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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 2 of 9  ·  169 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 CAT CATERPILLAR INC Industrials 23,186.0 $16.4M 1.21% +1K +6.8% $708.46 +21.9%
22 V VISA INC Financial Services 54,184.0 $16.4M 1.21% -6K -9.2% $302.24 +7.8%
23 LHX L3HARRIS TECHNOLOGIES INC Industrials 46,701.0 $16.1M 1.19% -5K -8.9% $345.15 -12.1%
24 NEE NEXTERA ENERGY INC Utilities 172,539.0 $16.0M 1.18% -6K -3.3% $92.88 +0.5%
25 CSCO CISCO SYS INC Technology 188,572.0 $14.6M 1.08% -16K -7.6% $77.59 +52.4%
26 RTX RTX CORPORATION Industrials 72,202.0 $13.9M 1.03% $192.90 -11.3%
27 MRK MERCK & CO INC Healthcare 111,375.0 $13.4M 0.99% $120.29 -7.4%
28 IWF ISHARES TR 31,305.0 $13.3M 0.98% $426.40 -70.9%
29 GD GENERAL DYNAMICS CORP Industrials 37,862.0 $13.0M 0.96% +339.0 +0.9% $343.22 -2.5%
30 PG PROCTER & GAMBLE CO Consumer Defensive 89,457.0 $12.9M 0.95% +7K +8.9% $144.44 -2.0%
31 NOC NORTHROP GRUMMAN CORP Industrials 16,636.0 $11.3M 0.84% -3K -15.6% $682.24 -20.7%
32 AVGO BROADCOM INC Technology 35,222.0 $10.9M 0.80% -1K -4.0% $309.51 +35.9%
33 PM PHILIP MORRIS INTL INC Consumer Defensive 63,896.0 $10.6M 0.78% -4K -6.3% $165.34 +14.7%
34 VLO VALERO ENERGY CORP Energy 39,062.0 $9.7M 0.71% -248.0 -0.6% $247.08 +1.5%
35 CANADIAN PACIFIC KANSAS CITY 112,975.0 $8.9M 0.66% -3K -2.8% $78.66
36 PEP PEPSICO INC Consumer Defensive 56,091.0 $8.7M 0.64% -1K -2.3% $155.29 -4.0%
37 AVB AVALONBAY CMNTYS INC Real Estate 51,994.0 $8.5M 0.63% +270.0 +0.5% $163.35 +10.7%
38 BX BLACKSTONE INC Financial Services 72,533.0 $8.3M 0.61% +779.0 +1.1% $114.99 +1.8%
39 ICE INTERCONTINENTAL EXCHANGE IN Financial Services 52,178.0 $8.2M 0.60% +35K +205.4% $157.28 -1.9%
40 BTT BLACKROCK MUN TARGET TERM TR Financial Services 357,067.0 $8.1M 0.60% -31K -7.9% $22.70 -0.9%
Page 2 of 9  ·  169 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%