Narwhal Capital Management

Q4 2025 13F-HR Holdings

Location
Marietta, GA
Holdings as of
12/31/2025
Date filed
1/30/2026
Form type
13F-HR
Num holdings
163
Total value ($000)
$1,376,240
Net value change ($000)
+26,169 (1.9%)
New positions
8
Sold out positions
9
Turnover %
1.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/24/2025 Next filing: 4/23/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 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 20,089 29.0%
IVV 7,738 5.7%
IAU 5,693 11.6%
AAPL 5,664 8.2%
LLY 4,779 27.0%
CSCO 4,434 39.3%
AMZN 3,503 7.5%
HCA 3,183 106.1%
ADI 3,033 20.5%
XOM 2,835 24.3%
Top Reduces (Value $000, Stocks/ETFs)
META -5,481 -14.6%
ORCL -4,947 -41.3%
VMC -3,131 -7.6%
MSFT -2,781 -3.4%
MUSA -2,690 -80.5%
HD -2,686 -10.9%
CPRT -2,544 -86.9%
AVGO -2,473 -16.3%
AVB -2,373 -20.2%
ZTS -2,320 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 14 (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.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type