NC
Narwhal Capital Management Investment Portfolio (Q2 2026) — 13F Stock Holdings
Narwhal Capital ManagementCIK: 0001461287
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$1.4B
Reporting period: 2026-06-30 · Number of holdings: 157
Narwhal Capital Management disclosed 157 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.4B and a quarterly turnover rate of 18.7%.
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Personality snowflake
- Concentration
- 14.17
- Portfolio Stability
- 18.74
- Momentum
- 100
- Sector conviction
- 50.69
- Diversification
- 100
- Sizing Uniformity
- 78.74
Narwhal Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.035 — mathematically equivalent to about 28 equally-sized positions, well below its 157 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.13), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim IAU
+0.1% -$8.5M
Add IVV
+0.2% $20.6M
Add GOOG
-2.3% $16.6M
Add MU
-0.3% $9.0M
Sold out BTT
Trim LMT
-21.8% -$6.6M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 155 holdings (of 157 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 10.97% | +0.77% | +0.22% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 6.89% | +0.46% | -0.19% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.81% | +0.76% | -2.32% | |
| 4 | AAPL | Apple Inc | Stock-Tech | 5.60% | +0.37% | +0.24% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 4.18% | -0.30% | -1.12% | |
| 6 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.75% | +0.36% | +3.11% | |
| 7 | IAU | Ishares Gold Trust | ETF-Commodities | 3.50% | -0.87% | +0.05% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.93% | +0.11% | -0.18% | |
| 9 | VMC | Vulcan Materials Co | Stock-Materials | 2.72% | +0.02% | -0.91% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.86% | -0.21% | -2.77% | |
| 11 | ADI | Analog Devices Inc | Stock-Tech | 1.79% | +0.30% | +2.87% | |
| 12 | GS | Goldman Sachs Group Inc | Stock-Financials | 1.74% | +0.12% | -3.67% | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.69% | +0.23% | -4.84% | |
| 14 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.65% | -0.06% | -0.46% | |
| 15 | CAT | Caterpillar Inc | Stock-Industrials | 1.63% | +0.42% | -4.34% | |
| 16 | HD | Home Depot Inc | Stock-Consumer Disc | 1.59% | -0.05% | -3.25% | |
| 17 | CSCO | Cisco Systems Inc | Stock-Tech | 1.56% | +0.48% | +1.89% | |
| 18 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 1.45% | — | — | |
| 19 | AXP | American Express Co | Stock-Financials | 1.32% | +0.10% | +3.60% | |
| 20 | BLK | Blackrock Inc | Stock-Financials | 1.25% | -0.18% | -6.54% | |
| 21 | V | Visa Inc-class A Shares | Stock-Financials | 1.10% | -0.11% | -14.36% | |
| 22 | IWF | Ishares Russell 1000 Growth | ETF-Other | 1.07% | +0.09% | +300.00% | |
| 23 | AVGO | Broadcom Inc | Stock-Tech | 1.07% | +0.27% | +16.75% | |
| 24 | XOM | Exxon Mobil CORP | Stock-Energy | 1.06% | -0.44% | -6.12% | |
| 25 | RTX | Rtx CORP | Stock-Industrials | 1.05% | +0.02% | +11.13% | |
| 26 | GD | General Dynamics CORP | Stock-Industrials | 0.94% | -0.02% | +1.70% | |
| 27 | NEE | Nextera Energy Inc | Stock-Utilities | 0.94% | -0.24% | -10.06% | |
| 28 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.88% | -0.55% | -21.76% | |
| 29 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.88% | -0.11% | -10.66% | |
| 30 | MU | Micron Technology Inc | Stock-Tech | 0.88% | +0.61% | -0.34% | |
| 31 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.87% | -0.08% | -3.78% | |
| 32 | LHX | L3harris Technologies Inc | Stock-Industrials | 0.81% | -0.38% | -13.61% | |
| 33 | CP | Canadian Pacific Kansas City | Stock-Industrials | 0.76% | +0.10% | +11.94% | |
| 34 | PM | Philip Morris International | Stock-Consumer Staples | 0.72% | -0.06% | -9.96% | |
| 35 | NOW | Servicenow Inc | Stock-Tech | 0.71% | +0.46% | +216.86% | |
| 36 | VLO | Valero Energy CORP | Stock-Energy | 0.69% | -0.02% | -1.80% | |
| 37 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.65% | +0.10% | -0.09% | |
| 38 | CINF | Cincinnati Financial CORP | Stock-Financials | 0.64% | +0.05% | -2.00% | |
| 39 | QCOM | Qualcomm Inc | Stock-Tech | 0.62% | +0.30% | +41.21% | |
| 40 | ENTG | Entegris Inc | Stock-Tech | 0.60% | +0.19% | +2.68% | |
| 41 | NOC | Northrop Grumman CORP | Stock-Industrials | 0.58% | -0.26% | -0.97% | |
| 42 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.57% | -0.02% | +0.06% | |
| 43 | AVB | Avalonbay Communities Inc | Stock-Real Estate | 0.57% | -0.06% | -16.22% | |
| 44 | XLK | Ss Technology Select Sector | ETF-Tech | 0.55% | +0.14% | — | |
| 45 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.53% | +0.06% | — | |
| 46 | ICE | Intercontinental Exchange In | Stock-Financials | 0.53% | -0.08% | +18.59% | |
| 47 | BX | Blackstone Inc | Stock-Financials | 0.52% | -0.10% | -11.91% | |
| 48 | SUNB | Sunbelt Rentals Holdings Inc | Stock-Industrials | 0.48% | — | -5.56% | |
| 49 | GGG | Graco Inc | Stock-Industrials | 0.47% | +0.05% | +34.35% | |
| 50 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.46% | -0.04% | +5.03% |
1–50 of 155
Portfolio Performance
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+13.6%
- Stdev
- +11.2%
- Beta
- +0.87
- Alpha
- +0.6%
- Max Drawdown
- -8%
- Annualized Perf
- +20.5%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +3.53
- Stutzer
- +0.5
- Treynor
- +0.22
- Sterling
- +1.32
- Calmar
- +2.58
- Information Ratio
- -0.61
- Tracking Error
- +3.6%
- Stdev Down
- +5.5%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +34%
- Worst 12 Months
- +5.7%
- Efficiency Ratio
- +0.69
- Sharpe
- +1.73
- Stdev Sectors
- +8.4%
- Skewness
- -0.23
- Kurtosis
- -0.07
- Upside Potential
- +5.07
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 157 | $1.4B | 19 | ||
| 2026 Q1 | 169 | $1.4B | 13 | ||
| 2025 Q4 | 163 | $1.4B | 12 | ||
| 2025 Q3 | 164 | $1.4B | 30 | ||
| 2025 Q2 | 162 | $1.2B | 0 | ||
| 2025 Q1 | 161 | $1.1B | 100 | ||
| 2024 Q4 | 161 | $1.1B | 0 | ||
| 2024 Q3 | 160 | $1.1B | 0 | ||
| 2024 Q2 | 161 | $1.1B | 0 | ||
| 2024 Q1 | 161 | $1.0B | 0 | ||
| 2023 Q4 | 167 | $915.1M | 0 | ||
| 2023 Q3 | 164 | $819.4M | 0 | ||
| 2023 Q2 | 170 | $850.8M | 0 | ||
| 2023 Q1 | 164 | $799.3M | 0 | ||
| 2022 Q4 | 161 | $751.9M | 0 | ||
| 2022 Q3 | 153 | $690.5M | 0 | ||
| 2022 Q2 | 157 | $729.6M | 0 | ||
| 2022 Q1 | 155 | $854.2M | 0 | ||
| 2021 Q4 | 160 | $878.9M | 0 | ||
| 2021 Q3 | 162 | $792.6M | 0 | ||
| 2021 Q2 | 168 | $792.2M | 97 | ||
| 2021 Q1 | 161 | $739.4M | 14 | ||
| 2020 Q4 | 153 | $705.4M | 23 | ||
| 2020 Q3 | 145 | $620.2M | 23 | ||
| 2020 Q2 | 137 | $577.3M | 83 | ||
| 2020 Q1 | 128 | $464.0M | 27 | ||
| 2019 Q4 | 139 | $544.8M | 16 | ||
| 2019 Q3 | 139 | $497.2M | 23 | ||
| 2019 Q2 | 134 | $483.3M | 14 | ||
| 2019 Q1 | 142 | $459.6M | 15 | ||
| 2018 Q4 | 135 | $403.6M | 21 | ||
| 2018 Q3 | 142 | $453.3M | 16 | ||
| 2018 Q2 | 140 | $429.9M | 13 | ||
| 2018 Q1 | 140 | $431.2M | 17 | ||
| 2017 Q4 | 147 | $435.1M | 19 | ||
| 2017 Q3 | 147 | $403.5M | 14 | ||
| 2017 Q2 | 142 | $385.7M | 14 | ||
| 2017 Q1 | 143 | $359.3M | 14 | ||
| 2016 Q4 | 140 | $332.2M | 19 | ||
| 2016 Q3 | 135 | $319.4M | 13 | ||
| 2016 Q2 | 131 | $318.4M | 13 | ||
| 2016 Q1 | 130 | $306.2M | 17 | ||
| 2015 Q4 | 130 | $288.2M | 20 | ||
| 2015 Q3 | 127 | $268.1M | 19 | ||
| 2015 Q2 | 126 | $274.9M | 11 | ||
| 2015 Q1 | 124 | $273.4M | 20 | ||
| 2014 Q4 | 128 | $258.4M | 22 | ||
| 2014 Q3 | 135 | $249.0M | 21 | ||
| 2014 Q2 | 140 | $261.5M | 19 | ||
| 2014 Q1 | 136 | $240.8M | 27 | ||
| 2013 Q4 | 134 | $242.9M | 29 | ||
| 2013 Q3 | 133 | $208.9M | 14 | ||
| 2013 Q2 | 132 | $207.3M | 0 |
Holding changes this quarter
Narwhal Capital Management's most significant position changes for 2026-06-30: Sold out: Blackrock 2030 Muni Trgt Trm (BTT); New buy: Amrize Ltd (AMRZ); Sold out: Simplify Mbs ETF (MTBA); New buy: Quest Diagnostics Inc (DGX); Sold out: First Trust Hi Yld Opp 2027 (FTHY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | +0.8% | +0.22% | Add |
| 2 | GOOG | Alphabet Inc-cl C | +0.8% | -2.32% | Trim |
| 3 | MU | Micron Technology Inc | +0.6% | -0.34% | Trim |
| 4 | CSCO | Cisco Systems Inc | +0.5% | +1.89% | Add |
| 5 | NVDA | Nvidia CORP | +0.5% | -0.19% | Trim |
| 6 | NOW | Servicenow Inc | +0.5% | +216.86% | Add |
| 7 | CAT | Caterpillar Inc | +0.4% | -4.34% | Trim |
| 8 | AAPL | Apple Inc | +0.4% | +0.24% | Add |
| 9 | AMZN | Amazon.com Inc | +0.4% | +3.11% | Add |
| 10 | ADI | Analog Devices Inc | +0.3% | +2.87% | Add |
| 11 | QCOM | Qualcomm Inc | +0.3% | +41.21% | Add |
| 12 | AVGO | Broadcom Inc | +0.3% | +16.75% | Add |
| 13 | AMRZ | Amrize Ltd | +0.2% | NEW | New buy |
| 14 | LLY | Eli Lilly & Co | +0.2% | -4.84% | Trim |
| 15 | DGX | Quest Diagnostics Inc | +0.2% | NEW | New buy |
| 16 | ENTG | Entegris Inc | +0.2% | +2.68% | Add |
| 17 | ASML | ASML Holding N.V. | +0.2% | NEW | New buy |
| 18 | XLK | Ss Technology Select Sector | +0.1% | — | Unchanged |
| 19 | GS | Goldman Sachs Group Inc | +0.1% | -3.67% | Trim |
| 20 | JPM | Jpmorgan Chase & Co | +0.1% | -0.18% | Trim |
| 21 | VNQ | Vanguard Real Estate ETF | +0.1% | +353.15% | Add |
| 22 | AXP | American Express Co | +0.1% | +3.60% | Add |
| 23 | CP | Canadian Pacific Kansas City | +0.1% | +11.94% | Add |
| 24 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | -0.09% | Trim |
| 25 | IWF | Ishares Russell 1000 Growth | +0.1% | +300.00% | Add |
| 26 | SAIA | Saia Inc | +0.1% | NEW | New buy |
| 27 | IVW | Ishares S&p 500 Growth ETF | +0.1% | — | Unchanged |
| 28 | CINF | Cincinnati Financial CORP | +0.1% | -2.00% | Trim |
| 29 | GGG | Graco Inc | +0.1% | +34.35% | Add |
| 30 | TSLA | Tesla Inc | +0.1% | +21.38% | Add |
| 31 | UNH | Unitedhealth Group Inc | 0% | -1.19% | Trim |
| 32 | NTRA | Natera Inc | 0% | -1.93% | Trim |
| 33 | VAW | Vanguard Materials ETF | 0% | +185.51% | Add |
| 34 | GRMN | Garmin Ltd. | 0% | +13.85% | Add |
| 35 | TSM | Taiwan Semiconductor-sp Adr | 0% | — | Unchanged |
| 36 | SPMO | Invesco S&p 500 Momentum ETF | 0% | — | Unchanged |
| 37 | TMUS | T-mobile US Inc | 0% | +189.24% | Add |
| 38 | DAL | Delta Air Lines Inc | 0% | — | Unchanged |
| 39 | CVS | Cvs Health CORP | 0% | +60.69% | Add |
| 40 | VMC | Vulcan Materials Co | 0% | -0.91% | Trim |
| 41 | RTX | Rtx CORP | 0% | +11.13% | Add |
| 42 | DIA | Ss Spdr Dow Jones Indus Avg | 0% | — | Unchanged |
| 43 | IJR | Ishares Core S&p Small-cap E | 0% | — | Unchanged |
| 44 | JBHT | Hunt (jb) Transprt Svcs Inc | 0% | +106.45% | Add |
| 45 | NXRT | Nexpoint Residential | 0% | +7.96% | Add |
| 46 | ADSK | Autodesk Inc | 0% | NEW | New buy |
| 47 | IBIT | Ishares Bitcoin Trust ETF | 0% | NEW | New buy |
| 48 | LRCX | Lam Research CORP | 0% | NEW | New buy |
| 49 | INTC | Intel CORP | 0% | -50.13% | Trim |
| 50 | NXPI | NXP Semiconductors N.V. | 0% | — | Unchanged |
1–50 of 175
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Narwhal Capital Management and what type of investor is it?
Narwhal Capital Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.4B, spread across 157 disclosed positions.
What are Narwhal Capital Management's largest equity positions?
Based on the latest 13F filing, Narwhal Capital Management's top holdings by market value are:
1. Ishares Core S&p 500 ETF (IVV) — $158.8M (11.0%)
2. Nvidia CORP (NVDA) — $99.8M (6.9%)
3. Alphabet Inc-cl C (GOOG) — $98.5M (6.8%)
4. Apple Inc (AAPL) — $81.1M (5.6%)
5. Microsoft CORP (MSFT) — $60.5M (4.2%)
What changes did Narwhal Capital Management make in its most recent portfolio filing?
In the latest reported quarter, Narwhal Capital Management made 136 notable position adjustments: 7 new positions were initiated, 45 existing holdings were added to, 64 positions were partially reduced, and 20 were completely exited. The largest of these moves: Sold out: Blackrock 2030 Muni Trgt Trm (BTT); New buy: Amrize Ltd (AMRZ); Sold out: Simplify Mbs ETF (MTBA); New buy: Quest Diagnostics Inc (DGX); Sold out: First Trust Hi Yld Opp 2027 (FTHY)
What sectors does Narwhal Capital Management focus on?
Narwhal Capital Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 32.6%
• Financials: 13.0%
• Industrials: 11.9%
• Communication Services: 11.8%
• Consumer Discretionary: 8.0%
• Health Care: 7.4%
Investment Profile
Narwhal Capital Management returned an annualized 20.5% over the trailing 36 months — outperforming the S&P 500 by 0.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.87 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 32.6% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 19 over the past 4 quarters — a shift toward more active trading.
It has added to its CAT position over the past two quarters (+$11.2M, now $23.6M), while trimming MSFT over the same stretch (-$17.5M, still holding $60.5M).
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Developer Access
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