Narwhal Capital Management

CIK

1461287

Location

MARIETTA, GA

Portfolio Value

Mid $1,028,248,397

Diversification

Diversified

Filing Date

Global Rank

#1,707 / 8,605 ▲ 53 · as of Mar 2026

Top Industry

Semiconductors 13.6%

3Y Alpha vs SPY

-3.7%

Period ended 3 months ago

Filed Apr 24, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+61.1%

SPY

+76.5%

Annualised alpha

-3.6%

Max drawdown

−17.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

119 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.5%

−0.5 pts

Top 5

31.5%

−2.3 pts

Top 10

45.9%

−2.9 pts

HHI

310

Diversified−35

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	29.1%	$299,031,419	16
Financial Services	14.5%	$149,515,082	17
Industrials	12.9%	$132,978,327	23
Consumer Cyclical	8.3%	$85,500,531	8
Unclassified	8.0%	$82,399,562	6
Healthcare	7.9%	$81,242,896	12
Consumer Defensive	4.7%	$48,659,283	11
Basic Materials	4.5%	$46,571,616	3
Communication Services	3.5%	$35,632,970	7
Energy	3.1%	$32,021,734	9
Utilities	2.4%	$24,286,508	5
Real Estate	1.0%	$10,408,469	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
FTHY	First Trust High Yield Opportunities 2027 Term Fund	+41,882	196,865	$2,663,583
NXRT	NexPoint Residential Trust, Inc.	+39,393	76,610	$1,915,250
NFLX	Netflix Inc	+39,091	48,024	$4,617,507
ICE	Intercontinental Exchange, Inc.	+35,092	52,178	$8,206,555
RELX	Relx PLC	+19,926	168,943	$5,600,460
NOW	ServiceNow, Inc.	+15,754	32,731	$3,422,026
STZ	Constellation Brands, Inc.	+13,942	19,764	$2,964,600
GGG	Graco Inc	+13,316	67,404	$5,705,748
BWXT	BWX Technologies, Inc.	+9,853	38,969	$7,968,770
ORCL	Oracle Corp	+9,512	45,519	$6,696,300
PG	PROCTER & GAMBLE Co	+7,289	89,457	$12,921,169
SBUX	Starbucks Corp	+5,586	87,728	$7,859,551
UFPI	Ufp Industries Inc	+5,513	49,721	$4,580,298
AMZN	Amazon Com Inc	+4,141	220,747	$45,974,977
ADBE	Adobe Inc.	+3,977	16,817	$4,087,876
HD	Home Depot, Inc.	+3,764	67,655	$22,251,052
AAPL	Apple Inc.	+3,423	279,552	$70,947,502
CPRT	Copart Inc	+3,415	13,221	$438,937
MSFT	Microsoft Corp	+2,738	164,135	$60,757,852
ENTG	Entegris Inc	+2,680	46,839	$5,491,404
WMT	Walmart Inc.	+2,202	27,051	$3,361,898
DIS	Walt Disney Co	+2,136	5,703	$549,655
VMC	Vulcan Materials CO	+1,686	134,579	$36,645,861
CVX	Chevron Corp	+1,556	35,774	$7,401,640
CAT	Caterpillar Inc	+1,479	23,186	$16,426,353
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
BTT	BlackRock Municipal 2030 Target Term Trust	−30,635	357,067	$8,105,420
KR	Kroger Co	−18,158	11,923	$862,748
CSCO	Cisco Systems, Inc.	−15,568	188,572	$14,631,301
NUV	Nuveen Municipal Value Fund Inc	−8,063	17,987	$161,703
SLB	Slb Limited/Nv	−7,911	115,096	$5,914,783
INTC	Intel Corp	−7,570	10,795	$476,383
TMUS	T-Mobile US, Inc.	−6,972	1,794	$376,793
NEE	Nextera Energy Inc	−5,807	172,539	$16,025,422
V	Visa Inc.	−5,504	54,184	$16,376,572
ABT	Abbott Laboratories	−5,170	71,812	$7,372,938
LHX	L3harris Technologies, Inc. /De/	−4,584	46,701	$16,118,850
PM	Philip Morris International Inc.	−4,313	63,896	$10,564,564
BMN	BlackRock 2037 Municipal Target Term Trust	−4,127	15,265	$395,974
MLI	Mueller Industries Inc	−4,037	58,806	$3,257,852
CP	Canadian Pacific Kansas City Ltd/Cn	−3,308	112,975	$8,886,613
NOC	Northrop Grumman Corp /De/	−3,072	16,636	$11,349,744
SGOL	abrdn Gold ETF Trust	−2,778	113,248	$5,053,125
ADI	Analog Devices Inc	−2,214	63,560	$20,220,978
HCA	HCA Healthcare, Inc.	−1,864	11,379	$5,384,997
AXP	American Express Co	−1,732	54,457	$16,472,153
DPZ	Dominos Pizza Inc	−1,702	15,062	$5,404,094
AVGO	Broadcom Inc.	−1,448	35,222	$10,901,561
PEP	Pepsico Inc	−1,312	56,091	$8,710,371
JNJ	Johnson & Johnson	−1,170	94,611	$23,126,712
NVS	Novartis AG	−1,144	52,668	$8,045,037
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
SUNB	Sunbelt Rentals Holdings, Inc.	99,371	$6,468,058
RF	Regions Financial Corp	14,171	$370,146
KO	Coca Cola Co	4,445	$338,042
BUD	Anheuser-Busch InBev SA/NV	4,406	$305,644
UNP	Union Pacific Corp	1,018	$246,987
JBHT	Hunt J B Transport Services Inc	1,023	$216,773
VZ	Verizon Communications Inc	4,090	$205,318
FMY	First Trust Mortgage Income Fund	13,354	$157,176
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
CSGP	Costar Group, Inc.	11,383	$765,392
ADSK	Autodesk, Inc.	941	$278,545
PRM	Perimeter Solutions, Inc.	10,014	$275,685
NOV	NOV Inc.	10,217	$159,691
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

119 positions · $1,028,248,397 total · as of Mar 31, 2026

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

Showing 1–50 of 119 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Added	499,481	+352	$87,109,486	−6.4%	8.47%
AAPL	Apple Inc. Technology	Added	279,552	+3,423	$70,947,502	−5.5%	6.90%
MSFT	Microsoft Corp Technology	Added	164,135	+2,738	$60,757,852	−22.2%	5.91%
IAU	Ishares Gold Trust	Reduced	671,733	-890	$59,219,981	+8.5%	5.76%
AMZN	Amazon Com Inc Consumer Cyclical	Added	220,747	+4,141	$45,974,977	−8.0%	4.47%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	129,809	-194	$38,184,615	−8.8%	3.71%
VMC	Vulcan Materials CO Basic Materials	Added	134,579	+1,686	$36,645,861	−3.3%	3.56%
META	Meta Platforms, Inc. Communication Services	Added	49,136	+542	$28,112,179	−12.4%	2.73%
JNJ	Johnson & Johnson Healthcare	Reduced	94,611	-1,170	$23,126,712	+16.7%	2.25%
HD	Home Depot, Inc. Consumer Cyclical	Added	67,655	+3,764	$22,251,052	+1.2%	2.16%
GS	Goldman Sachs Group Inc Financial Services	Added	25,888	+876	$21,900,989	−0.4%	2.13%
ADI	Analog Devices Inc Technology	Reduced	63,560	-2,214	$20,220,978	+13.4%	1.97%
LLY	ELI LILLY & Co Healthcare	Added	21,484	+550	$19,760,338	−12.2%	1.92%
LMT	Lockheed Martin Corp Industrials	Reduced	32,125	-1,112	$19,416,028	+20.8%	1.89%
BLK	BlackRock, Inc. Financial Services	Reduced	20,103	-1,076	$19,333,256	−14.7%	1.88%
AXP	American Express Co Financial Services	Reduced	54,457	-1,732	$16,472,153	−20.8%	1.60%
CAT	Caterpillar Inc Industrials	Added	23,186	+1,479	$16,426,353	+32.1%	1.60%
V	Visa Inc. Financial Services	Reduced	54,184	-5,504	$16,376,572	−21.8%	1.59%
LHX	L3harris Technologies, Inc. /De/ Industrials	Reduced	46,701	-4,584	$16,118,850	+7.1%	1.57%
NEE	Nextera Energy Inc Utilities	Reduced	172,539	-5,807	$16,025,422	+11.9%	1.56%
CSCO	Cisco Systems, Inc. Technology	Reduced	188,572	-15,568	$14,631,301	−7.0%	1.42%
RTX	RTX Corp Industrials	Reduced	72,202	-152	$13,927,765	+5.0%	1.35%
MRK	Merck & Co., Inc. Healthcare	Reduced	111,375	-368	$13,397,298	+13.9%	1.30%
GD	General Dynamics Corp Industrials	Added	37,862	+339	$12,994,995	+2.9%	1.26%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	89,457	+7,289	$12,921,169	+9.7%	1.26%
NOC	Northrop Grumman Corp /De/ Industrials	Reduced	16,636	-3,072	$11,349,744	+1.0%	1.10%
AVGO	Broadcom Inc. Technology	Reduced	35,222	-1,448	$10,901,561	−14.1%	1.06%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	63,896	-4,313	$10,564,564	−3.4%	1.03%
VLO	Valero Energy Corp/Tx Energy	Reduced	39,062	-248	$9,651,438	+50.8%	0.94%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	112,975	-3,308	$8,886,613	+3.8%	0.86%
PEP	Pepsico Inc Consumer Defensive	Reduced	56,091	-1,312	$8,710,371	+5.7%	0.85%
AVB	Avalonbay Communities Inc Real Estate	Added	51,994	+270	$8,493,219	−9.4%	0.83%
BX	Blackstone Inc. Financial Services	Added	72,533	+779	$8,340,569	−24.6%	0.81%
ICE	Intercontinental Exchange, Inc. Financial Services	Added	52,178	+35,092	$8,206,555	+196.6%	0.80%
BTT	BlackRock Municipal 2030 Target Term Trust Financial Services	Reduced	357,067	-30,635	$8,105,420	−8.4%	0.79%
NVS	Novartis AG Healthcare	Reduced	52,668	-1,144	$8,045,037	+8.4%	0.78%
CINF	Cincinnati Financial Corp Financial Services	Added	50,765	+1,242	$7,987,872	−1.2%	0.78%
BWXT	BWX Technologies, Inc. Industrials	Added	38,969	+9,853	$7,968,770	+58.3%	0.77%
SBUX	Starbucks Corp Consumer Cyclical	Added	87,728	+5,586	$7,859,551	+13.6%	0.76%
QQQ	Invesco Qqq Trust, Series 1	Added	12,877	+385	$7,432,346	−3.1%	0.72%
CVX	Chevron Corp Energy	Added	35,774	+1,556	$7,401,640	+41.9%	0.72%
ABT	Abbott Laboratories Healthcare	Reduced	71,812	-5,170	$7,372,938	−23.6%	0.72%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	6,740	+932	$6,715,938	+34.1%	0.65%
ORCL	Oracle Corp Technology	Added	45,519	+9,512	$6,696,300	−4.6%	0.65%
SUNB	Sunbelt Rentals Holdings, Inc. Industrials	NEW	99,371	NEW	$6,468,058	NEW	0.63%
SLB	Slb Limited/Nv Energy	Reduced	115,096	-7,911	$5,914,783	+25.3%	0.58%
GGG	Graco Inc Industrials	Added	67,404	+13,316	$5,705,748	+28.7%	0.55%
RELX	Relx PLC Industrials	Added	168,943	+19,926	$5,600,460	−7.0%	0.54%
ENTG	Entegris Inc Technology	Added	46,839	+2,680	$5,491,404	+47.6%	0.53%
DPZ	Dominos Pizza Inc Consumer Cyclical	Reduced	15,062	-1,702	$5,404,094	−22.7%	0.53%