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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
NFLX icon
51
Netflix
NFLX
$307B
$1.2M 0.4%
9,970
-50
-0.5% -$6.1K
XLK icon
52
State Street Technology Select Sector SPDR ETF
XLK
$109B
$1.14M 0.38%
8,054
+112
+1% +$14.8K
GS icon
53
Goldman Sachs
GS
$289B
$1.13M 0.38%
1,415
-104
-7% -$77.1K
VYM icon
54
Vanguard High Dividend Yield ETF
VYM
$80.8B
$1.1M 0.37%
7,778
– –
SCHD icon
55
Schwab US Dividend Equity ETF
SCHD
$104B
$1.09M 0.36%
39,869
+862
+2% +$23.5K
KO icon
56
Coca-Cola
KO
$383B
$1.09M 0.36%
16,386
-5,329
-25% -$367K
IWM icon
57
iShares Russell 2000 ETF
IWM
$79.1B
$1.07M 0.36%
4,440
+23
+0.5% +$5.28K
JNJ icon
58
Johnson & Johnson
JNJ
$640B
$1.03M 0.35%
5,579
-204
-4% -$35K
ECL icon
59
Ecolab
ECL
$79.8B
$1.03M 0.35%
3,775
– –
ALAB icon
60
Astera Labs
ALAB
$42.8B
$1.01M 0.34%
5,182
– –
VEA icon
61
Vanguard FTSE Developed Markets ETF
VEA
$223B
$960K 0.32%
16,023
+2,491
+18% +$145K
EFA icon
62
iShares MSCI EAFE ETF
EFA
$76.4B
$954K 0.32%
10,216
– –
GDX icon
63
VanEck Gold Miners ETF
GDX
$22.5B
$898K 0.3%
11,752
– –
SPHQ icon
64
Invesco S&P 500 Quality ETF
SPHQ
$19B
$851K 0.28%
11,608
-3,013
-21% -$217K
SCHB icon
65
Schwab US Broad Market ETF
SCHB
$42.3B
$849K 0.28%
33,021
+95
+0.3% +$2.35K
HD icon
66
Home Depot
HD
$337B
$808K 0.27%
1,993
– –
PH icon
67
Parker-Hannifin
PH
$120B
$785K 0.26%
1,035
– –
BX icon
68
Blackstone
BX
$104B
$776K 0.26%
4,539
+13
+0.3% +$2.23K
EMLP icon
69
First Trust North American Energy Infrastructure Fund
EMLP
$4.1B
$741K 0.25%
19,345
– –
BN icon
70
Brookfield
BN
$102B
$720K 0.24%
15,750
– –
BRW
71
Saba Capital Income & Opportunities Fund
BRW
$335M
$691K 0.23%
88,927
-10,798
-11% -$88.8K
XOM icon
72
ExxonMobil
XOM
$650B
$648K 0.22%
5,744
-778
-12% -$86.5K
ACWX icon
73
iShares MSCI ACWI ex US ETF
ACWX
$11.2B
$647K 0.22%
9,959
– –
SPOT icon
74
Spotify
SPOT
$108B
$600K 0.2%
860
– –
CSGS
75
DELISTED
CSG Systems International
CSGS
$579K 0.19%
9,000
– –
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.