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NCM

Next Capital Management Portfolio holdings

AUM $330M
1-Year Est. Return 11.54%
This Fund
S&P 500
This Quarter Est. Return
+1.36%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$312M
AUM Growth
+$12.7M
Cap. Flow
+$9.64M
Cap. Flow %
3.09%
Top 10 Hldgs %
50.25%
Holding
148
New
9
Increased
43
Reduced
24
Closed
12

Top Buys

Rank Stock Value
1
IEMG icon
iShares Core MSCI Emerging Markets ETF
IEMG
+$2.39M
2
OBDC icon
Blue Owl Capital
OBDC
+$2.04M
3
IVW icon
iShares S&P 500 Growth ETF
IVW
+$1.81M
4
MFIC icon
MidCap Financial Investment
MFIC
+$1.69M
5
TCPC icon
BlackRock TCP Capital
TCPC
+$1.63M

Top Sells

Rank Stock Value
1
WMT icon
Walmart Inc
WMT
+$2.12M
2
PM icon
Philip Morris
PM
+$1.23M
3
MCD icon
McDonald's
MCD
+$1.22M
4
SCHW
Charles Schwab
SCHW
+$998K
5
VOO icon
Vanguard S&P 500 ETF
VOO
+$994K

Sector Composition

Rank Sector Weight
1 Financials 17.01%
2 Technology 5.94%
3 Communication Services 5.27%
4 Consumer Discretionary 3.72%
5 Healthcare 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQM icon
26
Invesco NASDAQ 100 ETF
QQQM
$93B
$2.83M 0.9%
11,175
+2,837
+34% +$717K
XLV icon
27
State Street Health Care Select Sector SPDR ETF
XLV
$42.9B
$2.78M 0.89%
17,965
-616
-3% -$92.3K
KKR icon
28
KKR & Co
KKR
$89.1B
$2.58M 0.83%
20,273
– –
OBDC icon
29
Blue Owl Capital
OBDC
$5.35B
$2.49M 0.8%
199,584
+160,221
+407% +$2.04M
VUG icon
30
Vanguard Growth ETF
VUG
$212B
$2.41M 0.77%
29,652
-1,260
-4% -$102K
VGT icon
31
Vanguard Information Technology ETF
VGT
$133B
$2.09M 0.67%
22,184
+144
+0.7% +$13.7K
IUSV icon
32
iShares Core S&P US Value ETF
IUSV
$27.3B
$2.09M 0.67%
20,381
+5,379
+36% +$545K
GOOGL icon
33
Alphabet (Google) Class A
GOOGL
$4.12T
$2.04M 0.65%
6,515
+329
+5% +$94K
MSFT icon
34
Microsoft
MSFT
$2.9T
$2.04M 0.65%
4,212
-159
-4% -$79.7K
GOOG icon
35
Alphabet (Google) Class C
GOOG
$4.11T
$2M 0.64%
6,387
-182
-3% -$52.1K
EEM icon
36
iShares MSCI Emerging Markets ETF
EEM
$27.5B
$1.91M 0.61%
34,874
+367
+1% +$20K
LLY icon
37
Eli Lilly
LLY
$1.08T
$1.9M 0.61%
1,768
– –
XLF icon
38
State Street Financial Select Sector SPDR ETF
XLF
$56.5B
$1.8M 0.58%
32,904
+372
+1% +$19.8K
MDB icon
39
MongoDB
MDB
$25.8B
$1.77M 0.57%
4,212
-85
-2% -$30.9K
KWEB icon
40
KraneShares CSI China Internet ETF
KWEB
$5.5B
$1.67M 0.53%
49,020
– –
JPST icon
41
JPMorgan Ultra-Short Income ETF
JPST
$40.1B
$1.65M 0.53%
32,562
+8,880
+37% +$450K
SCHW
42
Charles Schwab
SCHW
$182B
$1.63M 0.52%
16,323
-10,517
-39% -$998K
BRK.A icon
43
Berkshire Hathaway Class A
BRK.A
$1.1T
$1.51M 0.48%
2
– –
VV icon
44
Vanguard Large-Cap ETF
VV
$51.2B
$1.42M 0.45%
4,509
– –
VOT icon
45
Vanguard Mid-Cap Growth ETF
VOT
$18.9B
$1.4M 0.45%
5,020
– –
TFX icon
46
Teleflex
TFX
$5.96B
$1.27M 0.41%
10,423
– –
IWP icon
47
iShares Russell Mid-Cap Growth ETF
IWP
$19.4B
$1.27M 0.41%
9,242
+7
+0.1% +$978
GS icon
48
Goldman Sachs
GS
$289B
$1.24M 0.4%
1,415
– –
XLK icon
49
State Street Technology Select Sector SPDR ETF
XLK
$109B
$1.2M 0.38%
8,348
+294
+4% +$42.5K
JNJ icon
50
Johnson & Johnson
JNJ
$640B
$1.16M 0.37%
5,592
+13
+0.2% +$2.57K
1
2
3 4 5

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Next Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Next Capital Management held 148 positions worth $312M, up 4.2% from $300M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Next Capital Management deployed $9.64M of net new capital in Q4 2025, opening 9 new positions and adding to 43 existing holdings. Its largest new stake was VanEck BDC Income ETF: 46,000 shares worth $652K.

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

On the sell side, the largest reduction was Charles Schwab, an estimated $998K trimmed.

  • Next Capital Management's largest Q4 2025 buy was VanEck BDC Income ETF: 46,000 shares worth $652K.
  • Next Capital Management added most to iShares Core MSCI Emerging Markets ETF in Q4 2025, an estimated $2.39M increase.
  • Next Capital Management's biggest Q4 2025 reduction was Charles Schwab, cutting an estimated $998K.
  • Next Capital Management fully exited Walmart Inc in Q4 2025, selling an estimated $2.12M.
  • Next Capital Management's ten largest holdings make up 50% of its $312M portfolio in Q4 2025.
  • Next Capital Management opened 9 new positions and closed 12 in Q4 2025.
  • Next Capital Management's portfolio value rose 4.2% quarter-over-quarter to $312M.

Based on Next Capital Management's 13F filing for Q4 2025, filed 11 Feb 2026.