Microsoft Corporation
BG ˙ BUL ˙ US5949181045
SecurityBG:MSF / Microsoft Corporation
InstitutionNarwhal Capital Management
Latest Disclosed Ownership164,135 shares
Latest Disclosed Value $ 60,757,915
Narwhal Capital Management reports 1.70% increase in ownership of MSF / Microsoft Corporation

On April 23, 2026 - Narwhal Capital Management filed a 13F-HR form disclosing ownership of 164,135 shares of Microsoft Corporation (BG:MSF) valued at $60,757,915 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 30, 2026 disclosing 161,397 shares of Microsoft Corporation. This represents a change in shares of 1.70% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-23 2026-03-31 13F MICROSOFT COM 594918104 164,135 2,738 1.70 60,758 -22.16 4.4827
2026-01-30 2025-12-31 13F MICROSOFT COM 594918104 161,397 5,328 3.41 78,055 -3.44 5.6716
2025-10-24 2025-09-30 13F MICROSOFT COM 594918104 156,069 -1,179 -0.75 80,836 3.35 5.9875
2025-07-23 2025-06-30 13F MICROSOFT COM 594918104 157,248 -3,457 -2.15 78,217 29.65 6.2813
2025-04-23 2025-03-31 13F MICROSOFT COM 594918104 160,705 2,680 1.70 60,327 -9.43 5.3757
2025-01-22 2024-12-31 13F MICROSOFT COM 594918104 158,025 -587 -0.37 66,608 -2.41 5.8874
2024-10-22 2024-09-30 13F MICROSOFT COM 594918104 158,612 1,474 0.94 68,251 -2.82 6.1404
2024-08-05 2024-06-30 13F MICROSOFT COM 594918104 157,138 594 0.38 70,233 6.64 6.6446
2024-04-26 2024-03-31 13F MICROSOFT COM 594918104 156,544 2,370 1.54 65,861 13.60 6.4498
2024-01-25 2023-12-31 13F MICROSOFT COM 594918104 154,174 945 0.62 57,975 19.83 6.3357
2023-10-30 2023-09-30 13F MICROSOFT COM 594918104 153,229 102 0.07 48,382 -7.22 5.9046
2023-08-03 2023-06-30 13F MICROSOFT COM 594918104 153,127 -4,968 -3.14 52,146 14.41 6.1292
2023-05-02 2023-03-31 13F MICROSOFT COM 594918104 158,095 -62 -0.04 45,579 20.17 5.7022
2023-01-31 2022-12-31 13F MICROSOFT COM 594918104 158,157 -1,105 -0.69 37,929 2.26 5.0446
2022-11-01 2022-09-30 13F MICROSOFT COM 594918104 159,262 -3,773 -2.31 37,092 -11.42 5.3717
2022-08-01 2022-06-30 13F MICROSOFT COM 594918104 163,035 -1,529 -0.93 41,872 -17.47 5.7394
2022-04-26 2022-03-31 13F MICROSOFT COM 594918104 164,564 3,738 2.32 50,737 -6.20 5.9400
2022-01-26 2021-12-31 13F MICROSOFT COM 594918104 160,826 -3,062 -1.87 54,089 17.07 6.1542
2021-10-22 2021-09-30 13F MICROSOFT COM 594918104 163,888 2,149 1.33 46,203 5.45 5.8295
2021-07-29 2021-06-30 13F MICROSOFT COM 594918104 161,739 -422 -0.26 43,815 14.60 5.5305
2021-04-23 2021-03-31 13F MICROSOFT COM 594918104 162,161 2,761 1.73 38,233 7.84 5.1711
2021-02-02 2020-12-31 13F MICROSOFT COM 594918104 159,400 3,467 2.22 35,454 8.10 5.0261
2020-10-26 2020-09-30 13F MICROSOFT COM 594918104 155,933 4,683 3.10 32,797 6.55 5.2885
2020-07-22 2020-06-30 13F MICROSOFT COM 594918104 151,250 -884 -0.58 30,781 28.29 5.3321
2020-04-30 2020-03-31 13F MICROSOFT COM 594918104 152,134 18,243 13.63 23,993 13.63 5.1710
2020-01-31 2019-12-31 13F MICROSOFT COM 594918104 133,891 1,240 0.93 21,115 14.49 3.8754
2019-10-31 2019-09-30 13F MICROSOFT COM 594918104 132,651 -2,872 -2.12 18,443 1.59 3.7090
2019-07-30 2019-06-30 13F MICROSOFT COM 594918104 135,523 833 0.62 18,155 14.29 3.7566
2019-04-12 2019-03-31 13F MICROSOFT COM 594918104 134,690 3,003 2.28 15,885 18.77 3.4561
2019-01-15 2018-12-31 13F MICROSOFT COM 594918104 131,687 8,500 6.90 13,375 -5.07 3.3142
2018-10-22 2018-09-30 13F MICROSOFT COM 594918104 123,187 1,807 1.49 14,089 17.71 3.1079
2018-07-19 2018-06-30 13F MICROSOFT COM 594918104 121,380 495 0.41 11,969 8.48 2.7838
2018-04-17 2018-03-31 13F MICROSOFT COM 594918104 120,885 -11,110 -8.42 11,033 -2.29 2.5585
2018-01-22 2017-12-31 13F MICROSOFT COM 594918104 131,995 2,165 1.67 11,291 16.75 2.5952
2017-10-17 2017-09-30 13F MICROSOFT COM 594918104 129,830 -9,700 -6.95 9,671 0.55 2.3968
2017-07-12 2017-06-30 13F MICROSOFT COM 594918104 139,530 -765 -0.55 9,618 4.09 2.4937
2017-04-26 2017-03-31 13F MICROSOFT COM 594918104 140,295 4,545 3.35 9,240 9.53 2.5720
2017-01-25 2016-12-31 13F MICROSOFT COM 594918104 135,750 -100 -0.07 8,436 7.81 2.5395
2016-10-31 2016-09-30 13F MICROSOFT COM 594918104 135,850 -225 -0.17 7,825 12.38 2.4500
2016-07-26 2016-06-30 13F MICROSOFT COM 594918104 136,075 -775 -0.57 6,963 -7.87 2.1868
2016-04-20 2016-03-31 13F MICROSOFT COM 594918104 136,850 0 0.00 7,558 -0.45 2.4682
2016-01-15 2015-12-31 13F MICROSOFT COM 594918104 136,850 -2,490 -1.79 7,592 23.11 2.6342
2015-10-16 2015-09-30 13F MICROSOFT COM 594918104 139,340 -450 -0.32 6,167 -0.08 2.3005
2015-07-29 2015-06-30 13F MICROSOFT COM 594918104 139,790 -470 -0.34 6,172 8.24 2.2453
2015-04-28 2015-03-31 13F MICROSOFT COM 594918104 140,260 1,115 0.80 5,702 -11.77 2.0853
2015-02-06 2014-12-31 13F MICROSOFT COM 594918104 139,145 -725 -0.52 6,463 -0.32 2.5014
2014-11-12 2014-09-30 13F MICROSOFT COM 594918104 139,870 -150 -0.11 6,484 11.05 2.6036
2014-07-29 2014-06-30 13F MICROSOFT COM 594918104 140,020 -861 -0.61 5,839 1.11 2.2333
2014-04-24 2014-03-31 13F MICROSOFT COM 594918104 140,881 14,000 11.03 5,775 21.66 2.3980
2014-02-04 2013-12-31 13F MICROSOFT COM 594918104 126,881 250 0.20 4,747 12.65 1.9544
2013-11-01 2013-09-30 13F MICROSOFT COM 594918104 126,631 -750 -0.59 4,214 -4.23 2.0171
2013-07-22 2013-06-30 13F MICROSOFT COM 594918104 127,381 127,381 4,400 2.1229
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.