Narwhal Capital Management holds a focused book of 155 stocks worth $1.4B as of Q2 2026 (disclosed Jul 24, 2026, a ~45-day 13F lag). This quarter they opened Amrize Ltd and trimmed Nvidia Corp. Their largest long position is Ishares Core S&P 500 ETF at 11% of the equity book. They also disclosed $3K in put options (a bearish bet) and $4 in call options (bullish), shown separately below and excluded from the equity book. Cloning the disclosed picks since 2024 would be +24% (+13.1%/yr). That is a simulation of the disclosed long book, not audited returns.
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Use Arkolith to show Narwhal Capital Management's latest holdings, largest changes, and filing provenance.
The reported book (valued from quarter-end) returned +25.8%, a 1.7-point gap that is the cost of the ~45-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Narwhal Capital Management's disclosed long 13F book, rebalanced on each filing date (so it reflects the ~45-day reporting lag, no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
82% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Ishares TR CORE S&P500 ETF | $158.8M | 212.0K | 11.0% | ▲+0.2% Added · +469 sh | |
| 2 | Nvidia Corporation COM | $99.7M | 498.5K | 6.9% | ▼−0.2% Reduced · −951 sh | |
| 3 | Alphabet Inc CAP STK CL C | $98.5M | 278.9K | 6.8% | ▼−2.3% Reduced · −7K sh | |
| 4 | Apple Inc COM | $81.1M | 280.2K | 5.6% | ▲+0.2% Added · +685 sh | |
| 5 | Microsoft Corp COM | $60.5M | 162.3K | 4.2% | ▼−1.1% Reduced · −2K sh | |
| 6 | Amazon Com Inc COM | $54.3M | 227.6K | 3.7% | ▲+3.1% Added · +7K sh | |
| 7 | Ishares Gold TR ISHARES NEW | $50.7M | 672.1K | 3.5% | ▲+0.1% Added · +354 sh | |
| 8 | JPMorgan Chase & Co COM | $42.4M | 129.6K | 2.9% | ▼−0.2% Reduced · −231 sh | |
| 9 | Vulcan Matls Co COM | $39.3M | 133.4K | 2.7% | ▼−0.9% Reduced · −1K sh | |
| 10 | Meta Platforms Inc CL A | $26.9M | 47.8K | 1.9% | ▼−2.8% Reduced · −1K sh | |
| 11 | Analog Devices Inc COM | $26.0M | 65.4K | 1.8% | ▲+2.9% Added · +2K sh | |
| 12 | Goldman Sachs Group Inc COM | $25.2M | 24.9K | 1.7% | ▼−3.7% Reduced · −949 sh | |
| 13 | Eli Lilly & Co COM | $24.5M | 20.4K | 1.7% | ▼−4.8% Reduced · −1K sh | |
| 14 | Johnson & Johnson COM | $23.9M | 94.2K | 1.7% | ▼−0.5% Reduced · −434 sh | |
| 15 | Caterpillar Inc COM | $23.6M | 22.2K | 1.6% | ▼−4.3% Reduced · −1K sh | |
| 16 | Home Depot Inc COM | $23.1M | 65.5K | 1.6% | ▼−3.3% Reduced · −2K sh | |
| 17 | Cisco Sys Inc COM | $22.6M | 192.1K | 1.6% | ▲+1.9% Added · +4K sh | |
| 18 | Ishares TR S&P 500 VAL ETF | $21.1M | 92.8K | 1.5% | —Held | |
| 19 | American Express Co COM | $19.1M | 56.4K | 1.3% | ▲+3.6% Added · +2K sh | |
| 20 | BlackRock Inc COM | $18.1M | 18.8K | 1.2% | ▼−6.5% Reduced · −1K sh | |
| 21 | Visa Inc COM CL A | $15.9M | 46.4K | 1.1% | ▼−14% Reduced · −8K sh | |
| 22 | Ishares TR RUS 1000 GRW ETF | $15.5M | 125.2K | 1.1% | ▲+300% Added · +94K sh | |
| 23 | Broadcom Inc COM | $15.5M | 41.1K | 1.1% | ▲+17% Added · +6K sh | |
| 24 | Exxon Mobil Corp COM | $15.4M | 112.4K | 1.1% | ▼−6.1% Reduced · −7K sh | |
| 25 | RTX Corporation COM | $15.2M | 80.2K | 1.1% | ▲+11% Added · +8K sh | |
| 26 | General Dynamics Corp COM | $13.6M | 38.5K | 0.9% | ▲+1.7% Added · +642 sh | |
| 27 | NextEra Energy Inc COM | $13.6M | 155.2K | 0.9% | ▼−10% Reduced · −17K sh | |
| 28 | Lockheed Martin Corp COM | $12.8M | 25.1K | 0.9% | ▼−22% Reduced · −7K sh | |
| 29 | Merck & Co Inc COM | $12.8M | 99.5K | 0.9% | ▼−11% Reduced · −12K sh | |
| 30 | Micron Technology Inc COM | $12.7M | 11.0K | 0.9% | ▼−0.3% Reduced · −38 sh | |
| 31 | Procter & Gamble Co COM | $12.6M | 86.1K | 0.9% | ▼−3.8% Reduced · −3K sh | |
| 32 | L3harris Technologies Inc COM | $11.7M | 40.3K | 0.8% | ▼−14% Reduced · −6K sh | |
| 33 | Canadian Pacific Kansas City COM | $11.0M | 126.5K | 0.8% | ▲+12% Added · +13K sh | |
| 34 | Philip Morris Intl Inc COM | $10.4M | 57.5K | 0.7% | ▼−10.0% Reduced · −6K sh | |
| 35 | Servicenow Inc COM | $10.3M | 103.7K | 0.7% | ▲+217% Added · +71K sh | |
| 36 | Valero Energy Corp COM | $10.0M | 38.4K | 0.7% | ▼−1.8% Reduced · −704 sh | |
| 37 | Invesco QQQ TR UNIT SER 1 | $9.5M | 12.9K | 0.7% | ▼−0.1% Reduced · −11 sh | |
| 38 | Cincinnati Finl Corp COM | $9.2M | 49.8K | 0.6% | ▼−2.0% Reduced · −1K sh | |
| 39 | Qualcomm Inc COM | $8.9M | 48.3K | 0.6% | ▲+41% Added · +14K sh | |
| 40 | Entegris Inc COM | $8.7M | 48.1K | 0.6% | ▲+2.7% Added · +1K sh | |
| 41 | Northrop Grumman Corp COM | $8.4M | 16.5K | 0.6% | ▼−1.0% Reduced · −162 sh | |
| 42 | Novartis AG SPONSORED ADR | $8.3M | 52.7K | 0.6% | ▲+0.1% Added · +34 sh | |
| 43 | Avalonbay Cmntys Inc COM | $8.2M | 43.6K | 0.6% | ▼−16% Reduced · −8K sh | |
| 44 | Select Sector SPDR TR ST STR TECHN ETF | $8.0M | 42.0K | 0.6% | —Held | |
| 45 | Ishares TR S&P 500 GRWT ETF | $7.7M | 56.0K | 0.5% | —Held | |
| 46 | Intercontinental Exchange In COM | $7.6M | 61.9K | 0.5% | ▲+19% Added · +10K sh | |
| 47 | Blackstone Inc COM | $7.5M | 63.9K | 0.5% | ▼−12% Reduced · −9K sh | |
| 48 | Sunbelt Rentals Holdings Inc SHS | $7.0M | 93.8K | 0.5% | ▼−5.5% Reduced · −6K sh | |
| 49 | Graco Inc COM | $6.8M | 90.6K | 0.5% | ▲+34% Added · +23K sh | |
| 50 | Costco Wholesale Corporation COM | $6.6M | 7.1K | 0.5% | ▲+5.0% Added · +339 sh |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | NVIDIA CORPNVDA | $3K | 10 |
| CALL · bullish | NVIDIA CORPNVDA | $4 | 2 |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Jul 24, 2026 | 157 | $1.4B | 13F-HR |
| Q1 2026 | Mar 31, 2026 | Apr 24, 2026 | 169 | $1.4B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Jan 30, 2026 | 163 | $1.4B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Oct 24, 2025 | 164 | $1.4B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Jul 23, 2025 | 162 | $1.2B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | Apr 23, 2025 | 161 | $1.1B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Jan 22, 2025 | 161 | $1.1B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Oct 22, 2024 | 160 | $1.1B | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.