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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
+5.88%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$185M
AUM Growth
+$53.1M
Cap. Flow
+$48.1M
Cap. Flow %
25.92%
Top 10 Hldgs %
48.84%
Holding
131
New
19
Increased
37
Reduced
37
Closed
7

Top Buys

Rank Stock Value
1
OBDC icon
Blue Owl Capital
OBDC
+$17.1M
2
GBDC icon
Golub Capital BDC
GBDC
+$6.83M
3
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$5.6M
4
IVW icon
iShares S&P 500 Growth ETF
IVW
+$3.65M
5
IWF icon
iShares Russell 1000 Growth ETF
IWF
+$2.78M

Top Sells

Rank Stock Value
1
BRW
Saba Capital Income & Opportunities Fund
BRW
+$711K
2
QQQ icon
Invesco QQQ Trust
QQQ
+$488K
3
NSL
NUVEEN SENIOR INCM FD
NSL
+$454K
4
XLF icon
State Street Financial Select Sector SPDR ETF
XLF
+$409K
5
NEA icon
Nuveen AMT-Free Quality Municipal Income Fund
NEA
+$318K

Sector Composition

Rank Sector Weight
1 Financials 22.79%
2 Technology 3.8%
3 Consumer Discretionary 3.14%
4 Healthcare 2.89%
5 Communication Services 2.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
51
State Street SPDR S&P 500 ETF Trust
SPY
$771B
$756K 0.41%
1,978
+1,097
+125% +$422K
PM icon
52
Philip Morris
PM
$309B
$701K 0.38%
6,924
-17
-0.2% -$1.6K
EFA icon
53
iShares MSCI EAFE ETF
EFA
$76.4B
$678K 0.37%
+10,322
New +$647K
NAN icon
54
Nuveen New York Quality Municipal Income Fund
NAN
$369M
$659K 0.36%
61,565
– –
TCPC icon
55
BlackRock TCP Capital
TCPC
$278M
$659K 0.36%
50,858
– –
PPG icon
56
PPG Industries
PPG
$24.9B
$657K 0.35%
5,223
-208
-4% -$25.5K
MSFT icon
57
Microsoft
MSFT
$2.9T
$628K 0.34%
2,620
-500
-16% -$120K
HD icon
58
Home Depot
HD
$337B
$606K 0.33%
1,917
-10
-0.5% -$3.05K
VGT icon
59
Vanguard Information Technology ETF
VGT
$133B
$599K 0.32%
15,000
+9,504
+173% +$388K
DHR icon
60
Danaher
DHR
$138B
$592K 0.32%
2,514
-50
-2% -$11.6K
IWM icon
61
iShares Russell 2000 ETF
IWM
$79.1B
$586K 0.32%
3,362
+194
+6% +$34.5K
XLK icon
62
State Street Technology Select Sector SPDR ETF
XLK
$109B
$532K 0.29%
8,556
-310
-3% -$19.7K
AVB icon
63
AvalonBay Communities
AVB
$27.5B
$529K 0.29%
3,275
– –
CBZ icon
64
CBIZ
CBZ
$2.98B
$515K 0.28%
11,000
– –
CMCSA icon
65
Comcast
CMCSA
$87.3B
$484K 0.26%
13,838
+103
+0.7% +$3.41K
JRO
66
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$467K 0.25%
+59,807
New +$482K
BXSL icon
67
Blackstone Secured Lending
BXSL
$5.36B
$461K 0.25%
20,635
+1,825
+10% +$42.8K
VWO icon
68
Vanguard FTSE Emerging Markets ETF
VWO
$117B
$459K 0.25%
11,768
+68
+0.6% +$2.59K
BOND icon
69
PIMCO Active Bond Exchange-Traded Fund
BOND
$8.4B
$453K 0.24%
4,987
– –
PFE icon
70
Pfizer
PFE
$143B
$436K 0.24%
8,502
-259
-3% -$12.4K
NOC icon
71
Northrop Grumman
NOC
$76B
$435K 0.23%
798
-31
-4% -$16.2K
TOTL icon
72
State Street DoubleLine Total Return Tactical ETF
TOTL
$4.1B
$407K 0.22%
10,155
– –
PSX icon
73
Phillips 66
PSX
$82.9B
$406K 0.22%
3,904
– –
GOOGL icon
74
Alphabet (Google) Class A
GOOGL
$4.12T
$399K 0.22%
4,520
+320
+8% +$30.4K
MRK icon
75
Merck
MRK
$322B
$390K 0.21%
3,512
-168
-5% -$17.2K
1 2
3
4 5

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Next Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Next Capital Management held 131 positions worth $185M, up 40% from $132M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Next Capital Management deployed $48.1M of net new capital in Q4 2022, opening 19 new positions and adding to 37 existing holdings. Its largest new stake was BRT Apartments: 50,000 shares worth $982K.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 12% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Saba Capital Income & Opportunities Fund, an estimated $711K trimmed.

  • Next Capital Management's largest Q4 2022 buy was BRT Apartments: 50,000 shares worth $982K.
  • Next Capital Management added most to Blue Owl Capital in Q4 2022, an estimated $17.1M increase.
  • Next Capital Management's biggest Q4 2022 reduction was Saba Capital Income & Opportunities Fund, cutting an estimated $711K.
  • Next Capital Management fully exited Nuveen AMT-Free Quality Municipal Income Fund in Q4 2022, selling an estimated $318K.
  • Next Capital Management's ten largest holdings make up 49% of its $185M portfolio in Q4 2022.
  • Next Capital Management opened 19 new positions and closed 7 in Q4 2022.
  • Next Capital Management's portfolio value rose 40% quarter-over-quarter to $185M.

Based on Next Capital Management's 13F filing for Q4 2022, filed 12 Jan 2023.