Narwhal Capital Management

Q3 2025 13F-HR Holdings

Location
Marietta, GA
Holdings as of
9/30/2025
Date filed
10/24/2025
Form type
13F-HR
Num holdings
164
Total value ($000)
$1,350,071
Net value change ($000)
+104,844 (8.4%)
New positions
8
Sold out positions
7
Turnover %
1.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 7/23/2025 Next filing: 1/30/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 17,479 33.8%
NVDA 15,861 20.1%
IVV 14,521 11.9%
AAPL 12,989 23.0%
VMC 8,997 28.1%
IAU 7,013 16.7%
ORCL 6,078 103.2%
JNJ 5,555 45.1%
RTX 4,510 50.2%
LHX 4,431 40.7%
Top Reduces (Value $000, Stocks/ETFs)
MLR -6,824 -100.0%
LULU -5,446 -100.0%
CSGP -3,672 -56.8%
PG -3,237 -20.3%
CHX -3,163 -100.0%
CP -2,632 -22.3%
RH -2,510 -70.0%
DIS -2,177 -82.8%
COST -2,118 -30.0%
LLY -2,063 -10.4%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 15 (0.0% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type