Narwhal Capital Management
Long book
$1.36B
Q1 2026
Positions
168
Top-10 weight
48%
concentration
Last quarter
+10.1%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsNarwhal Capital Management is a diversified fundamental manager, running a $1.36B US long book across 168 positions.
The portfolio is moderately concentrated (top 10 ≈ 48% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ISHARES CORE S&P 500 ETF, NVIDIA CORP, ALPHABET INC-CL C, APPLE INC, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.6%
Q2 2024
+5.5%
Q3 2024
+0.8%
Q4 2024
-4.3%
Q1 2025
+10.3%
Q2 2025
+9.9%
Q3 2025
+3.2%
Q4 2025
-2.7%
Q1 2026
+10.1%
Sector allocation
Technology 42%
Financials 12%
Industrials 10%
Consumer discretionary 9%
Healthcare 7%
Energy 4%
Materials 4%
Utilities 3%
Long book by quarter
What does Narwhal Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 499.5K | $87.1M | 6.4% | +0.3% |
| GOOG ALPHABET INC-CL C | Technology | 285.5K | $81.9M | 6.0% | +0.4% |
| AAPL APPLE INC | Technology | 279.6K | $70.9M | 5.2% | +1.2% |
| MSFT MICROSOFT CORP | Technology | 164.1K | $60.8M | 4.5% | +1.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 220.7K | $46.0M | 3.4% | +1.9% |
| JPM JPMORGAN CHASE & CO | Financials | 129.8K | $38.2M | 2.8% | -0.1% |
| VMC VULCAN MATERIALS CO | Materials | 134.6K | $36.6M | 2.7% | +1.3% |
| META META PLATFORMS INC-CLASS A | Technology | 49.1K | $28.1M | 2.1% | +1.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 94.6K | $23.1M | 1.7% | -1.2% |
| HD HOME DEPOT INC | Consumer discretionary | 67.7K | $22.3M | 1.6% | +5.9% |
| GS GOLDMAN SACHS GROUP INC | Financials | 25.9K | $21.9M | 1.6% | +3.5% |
| XOM EXXON MOBIL CORP | Energy | 119.7K | $20.3M | 1.5% | -0.8% |
| ADI ANALOG DEVICES INC | Technology | 63.6K | $20.2M | 1.5% | -3.4% |
| LLY ELI LILLY & CO | Healthcare | 21.5K | $19.8M | 1.5% | +2.6% |
| LMT LOCKHEED MARTIN CORP | Industrials | 32.1K | $19.4M | 1.4% | -3.3% |
| BLK BLACKROCK INC | Financials | 20.1K | $19.3M | 1.4% | -5.1% |
| AXP AMERICAN EXPRESS CO | Financials | 54.5K | $16.5M | 1.2% | -3.1% |
| CAT CATERPILLAR INC | Industrials | 23.2K | $16.4M | 1.2% | +6.8% |
| V VISA INC-CLASS A SHARES | Services media | 54.2K | $16.4M | 1.2% | -9.2% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 46.7K | $16.1M | 1.2% | -8.9% |
| NEE NEXTERA ENERGY INC | Utilities | 172.5K | $16.0M | 1.2% | -3.3% |
| CSCO CISCO SYSTEMS INC | Technology | 188.6K | $14.6M | 1.1% | -7.6% |
| RTX RTX CORP | Industrials | 72.2K | $13.9M | 1.0% | -0.2% |
| MRK MERCK & CO. INC. | Healthcare | 111.4K | $13.4M | 1.0% | -0.3% |
| GD GENERAL DYNAMICS CORP | Industrials | 37.9K | $13.0M | 1.0% | +0.9% |
| PG PROCTER & GAMBLE CO/THE | Other | 89.5K | $12.9M | 1.0% | +8.9% |
| NOC NORTHROP GRUMMAN CORP | Technology | 16.6K | $11.3M | 0.8% | -15.6% |
| AVGO BROADCOM INC | Technology | 35.2K | $10.9M | 0.8% | -3.9% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 63.9K | $10.6M | 0.8% | -6.3% |
| VLO VALERO ENERGY CORP | Energy | 39.1K | $9.7M | 0.7% | -0.6% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 113.0K | $8.9M | 0.7% | -2.8% |
| PEP PEPSICO INC | Consumer staples | 56.1K | $8.7M | 0.6% | -2.3% |
| BX BLACKSTONE INC | Financials | 72.5K | $8.3M | 0.6% | +1.1% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 52.2K | $8.2M | 0.6% | +205.4% |
| CINF CINCINNATI FINANCIAL CORP | Financials | 50.8K | $8.0M | 0.6% | +2.5% |
| BWXT BWX TECHNOLOGIES INC | Industrials | 39.0K | $8.0M | 0.6% | +33.8% |
| SBUX STARBUCKS CORP | Consumer discretionary | 87.7K | $7.9M | 0.6% | +6.8% |
| CVX CHEVRON CORP | Energy | 35.8K | $7.4M | 0.5% | +4.5% |
| ABT ABBOTT LABORATORIES | Healthcare | 71.8K | $7.4M | 0.5% | -6.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 6.7K | $6.7M | 0.5% | +16.0% |
| ORCL ORACLE CORP | Technology | 45.5K | $6.7M | 0.5% | +26.4% |
| MLI MUELLER INDUSTRIES INC | Industrials | 58.8K | $6.5M | 0.5% | -6.4% |
| SUNB SUNBELT RENTALS HOLDINGS INC | Services media | 99.4K | $6.5M | 0.5% | New |
| SLB SLB LTD | Energy | 115.1K | $5.9M | 0.4% | -6.4% |
| GGG GRACO INC | Industrials | 67.4K | $5.7M | 0.4% | +24.6% |
| ENTG ENTEGRIS INC | Other | 46.8K | $5.5M | 0.4% | +6.1% |
| DPZ DOMINO'S PIZZA INC | Consumer discretionary | 15.1K | $5.4M | 0.4% | -10.2% |
| HCA HCA HEALTHCARE INC | Healthcare | 11.4K | $5.4M | 0.4% | -14.1% |
| CRH CRH PLC | Industrials | 50.9K | $5.3M | 0.4% | +0.9% |
| KMI KINDER MORGAN INC | Utilities | 155.6K | $5.2M | 0.4% | +0.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 169 | $1.36B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 30, 2026 | 163 | $1.38B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 24, 2025 | 164 | $1.35B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 23, 2025 | 162 | $1.25B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 23, 2025 | 161 | $1.12B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 22, 2025 | 161 | $1.13B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 22, 2024 | 160 | $1.11B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 161 | $1.06B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 26, 2024 | 161 | $1.02B | canonical | SEC ↗ |
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