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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
-2.6%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$208M
AUM Growth
-$38.6M
Cap. Flow
-$31.5M
Cap. Flow %
-15.09%
Top 10 Hldgs %
48.31%
Holding
151
New
10
Increased
29
Reduced
43
Closed
33

Top Buys

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$1.46M
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$799K
3
SCHB icon
Schwab US Broad Market ETF
SCHB
+$747K
4
QQQM icon
Invesco NASDAQ 100 ETF
QQQM
+$606K
5
IJH icon
iShares Core S&P Mid-Cap ETF
IJH
+$531K

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$3.84M
2
GBDC icon
Golub Capital BDC
GBDC
+$3.7M
3
IWB icon
iShares Russell 1000 ETF
IWB
+$2.33M
4
META icon
Meta Platforms (Facebook)
META
+$1.55M
5
AVB icon
AvalonBay Communities
AVB
+$1.24M

Sector Composition

Rank Sector Weight
1 Financials 9.85%
2 Technology 6.37%
3 Communication Services 6.06%
4 Consumer Discretionary 4.81%
5 Consumer Staples 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NFLX icon
51
Netflix
NFLX
$305B
$879K 0.42%
9,430
-5,300
-36% -$504K
AEP icon
52
American Electric Power
AEP
$69.5B
$877K 0.42%
8,028
+408
+5% +$41.3K
CBZ icon
53
CBIZ
CBZ
$3B
$834K 0.4%
11,000
– –
XLK icon
54
State Street Technology Select Sector SPDR ETF
XLK
$115B
$788K 0.38%
7,628
– –
OKE icon
55
Oneok
OKE
$56.1B
$782K 0.38%
7,880
– –
EFA icon
56
iShares MSCI EAFE ETF
EFA
$78.5B
$740K 0.36%
9,057
-309
-3% -$24.9K
LLY icon
57
Eli Lilly
LLY
$1.03T
$735K 0.35%
890
+5
+0.6% +$4.16K
EMLP icon
58
First Trust North American Energy Infrastructure Fund
EMLP
$4.09B
$725K 0.35%
19,345
– –
JPM icon
59
JPMorgan Chase
JPM
$933B
$714K 0.34%
2,910
-760
-21% -$194K
SCHB icon
60
Schwab US Broad Market ETF
SCHB
$43B
$707K 0.34%
+32,829
New +$747K
XOM icon
61
ExxonMobil
XOM
$651B
$688K 0.33%
5,783
-61
-1% -$6.75K
HD icon
62
Home Depot
HD
$332B
$679K 0.33%
1,854
-379
-17% -$148K
VEA icon
63
Vanguard FTSE Developed Markets ETF
VEA
$230B
$643K 0.31%
12,643
-4,086
-24% -$207K
PH icon
64
Parker-Hannifin
PH
$121B
$629K 0.3%
1,035
– –
GS icon
65
Goldman Sachs
GS
$302B
$624K 0.3%
1,142
+50
+5% +$30.1K
VWO icon
66
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$579K 0.28%
12,790
+1
+0% +$45
OBDC icon
67
Blue Owl Capital
OBDC
$5.36B
$577K 0.28%
39,363
– –
GOOG icon
68
Alphabet (Google) Class C
GOOG
$4.08T
$575K 0.28%
3,679
-4,183
-53% -$766K
PPG icon
69
PPG Industries
PPG
$25B
$569K 0.27%
5,204
– –
ACWX icon
70
iShares MSCI ACWI ex US ETF
ACWX
$11.5B
$552K 0.26%
9,959
– –
BN icon
71
Brookfield
BN
$103B
$550K 0.26%
15,750
-51
-0.3% -$1.93K
CSGS
72
DELISTED
CSG Systems International
CSGS
$544K 0.26%
9,000
– –
GDX icon
73
VanEck Gold Miners ETF
GDX
$23.5B
$540K 0.26%
11,752
– –
BX icon
74
Blackstone
BX
$102B
$533K 0.26%
3,810
+24
+0.6% +$3.9K
EPD icon
75
Enterprise Products Partners
EPD
$82.5B
$488K 0.23%
14,293
+300
+2% +$9.99K
1 2
3
4 5

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Next Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Next Capital Management held 151 positions worth $208M, down 16% from $247M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Next Capital Management withdrew a net $31.5M in Q1 2025, closing 33 positions and reducing 43 holdings. Its most notable exit was Tesla, an estimated $3.84M position sold in full.

By sector, the portfolio is most concentrated in Financials at 9.8% of assets, down from 9.9% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Next Capital Management opened a new position in Berkshire Hathaway Class A worth $1.6M.

  • Next Capital Management's largest Q1 2025 buy was Berkshire Hathaway Class A: 2 shares worth $1.6M.
  • Next Capital Management added most to iShares Core S&P 500 ETF in Q1 2025, an estimated $799K increase.
  • Next Capital Management's biggest Q1 2025 reduction was Golub Capital BDC, cutting an estimated $3.7M.
  • Next Capital Management fully exited Tesla in Q1 2025, selling an estimated $3.84M.
  • Next Capital Management's ten largest holdings make up 48% of its $208M portfolio in Q1 2025.
  • Next Capital Management opened 10 new positions and closed 33 in Q1 2025.
  • Next Capital Management's portfolio value fell 16% quarter-over-quarter to $208M.

Based on Next Capital Management's 13F filing for Q1 2025, filed 6 May 2025.