Narwhal Capital Management
CIK 1461287 · View on SEC EDGAR ↗
- Portfolio value
- $1.4B
- Positions
- 157
- As of
- June 30, 2026
#1,909 of 9,443 by 13F value · top 20.2%
Portfolio value QoQ: +6.8% 13F does not disclose cash
- Top 10 holdings weight
- 49.19%
- Top 25 holdings weight
- 70.24%
- Positions above 1%
- 25
- Effective number of positions
- 28.2
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 3.8% Est. buys $53,257,740 · sells $69,660,262
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 76.6% still held
- New positions
- 8
- Increased
- 45
- Decreased
- 64
- Closed
- 20
Put-notional exposure: 0.0% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Technology
23.4%
Industrials
12.3%
Communication Services
9.1%
Financial Services
6.5%
Retail
6.1%
Healthcare
5.7%
Financials
3.6%
Energy
3.2%
Communications
1.6%
Utilities
1.4%
Consumer Staples
1.4%
Consumer products
1.3%
Consumer Discretionary
0.8%
Real Estate
0.7%
Telecommunication
0.1%
Logistics & Transportation
0.0%
Other/Unmapped
22.8%
Full portfolio 157 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| IVV | $158,792,880 | 10.97% | 212,038 | $20,594,003 | Up ×6 | ||
| NVDA NVIDIA Corporation - Common Stock | $99,748,920 | 6.89% | 498,520 | $12,641,206 | Down ×1 | ||
| GOOG Alphabet Inc. - Class C Capital Stock | $98,544,972 | 6.81% | 278,904 | $16,641,145 | Down ×1 | ||
| AAPL Apple Inc. - Common Stock | $81,089,244 | 5.60% | 280,237 | $10,141,665 | Up ×3 | ||
| MSFT Microsoft Corporation - Common Stock | $60,538,146 | 4.18% | 162,292 | $-219,769 | Down ×1 | ||
| AMZN Amazon.com, Inc. - Common Stock | $54,251,313 | 3.75% | 227,622 | $8,276,436 | Up ×3 | ||
| IAU | $50,749,289 | 3.50% | 672,087 | $-8,470,692 | Up ×1 | ||
| JPM JP Morgan Chase & Co. Common Stock | $42,414,710 | 2.93% | 129,578 | $4,230,159 | Down ×2 | ||
| VMC Vulcan Materials Company (Holding Company) Common Stock | $39,341,649 | 2.72% | 133,357 | $2,695,787 | Down ×1 | ||
| META Meta Platforms, Inc. - Class A Common Stock | $26,911,186 | 1.86% | 47,775 | $-1,200,999 | Down ×1 | ||
| ADI Analog Devices, Inc. - Common Stock | $25,968,166 | 1.79% | 65,383 | $5,747,188 | Up ×1 | ||
| GS Goldman Sachs Group, Inc. (The) Common Stock | $25,222,811 | 1.74% | 24,939 | $3,321,609 | Down ×1 | ||
| LLY Eli Lilly and Company Common Stock | $24,521,147 | 1.69% | 20,444 | $4,760,808 | Down ×1 | ||
| JNJ Johnson & Johnson Common Stock | $23,918,177 | 1.65% | 94,177 | $791,505 | Down ×3 | ||
| CAT Caterpillar, Inc. Common Stock | $23,619,990 | 1.63% | 22,180 | $7,193,634 | Down ×1 | ||
| HD Home Depot, Inc. (The) Common Stock | $23,083,968 | 1.59% | 65,453 | $832,982 | Down ×1 | ||
| CSCO Cisco Systems, Inc. - Common Stock | $22,568,831 | 1.56% | 192,141 | $7,937,567 | Up ×1 | ||
| IVE | $21,067,535 | 1.45% | 92,784 | $1,476,193 | |||
| AXP American Express Company Common Stock | $19,082,439 | 1.32% | 56,415 | $2,610,213 | Up ×1 | ||
| BLK BlackRock, Inc. Common Stock | $18,065,334 | 1.25% | 18,788 | $-1,267,449 | Down ×2 | ||
| V Visa Inc. | $15,920,200 | 1.10% | 46,402 | $-456,453 | Down ×3 | ||
| IWF | $15,548,567 | 1.07% | 125,220 | $2,200,115 | Up ×1 | ||
| AVGO Broadcom Inc. - Common Stock | $15,533,982 | 1.07% | 41,122 | $4,632,421 | Up ×1 | ||
| XOM Exxon Mobil Corporation Common Stock | $15,363,883 | 1.06% | 112,375 | $-4,944,891 | Down ×2 | ||
| RTX RTX Corporation Common Stock | $15,224,071 | 1.05% | 80,241 | $1,296,305 | Up ×1 | ||
| GD General Dynamics Corporation Common Stock | $13,639,657 | 0.94% | 38,504 | $644,661 | Up ×3 | ||
| NEE NextEra Energy, Inc. Common Stock | $13,620,382 | 0.94% | 155,183 | $-2,405,076 | Down ×2 | ||
| LMT Lockheed Martin Corporation Common Stock | $12,805,277 | 0.88% | 25,135 | $-6,610,752 | Down ×3 | ||
| MRK Merck & Company, Inc. Common Stock (new) | $12,786,136 | 0.88% | 99,503 | $-611,163 | Down ×5 | ||
| MU Micron Technology, Inc. - Common Stock | $12,679,876 | 0.88% | 10,985 | $8,955,866 | Down ×2 | ||
| PG Procter & Gamble Company (The) Common Stock | $12,622,356 | 0.87% | 86,077 | $-298,872 | Down ×1 | ||
| LHX L3Harris Technologies, Inc. Common Stock | $11,723,582 | 0.81% | 40,344 | $-4,395,290 | Down ×2 | ||
| CP Canadian Pacific Kansas City Limited Common Shares | $10,958,279 | 0.76% | 126,466 | $2,071,665 | Up ×1 | ||
| PM Philip Morris International Inc Common Stock | $10,407,571 | 0.72% | 57,529 | $-156,994 | Down ×5 | ||
| NOW ServiceNow, Inc. Common Stock | $10,296,428 | 0.71% | 103,711 | $6,874,402 | Up ×4 | ||
| VLO Valero Energy Corporation Common Stock | $9,989,925 | 0.69% | 38,358 | $338,431 | Down ×4 | ||
| QQQ Invesco QQQ Trust, Series 1 | $9,474,832 | 0.65% | 12,866 | $2,042,243 | Down ×1 | ||
| CINF Cincinnati Financial Corporation - Common Stock | $9,210,715 | 0.64% | 49,750 | $1,222,842 | Down ×1 | ||
| QCOM QUALCOMM Incorporated - Common Stock | $8,923,807 | 0.62% | 48,292 | $4,519,820 | Up ×1 | ||
| ENTG Entegris, Inc. - Common Stock | $8,650,547 | 0.60% | 48,096 | $3,159,143 | Up ×3 | ||
| NOC Northrop Grumman Corporation Common Stock | $8,390,373 | 0.58% | 16,474 | $-2,959,372 | Down ×2 | ||
| NVS Novartis AG Common Stock | $8,259,457 | 0.57% | 52,702 | $214,420 | Up ×1 | ||
| AVB AvalonBay Communities, Inc. Common Stock | $8,219,714 | 0.57% | 43,562 | $-273,506 | Down ×1 | ||
| XLK XLK | $8,001,840 | 0.55% | 42,000 | $2,420,040 | |||
| IVW | $7,701,680 | 0.53% | 56,000 | $1,367,520 | |||
| ICE Intercontinental Exchange Inc. Common Stock | $7,617,801 | 0.53% | 61,878 | $-588,755 | Up ×2 | ||
| BX Blackstone Inc. Common Stock | $7,518,760 | 0.52% | 63,897 | $-821,810 | Down ×1 | ||
| Unknown issuer (CUSIP: 866966104) | $7,020,919 | 0.48% | 93,850 | $552,861 | Down ×1 | ||
| GGG Graco Inc. Common Stock | $6,847,166 | 0.47% | 90,559 | $1,141,417 | Up ×2 | ||
| COST Costco Wholesale Corporation - Common Stock | $6,622,291 | 0.46% | 7,079 | $-93,647 | Up ×3 | ||
| SBUX Starbucks Corporation - Common Stock | $6,465,970 | 0.45% | 63,274 | $-1,393,582 | Down ×1 | ||
| MLI Mueller Industries, Inc. Common Stock | $6,451,489 | 0.45% | 52,481 | $-64,216 | Down ×4 | ||
| ORCL Oracle Corporation Common Stock | $6,389,717 | 0.44% | 43,601 | $-306,576 | Down ×1 | ||
| SLB SLB Limited Common Shares | $6,114,272 | 0.42% | 131,518 | $199,489 | Up ×1 | ||
| PEP PepsiCo, Inc. - Common Stock | $5,942,300 | 0.41% | 43,887 | $-2,768,071 | Down ×3 | ||
| DIA | $5,788,081 | 0.40% | 11,080 | $655,936 | |||
| CVX Chevron Corporation Common Stock | $5,724,853 | 0.40% | 34,537 | $-1,676,788 | Down ×1 | ||
| RELX RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) | $5,618,638 | 0.39% | 177,412 | $18,178 | Up ×2 | ||
| BWXT BWX Technologies, Inc. Common Stock | $5,613,317 | 0.39% | 28,838 | $-2,355,454 | Down ×1 | ||
| CRH CRH PLC Ordinary Shares | $5,430,143 | 0.37% | 50,749 | $84,686 | Down ×1 | ||
| KMI Kinder Morgan, Inc. Common Stock | $4,974,084 | 0.34% | 155,586 | $-244,458 | Down ×1 | ||
| GRMN Garmin Ltd. Common Stock (Switzerland) | $4,779,780 | 0.33% | 20,122 | $679,235 | Up ×1 | ||
| NFLX Netflix, Inc. - Common Stock | $4,753,455 | 0.33% | 66,575 | $135,947 | Up ×3 | ||
| SGOL | $4,317,926 | 0.30% | 112,946 | $-735,200 | Down ×2 | ||
| UFPI UFP Industries, Inc. - Common Stock | $4,282,021 | 0.30% | 47,190 | $-298,278 | Down ×1 | ||
| GLD | $3,773,685 | 0.26% | 10,244 | $-642,381 | Down ×1 | ||
| BRKA | $3,744,250 | 0.26% | 5 | $153,550 | |||
| CEG Constellation Energy Corporation - Common Stock When-Issued | $3,543,743 | 0.24% | 14,268 | $-859,471 | Down ×2 | ||
| AMRZ Amrize Ltd Ordinary Shares | $3,498,879 | 0.24% | 65,645 | Up ×1 | |||
| TSLA Tesla, Inc. - Common Stock | $3,328,208 | 0.23% | 7,913 | $904,770 | Up ×1 | ||
| DVY iShares Select Dividend ETF | $3,283,555 | 0.23% | 21,008 | $104,285 | Up ×3 | ||
| SDY | $3,137,191 | 0.22% | 20,615 | $74,056 | Down ×1 | ||
| STZ Constellation Brands, Inc. Common Stock | $3,089,745 | 0.21% | 22,214 | $125,145 | Up ×2 | ||
| IJR | $3,032,940 | 0.21% | 20,450 | $490,800 | |||
| DGX Quest Diagnostics Incorporated Common Stock | $2,829,109 | 0.20% | 13,348 | Up ×1 | |||
| WMT Walmart Inc. - Common Stock | $2,753,878 | 0.19% | 24,315 | $-608,020 | Down ×1 | ||
| HCA HCA Healthcare, Inc. Common Stock | $2,656,321 | 0.18% | 6,813 | $-2,728,677 | Down ×2 | ||
| ABT Abbott Laboratories Common Stock | $2,503,884 | 0.17% | 27,594 | $-4,869,059 | Down ×2 | ||
| ASML ASML Holding N.V. - New York Registry Shares | $2,456,958 | 0.17% | 1,235 | Up ×1 | |||
| NTRA Natera, Inc. - Common Stock | $2,423,234 | 0.17% | 8,927 | $602,725 | Down ×4 | ||
| NXRT NexPoint Residential Trust, Inc. Common Stock | $2,309,179 | 0.16% | 82,707 | $393,929 | Up ×2 | ||
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $2,213,059 | 0.15% | 4,634 | $646,999 | |||
| VNQ | $2,089,156 | 0.14% | 21,665 | $1,665,081 | Up ×2 | ||
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | $2,082,508 | 0.14% | 21,779 | $169,441 | |||
| SPMO | $2,073,527 | 0.14% | 12,836 | $634,483 | |||
| ADBE Adobe Inc. - Common Stock | $1,918,372 | 0.13% | 9,357 | $-2,169,504 | Down ×1 | ||
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $1,870,358 | 0.13% | 4,500 | $638,076 | Down ×6 | ||
| ETR Entergy Corporation Common Stock | $1,738,291 | 0.12% | 15,134 | $59,520 | Up ×3 | ||
| EXC Exelon Corporation - Common Stock | $1,718,180 | 0.12% | 36,855 | $-88,452 | |||
| DAL Delta Air Lines, Inc. Common Stock | $1,578,171 | 0.11% | 16,850 | $457,983 | |||
| OKE ONEOK, Inc. Common Stock | $1,494,846 | 0.10% | 17,194 | $-59,320 | |||
| SPY SPY | $1,301,620 | 0.09% | 1,743 | $155,721 | Down ×2 | ||
| IWR | $1,128,684 | 0.08% | 10,231 | $133,924 | |||
| SCHD | $1,117,397 | 0.08% | 35,238 | $22,857 | Down ×4 | ||
| T AT&T Inc. | $1,039,723 | 0.07% | 50,228 | $-517,855 | Down ×1 | ||
| IJJ | $1,022,735 | 0.07% | 6,923 | $105,437 | |||
| XLU XLU | $1,013,802 | 0.07% | 22,360 | $-12,298 | |||
| DPZ Domino's Pizza Inc - Common Stock | $1,013,049 | 0.07% | 3,422 | $-4,391,046 | Down ×2 | ||
| VIS | $1,008,704 | 0.07% | 2,799 | $134,800 | |||
| SAIA Saia, Inc. - Common Stock | $996,465 | 0.07% | 2,366 | Up ×1 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| IVV | $158,792,880 | 10.97% | up ×6 |
| AAPL | $81,089,244 | 5.60% | up ×3 |
| AMZN | $54,251,313 | 3.75% | up ×3 |
| GD | $13,639,657 | 0.94% | up ×3 |
| NOW | $10,296,428 | 0.71% | up ×4 |
| ENTG | $8,650,547 | 0.60% | up ×3 |
| COST | $6,622,291 | 0.46% | up ×3 |
| NFLX | $4,753,455 | 0.33% | up ×3 |
| DVY | $3,283,555 | 0.23% | up ×3 |
| ETR | $1,738,291 | 0.12% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| BTT | June 30, 2026 | 357,067 | $8,105,429 | -1.1% |
| MLR | Sept. 30, 2025 | 153,479 | $6,823,676 | 41.2% |
| LULU | Sept. 30, 2025 | 22,921 | $5,445,571 | -33.8% |
| CHX | Sept. 30, 2025 | 127,334 | $3,162,977 | No longer tracked |
| MTBA | June 30, 2026 | 62,064 | $3,069,680 | No longer tracked |
| FTHY | June 30, 2026 | 196,865 | $2,663,586 | -2.2% |
| ZTS | Dec. 31, 2025 | 15,859 | $2,320,489 | -39.1% |
| ULXXXX | Dec. 31, 2025 | 25,181 | $1,492,730 | No longer tracked |
| MGOV | June 30, 2026 | 58,576 | $1,187,770 | No longer tracked |
| RH | Dec. 31, 2025 | 5,303 | $1,077,357 | -12.9% |
| CLOI | June 30, 2026 | 18,181 | $958,139 | No longer tracked |
| CSGP | March 31, 2026 | 11,383 | $765,393 | -20.6% |
| BHP | June 30, 2025 | 14,000 | $679,560 | 100.3% |
| SWKS | March 31, 2025 | 6,557 | $581,475 | 5.1% |
| HON | June 30, 2025 | 2,472 | $523,446 | 0.0% |
| DHI | March 31, 2025 | 3,735 | $522,228 | 16.7% |
| RIG | June 30, 2025 | 160,000 | $507,200 | 132.8% |
| MMIN | June 30, 2026 | 19,660 | $466,139 | No longer tracked |
| TDV | June 30, 2025 | 6,390 | $465,512 | No longer tracked |
| VGLT | June 30, 2026 | 8,235 | $455,826 | |
| CPRT | June 30, 2026 | 13,221 | $438,937 | 21.7% |
| LMBS | June 30, 2026 | 8,753 | $435,987 | |
| BMN | June 30, 2026 | 15,265 | $395,974 | -1.0% |
| GM | June 30, 2025 | 8,209 | $386,069 | 78.2% |
| SONY | June 30, 2025 | 15,000 | $380,850 | -8.6% |
| CALF | June 30, 2025 | 10,000 | $375,000 | No longer tracked |
| NOBL | June 30, 2025 | 3,500 | $357,630 | No longer tracked |
| TGT | Dec. 31, 2025 | 3,957 | $354,968 | 66.2% |
| JBHT | March 31, 2025 | 2,022 | $345,075 | 88.1% |
| PSN | Dec. 31, 2025 | 4,110 | $340,801 | -22.2% |
| KO | June 30, 2026 | 4,445 | $338,042 | 11.5% |
| IBIT | Dec. 31, 2025 | 5,171 | $336,115 | |
| SGOV | June 30, 2026 | 3,250 | $327,192 | 0.0% |
| VWO | June 30, 2025 | 7,190 | $325,419 | No longer tracked |
| SPTS | June 30, 2026 | 10,399 | $303,443 | No longer tracked |
| FERG | June 30, 2026 | 1,263 | $294,607 | 0.9% |
| TAP | Dec. 31, 2025 | 6,480 | $293,220 | -9.2% |
| LUV | June 30, 2026 | 7,500 | $281,775 | -21.5% |
| ADSK | March 31, 2026 | 941 | $278,545 | 3.2% |
| PRM | March 31, 2026 | 10,014 | $275,685 | 27.8% |
| VGLT | Sept. 30, 2025 | 4,560 | $255,907 | |
| DHI | June 30, 2026 | 1,817 | $249,329 | -8.9% |
| DEO | Dec. 31, 2025 | 2,461 | $234,853 | 8.1% |
| SPSB | June 30, 2026 | 7,660 | $230,339 | No longer tracked |
| PFE | March 31, 2025 | 8,474 | $224,816 | 10.7% |
| GOOGL | March 31, 2025 | 1,175 | $222,428 | 121.2% |
| VCLT | June 30, 2025 | 2,742 | $208,158 | |
| VZ | June 30, 2026 | 4,090 | $205,318 | 16.8% |
| CMCSA | Sept. 30, 2025 | 5,702 | $203,504 | -15.8% |
| NUV | June 30, 2026 | 17,987 | $161,703 | -2.8% |
| FMY | Dec. 31, 2025 | 13,170 | $161,298 | -3.7% |
| CX | Sept. 30, 2025 | 23,275 | $161,296 | 19.2% |
| NOV | March 31, 2026 | 10,217 | $159,692 | 9.0% |
| FMY | June 30, 2026 | 13,354 | $157,177 | -0.5% |
| BPPTU | Sept. 30, 2025 | 23,587 | $11,794 | No longer tracked |