Narwhal Capital Management

CIK 0001461287 · Q1 2026

13F Equity AUM

$1.4B

-1.5% QoQ

Positions

168

+6 QoQ

AUM Rank

#2,323

Top 19%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,053 · Top 25%

vs S&P -2.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 32.4%Top 10: 47.7%Top 20: 62.7%

IVV10.2%

NVDA6.4%

GOOG6.0%

AAPL5.2%

MSFT4.5%

IAU*4.4%

AMZN3.4%

JPM2.8%

VMC2.7%

META2.1%

Others (158)52.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

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Portfolio Overlap

Shared: 166Unique: 2vs 20 funds

2.3%Low

168

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

3.2%

BANK OF AMERICA CORP /DE/

3.4%

3.3%

5.2%

3.7%

3.6%

VANGUARD CAPITAL MANAGEMENT LLC

3.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.7%

GEODE CAPITAL MANAGEMENT, LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Holdings

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