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Next Capital Management Portfolio holdings

AUM $330M
1-Year Est. Return 11.54%
This Fund
S&P 500
This Quarter Est. Return
+5.96%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$300M
AUM Growth
+$29M
Cap. Flow
+$14.4M
Cap. Flow %
4.81%
Top 10 Hldgs %
49.68%
Holding
149
New
12
Increased
36
Reduced
30
Closed
10

Top Buys

Rank Stock Value
1
TCPC icon
BlackRock TCP Capital
TCPC
+$9.09M
2
MFIC icon
MidCap Financial Investment
MFIC
+$7.86M
3
IVV icon
iShares Core S&P 500 ETF
IVV
+$2.93M
4
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$1.54M
5
IEMG icon
iShares Core MSCI Emerging Markets ETF
IEMG
+$1.54M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$3.68M
2
VOO icon
Vanguard S&P 500 ETF
VOO
+$3.37M
3
JPM icon
JPMorgan Chase
JPM
+$1.62M
4
GBDC icon
Golub Capital BDC
GBDC
+$519K
5
EWG icon
iShares MSCI Germany ETF
EWG
+$486K

Sector Composition

Rank Sector Weight
1 Financials 16.88%
2 Technology 6.01%
3 Communication Services 5.85%
4 Consumer Discretionary 4.44%
5 Consumer Staples 1.84%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KKR icon
26
KKR & Co
KKR
$89.1B
$2.63M 0.88%
20,273
– –
XLV icon
27
State Street Health Care Select Sector SPDR ETF
XLV
$42.9B
$2.59M 0.86%
18,581
-3,396
-15% -$460K
VUG icon
28
Vanguard Growth ETF
VUG
$212B
$2.47M 0.82%
30,912
+1,260
+4% +$96.3K
MSFT icon
29
Microsoft
MSFT
$2.9T
$2.26M 0.76%
4,371
-677
-13% -$345K
WMT icon
30
Walmart Inc
WMT
$909B
$2.12M 0.71%
20,600
– –
QQQM icon
31
Invesco NASDAQ 100 ETF
QQQM
$93B
$2.06M 0.69%
8,338
+190
+2% +$44.8K
KWEB icon
32
KraneShares CSI China Internet ETF
KWEB
$5.5B
$2.06M 0.69%
49,020
– –
VGT icon
33
Vanguard Information Technology ETF
VGT
$133B
$2.06M 0.69%
22,040
– –
SCHW
34
Charles Schwab
SCHW
$182B
$1.89M 0.63%
26,840
+10,156
+61% +$964K
EEM icon
35
iShares MSCI Emerging Markets ETF
EEM
$27.5B
$1.84M 0.62%
34,507
+7
+0% +$352
XLF icon
36
State Street Financial Select Sector SPDR ETF
XLF
$56.5B
$1.75M 0.58%
32,532
+98
+0.3% +$5.19K
GOOG icon
37
Alphabet (Google) Class C
GOOG
$4.11T
$1.6M 0.53%
6,569
-215
-3% -$45.2K
BRK.A icon
38
Berkshire Hathaway Class A
BRK.A
$1.1T
$1.51M 0.5%
2
– –
GOOGL icon
39
Alphabet (Google) Class A
GOOGL
$4.12T
$1.5M 0.5%
6,186
-786
-11% -$165K
IUSV icon
40
iShares Core S&P US Value ETF
IUSV
$27.3B
$1.5M 0.5%
15,002
+1,455
+11% +$142K
VOT icon
41
Vanguard Mid-Cap Growth ETF
VOT
$18.9B
$1.47M 0.49%
5,020
-1,410
-22% -$407K
VV icon
42
Vanguard Large-Cap ETF
VV
$51.2B
$1.39M 0.46%
4,509
– –
LLY icon
43
Eli Lilly
LLY
$1.08T
$1.35M 0.45%
1,768
+64
+4% +$47.6K
MDB icon
44
MongoDB
MDB
$25.8B
$1.33M 0.45%
4,297
– –
JPM icon
45
JPMorgan Chase
JPM
$916B
$1.33M 0.44%
4,205
-5,439
-56% -$1.62M
IWP icon
46
iShares Russell Mid-Cap Growth ETF
IWP
$19.4B
$1.32M 0.44%
9,235
+5
+0.1% +$707
TFX icon
47
Teleflex
TFX
$5.96B
$1.28M 0.43%
10,423
– –
PM icon
48
Philip Morris
PM
$309B
$1.23M 0.41%
7,588
– –
MCD icon
49
McDonald's
MCD
$193B
$1.22M 0.41%
4,007
-677
-14% -$206K
JPST icon
50
JPMorgan Ultra-Short Income ETF
JPST
$40.1B
$1.2M 0.4%
23,682
+3,497
+17% +$177K
1
2
3 4 5

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Next Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Next Capital Management held 149 positions worth $300M, up 11% from $271M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Next Capital Management deployed $14.4M of net new capital in Q3 2025, opening 12 new positions and adding to 36 existing holdings. Its largest new stake was iShares Core MSCI Total International Stock ETF: 4,962 shares worth $410K.

By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 14% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Apple, an estimated $3.68M trimmed.

  • Next Capital Management's largest Q3 2025 buy was iShares Core MSCI Total International Stock ETF: 4,962 shares worth $410K.
  • Next Capital Management added most to BlackRock TCP Capital in Q3 2025, an estimated $9.09M increase.
  • Next Capital Management's biggest Q3 2025 reduction was Apple, cutting an estimated $3.68M.
  • Next Capital Management fully exited iShares MSCI Germany ETF in Q3 2025, selling an estimated $486K.
  • Next Capital Management's ten largest holdings make up 50% of its $300M portfolio in Q3 2025.
  • Next Capital Management opened 12 new positions and closed 10 in Q3 2025.
  • Next Capital Management's portfolio value rose 11% quarter-over-quarter to $300M.

Based on Next Capital Management's 13F filing for Q3 2025, filed 5 Nov 2025.