CIK: 0001461287
Total reported value
$1.4B
Reporting period: 2026-03-31 · Number of holdings: 169
Narwhal Capital Management disclosed 169 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.4B and a quarterly turnover rate of 12.9%.
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Narwhal Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.033 — mathematically equivalent to about 31 equally-sized positions, well below its 169 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 2.12), 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.
Sector classification currently covers about 58% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+1.7% -$17.3M
Trim GOOG
+0.4% -$7.4M
Add XOM
-0.8% $5.8M
Add ICE
+205.4% $5.4M
Add IAU
-0.1% $4.6M
Trim NVDA
+0.1% -$5.8M
Showing top 168 holdings (of 169 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 10.20% | -0.28% | +0.48% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 6.43% | -0.32% | +0.07% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.04% | -0.45% | +0.36% | |
| 4 | AAPL | Apple INC | Stock-Tech | 5.23% | -0.22% | +1.24% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 4.48% | -1.19% | +1.70% | |
| 6 | IAU | Ishares Gold Trust | ETF-Commodities | 4.37% | +0.40% | -0.13% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.39% | -0.24% | +1.91% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.82% | -0.22% | -0.15% | |
| 9 | VMC | Vulcan Materials Co | Stock-Materials | 2.70% | -0.05% | +1.27% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.07% | -0.26% | +1.12% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.71% | +0.27% | -1.22% | |
| 12 | HD | Home Depot INC | Stock-Consumer Disc | 1.64% | — | +5.89% | |
| 13 | GS | Goldman Sachs Group INC | Stock-Financials | 1.62% | — | +3.50% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 1.50% | +0.44% | -0.80% | |
| 15 | ADI | Analog Devices INC | Stock-Tech | 1.49% | +0.19% | -3.37% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.46% | -0.17% | +2.63% | |
| 17 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 1.45% | — | — | |
| 18 | LMT | Lockheed Martin CORP | Stock-Industrials | 1.43% | +0.26% | -3.35% | |
| 19 | BLK | Blackrock INC | Stock-Financials | 1.43% | -0.22% | -5.08% | |
| 20 | AXP | American Express Co | Stock-Financials | 1.22% | -0.29% | -3.08% | |
| 21 | CAT | Caterpillar INC | Stock-Industrials | 1.21% | +0.31% | +6.81% | |
| 22 | V | Visa Inc-class A Shares | Stock-Financials | 1.21% | -0.31% | -9.22% | |
| 23 | LHX | L3harris Technologies INC | Stock-Industrials | 1.19% | +0.10% | -8.94% | |
| 24 | NEE | Nextera Energy INC | Stock-Utilities | 1.18% | +0.14% | -3.26% | |
| 25 | CSCO | Cisco Systems INC | Stock-Tech | 1.08% | -0.06% | -7.63% | |
| 26 | RTX | Rtx CORP | Stock-Industrials | 1.03% | — | -0.21% | |
| 27 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.99% | +0.14% | -0.33% | |
| 28 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.98% | -0.10% | -0.07% | |
| 29 | GD | General Dynamics CORP | Stock-Industrials | 0.96% | — | +0.90% | |
| 30 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.95% | +0.09% | +8.87% | |
| 31 | NOC | Northrop Grumman CORP | Stock-Industrials | 0.84% | — | -15.59% | |
| 32 | AVGO | Broadcom INC | Stock-Tech | 0.80% | -0.12% | -3.95% | |
| 33 | PM | Philip Morris International | Stock-Consumer Staples | 0.78% | — | -6.32% | |
| 34 | VLO | Valero Energy CORP | Stock-Energy | 0.71% | +0.25% | -0.63% | |
| 35 | CP | Canadian Pacific Kansas City | Stock-Industrials | 0.66% | — | -2.84% | |
| 36 | PEP | Pepsico INC | Stock-Consumer Staples | 0.64% | — | -2.29% | |
| 37 | AVB | Avalonbay Communities INC | Stock-Real Estate | 0.63% | -0.05% | +0.52% | |
| 38 | BX | Blackstone INC | Stock-Financials | 0.62% | -0.18% | +1.09% | |
| 39 | ICE | Intercontinental Exchange In | Stock-Financials | 0.61% | +0.41% | +205.38% | |
| 40 | BTT | Blackrock 2030 Muni Trgt Trm | Stock-Other | 0.60% | — | -7.90% | |
| 41 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.59% | — | -2.13% | |
| 42 | CINF | Cincinnati Financial CORP | Stock-Financials | 0.59% | — | +2.51% | |
| 43 | BWXT | Bwx Technologies INC | Stock-Industrials | 0.59% | +0.22% | +33.84% | |
| 44 | SBUX | Starbucks CORP | Stock-Consumer Disc | 0.58% | +0.08% | +6.80% | |
| 45 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.55% | — | +3.08% | |
| 46 | CVX | Chevron CORP | Stock-Energy | 0.55% | +0.17% | +4.55% | |
| 47 | ABT | Abbott Laboratories | Stock-Healthcare | 0.54% | -0.16% | -6.72% | |
| 48 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.50% | +0.14% | +16.05% | |
| 49 | ORCL | Oracle CORP | Stock-Tech | 0.49% | — | +26.42% | |
| 50 | MLI | Mueller Industries INC | Stock-Industrials | 0.48% | — | -6.42% |
Performance for Q3 2026
+0.6%
Performance Last 4 Quarters
+22.1%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 169 | $1.4B | 13 | |
| 2025-12-31 | 163 | $1.4B | 12 | |
| 2025-09-30 | 164 | $1.4B | 30 | |
| 2025-06-30 | 162 | $1.2B | 0 | |
| 2025-03-31 | 161 | $1.1B | 100 | |
| 2024-12-31 | 161 | $1.1B | 0 | |
| 2024-09-30 | 160 | $1.1B | 0 | |
| 2024-06-30 | 161 | $1.1B | 0 | |
| 2024-03-31 | 161 | $1.0B | 0 | |
| 2023-12-31 | 167 | $915.1M | 0 | |
| 2023-09-30 | 164 | $819.4M | 0 | |
| 2023-06-30 | 170 | $850.8M | 0 | |
| 2023-03-31 | 164 | $799.3M | 0 | |
| 2022-12-31 | 161 | $751.9M | 0 | |
| 2022-09-30 | 153 | $690.5M | 0 | |
| 2022-06-30 | 157 | $729.6M | 0 | |
| 2022-03-31 | 155 | $854.2M | 0 | |
| 2021-12-31 | 160 | $878.9M | 0 | |
| 2021-09-30 | 162 | $792.6M | 0 | |
| 2021-06-30 | 168 | $792.2M | 97 | |
| 2021-03-31 | 161 | $739.4M | 14 | |
| 2020-12-31 | 153 | $705.4M | 23 | |
| 2020-09-30 | 145 | $620.2M | 23 | |
| 2020-06-30 | 137 | $577.3M | 83 | |
| 2020-03-31 | 128 | $464.0M | 27 | |
| 2019-12-31 | 139 | $544.8M | 16 | |
| 2019-09-30 | 139 | $497.2M | 23 | |
| 2019-06-30 | 134 | $483.3M | 14 | |
| 2019-03-31 | 142 | $459.6M | 15 | |
| 2018-12-31 | 135 | $403.6M | 21 | |
| 2018-09-30 | 142 | $453.3M | 16 | |
| 2018-06-30 | 140 | $429.9M | 13 | |
| 2018-03-31 | 140 | $431.2M | 17 | |
| 2017-12-31 | 147 | $435.1M | 19 | |
| 2017-09-30 | 147 | $403.5M | 14 | |
| 2017-06-30 | 142 | $385.7M | 14 | |
| 2017-03-31 | 143 | $359.3M | 14 | |
| 2016-12-31 | 140 | $332.2M | 19 | |
| 2016-09-30 | 135 | $319.4M | 13 | |
| 2016-06-30 | 131 | $318.4M | 13 | |
| 2016-03-31 | 130 | $306.2M | 17 | |
| 2015-12-31 | 130 | $288.2M | 20 | |
| 2015-09-30 | 127 | $268.1M | 19 | |
| 2015-06-30 | 126 | $274.9M | 11 | |
| 2015-03-31 | 124 | $273.4M | 20 | |
| 2014-12-31 | 128 | $258.4M | 22 | |
| 2014-09-30 | 135 | $249.0M | 21 | |
| 2014-06-30 | 140 | $261.5M | 19 | |
| 2014-03-31 | 136 | $240.8M | 27 | |
| 2013-12-31 | 134 | $242.9M | 29 | |
| 2013-09-30 | 133 | $208.9M | 14 | |
| 2013-06-30 | 132 | $207.3M | 0 |
Narwhal Capital Management's most significant position changes for 2026-03-31: New buy: Sunbelt Rentals Holdings INC (SUNB); Add: Microsoft CORP (MSFT) — shares +1.70%; Add: Alphabet Inc-cl C (GOOG) — shares +0.36%; Trim: Exxon Mobil CORP (XOM) — shares -0.80%; Add: Intercontinental Exchange In (ICE) — shares +205.38%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | -0.80% | Trim |
| 2 | ICE | Intercontinental Exchange In | +0.4% | +205.38% | Add |
| 3 | IAU | Ishares Gold Trust | +0.4% | -0.13% | Trim |
| 4 | CAT | Caterpillar INC | +0.3% | +6.81% | Add |
| 5 | NFLX | Netflix INC | +0.3% | +437.60% | Add |
| 6 | JNJ | Johnson & Johnson | +0.3% | -1.22% | Trim |
| 7 | LMT | Lockheed Martin CORP | +0.3% | -3.35% | Trim |
| 8 | VLO | Valero Energy CORP | +0.3% | -0.63% | Trim |
| 9 | BWXT | Bwx Technologies INC | +0.2% | +33.84% | Add |
| 10 | ADI | Analog Devices INC | +0.2% | -3.37% | Trim |
| 11 | CVX | Chevron CORP | +0.2% | +4.55% | Add |
| 12 | STZ | Constellation Brands Inc-a | +0.2% | +239.47% | Add |
| 13 | ENTG | Entegris INC | +0.1% | +6.07% | Add |
| 14 | NEE | Nextera Energy INC | +0.1% | -3.26% | Trim |
| 15 | COST | Costco Wholesale CORP | +0.1% | +16.05% | Add |
| 16 | MRK | Merck & Co. INC. | +0.1% | -0.33% | Trim |
| 17 | GGG | Graco INC | +0.1% | +24.62% | Add |
| 18 | SLB | Slb LTD | +0.1% | -6.43% | Trim |
| 19 | LHX | L3harris Technologies INC | +0.1% | -8.94% | Trim |
| 20 | PG | Procter & Gamble Co/the | +0.1% | +8.87% | Add |
| 21 | SBUX | Starbucks CORP | +0.1% | +6.80% | Add |
| 22 | KMI | Kinder Morgan INC | +0.1% | +0.88% | Add |
| 23 | NOW | Servicenow INC | +0.1% | +92.80% | Add |
| 24 | VMC | Vulcan Materials Co | -0.1% | +1.27% | Add |
| 25 | AVB | Avalonbay Communities INC | -0.1% | +0.52% | Add |
| 26 | HCA | Hca Healthcare INC | -0.1% | -14.08% | Trim |
| 27 | CSCO | Cisco Systems INC | -0.1% | -7.63% | Trim |
| 28 | CRH | CRH plc | -0.1% | +0.91% | Add |
| 29 | KR | Kroger Co | -0.1% | -60.36% | Trim |
| 30 | CEG | Constellation Energy | -0.1% | -0.30% | Trim |
| 31 | IWF | Ishares Russell 1000 Growth | -0.1% | -0.07% | Trim |
| 32 | TMUS | T-mobile US INC | -0.1% | -79.53% | Trim |
| 33 | DPZ | Domino's Pizza INC | -0.1% | -10.15% | Trim |
| 34 | AVGO | Broadcom INC | -0.1% | -3.95% | Trim |
| 35 | QCOM | Qualcomm INC | -0.1% | -2.36% | Trim |
| 36 | ABT | Abbott Laboratories | -0.2% | -6.72% | Trim |
| 37 | LLY | Eli Lilly & Co | -0.2% | +2.63% | Add |
| 38 | BX | Blackstone INC | -0.2% | +1.09% | Add |
| 39 | AAPL | Apple INC | -0.2% | +1.24% | Add |
| 40 | JPM | Jpmorgan Chase & Co | -0.2% | -0.15% | Trim |
| 41 | BLK | Blackrock INC | -0.2% | -5.08% | Trim |
| 42 | AMZN | Amazon.com INC | -0.2% | +1.91% | Add |
| 43 | META | Meta Platforms Inc-class A | -0.3% | +1.12% | Add |
| 44 | IVV | Ishares Core S&p 500 ETF | -0.3% | +0.48% | Add |
| 45 | AXP | American Express Co | -0.3% | -3.08% | Trim |
| 46 | V | Visa Inc-class A Shares | -0.3% | -9.22% | Trim |
| 47 | NVDA | Nvidia CORP | -0.3% | +0.07% | Add |
| 48 | GOOG | Alphabet Inc-cl C | -0.5% | +0.36% | Add |
| 49 | MSFT | Microsoft CORP | -1.2% | +1.70% | Add |
| 50 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-30 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-24 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-23 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-23 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-22 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-22 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-26 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-25 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-30 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-03 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-02 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-31 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-01 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-26 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-26 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-22 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-29 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-23 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-02 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-22 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-30 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-31 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-30 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-12 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-15 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-23 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-19 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-17 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-23 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-17 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-12 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-26 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-25 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-31 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-20 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-15 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-29 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-28 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-29 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-24 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-04 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-01 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-22 | 13F-HR | View on EDGAR |
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