TR SPSB	SPSB	7,660	$230.3k7.7k shares
VERIZON COMMUNICATIONS INC VZ	VZ	4,090	$205.3k4.1k shares
NUVEEN MUN VALUE FD INC NUV	NUV	17,987	$161.7k18.0k shares
FIRST TR MTG INCOME FD FMY	FMY	13,354	$157.2k13.4k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
NVIDIA CORPORATION NVDA · Put	NVDA	Put	10	$2.6k10 shares	Unchanged
NVIDIA CORPORATION NVDA · Call	NVDA	Call	2	$42 shares	New