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Portfolio (Quarterly) Guide ↗

Narwhal Capital Management

· CIK 0001461287
13F Portfolio $1.4B AUM 169 positions Filed Apr 24, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 10 New 46 Added 54 Reduced 4 Exited
Page 1 of 3  ·  54 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 JNJ JOHNSON & JOHNSON Healthcare 94,611.0 $23.1M 1.71% -1K -1.2% $244.44 -7.3%
2 XOM EXXON MOBIL CORP Energy 119,703.0 $20.3M 1.50% -962.0 -0.8% $169.66 -6.9%
3 ADI ANALOG DEVICES INC Technology 63,560.0 $20.2M 1.49% -2K -3.4% $318.14 +31.6%
4 LMT LOCKHEED MARTIN CORP Industrials 32,125.0 $19.4M 1.43% -1K -3.4% $604.39 -14.6%
5 BLK BLACKROCK INC Financial Services 20,103.0 $19.3M 1.43% -1K -5.1% $961.69 +12.5%
6 AXP AMERICAN EXPRESS CO Financial Services 54,457.0 $16.5M 1.22% -2K -3.1% $302.48 +3.2%
7 V VISA INC Financial Services 54,184.0 $16.4M 1.21% -6K -9.2% $302.24 +7.8%
8 LHX L3HARRIS TECHNOLOGIES INC Industrials 46,701.0 $16.1M 1.19% -5K -8.9% $345.15 -12.1%
9 NEE NEXTERA ENERGY INC Utilities 172,539.0 $16.0M 1.18% -6K -3.3% $92.88 +0.5%
10 CSCO CISCO SYS INC Technology 188,572.0 $14.6M 1.08% -16K -7.6% $77.59 +52.4%
11 NOC NORTHROP GRUMMAN CORP Industrials 16,636.0 $11.3M 0.84% -3K -15.6% $682.24 -20.7%
12 AVGO BROADCOM INC Technology 35,222.0 $10.9M 0.80% -1K -4.0% $309.51 +35.9%
13 PM PHILIP MORRIS INTL INC Consumer Defensive 63,896.0 $10.6M 0.78% -4K -6.3% $165.34 +14.7%
14 VLO VALERO ENERGY CORP Energy 39,062.0 $9.7M 0.71% -248.0 -0.6% $247.08 +1.5%
15 CANADIAN PACIFIC KANSAS CITY 112,975.0 $8.9M 0.66% -3K -2.8% $78.66
16 PEP PEPSICO INC Consumer Defensive 56,091.0 $8.7M 0.64% -1K -2.3% $155.29 -4.0%
17 BTT BLACKROCK MUN TARGET TERM TR Financial Services 357,067.0 $8.1M 0.60% -31K -7.9% $22.70 -0.9%
18 NVS NOVARTIS AG Healthcare 52,668.0 $8.0M 0.59% -1K -2.1% $152.75 -3.1%
19 ABT ABBOTT LABORATORIES Healthcare 71,812.0 $7.4M 0.54% -5K -6.7% $102.67 -14.4%
20 MLI MUELLER INDS INC Industrials 58,806.0 $6.5M 0.48% -4K -6.4% $110.80 +23.1%
Page 1 of 3  ·  54 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 26.8%
Financial Services 21.1%
Communication Services 11.1%
Industrials 10.4%
Consumer Cyclical 7.7%
Healthcare 7.3%
Energy 4.7%
Consumer Defensive 4.3%
Basic Materials 3.7%
Utilities 2.0%