Narwhal Capital Management

13F filer · CIK 0001461287

Reported Jul 24, 2026

Net seller this quarter

13F portfolio value$1.45BU.S. long equity reported on 13F

Positions1197 new · 13 closed

Net flow last quarter-$23.1MBuys minus sells

Top 10 positions weight40.0%Concentration

Holdings

13F · last 4 quarters free

Scroll for earlier quarters

Company	Value	% of portfolio	% of company	POSITION CHANGE qoq %	First reported
Q2 2026Reported Jul 24, 2026119 positions
NVDANvidia Corp	$99.7M	6.89%	0.00%	-0.2%	Q1 2018
GOOGAlphabet Inc.	$98.5M	6.81%	Not reported	-2.3%	Q3 2015
AAPLApple Inc.	$81.1M	5.60%	0.00%	+0.3%	Q2 2013
MSFTMicrosoft Corp	$60.5M	4.18%	0.00%	-1.1%	Q2 2013
AMZNAmazon Com Inc	$54.3M	3.75%	0.00%	+3.1%	Q2 2013
IAUIshares Gold Trust	$50.7M	3.50%	0.08%	+0.1%	Q2 2013
JPMJPMorgan Chase & Co	$42.4M	2.93%	0.00%	-0.2%	Q2 2013
VMCVulcan Materials CO	$39.3M	2.72%	0.10%	-0.9%	Q2 2013
METAMeta Platforms, Inc.	$26.9M	1.86%	Not reported	-2.8%	Q2 2015
ADIAnalog Devices Inc	$26M	1.79%	0.01%	+2.9%	Q3 2021
GSGoldman Sachs Group Inc	$25.2M	1.74%	0.01%	-3.7%	Q2 2013
LLYELI LILLY & Co	$24.5M	1.69%	0.00%	-4.8%	Q2 2013
JNJJohnson & Johnson	$23.9M	1.65%	0.00%	-0.5%	Q2 2013
CATCaterpillar Inc	$23.6M	1.63%	0.00%	-4.3%	Q2 2013
HDHome Depot, Inc.	$23.1M	1.59%	0.01%	-3.3%	Q2 2013
CSCOCisco Systems, Inc.	$22.6M	1.56%	0.00%	+1.9%	Q2 2013
AXPAmerican Express Co	$19.1M	1.32%	0.01%	+3.6%	Q4 2014
BLKBlackRock, Inc.	$18.1M	1.25%	0.01%	-6.5%	Q2 2013
VVisa Inc.	$15.9M	1.10%	0.00%	-14.4%	Q1 2020
AVGOBroadcom Inc.	$15.5M	1.07%	0.00%	+16.8%	Q4 2024
XOMExxonMobil Holdings Corp	$15.4M	1.06%	0.00%	-6.1%	Q2 2013
RTXRTX Corp	$15.2M	1.05%	0.01%	+11.1%	Q2 2020
GDGeneral Dynamics Corp	$13.6M	0.94%	0.01%	+1.7%	Q2 2013
NEENextera Energy Inc	$13.6M	0.94%	0.01%	-10.1%	Q2 2013
LMTLockheed Martin Corp	$12.8M	0.88%	0.01%	-21.8%	Q2 2013
MRKMerck & Co., Inc.	$12.8M	0.88%	0.00%	-10.7%	Q2 2013
MUMicron Technology Inc	$12.7M	0.88%	0.00%	-0.3%	Q1 2014
PGPROCTER & GAMBLE Co	$12.6M	0.87%	0.00%	-3.8%	Q2 2013
LHXL3harris Technologies, Inc.	$11.7M	0.81%	0.02%	-13.6%	Q3 2019
CPCanadian Pacific Kansas City Ltd	$11M	0.76%	0.01%	+11.9%	Q2 2023
PMPhilip Morris International Inc.	$10.4M	0.72%	0.00%	-10.0%	Q2 2013
NOWServiceNow, Inc.	$10.3M	0.71%	0.01%	+216.9%	Q2 2020
VLOValero Energy Corp	$9.99M	0.69%	0.01%	-1.8%	Q2 2013
QQQInvesco QQQ Trust, Series 1	$9.47M	0.65%	Not reported	-0.1%	Q2 2018
CINFCincinnati Financial Corp	$9.21M	0.64%	0.03%	-2.0%	Q1 2021
QCOMQualcomm Inc	$8.92M	0.62%	0.00%	+41.2%	Q1 2014
ENTGEntegris Inc	$8.65M	0.60%	0.03%	+2.7%	Q4 2022
NOCNorthrop Grumman Corp	$8.39M	0.58%	0.01%	-1.0%	Q2 2013
NVSNovartis AG	$8.26M	0.57%	0.00%	+0.1%	Q2 2013
AVBCAvidia Bancorp, Inc.	$8.22M	0.57%	0.22%	-16.2%	Q4 2024
ICEIntercontinental Exchange, Inc.	$7.62M	0.53%	0.01%	+18.6%	Q4 2025
BXBlackstone Inc.	$7.52M	0.52%	0.01%	-11.9%	Q2 2013
SUNBSunbelt Rentals Holdings, Inc.	$7.02M	0.48%	0.02%	-5.6%	Q1 2026
GGGGraco Inc	$6.85M	0.47%	0.05%	+34.4%	Q3 2023
COSTCostco Wholesale Corp	$6.62M	0.46%	0.00%	+5.0%	Q1 2022
SBUXStarbucks Corp	$6.47M	0.45%	0.01%	-27.9%	Q2 2016
MLIMueller Industries Inc	$6.45M	0.45%	0.02%	-10.8%	Q2 2024
ORCLOracle Corp	$6.39M	0.44%	0.00%	-4.2%	Q3 2013
SLBSLB Limited	$6.11M	0.42%	0.01%	+14.3%	Q2 2024
PEPPepsico Inc	$5.94M	0.41%	0.00%	-21.8%	Q2 2013

Q1 2026Reported Apr 24, 2026124 positions
NVDANvidia Corp	$87.1M	6.43%	0.00%	+0.3%	Q1 2018
GOOGAlphabet Inc.	$81.9M	6.04%	Not reported	+0.4%	Q3 2015
AAPLApple Inc.	$70.9M	5.23%	0.00%	+1.2%	Q2 2013
MSFTMicrosoft Corp	$60.8M	4.48%	0.00%	+1.7%	Q2 2013
IAUIshares Gold Trust	$59.2M	4.37%	0.08%	-0.1%	Q2 2013
AMZNAmazon Com Inc	$46M	3.39%	0.00%	+1.9%	Q2 2013
JPMJPMorgan Chase & Co	$38.2M	2.82%	0.00%	-0.2%	Q2 2013
VMCVulcan Materials CO	$36.6M	2.70%	0.10%	+1.3%	Q2 2013
METAMeta Platforms, Inc.	$28.1M	2.07%	Not reported	+1.1%	Q2 2015
JNJJohnson & Johnson	$23.1M	1.71%	0.00%	-1.2%	Q2 2013
HDHome Depot, Inc.	$22.3M	1.64%	0.01%	+5.9%	Q2 2013
GSGoldman Sachs Group Inc	$21.9M	1.62%	0.01%	+3.5%	Q2 2013
XOMExxonMobil Holdings Corp	$20.3M	1.50%	0.00%	-0.8%	Q2 2013
ADIAnalog Devices Inc	$20.2M	1.49%	0.01%	-3.4%	Q3 2021
LLYELI LILLY & Co	$19.8M	1.46%	0.00%	+2.6%	Q2 2013
LMTLockheed Martin Corp	$19.4M	1.43%	0.01%	-3.4%	Q2 2013
BLKBlackRock, Inc.	$19.3M	1.43%	0.01%	-5.1%	Q2 2013
AXPAmerican Express Co	$16.5M	1.22%	0.01%	-3.1%	Q4 2014
CATCaterpillar Inc	$16.4M	1.21%	0.01%	+6.8%	Q2 2013
VVisa Inc.	$16.4M	1.21%	0.00%	-9.2%	Q1 2020
LHXL3harris Technologies, Inc.	$16.1M	1.19%	0.03%	-8.9%	Q3 2019
NEENextera Energy Inc	$16M	1.18%	0.01%	-3.3%	Q2 2013
CSCOCisco Systems, Inc.	$14.6M	1.08%	0.00%	-7.6%	Q2 2013
RTXRTX Corp	$13.9M	1.03%	0.01%	-0.2%	Q2 2020
MRKMerck & Co., Inc.	$13.4M	0.99%	0.00%	-0.3%	Q2 2013
GDGeneral Dynamics Corp	$13M	0.96%	0.01%	+0.9%	Q2 2013
PGPROCTER & GAMBLE Co	$12.9M	0.95%	0.00%	+8.9%	Q2 2013
NOCNorthrop Grumman Corp	$11.3M	0.84%	0.01%	-15.6%	Q2 2013
AVGOBroadcom Inc.	$10.9M	0.80%	0.00%	-4.0%	Q4 2024
PMPhilip Morris International Inc.	$10.6M	0.78%	0.00%	-6.3%	Q2 2013
VLOValero Energy Corp	$9.65M	0.71%	0.01%	-0.6%	Q2 2013
CPCanadian Pacific Kansas City Ltd	$8.89M	0.66%	0.01%	-2.8%	Q2 2023
PEPPepsico Inc	$8.71M	0.64%	0.00%	-2.3%	Q2 2013
AVBCAvidia Bancorp, Inc.	$8.49M	0.63%	0.26%	+0.5%	Q4 2024
BXBlackstone Inc.	$8.34M	0.62%	0.01%	+1.1%	Q2 2013
ICEIntercontinental Exchange, Inc.	$8.21M	0.61%	0.01%	+205.4%	Q4 2025
BTTBlackRock Municipal 2030 Target Term Trust	$8.11M	0.60%	Not reported	-7.9%	Q1 2014
NVSNovartis AG	$8.05M	0.59%	0.00%	-2.1%	Q2 2013
CINFCincinnati Financial Corp	$7.99M	0.59%	0.03%	+2.5%	Q1 2021
BWXTBWX Technologies, Inc.	$7.97M	0.59%	0.04%	+33.8%	Q3 2021
SBUXStarbucks Corp	$7.86M	0.58%	0.01%	+6.8%	Q2 2016
QQQInvesco QQQ Trust, Series 1	$7.43M	0.55%	Not reported	+3.1%	Q2 2018
CVXChevron Corp	$7.4M	0.55%	0.00%	+4.6%	Q2 2013
ABTAbbott Laboratories	$7.37M	0.54%	0.00%	-6.7%	Q4 2017
COSTCostco Wholesale Corp	$6.72M	0.50%	0.00%	+16.1%	Q1 2022
ORCLOracle Corp	$6.7M	0.49%	0.00%	+26.4%	Q3 2013
MLIMueller Industries Inc	$6.52M	0.48%	0.05%	-6.4%	Q2 2024
SUNBSunbelt Rentals Holdings, Inc.	$6.47M	0.48%	0.02%	New	Q1 2026
SLBSLB Limited	$5.91M	0.44%	0.01%	-6.4%	Q2 2024
GGGGraco Inc	$5.71M	0.42%	0.04%	+24.6%	Q3 2023

Q4 2025Reported Jan 30, 2026119 positions
NVDANvidia Corp	$92.9M	6.75%	0.00%	-2.0%	Q1 2018
GOOGAlphabet Inc.	$89.3M	6.49%	Not reported	+0.2%	Q3 2015
MSFTMicrosoft Corp	$78.1M	5.67%	0.00%	+3.4%	Q2 2013
AAPLApple Inc.	$75.1M	5.45%	0.00%	+1.3%	Q2 2013
IAUIshares Gold Trust	$54.6M	3.97%	0.08%	+0.1%	Q2 2013
AMZNAmazon Com Inc	$50M	3.63%	0.00%	+2.3%	Q2 2013
JPMJPMorgan Chase & Co	$41.9M	3.04%	0.00%	+1.4%	Q2 2013
VMCVulcan Materials CO	$37.9M	2.75%	0.10%	-0.4%	Q2 2013
METAMeta Platforms, Inc.	$32.1M	2.33%	Not reported	-5.0%	Q2 2015
BLKBlackRock, Inc.	$22.7M	1.65%	0.01%	+1.7%	Q2 2013
LLYELI LILLY & Co	$22.5M	1.63%	0.00%	-9.9%	Q2 2013
GSGoldman Sachs Group Inc	$22M	1.60%	0.01%	-6.0%	Q2 2013
HDHome Depot, Inc.	$22M	1.60%	0.01%	+4.9%	Q2 2013
VVisa Inc.	$20.9M	1.52%	0.00%	-0.4%	Q1 2020
AXPAmerican Express Co	$20.8M	1.51%	0.01%	-5.2%	Q4 2014
JNJJohnson & Johnson	$19.8M	1.44%	0.00%	-0.6%	Q2 2013
ADIAnalog Devices Inc	$17.8M	1.30%	0.01%	+9.2%	Q3 2021
LMTLockheed Martin Corp	$16.1M	1.17%	0.01%	-8.9%	Q2 2013
CSCOCisco Systems, Inc.	$15.7M	1.14%	0.01%	+23.7%	Q2 2013
LHXL3harris Technologies, Inc.	$15.1M	1.09%	0.03%	+2.3%	Q3 2019
XOMExxonMobil Holdings Corp	$14.5M	1.06%	0.00%	+16.4%	Q2 2013
NEENextera Energy Inc	$14.3M	1.04%	0.01%	+1.3%	Q2 2013
RTXRTX Corp	$13.3M	0.96%	0.01%	-10.3%	Q2 2020
AVGOBroadcom Inc.	$12.7M	0.92%	0.00%	-20.2%	Q4 2024
GDGeneral Dynamics Corp	$12.6M	0.92%	0.01%	+0.7%	Q2 2013
CATCaterpillar Inc	$12.4M	0.90%	0.00%	-5.1%	Q2 2013
PGPROCTER & GAMBLE Co	$11.8M	0.86%	0.00%	-0.5%	Q2 2013
MRKMerck & Co., Inc.	$11.8M	0.85%	0.00%	-18.0%	Q2 2013
NOCNorthrop Grumman Corp	$11.2M	0.82%	0.01%	+20.0%	Q2 2013
BXBlackstone Inc.	$11.1M	0.80%	0.01%	+4.8%	Q2 2013
PMPhilip Morris International Inc.	$10.9M	0.79%	0.00%	-10.8%	Q2 2013
ABTAbbott Laboratories	$9.65M	0.70%	0.00%	+7.5%	Q4 2017
AVBCAvidia Bancorp, Inc.	$9.38M	0.68%	0.26%	-15.0%	Q4 2024
BTTBlackRock Municipal 2030 Target Term Trust	$8.85M	0.64%	Not reported	-0.4%	Q1 2014
CPCanadian Pacific Kansas City Ltd	$8.56M	0.62%	0.01%	-5.8%	Q2 2023
PEPPepsico Inc	$8.24M	0.60%	0.00%	-15.2%	Q2 2013
CINFCincinnati Financial Corp	$8.09M	0.59%	0.03%	+10.1%	Q1 2021
QQQInvesco QQQ Trust, Series 1	$7.67M	0.56%	Not reported	+0.5%	Q2 2018
NVSNovartis AG	$7.42M	0.54%	0.00%	+3.6%	Q2 2013
MLIMueller Industries Inc	$7.21M	0.52%	0.03%	-10.3%	Q2 2024
ORCLOracle Corp	$7.02M	0.51%	0.00%	-15.4%	Q3 2013
DPZDominos Pizza Inc	$6.99M	0.51%	0.05%	+29.6%	Q4 2023
SBUXStarbucks Corp	$6.92M	0.50%	0.01%	+29.2%	Q2 2016
VLOValero Energy Corp	$6.4M	0.46%	0.01%	-22.8%	Q2 2013
CRHCRH Public Ltd Co	$6.29M	0.46%	0.01%	-1.1%	Q3 2023
HCAHCA Healthcare, Inc.	$6.18M	0.45%	0.01%	+88.2%	Q4 2013
RELXRelx PLC	$6.02M	0.44%	0.01%	-2.9%	Q2 2025
QCOMQualcomm Inc	$5.99M	0.44%	0.00%	-28.0%	Q1 2014
CEGConstellation Energy Corp	$5.59M	0.41%	0.01%	+0.6%	Q1 2022
DIASPDR Dow Jones Industrial Average ETF Trust	$5.32M	0.39%	Not reported	Not reported	Q2 2013

Q3 2025Reported Oct 24, 2025120 positions
NVDANvidia Corp	$94.8M	7.02%	0.00%	+1.7%	Q1 2018
MSFTMicrosoft Corp	$80.8M	5.99%	0.00%	-0.8%	Q2 2013
AAPLApple Inc.	$69.4M	5.14%	0.00%	-0.9%	Q2 2013
GOOGAlphabet Inc.	$69.2M	5.12%	Not reported	-2.6%	Q3 2015
IAUIshares Gold Trust	$48.9M	3.62%	0.09%	0.0%	Q2 2013
AMZNAmazon Com Inc	$46.5M	3.44%	0.00%	-0.7%	Q2 2013
VMCVulcan Materials CO	$41M	3.04%	0.10%	+8.6%	Q2 2013
JPMJPMorgan Chase & Co	$40.4M	2.99%	0.00%	+1.3%	Q2 2013
METAMeta Platforms, Inc.	$37.6M	2.78%	Not reported	+2.3%	Q2 2015
HDHome Depot, Inc.	$24.7M	1.83%	0.01%	-9.1%	Q2 2013
BLKBlackRock, Inc.	$24.3M	1.80%	0.01%	-10.2%	Q2 2013
GSGoldman Sachs Group Inc	$21.2M	1.57%	0.01%	-14.1%	Q2 2013
VVisa Inc.	$20.4M	1.51%	0.00%	+19.2%	Q1 2020
AXPAmerican Express Co	$19.7M	1.46%	0.01%	-0.1%	Q4 2014
LMTLockheed Martin Corp	$18.2M	1.35%	0.02%	+14.3%	Q2 2013
JNJJohnson & Johnson	$17.9M	1.32%	0.00%	+19.5%	Q2 2013
LLYELI LILLY & Co	$17.7M	1.31%	0.00%	-8.5%	Q2 2013
LHXL3harris Technologies, Inc.	$15.3M	1.13%	0.03%	+15.6%	Q3 2019
AVGOBroadcom Inc.	$15.2M	1.12%	0.00%	-20.8%	Q4 2024
ADIAnalog Devices Inc	$14.8M	1.10%	0.01%	-6.0%	Q3 2021
RTXRTX Corp	$13.5M	1.00%	0.01%	+31.0%	Q2 2020
NEENextera Energy Inc	$13.3M	0.98%	0.01%	-2.1%	Q2 2013
GDGeneral Dynamics Corp	$12.7M	0.94%	0.01%	-10.0%	Q2 2013
PGPROCTER & GAMBLE Co	$12.7M	0.94%	0.00%	-17.4%	Q2 2013
PMPhilip Morris International Inc.	$12.4M	0.92%	0.00%	-0.4%	Q2 2013
ORCLOracle Corp	$12M	0.89%	0.00%	+58.0%	Q3 2013
AVBCAvidia Bancorp, Inc.	$11.8M	0.87%	0.30%	+12.8%	Q4 2024
BXBlackstone Inc.	$11.7M	0.87%	0.01%	-2.2%	Q2 2013
XOMExxonMobil Holdings Corp	$11.7M	0.87%	0.00%	+13.0%	Q2 2013
MRKMerck & Co., Inc.	$11.4M	0.85%	0.01%	-6.8%	Q2 2013
CSCOCisco Systems, Inc.	$11.3M	0.84%	0.00%	+19.7%	Q2 2013
CATCaterpillar Inc	$10.9M	0.81%	0.00%	-12.8%	Q2 2013
NOCNorthrop Grumman Corp	$10M	0.74%	0.01%	-0.7%	Q2 2013
ABTAbbott Laboratories	$9.59M	0.71%	0.00%	+9.2%	Q4 2017
PEPPepsico Inc	$9.51M	0.70%	0.00%	+60.6%	Q2 2013
CPCanadian Pacific Kansas City Ltd	$9.2M	0.68%	0.01%	-17.3%	Q2 2023
BTTBlackRock Municipal 2030 Target Term Trust	$8.75M	0.65%	Not reported	-8.0%	Q1 2014
VLOValero Energy Corp	$8.67M	0.64%	0.02%	-17.6%	Q2 2013
QCOMQualcomm Inc	$8.09M	0.60%	0.00%	-9.0%	Q1 2014
QQQInvesco QQQ Trust, Series 1	$7.46M	0.55%	Not reported	-0.1%	Q2 2018
RELXRelx PLC	$7.33M	0.54%	0.01%	+22.9%	Q2 2025
CINFCincinnati Financial Corp	$7.11M	0.53%	0.03%	+62.4%	Q1 2021
MLIMueller Industries Inc	$7.08M	0.52%	0.06%	-24.6%	Q2 2024
NVSNovartis AG	$6.66M	0.49%	0.00%	+2.3%	Q2 2013
CRHCRH Public Ltd Co	$6.11M	0.45%	0.01%	-3.7%	Q3 2023
BWXTBWX Technologies, Inc.	$5.94M	0.44%	0.04%	-25.0%	Q3 2021
DPZDominos Pizza Inc	$5.58M	0.41%	0.04%	+68.3%	Q4 2023
SBUXStarbucks Corp	$5.38M	0.40%	0.01%	+94.2%	Q2 2016
CVXChevron Corp	$5.31M	0.39%	0.00%	-0.5%	Q2 2013
CEGConstellation Energy Corp	$5.17M	0.38%	0.01%	Not reported	Q1 2022

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