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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
-5.48%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$330M
AUM Growth
+$17.8M
Cap. Flow
+$38.1M
Cap. Flow %
11.55%
Top 10 Hldgs %
48.16%
Holding
151
New
15
Increased
60
Reduced
24
Closed
17

Top Buys

1
OBDC icon
Blue Owl Capital
OBDC
+$14.3M
2
MFIC icon
MidCap Financial Investment
MFIC
+$4.27M
3
GBDC icon
Golub Capital BDC
GBDC
+$4.14M
4
KKR icon
KKR & Co
KKR
+$2.9M
5
APO icon
Apollo Global Management
APO
+$2.49M

Top Sells

1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$1.51M
2
TFX icon
Teleflex
TFX
+$1.27M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$810K
4
CSGS
CSG Systems International
CSGS
+$690K
5
BIZD icon
VanEck BDC Income ETF
BIZD
+$652K

Sector Composition

1 Financials 22.98%
2 Technology 5.22%
3 Communication Services 4.26%
4 Consumer Discretionary 3.09%
5 Healthcare 1.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VYM icon
51
Vanguard High Dividend Yield ETF
VYM
$80.4B
$1.21M 0.37%
8,193
+415
+5% +$62.4K
EFA icon
52
iShares MSCI EAFE ETF
EFA
$76.9B
$1.17M 0.35%
12,009
+1,793
+18% +$179K
IWM icon
53
iShares Russell 2000 ETF
IWM
$82.6B
$1.13M 0.34%
4,551
+110
+2% +$28.4K
XLK icon
54
State Street Technology Select Sector SPDR ETF
XLK
$116B
$1.11M 0.34%
8,377
+29
+0.3% +$4.09K
JPST icon
55
JPMorgan Ultra-Short Income ETF
JPST
$39.8B
$1.09M 0.33%
21,598
-10,964
-34% -$555K
MDB icon
56
MongoDB
MDB
$26.4B
$1.07M 0.33%
4,385
+173
+4% +$57.9K
VEA icon
57
Vanguard FTSE Developed Markets ETF
VEA
$227B
$1.07M 0.33%
16,749
+726
+5% +$47.9K
TPG icon
58
TPG
TPG
$7.09B
$1.05M 0.32%
+25,978
New +$1.33M
XOM icon
59
ExxonMobil
XOM
$605B
$973K 0.29%
5,735
+190
+3% +$27.7K
JPM icon
60
JPMorgan Chase
JPM
$912B
$969K 0.29%
3,293
+222
+7% +$67.4K
PH icon
61
Parker-Hannifin
PH
$121B
$927K 0.28%
1,035
– –
EMLP icon
62
First Trust North American Energy Infrastructure Fund
EMLP
$4.13B
$862K 0.26%
19,753
+408
+2% +$17K
GLD icon
63
SPDR Gold Trust
GLD
$129B
$852K 0.26%
+1,979
New +$886K
SCHB icon
64
Schwab US Broad Market ETF
SCHB
$43.4B
$834K 0.25%
33,218
+93
+0.3% +$2.44K
GDX icon
65
VanEck Gold Miners ETF
GDX
$21.8B
$782K 0.24%
8,522
-3,230
-27% -$318K
ECL icon
66
Ecolab
ECL
$77.6B
$778K 0.24%
2,925
-730
-20% -$206K
IGV icon
67
iShares Expanded Tech-Software Sector ETF
IGV
$14B
$769K 0.23%
+9,611
New +$851K
AEP icon
68
American Electric Power
AEP
$72.4B
$741K 0.22%
5,652
+577
+11% +$72.2K
SPHQ icon
69
Invesco S&P 500 Quality ETF
SPHQ
$19.5B
$716K 0.22%
9,528
-2,080
-18% -$162K
OKE icon
70
Oneok
OKE
$58.6B
$712K 0.22%
7,880
– –
ACWX icon
71
iShares MSCI ACWI ex US ETF
ACWX
$11.4B
$682K 0.21%
9,959
– –
VTV icon
72
Vanguard Value ETF
VTV
$187B
$677K 0.21%
3,453
+422
+14% +$84.5K
IJS icon
73
iShares S&P Small-Cap 600 Value ETF
IJS
$8.22B
$651K 0.2%
5,496
+2,266
+70% +$274K
BN icon
74
Brookfield
BN
$109B
$637K 0.19%
15,750
– –
BRW
75
Saba Capital Income & Opportunities Fund
BRW
$340M
$599K 0.18%
88,927
– –
1 2
3
4 5

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Next Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Next Capital Management held 151 positions worth $330M, up 5.7% from $312M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Next Capital Management deployed $38.1M of net new capital in Q1 2026, opening 15 new positions and adding to 60 existing holdings. Its largest new stake was Salesforce: 11,350 shares worth $2.12M.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 17% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Invesco QQQ Trust, an estimated $810K trimmed.

  • Next Capital Management's largest Q1 2026 buy was Salesforce: 11,350 shares worth $2.12M.
  • Next Capital Management added most to Blue Owl Capital in Q1 2026, an estimated $14.3M increase.
  • Next Capital Management's biggest Q1 2026 reduction was Invesco QQQ Trust, cutting an estimated $810K.
  • Next Capital Management fully exited Berkshire Hathaway Class A in Q1 2026, selling an estimated $1.51M.
  • Next Capital Management's ten largest holdings make up 48% of its $330M portfolio in Q1 2026.
  • Next Capital Management opened 15 new positions and closed 17 in Q1 2026.
  • Next Capital Management's portfolio value rose 5.7% quarter-over-quarter to $330M.

Based on Next Capital Management's 13F filing for Q1 2026, filed 7 May 2026.