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Narwhal Capital Management

CIK 1461287 · latest 13F filed 24 July 2026 · Read the filing on EDGAR

Narwhal Capital Management reported 155 US-listed holdings worth $1.45 billion in its 13F for the quarter ended 30 June 2026, filed 24 July 2026. Its largest: iShares Core S&P 500 ETF (11.0%), NVIDIA Corp. (6.9%) and Alphabet Inc. (6.8%). Against the quarter before, it opened 7 positions, added to 42, trimmed 61 and sold out of 20.

Reported holdings$1.45B+6.8% on Q1 2026
Positions155-13 on Q1 2026
The largest ten49.2%of its reported holdings
Latest 13FQ2 2026filed 24 July 2026
Where the money is
Added toHeldTrimmed
IVV11.0%NVDA6.9%GOOG6.8%AAPL5.6%MSFT4.2%AMZN3.7%IAU3.5%JPM2.9%VMC2.7%META1.9%ADI1.8%GS1.7%141 more43.9%

The 14 largest of its 155 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $1.11 billion in 160 positions$1.11BQ3 24Q4 2024: $1.13 billion in 161 positions$1.13BQ4 24Q1 2025: $1.12 billion in 161 positions$1.12BQ1 25Q2 2025: $1.25 billion in 162 positions$1.25BQ2 25Q3 2025: $1.35 billion in 163 positions$1.35BQ3 25Q4 2025: $1.38 billion in 162 positions$1.38BQ4 25Q1 2026: $1.36 billion in 168 positions$1.36BQ1 26Q2 2026: $1.45 billion in 155 positions$1.45BQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 7Added 42Held 45Trimmed 61Sold out 20
Opened: 7Added: 42Held: 45Trimmed: 61Sold out: 20

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 7

  1. Amrize Ltd AMRZ$3.5 million
  2. Quest Diagnostics Inc. DGX$2.8 million
  3. ASML Holding N.V. ASML$2.5 million
  4. Saia Inc. SAIA$996,465
  5. Autodesk, Inc. ADSK$360,066
  6. iShares Bitcoin Trust ETF IBIT$316,944
  7. Lam Research Corp. LRCX$216,665

Added to 42

  1. iShares Trust IWF+93,915 shares · +300%
  2. ServiceNow, Inc. NOW+70,980 shares · +217%
  3. Qualcomm Inc. QCOM+14,094 shares · +41%
  4. Broadcom Inc. AVGO+5,900 shares · +17%
  5. Graco Inc. GGG+23,155 shares · +34%
  6. Amazon.com Inc. AMZN+6,875 shares · +3%
  7. Vanguard Real Estate ETF VNQ+16,884 shares · +353%
  8. RTX Corp. RTX+8,039 shares · +11%

and 34 more in the table below

Trimmed 61

  1. Abbott Laboratories ABT-44,218 shares · -62%
  2. Lockheed Martin Corp. LMT-6,990 shares · -22%
  3. Domino's Pizza, Inc. DPZ-11,640 shares · -77%
  4. Visa Inc. V-7,782 shares · -14%
  5. Starbucks Corp. SBUX-24,454 shares · -28%
  6. Alphabet Inc. GOOG-6,614 shares · -2%
  7. BWX Technologies, Inc. BWXT-10,131 shares · -26%
  8. L3Harris Technologies, Inc. LHX-6,357 shares · -14%

and 53 more in the table below

Sold out of 20

  1. BlackRock Funds/Closed-End BTT$8.1 million last quarter
  2. Simplify Exchange Traded Fun MTBA$3.1 million last quarter
  3. First Trust High Yield Opprt 20 FTHY$2.7 million last quarter
  4. First Trust Exchange-Traded FD MGOV$1.2 million last quarter
  5. Vaneck ETF Trust CLOI$958,139 last quarter
  6. New York Life Invts Active E MMIN$466,139 last quarter
  7. Vanguard Scottsdale FDS VGLT$455,826 last quarter
  8. Copart Inc. CPRT$438,937 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
iShares Core S&P 500 ETF IVV212,038$158.8 million10.97%+469
NVIDIA Corp. NVDA498,520$99.7 million6.89%-951
Alphabet Inc. GOOG278,904$98.5 million6.81%-6,614
Apple Inc. AAPL280,237$81.1 million5.60%+685
Microsoft Corp. MSFT162,292$60.5 million4.18%-1,843
Amazon.com Inc. AMZN227,622$54.3 million3.75%+6,875
iShares Gold Trust IAU672,087$50.7 million3.50%+354
JPMorgan Chase & Co. JPM129,578$42.4 million2.93%-231
Vulcan Materials Co. VMC133,357$39.3 million2.72%-1,222
Meta Platforms, Inc. META47,775$26.9 million1.86%-1,361
Analog Devices Inc. ADI65,383$26.0 million1.79%+1,823
Goldman Sachs Group Inc. GS24,939$25.2 million1.74%-949
Eli Lilly & Co. LLY20,444$24.5 million1.69%-1,040
Johnson & Johnson JNJ94,177$23.9 million1.65%-434
Caterpillar Inc. CAT22,180$23.6 million1.63%-1,006
Home Depot, Inc. HD65,453$23.1 million1.59%-2,202
Cisco Systems, Inc. CSCO192,141$22.6 million1.56%+3,569
iShares S&P 500 Value ETF IVE92,784$21.1 million1.45%no change
American Express Co. AXP56,415$19.1 million1.32%+1,958
BlackRock, Inc. BLK18,788$18.1 million1.25%-1,315
Visa Inc. V46,402$15.9 million1.10%-7,782
iShares Trust IWF125,220$15.5 million1.07%+93,915
Broadcom Inc. AVGO41,122$15.5 million1.07%+5,900
ExxonMobil Holdings Corp. XOM112,375$15.4 million1.06%-7,328
RTX Corp. RTX80,241$15.2 million1.05%+8,039
General Dynamics Corp. GD38,504$13.6 million0.94%+642
NextEra Energy Inc. NEE155,183$13.6 million0.94%-17,356
Lockheed Martin Corp. LMT25,135$12.8 million0.88%-6,990
Merck & Co., Inc. MRK99,503$12.8 million0.88%-11,872
Micron Technology Inc. MU10,985$12.7 million0.88%-38
Procter & Gamble Co. PG86,077$12.6 million0.87%-3,380
L3Harris Technologies, Inc. LHX40,344$11.7 million0.81%-6,357
Canadian Pacific Kansas City LT CP126,466$11.0 million0.76%+13,491
Philip Morris International Inc. PM57,529$10.4 million0.72%-6,367
ServiceNow, Inc. NOW103,711$10.3 million0.71%+70,980
Valero Energy Corp. VLO38,358$10.0 million0.69%-704
Invesco QQQ Trust QQQ12,866$9.5 million0.65%-11
Cincinnati Financial Corp. CINF49,750$9.2 million0.64%-1,015
Qualcomm Inc. QCOM48,292$8.9 million0.62%+14,094
Entegris Inc. ENTG48,096$8.7 million0.60%+1,257
Northrop Grumman Corp. NOC16,474$8.4 million0.58%-162
Novartis AG NVS52,702$8.3 million0.57%+34
Avalonbay Cmntys Inc. AVB43,562$8.2 million0.57%-8,432
Technology Select Sector SPDR ETF XLK42,000$8.0 million0.55%no change
iShares S&P Growth Index FD IVW56,000$7.7 million0.53%no change
Intercontinental Exchange, Inc. ICE61,878$7.6 million0.53%+9,700
Blackstone Inc. BX63,897$7.5 million0.52%-8,636
Sunbelt Rentals Holdings Inc. SUNB93,850$7.0 million0.48%-5,521
Graco Inc. GGG90,559$6.8 million0.47%+23,155
Costco Wholesale Corp. COST7,079$6.6 million0.46%+339
Starbucks Corp. SBUX63,274$6.5 million0.45%-24,454
Mueller Industries Inc. MLI52,481$6.5 million0.45%-6,325
Oracle Corp. ORCL43,601$6.4 million0.44%-1,918
SLB Limited SLB131,518$6.1 million0.42%+16,422
PepsiCo Inc. PEP43,887$5.9 million0.41%-12,204
SPDR Dow Jones Indl Average DIA11,080$5.8 million0.40%no change
Chevron Corp. CVX34,537$5.7 million0.40%-1,237
RELX PLC RELX177,412$5.6 million0.39%+8,469
BWX Technologies, Inc. BWXT28,838$5.6 million0.39%-10,131
CRH Public Ltd. Co. CRH50,749$5.4 million0.37%-102
Kinder Morgan, Inc. KMI155,586$5.0 million0.34%-52
Garmin Ltd. GRMN20,122$4.8 million0.33%+2,448
Netflix Inc. NFLX66,575$4.8 million0.33%+18,551
Etfs Gold Trust SGOL112,946$4.3 million0.30%-302
UFP Industries Inc. UFPI47,190$4.3 million0.30%-2,531
SPDR Gold Trust GLD10,244$3.8 million0.26%-19
Berkshire Hathaway Inc. Del5$3.7 million0.26%no change
Constellation Energy Corp. CEG14,268$3.5 million0.24%-1,500
Amrize Ltd AMRZ65,645$3.5 million0.24%new
Tesla, Inc. TSLA7,913$3.3 million0.23%+1,394
iShares Select Dividend ETF DVY21,008$3.3 million0.23%+10
SPDR S&P Dividend ETF SDY20,615$3.1 million0.22%-374
Constellation Brands, Inc. STZ22,214$3.1 million0.21%+2,450
iShares Core S&P Small-Cap ETF IJR20,450$3.0 million0.21%no change
Quest Diagnostics Inc. DGX13,348$2.8 million0.20%new
Walmart Inc. WMT24,315$2.8 million0.19%-2,736
HCA Healthcare, Inc. HCA6,813$2.7 million0.18%-4,566
Abbott Laboratories ABT27,594$2.5 million0.17%-44,218
ASML Holding N.V. ASML1,235$2.5 million0.17%new
Natera Inc Com NTRA8,927$2.4 million0.17%-176
NexPoint Residential Trust, Inc. NXRT82,707$2.3 million0.16%+6,097
Taiwan Semiconductor Manufacturing Company Limited TSM4,634$2.2 million0.15%no change
Vanguard Real Estate ETF VNQ21,665$2.1 million0.14%+16,884
Wisdomtree Trust DGRW21,779$2.1 million0.14%no change
Invesco Exch Traded FD Trust II SPMO12,836$2.1 million0.14%no change
Adobe Inc. ADBE9,357$1.9 million0.13%-7,460
UnitedHealth Group Inc. UNH4,500$1.9 million0.13%-54
Entergy Corp. ETR15,134$1.7 million0.12%+193
Exelon Corp. EXC36,855$1.7 million0.12%no change
Delta Air Lines, Inc. DAL16,850$1.6 million0.11%no change
ONEOK Inc. OKE17,194$1.5 million0.10%no change
SPDR S&P 500 SPY1,743$1.3 million0.09%-19
iShares Trust IWR10,231$1.1 million0.08%no change
Schwab Strategic Trust SCHD35,238$1.1 million0.08%-438
AT&T Inc. T50,228$1.0 million0.07%-3,500
iShares S&P Midcap 400 Value in IJJ6,923$1.0 million0.07%no change
Select Sector SPDR Trust XLU22,360$1.0 million0.07%no change
Domino's Pizza, Inc. DPZ3,422$1.0 million0.07%-11,640
Vanguard World FD VIS2,799$1.0 million0.07%no change
Saia Inc. SAIA2,366$996,4650.07%new
Vanguard Growth ETF VUG10,800$930,3120.06%+8,996
Atlanta Braves Holdings Inc BATRK17,404$903,2680.06%no change
T-Mobile US, Inc. TMUS5,189$870,3510.06%+3,395
Vanguard ETF VAW3,803$870,0880.06%+2,471
Altria Group, Inc. MO12,045$866,6380.06%no change
Select Sector SPDR Trust XLV5,315$843,2780.06%-490
iShares Trust EEM12,079$826,3240.06%+29
Intel Corp. INTC5,384$751,7680.05%-5,411
Unilever plc UL12,398$745,3680.05%-7,252
Vanguard Index FDS VXF2,917$718,1950.05%no change
NXP Semiconductors N.V. NXPI2,510$705,3850.05%no change
CVS Health Corp. CVS6,646$687,5290.05%+2,510
Enterprise Products Partners LP EPD17,950$659,8420.05%+1,350
HF Sinclair Corp. DINO9,450$658,1930.05%no change
Boeing Co. BA2,980$645,0810.04%-477
McDonald's Corp. MCD2,347$634,4180.04%+103
Select Sector SPDR Trust XLP7,580$629,6710.04%no change
Select Sector SPDR Trust XLE11,744$623,7240.04%+66
J.B. Hunt Transport Services, Inc. JBHT2,112$611,2760.04%+1,089
Walt Disney Co. DIS6,211$597,8410.04%+508
Vanguard Intl Equity Index F VGK6,400$566,6560.04%no change
Murphy USA Inc. MUSA1,032$556,1140.04%-265
Halliburton Co. HAL16,227$550,9070.04%no change
iShares Trust ITA2,260$547,8690.04%no change
iShares Russell 2000 ETF IWM1,822$547,4200.04%-11
Vanguard Scottsdale FDS VONE1,568$531,1130.04%no change
Kroger Co. KR9,143$507,7110.04%-2,780
iShares Trust IYE8,825$499,4070.03%no change
Vanguard Small Cap Growth ETF VBK1,350$493,6950.03%no change
Vertiv Holdings Co. VRT1,404$470,0870.03%-551
Regions Financial Corp. RF14,159$427,6020.03%-12
Deere & Co. DE643$407,8740.03%-271
Schwab US Large Cap SCHX13,033$383,5490.03%+1,002
Southern Co. SO3,859$369,3450.03%no change
Wells Fargo & Company WFC4,431$366,1780.03%no change
Anheuser-Busch InBev SA/NV BUD4,420$364,2080.03%+14
Autodesk, Inc. ADSK1,852$360,0660.02%new
Select Sector SPDR Trust XLI1,925$356,5680.02%no change
FedEx Corp. FDX1,120$350,7060.02%no change
Amgen Inc. AMGN959$347,2730.02%-58
Union Pacific Corp. UNP1,241$337,5620.02%+223
Berkshire Hathaway Inc. Class B BRKB645$322,7520.02%+9
Cheniere Energy Inc. LNG1,344$321,2500.02%-174
iShares Bitcoin Trust ETF IBIT9,521$316,9440.02%new
Alphabet Inc. GOOGL845$302,0860.02%+101
iShares Trust AOR4,200$291,9000.02%no change
Financial Select Sector SPDR ETF XLF5,250$281,4530.02%no change
United Parcel Service Inc. UPS2,476$266,2060.02%no change
iShares Trust IYH3,750$251,2880.02%no change
iShares Core S&P Mid-Cap ETF IJH3,150$242,8970.02%no change
Vanguard Mid Cap Index ETF VO2,826$227,6910.02%+2,117
Lam Research Corp. LRCX500$216,6650.01%new
Elevance Health, Inc. ELV532$205,7400.01%-946
Markel CP Hldg Co. MKL105$205,0660.01%no change
Fate Therapeutics Inc. FATE12,700$34,2900.00%no change
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 20 it sold out of are in the box above.

Options it reported

CompanyOptionShares under the optionsValue of those shares
NVIDIA Corp. NVDAPuts10$2,650
NVIDIA Corp. NVDACalls2$4

2 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.