# Narwhal Capital Management

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1461287. Source: https://holderbook.com/funds/1461287-narwhal-capital-management/

- Reported value: $1.4B
- Positions: 155
- Weight of the ten largest: 49.2%
- Filed: 2026-07-24

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $158.8M | 212,038 | 11.0% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $99.8M | 498,520 | 6.9% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $98.5M | 278,904 | 6.8% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $81.1M | 280,237 | 5.6% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $60.5M | 162,292 | 4.2% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $54.3M | 227,622 | 3.7% | 31 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $50.7M | 672,087 | 3.5% | 21 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $42.4M | 129,578 | 2.9% | 31 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $39.3M | 133,357 | 2.7% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $26.9M | 47,775 | 1.9% | 31 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $26.0M | 65,383 | 1.8% | 20 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $25.2M | 24,939 | 1.7% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $24.5M | 20,444 | 1.7% | 21 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $23.9M | 94,177 | 1.7% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $23.6M | 22,180 | 1.6% | 18 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $23.1M | 65,453 | 1.6% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $22.6M | 192,141 | 1.6% | 31 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $21.1M | 92,784 | 1.5% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $19.1M | 56,415 | 1.3% | 31 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $18.1M | 18,788 | 1.2% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $15.9M | 46,402 | 1.1% | 26 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $15.5M | 125,220 | 1.1% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $15.5M | 41,122 | 1.1% | 7 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $15.4M | 112,375 | 1.1% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $15.2M | 80,241 | 1.1% | 25 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $13.6M | 38,504 | 0.9% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $13.6M | 155,183 | 0.9% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $12.8M | 25,135 | 0.9% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $12.8M | 99,503 | 0.9% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $12.7M | 10,985 | 0.9% | 28 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $12.6M | 86,077 | 0.9% | 31 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $11.7M | 40,344 | 0.8% | 28 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $11.0M | 126,466 | 0.8% | 13 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $10.4M | 57,529 | 0.7% | 31 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $10.3M | 103,711 | 0.7% | 25 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $10.0M | 38,358 | 0.7% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $9.5M | 12,866 | 0.7% | 31 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $9.2M | 49,750 | 0.6% | 12 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $8.9M | 48,292 | 0.6% | 31 |
| ENTEGRIS INC | [ENTG](https://holderbook.com/stocks/ENTG/) | $8.7M | 48,096 | 0.6% | 15 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $8.4M | 16,474 | 0.6% | 31 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $8.3M | 52,702 | 0.6% | 31 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $8.2M | 43,562 | 0.6% | 7 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $8.0M | 42,000 | 0.6% | 28 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $7.7M | 56,000 | 0.5% | 28 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $7.6M | 61,878 | 0.5% | 3 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $7.5M | 63,897 | 0.5% | 25 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $7.0M | 93,850 | 0.5% | 2 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $6.8M | 90,559 | 0.5% | 12 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $6.6M | 7,079 | 0.5% | 18 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $6.5M | 63,274 | 0.4% | 31 |
| MUELLER INDS INC | [MLI](https://holderbook.com/stocks/MLI/) | $6.5M | 52,481 | 0.4% | 9 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $6.4M | 43,601 | 0.4% | 10 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $6.1M | 131,518 | 0.4% | 9 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $5.9M | 43,887 | 0.4% | 31 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $5.8M | 11,080 | 0.4% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $5.7M | 34,537 | 0.4% | 31 |
| RELX PLC | [RELX](https://holderbook.com/stocks/RELX/) | $5.6M | 177,412 | 0.4% | 5 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $5.6M | 28,838 | 0.4% | 15 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $5.4M | 50,749 | 0.4% | 12 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $5.0M | 155,586 | 0.3% | 31 |
| GARMIN LTD | [GRMN](https://holderbook.com/stocks/GRMN/) | $4.8M | 20,122 | 0.3% | 12 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $4.8M | 66,575 | 0.3% | 5 |
| ETFS GOLD TR | [SGOL](https://holderbook.com/stocks/SGOL/) | $4.3M | 112,946 | 0.3% | 25 |
| UFP INDUSTRIES INC | [UFPI](https://holderbook.com/stocks/UFPI/) | $4.3M | 47,190 | 0.3% | 6 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $3.8M | 10,244 | 0.3% | 27 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $3.7M | 5 | 0.3% | 31 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $3.5M | 14,268 | 0.2% | 18 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $3.5M | 65,645 | 0.2% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $3.3M | 7,913 | 0.2% | 19 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $3.3M | 21,008 | 0.2% | 31 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $3.1M | 20,615 | 0.2% | 28 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $3.1M | 22,214 | 0.2% | 28 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $3.0M | 20,450 | 0.2% | 31 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $2.8M | 13,348 | 0.2% | 1 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $2.8M | 24,315 | 0.2% | 31 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $2.7M | 6,813 | 0.2% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.5M | 27,594 | 0.2% | 31 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $2.5M | 1,235 | 0.2% | 1 |
| NATERA INC | [NTRA](https://holderbook.com/stocks/NTRA/) | $2.4M | 8,927 | 0.2% | 7 |
| NEXPOINT RESIDENTIAL TR INC | [NXRT](https://holderbook.com/stocks/NXRT/) | $2.3M | 82,707 | 0.2% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $2.2M | 4,634 | 0.2% | 15 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $2.1M | 21,665 | 0.1% | 31 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $2.1M | 21,779 | 0.1% | 13 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $2.1M | 12,836 | 0.1% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $1.9M | 9,357 | 0.1% | 31 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $1.9M | 4,500 | 0.1% | 31 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $1.7M | 15,134 | 0.1% | 31 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $1.7M | 36,855 | 0.1% | 31 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $1.6M | 16,850 | 0.1% | 25 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $1.5M | 17,194 | 0.1% | 12 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.3M | 1,743 | 0.1% | 24 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $1.1M | 10,231 | 0.1% | 23 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $1.1M | 35,238 | 0.1% | 13 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $1.0M | 50,228 | 0.1% | 17 |
| ISHARES TR | [IJJ](https://holderbook.com/stocks/IJJ/) | $1.0M | 6,923 | 0.1% | 23 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $1.0M | 22,360 | 0.1% | 17 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $1.0M | 3,422 | 0.1% | 11 |
| VANGUARD WORLD FD | [VIS](https://holderbook.com/stocks/VIS/) | $1.0M | 2,799 | 0.1% | 31 |
| SAIA INC | [SAIA](https://holderbook.com/stocks/SAIA/) | $996.5K | 2,366 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.0% | +14.8% | -5.8% | 100% |
| Q1 2026 | -3.0% | -4.6% | +1.6% | 100% |
| Q4 2025 | +2.8% | +2.4% | +0.5% | 100% |
| Q3 2025 | +9.6% | +7.8% | +1.7% | 100% |
| Q2 2025 | +9.8% | +10.5% | -0.7% | 100% |
| Q1 2025 | -4.6% | -4.6% | -0.0% | 100% |
| Q4 2024 | +0.4% | +2.1% | -1.7% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.4B | 155 |
| Q1 2026 | $1.4B | 168 |
| Q4 2025 | $1.4B | 162 |
| Q3 2025 | $1.4B | 163 |
| Q2 2025 | $1.2B | 162 |
| Q1 2025 | $1.1B | 161 |
| Q4 2024 | $1.1B | 161 |
| Q3 2024 | $1.1B | 160 |
| Q2 2024 | $1.1B | 160 |
| Q1 2024 | $1.0B | 161 |
| Q4 2023 | $915.1M | 166 |
| Q3 2023 | $819.4M | 163 |