Q2 2026 13F · SEC CIK 1461287

Narwhal Capital Management

Institutional asset managerFiled 2026-07-24 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.4B
Reported positions: 155
Top holdings a year, 3 yrs: +22.8%
Assets under management: $2.1B

Narwhal Capital Management is an institutional asset manager that reported 155 positions worth $1.4B in its Q2 2026 13F, filed 2026-07-24. Its largest holdings were Ishares Tr (IVV, 11.0%), Nvidia Corporation (NVDA, 6.9%), Alphabet Inc (GOOG, 6.8%). A portfolio copying its top holdings returned 22.8% a year over the last 3 years, against 20.4% for the S&P 500.

Narwhal Capital Management holdings largest 50 of 155 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Narwhal Capital Management 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
IVVIshares Tr	11.0%	10.2%	212,038	+0.2%	$158.8M
NVDANvidia Corporation	6.9%	6.4%	498,520	-0.2%	$99.7M
GOOGAlphabet Inc	6.8%	6.0%	278,904	-2.3%	$98.5M
AAPLApple Inc	5.6%	5.2%	280,237	+0.2%	$81.1M
MSFTMicrosoft Corp	4.2%	4.5%	162,292	-1.1%	$60.5M
AMZNAmazon Com Inc	3.7%	3.4%	227,622	+3.1%	$54.3M
IAUIshares Gold Tr	3.5%	4.4%	672,087	+0.1%	$50.7M
JPMJpmorgan Chase & Co	2.9%	2.8%	129,578	-0.2%	$42.4M
VMCVulcan Matls Co	2.7%	2.7%	133,357	-0.9%	$39.3M
METAMeta Platforms Inc	1.9%	2.1%	47,775	-2.8%	$26.9M
ADIAnalog Devices Inc	1.8%	1.5%	65,383	+2.9%	$26.0M
GSGoldman Sachs Group Inc	1.7%	1.6%	24,939	-3.7%	$25.2M
LLYEli Lilly & Co	1.7%	1.5%	20,444	-4.8%	$24.5M
JNJJohnson & Johnson	1.7%	1.7%	94,177	-0.5%	$23.9M
CATCaterpillar Inc	1.6%	1.2%	22,180	-4.3%	$23.6M
HDHome Depot Inc	1.6%	1.6%	65,453	-3.3%	$23.1M
CSCOCisco Sys Inc	1.6%	1.1%	192,141	+1.9%	$22.6M
IVEIshares Tr	1.5%	1.4%	92,784	+0.0%	$21.1M
AXPAmerican Express Co	1.3%	1.2%	56,415	+3.6%	$19.1M
BLKBlackrock Inc	1.2%	1.4%	18,788	-6.5%	$18.1M
VVisa Inc	1.1%	1.2%	46,402	-14.4%	$15.9M
IWFIshares Tr	1.1%	1.0%	125,220	+300.0%	$15.5M
AVGOBroadcom Inc	1.1%	0.8%	41,122	+16.8%	$15.5M
XOMExxon Mobil Corp	1.1%	1.5%	112,375	-6.1%	$15.4M
RTXRtx Corporation	1.1%	1.0%	80,241	+11.1%	$15.2M
GDGeneral Dynamics Corp	0.9%	1.0%	38,504	+1.7%	$13.6M
NEENextera Energy Inc	0.9%	1.2%	155,183	-10.1%	$13.6M
LMTLockheed Martin Corp	0.9%	1.4%	25,135	-21.8%	$12.8M
MRKMerck & Co Inc	0.9%	1.0%	99,503	-10.7%	$12.8M
MUMicron Technology Inc	0.9%	—	10,985	—	$12.7M
PGProcter & Gamble Co	0.9%	1.0%	86,077	-3.8%	$12.6M
LHXL3harris Technologies Inc	0.8%	1.2%	40,344	-13.6%	$11.7M
CPCanadian Pacific Kansas City	0.8%	0.7%	126,466	+11.9%	$11.0M
PMPhilip Morris Intl Inc	0.7%	0.8%	57,529	-10.0%	$10.4M
NOWServicenow Inc	0.7%	—	103,711	—	$10.3M
VLOValero Energy Corp	0.7%	0.7%	38,358	-1.8%	$10.0M
QQQInvesco Qqq Tr	0.7%	0.5%	12,866	-0.1%	$9.5M
CINFCincinnati Finl Corporation	0.6%	0.6%	49,750	-2.0%	$9.2M
QCOMQualcomm Inc	0.6%	—	48,292	—	$8.9M
ENTGEntegris Inc	0.6%	—	48,096	—	$8.7M
NOCNorthrop Grumman Corp	0.6%	0.8%	16,474	-1.0%	$8.4M
NVSNovartis AG	0.6%	0.6%	52,702	+0.1%	$8.3M
AVBAvalonBay Communities Inc	0.6%	0.6%	43,562	-16.2%	$8.2M
XLKSelect Sector Spdr Tr	0.6%	—	42,000	—	$8.0M
IVWIshares Tr	0.5%	—	56,000	—	$7.7M
ICEIntercontinental Exchange Inc	0.5%	0.6%	61,878	+18.6%	$7.6M
BXBlackstone Inc	0.5%	0.6%	63,897	-11.9%	$7.5M
SUNBSunbelt Rentals Holdings Inc	0.5%	—	93,850	—	$7.0M
GGGGraco Inc	0.5%	—	90,559	—	$6.8M
COSTCostco Wholesale Corporation	0.5%	0.5%	7,079	+5.0%	$6.6M

What Narwhal Capital Management bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +20.6% /yr; S&P 500 +20.1%
3 years: +22.8% /yr; S&P 500 +20.4%
5 years: +12.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F 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	159
Q1 2024	$1.0B	161
Q4 2023	$915.0M	166
Q3 2023	$819.2M	163

Questions about Narwhal Capital Management's portfolio

What stocks does Narwhal Capital Management own?

Narwhal Capital Management's latest 13F, for Q2 2026 and filed Jul 24, 2026, lists 155 positions worth $1.4B. The largest are Ishares Tr (IVV) at 11.0%, Nvidia Corporation (NVDA) at 6.9%, Alphabet Inc (GOOG) at 6.8%, Apple Inc (AAPL) at 5.6% and Microsoft Corp (MSFT) at 4.2%.

What did Narwhal Capital Management buy last quarter?

In Q2 2026, Narwhal Capital Management added Ishares Tr (IWF) (+300.0% shares), Intercontinental Exchange Inc (ICE) (+18.6% shares) and Broadcom Inc (AVGO) (+16.8% shares), compared with its Q1 2026 filing.

What did Narwhal Capital Management sell last quarter?

In Q2 2026, Narwhal Capital Management cut from its top 50 Pepsico Inc (PEP), cut from its top 50 Blackrock Mun Target Term Tr (BTT), cut from its top 50 Bwx Technologies Inc (BWXT), cut from its top 50 Starbucks Corp (SBUX), cut from its top 50 Chevron Corporation (CVX), Lockheed Martin Corp (LMT) (-21.8% shares), AvalonBay Communities Inc (AVB) (-16.2% shares) and Visa Inc (V) (-14.4% shares), compared with its Q1 2026 filing.

How has Narwhal Capital Management's portfolio performed?

A portfolio copying Narwhal Capital Management's 20 largest 13F holdings each quarter, from the day each filing was public, returned +22.8% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +20.6% against +20.1%. Over 5 years: +12.8% a year against +11.6%.

When is Narwhal Capital Management's next 13F filing due?

13F filings are due 45 days after each quarter ends. Narwhal Capital Management's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Narwhal Capital Management manage?

Narwhal Capital Management reported $2.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.4B.