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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 3 of 3  ·  54 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 IWM ISHARES TR 1,833.0 $455K 0.03% -1K -37.4% $248.00 +11.3%
42 LMBS FIRST TR EXCHANGE-TRADED FD 8,753.0 $436K 0.03% -2K -17.9% $49.81 -0.2%
43 BMN BLACKROCK 2037 MUNICIPAL TAR Financial Services 15,265.0 $396K 0.03% -4K -21.3% $25.94 -1.6%
44 TMUS T-MOBILE US INC Communication Services 1,794.0 $377K 0.03% -7K -79.5% $210.03 -11.8%
45 AMGN AMGEN INC Healthcare 1,017.0 $358K 0.03% -97.0 -8.7% $351.85 -7.8%
46 SCHX SCHWAB STRATEGIC TR 12,031.0 $308K 0.02% -73.0 -0.6% $25.64 +13.2%
47 VAW VANGUARD WORLD FD 1,332.0 $300K 0.02% -82.0 -5.8% $225.34 +0.5%
48 FERG FERGUSON ENTERPRISES INC Industrials 1,263.0 $295K 0.02% -99.0 -7.3% $233.26 -4.0%
49 LUV SOUTHWEST AIRLS CO Industrials 7,500.0 $282K 0.02% -290.0 -3.7% $37.57 +2.5%
50 SPSB SPDR SERIES TRUST 7,660.0 $230K 0.02% -2K -19.3% $30.07 -0.4%
51 GOOGL ALPHABET INC Communication Services 744.0 $214K 0.02% -69.0 -8.5% $287.56 +38.0%
52 IJH ISHARES TR 3,150.0 $213K 0.02% -8K -70.8% $67.53 +6.8%
53 NUV NUVEEN MUN VALUE FD INC Financial Services 17,987.0 $162K 0.01% -8K -30.9% $8.99 +1.0%
54 NVDA PUT NVIDIA CORPORATION Technology 10.0 $12K 0.00% -990.0 -99.0% $1230.00 -81.7%
Page 3 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%