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Narwhal Capital Management

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1461287
Institutional-grade research for retail investors

Sector Allocation

  • Technology34.8%$503.5M
  • Other17.6%$255.2M
  • Financials14.7%$213.4M
  • Industrials7.7%$110.8M
  • Consumer Discretionary6.2%$89.3M
  • Healthcare5.7%$83.0M
  • Materials4.4%$63.4M
  • Energy3.2%$45.9M
  • Consumer Staples3.0%$43.9M
  • Utilities1.4%$21.0M

AUM History

13fpro.ai/research/fund/narwhal-capital-management-1461287

Conviction and streaks

Concentrating · top 10 = 49.2%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

$Conviction hold11.0% weight · held 10 quartersNVDA$NVDAConviction hold6.9% weight · held 10 quartersGOOG$GOOGConviction hold6.8% weight · held 10 quartersAAPL$AAPLConviction hold5.6% weight · held 10 quartersMSFT$MSFTConviction hold4.2% weight · held 10 quarters$Accumulating+41% shares · 9 quarters runningNOW$NOWAccumulating+7340% shares · 4 quarters runningAAPL$AAPLAccumulating+3% shares · 3 quarters runningAMZN$AMZNAccumulating+8% shares · 3 quarters runningGD$GDAccumulating+3% shares · 3 quarters runningUNH$UNHTrimming-90% shares · 9 quarters runningAMGN$AMGNTrimming-82% shares · 9 quarters runningMRK$MRKTrimming-42% shares · 5 quarters runningPM$PMTrimming-33% shares · 5 quarters runningVLO$VLOTrimming-38% shares · 4 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/narwhal-capital-management-1461287

Narwhal Capital Management 13F holdings — Q2 2026

$1.4B portfolio (+6.8% QoQ) · 157 holdings · Q2 2026 13F · top 10 are 49% of the stock portfolio

Includes $3K of put/call options ($3K puts, $4 calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $1.4B. Weights use the stock portfolio.

All holdings — Narwhal Capital Management (Q2 2026)

157 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
ADI$ADIANALOG DEVICES INC$26.0M+3%
GS$GSGOLDMAN SACHS GROUP INC$25.2M-4%
LLY$LLYELI LILLY & Co$24.5M-5%
JNJ$JNJJOHNSON & JOHNSON$23.9M-0.5%
CAT$CATCATERPILLAR INC$23.6M-4%
HD$HDHOME DEPOT, INC.$23.1M-3%
CSCO$CSCOCISCO SYSTEMS, INC.$22.6M+2%
— ISHARES TR - S&P 500 VAL ETFetf/fund$21.1M—
AXP$AXPAMERICAN EXPRESS CO$19.1M+4%
BLK$BLKBlackRock, Inc.$18.1M-7%
V$VVISA INC.$15.9M-14%
— ISHARES TR - RUS 1000 GRW ETFetf/fund$15.5M+300%
AVGO$AVGOBroadcom Inc.$15.5M+17%
XOM.R34088$XOM.R34088EXXON MOBIL CORP$15.4M-6%
RTX$RTXRTX Corp$15.2M+11%

What changed in Q2 2026

Against the previous quarter's 13F: 8 new, 45 added to, 64 trimmed, 20 sold out. Share-count changes; largest moves by dollar size first.

New positions (8)

  • AMRZ$AMRZAmrize Ltd$3.5M

    first bought this quarter

  • DGX$DGXQUEST DIAGNOSTICS INC$2.8M

    first bought this quarter

  • ASML$ASMLASML HOLDING NV$2.5M

    first bought this quarter

  • SAIA$SAIASAIA INC$996K

    first bought this quarter

  • ADSK$ADSKAutodesk, Inc.$360K

    first bought this quarter

  • IBIT$IBITiShares Bitcoin Trust ETF$317K

    first bought this quarter

+2 more in the Excel export

Added to (45)

  • ISHARES TR - RUS 1000 GRW ETF+300%

    now $15.5M

  • NOW$NOWServiceNow, Inc.+217%

    now $10.3M · held 10+ qtrs, 4 adds in a row

  • QCOM$QCOMQUALCOMM INC/DE+41%

    now $8.9M · held 10+ qtrs

  • AVGO$AVGOBroadcom Inc.+17%

    now $15.5M · held 7 qtrs

  • GGG$GGGGRACO INC+34%

    now $6.8M · held 10+ qtrs, 2 adds in a row

  • AMZN$AMZNAMAZON COM INC+3%

    now $54.3M · held 10+ qtrs, 3 adds in a row

+39 more in the Excel export

Trimmed (64)

  • ABT$ABTABBOTT LABORATORIES-62%

    now $2.5M · held 10+ qtrs, 2 trims in a row

  • LMT$LMTLOCKHEED MARTIN CORP-22%

    now $12.8M · held 10+ qtrs, 3 trims in a row

  • DPZ$DPZDOMINOS PIZZA INC-77%

    now $1.0M · held 10+ qtrs, 2 trims in a row

  • V$VVISA INC.-14%

    now $15.9M · held 10+ qtrs, 2 trims in a row

  • SBUX$SBUXSTARBUCKS CORP-28%

    now $6.5M · held 10+ qtrs

  • GOOG$GOOGAlphabet Inc.-2%

    now $98.5M · held 10+ qtrs

+58 more in the Excel export

Sold out (20)

  • BTT$BTTBlackRock Municipal 2030 Target Term Trustwas $8.1M

    held 9+ qtrs

  • SIMPLIFY EXCHANGE TRADED FUNwas $3.1M
  • FIRST TR HIGH YIELD OPPRT 20was $2.7M
  • FIRST TR EXCHANGE-TRADED FDwas $1.2M
  • VANECK ETF TRUSTwas $958K
  • NEW YORK LIFE INVTS ACTIVE Ewas $466K

+14 more in the Excel export

Firm AUM (Form ADV): $2.1B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Narwhal Capital Management has filed, 41 earlier quarters. Pick one to see what it held then.

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Is it too late to follow Narwhal Capital Management?

Q2 2026 13F filed with the SEC on Jul 24, 2026. Prices are closing prices as of Oct 27, 2026.

Average quality of Narwhal Capital Management's top 20 holdings: 76/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)

Top 10 since filing

+6.4%

Value-weighted move of the 10 largest stock positions

Turnover

4%

Last quarter; 14% over the last 4

Top 10 weight

49%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

98%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Narwhal Capital Management disclosed 157 positions worth $1.4B in its Form 13F-HR for Q2 2026 — $1.4B in common stock plus $2,654 of put/call option positions (reported at underlying notional value, not premium at risk), followed by $NVDA and $GOOG. During the quarter the fund opened 8 new positions and exited 20 — including a new stake in $AMRZ and a full exit from $BTT. The portfolio is most concentrated in Technology (34.8% of disclosed assets). All figures are sourced directly from Narwhal Capital Management’s Form 13F-HR filing with the SEC under CIK 1461287.

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AI-Powered Hedge Fund Analysis: Narwhal Capital Management

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Every holding in Narwhal Capital Management's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.