Narwhal Capital Management

Registered adviser

CIK

1461287

Location

MARIETTA, GA

Portfolio Value

Mid $1,232,368,273

Diversification

Diversified

Filing Date

Global Rank

#2,111 / 8,811 ▼ 210

Top Industry

Semiconductors 14.7%

Period ended 4 months ago

Filed Jul 24, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 135958

Roster of Oct 1, 2026

Regulatory AUM

$2,084,372,356

Main clients

Corporations (50% of AUM)

Private funds on Schedule D 7.B.(1)

As filed Oct 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$16,283,233 gross assets in 1 fund Hedge funds $16,283,233 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Mar 2026 to Oct 2026	$2,084,372,356	Corporations (50%)
Apr 2025 to Feb 2026	$1,764,568,823	Diversified
Mar 2024 to Mar 2025	$1,583,450,503	Diversified
May 2023 to Feb 2024	$1,296,298,600	Corporations (50%)
Apr 2023	$1,296,298,600	Corporations (50%)
Apr 2022 to Mar 2023	$1,367,983,837	Diversified

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 47.1%, 31.4 effective positions, active share 49.9% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

13.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 23.0 quarters (12+), a floor since 74.9% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 49.9%; sector active share 7.1% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

155 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

8.1%

+0.6 pts

Top 5

32.0%

+1.1 pts

Top 10

47.1%

+1.3 pts

HHI

319

Diversified+23

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	29.7%	$365,791,794	19
Financial Services	12.4%	$152,473,644	15
Communication Services	10.9%	$133,922,905	8
Industrials	10.8%	$133,575,656	21
Unclassified	8.1%	$100,382,930	41
Consumer Cyclical	7.2%	$89,333,146	7
Healthcare	6.7%	$83,042,579	13
Basic Materials	4.3%	$52,552,689	4
Energy	3.7%	$45,852,090	10
Consumer Defensive	3.6%	$43,921,976	10
Utilities	1.7%	$20,989,969	5
Real Estate	0.9%	$10,528,895	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
IWF	iShares Russell 1000 Growth ETF	+93,915	125,220	$0
NOW	ServiceNow, Inc.	+70,980	103,711	$10,296,428
GGG	Graco Inc	+23,155	90,559	$6,847,165
NFLX	Netflix Inc	+18,551	66,575	$4,753,455
VNQ	VANGUARD REAL ESTATE INDEX FUND	+16,884	21,665	$2,089,155
SLB	Slb Limited	+16,422	131,518	$6,114,271
QCOM	Qualcomm Inc	+14,094	48,292	$8,923,878
CP	Canadian Pacific Kansas City Ltd	+13,491	126,466	$10,958,278
ICE	Intercontinental Exchange, Inc.	+9,700	61,878	$7,617,800
VUG	VANGUARD GROWTH INDEX FUND	+8,996	10,800	$930,312
RELX	Relx PLC	+8,469	177,412	$5,618,638
RTX	RTX Corp	+8,039	80,241	$15,224,124
AMZN	Amazon Com Inc	+6,875	227,622	$54,251,427
NXRT	NexPoint Residential Trust, Inc.	+6,097	82,707	$2,309,179
AVGO	Broadcom Inc.	+5,900	41,122	$15,533,835
CSCO	Cisco Systems, Inc.	+3,569	192,141	$22,568,881
TMUS	T-Mobile US, Inc.	+3,395	5,189	$870,350
CVS	CVS HEALTH Corp	+2,510	6,646	$687,528
VAW	VANGUARD MATERIALS INDEX FUND	+2,471	3,803	$870,088
STZ	Constellation Brands, Inc.	+2,450	22,214	$3,089,745
GRMN	Garmin Ltd	+2,448	20,122	$4,779,779
VO	VANGUARD MID-CAP INDEX FUND	+2,117	2,826	$227,690
AXP	American Express Co	+1,958	56,415	$19,082,373
ADI	Analog Devices Inc	+1,823	65,383	$25,968,166
TSLA	Tesla, Inc.	+1,394	7,913	$3,328,207
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ABT	Abbott Laboratories	−44,218	27,594	$2,503,879
SBUX	Starbucks Corp	−24,454	63,274	$6,465,970
NEE	Nextera Energy Inc	−17,356	155,183	$13,620,411
PEP	Pepsico Inc	−12,204	43,887	$5,942,299
MRK	Merck & Co., Inc.	−11,872	99,503	$12,786,135
DPZ	Dominos Pizza Inc	−11,640	3,422	$1,013,048
BWXT	BWX Technologies, Inc.	−10,131	28,838	$5,613,316
BX	Blackstone Inc.	−8,636	63,897	$7,518,759
—		−8,432	43,562	$8,219,716
V	Visa Inc.	−7,782	46,402	$15,920,062
ADBE	Adobe Inc.	−7,460	9,357	$1,918,372
XOM	ExxonMobil Holdings Corp	−7,328	112,375	$15,363,910
UL	Unilever PLC	−7,252	12,398	$745,367
LMT	Lockheed Martin Corp	−6,990	25,135	$12,805,277
GOOG	Alphabet Inc.	−6,614	278,904	$98,545,150
PM	Philip Morris International Inc.	−6,367	57,529	$10,407,571
LHX	L3harris Technologies, Inc.	−6,357	40,344	$11,723,562
MLI	Mueller Industries Inc	−6,325	52,481	$6,451,489
SUNB	Sunbelt Rentals Holdings, Inc.	−5,521	93,850	$7,020,918
INTC	Intel Corp	−5,411	5,384	$751,767
HCA	HCA Healthcare, Inc.	−4,566	6,813	$2,656,320
T	At&T Inc.	−3,500	50,228	$1,039,719
PG	PROCTER & GAMBLE Co	−3,380	86,077	$12,622,331
KR	Kroger Co	−2,780	9,143	$507,710
WMT	Walmart Inc.	−2,736	24,315	$2,753,916
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
AMRZ	Amrize Ltd	65,645	$3,498,878
DGX	Quest Diagnostics Inc	13,348	$2,829,108
ASML	Asml Holding NV	1,235	$2,456,958
SAIA	Saia Inc	2,366	$996,464
ADSK	Autodesk, Inc.	1,852	$360,065
IBIT	iShares Bitcoin Trust ETF	9,521	$316,954
LRCX	Lam Research Corp	500	$216,665
No positions match the current search.

Sold Out

Positions the filer fully exited

20 positions

Ticker	Company	Shares	Value
BTT	BlackRock Municipal 2030 Target Term Trust	357,067	$8,105,420
MTBA	Simplify MBS ETF	62,064	$3,069,685
FTHY	First Trust High Yield Opportunities 2027 Term Fund	196,865	$2,663,583
MGOV	First Trust Intermediate Government Opportunities ETF	58,576	$1,187,745
CLOI	VanEck CLO ETF	18,181	$958,138
MMIN	NYLIM ETF Trust	19,660	$466,138
VGLT	VANGUARD LONG-TERM TREASURY INDEX FUND	8,235	$455,889
CPRT	Copart Inc	13,221	$438,937
LMBS	First Trust Low Duration Opportunities ETF	8,753	$435,986
BMN	BlackRock 2037 Municipal Target Term Trust	15,265	$395,974
KO	Coca Cola Co	4,445	$338,042
—		10,399	$303,442
FERG	Ferguson Enterprises Inc.	1,263	$294,607
LUV	Southwest Airlines Co	7,500	$281,775
DHI	Horton D R Inc	1,817	$249,328
SPSB	State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF	7,660	$230,336
VZ	Verizon Communications Inc	4,090	$205,318
NUV	Nuveen Municipal Value Fund Inc	17,987	$161,703
FMY	First Trust Mortgage Income Fund	13,354	$157,176
SGOV	iShares 0-3 Month Treasury Bond ETF	3,250	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

155 tracked positions · $1,232,368,273 total · filing declares 157 positions · $1,448,119,575 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 155 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
NVDA	Nvidia Corp PUT CALL + SHARES Technology	Reduced	498,532	-949	$99,750,870	+14.5%	26+	before history	8.09%
GOOG	Alphabet Inc. Communication Services	Reduced	278,904	-6,614	$98,545,150	+20.3%	26+	before history	8.00%
AAPL	Apple Inc. Technology	Added	280,237	+685	$81,089,378	+14.3%	26+	before history	6.58%
MSFT	Microsoft Corp Technology	Reduced	162,292	-1,843	$60,538,161	−0.4%	26+	before history	4.91%
AMZN	Amazon Com Inc Consumer Cyclical	Added	227,622	+6,875	$54,251,427	+18.0%	26+	before history	4.40%
IAU	Ishares Gold Trust	Added	672,087	+354	$50,749,289	−14.3%	26+	before history	4.12%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	129,578	-231	$42,414,766	+11.1%	26+	before history	3.44%
VMC	Vulcan Materials CO Basic Materials	Reduced	133,357	-1,222	$39,341,648	+7.4%	26+	before history	3.19%
META	Meta Platforms, Inc. Communication Services	Reduced	47,775	-1,361	$26,911,179	−4.3%	26+	before history	2.18%
ADI	Analog Devices Inc Technology	Added	65,383	+1,823	$25,968,166	+28.4%	20	$194.46	2.11%
GS	Goldman Sachs Group Inc Financial Services	Reduced	24,939	-949	$25,222,556	+15.2%	26+	before history	2.05%
LLY	ELI LILLY & Co Healthcare	Reduced	20,444	-1,040	$24,521,148	+24.1%	21	$530.94	1.99%
JNJ	Johnson & Johnson Healthcare	Reduced	94,177	-434	$23,918,132	+3.4%	26+	before history	1.94%
CAT	Caterpillar Inc Industrials	Reduced	22,180	-1,006	$23,619,482	+43.8%	18	$266.82	1.92%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	65,453	-2,202	$23,083,964	+3.7%	26+	before history	1.87%
CSCO	Cisco Systems, Inc. Technology	Added	192,141	+3,569	$22,568,881	+54.3%	26+	before history	1.83%
AXP	American Express Co Financial Services	Added	56,415	+1,958	$19,082,373	+15.8%	26+	before history	1.55%
BLK	BlackRock, Inc. Financial Services	Reduced	18,788	-1,315	$18,065,789	−6.6%	7	$1,012.53	1.47%
V	Visa Inc. Financial Services	Reduced	46,402	-7,782	$15,920,062	−2.8%	26+	before history	1.29%
AVGO	Broadcom Inc. Technology	Added	41,122	+5,900	$15,533,835	+42.5%	7	$224.18	1.26%
XOM	ExxonMobil Holdings Corp Energy	Reduced	112,375	-7,328	$15,363,910	−24.3%	26+	before history	1.25%
RTX	RTX Corp Industrials	Added	80,241	+8,039	$15,224,124	+9.3%	25	unpriced	1.24%
GD	General Dynamics Corp Industrials	Added	38,504	+642	$13,639,656	+5.0%	26+	before history	1.11%
NEE	Nextera Energy Inc Utilities	Reduced	155,183	-17,356	$13,620,411	−15.0%	26+	before history	1.11%
LMT	Lockheed Martin Corp Industrials	Reduced	25,135	-6,990	$12,805,277	−34.0%	26+	before history	1.04%
MRK	Merck & Co., Inc. Healthcare	Reduced	99,503	-11,872	$12,786,135	−4.6%	26+	before history	1.04%
MU	Micron Technology Inc Technology	Reduced	10,985	-38	$12,679,875	+240.5%	26+	before history	1.03%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	86,077	-3,380	$12,622,331	−2.3%	26+	before history	1.02%
LHX	L3harris Technologies, Inc. Industrials	Reduced	40,344	-6,357	$11,723,562	−27.3%	26+	before history	0.95%
CP	Canadian Pacific Kansas City Ltd Industrials	Added	126,466	+13,491	$10,958,278	+23.3%	13	$79.23	0.89%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	57,529	-6,367	$10,407,571	−1.5%	26+	before history	0.84%
NOW	ServiceNow, Inc. Technology	Added	103,711	+70,980	$10,296,428	+200.9%	25	unpriced	0.84%
VLO	Valero Energy Corp Energy	Reduced	38,358	-704	$9,989,957	+3.5%	26+	before history	0.81%
QQQ	Invesco Qqq Trust, Series 1	Reduced	12,866	-11	$9,474,522	+27.5%	26+	before history	0.77%
CINF	Cincinnati Financial Corp Financial Services	Reduced	49,750	-1,015	$9,210,715	+15.3%	12	$128.48	0.75%
QCOM	Qualcomm Inc Technology	Added	48,292	+14,094	$8,923,878	+102.6%	26+	before history	0.72%
ENTG	Entegris Inc Technology	Added	48,096	+1,257	$8,650,546	+57.5%	15	$91.90	0.70%
NOC	Northrop Grumman Corp Industrials	Reduced	16,474	-162	$8,390,372	−26.1%	26+	before history	0.68%
NVS	Novartis AG Healthcare	Added	52,702	+34	$8,259,457	+2.7%	26+	before history	0.67%
		Reduced	43,562	-8,432	$8,219,716	−3.2%	7	$212.17	0.67%
XLK	State Street(R) Technology Select Sector SPDR(R) ETF	Held	42,000	0	$8,001,840	+43.4%	26+	before history	0.65%
ICE	Intercontinental Exchange, Inc. Financial Services	Added	61,878	+9,700	$7,617,800	−7.2%	3	$159.27	0.62%
BX	Blackstone Inc. Financial Services	Reduced	63,897	-8,636	$7,518,759	−9.9%	25	$104.43	0.61%
SUNB	Sunbelt Rentals Holdings, Inc. Industrials	Reduced	93,850	-5,521	$7,020,918	+8.5%	2	$70.19	0.57%
GGG	Graco Inc Industrials	Added	90,559	+23,155	$6,847,165	+20.0%	12	$81.49	0.56%
COST	Costco Wholesale Corp Consumer Defensive	Added	7,079	+339	$6,622,192	−1.4%	18	$627.94	0.54%
SBUX	Starbucks Corp Consumer Cyclical	Reduced	63,274	-24,454	$6,465,970	−17.7%	26+	before history	0.52%
MLI	Mueller Industries Inc Industrials	Reduced	52,481	-6,325	$6,451,489	−1.0%	9	$74.10	0.52%
ORCL	Oracle Corp Technology	Reduced	43,601	-1,918	$6,389,726	−4.6%	10	$185.35	0.52%
SLB	Slb Limited Energy	Added	131,518	+16,422	$6,114,271	+3.4%	9	$40.41	0.50%

Showing the top 50 of 155 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.