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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
+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
KO icon
51
Coca-Cola
KO
$383B
$1.15M 0.37%
16,386
– –
VYM icon
52
Vanguard High Dividend Yield ETF
VYM
$80.8B
$1.12M 0.36%
7,778
– –
SCHD icon
53
Schwab US Dividend Equity ETF
SCHD
$104B
$1.11M 0.35%
40,381
+512
+1% +$13.9K
IWM icon
54
iShares Russell 2000 ETF
IWM
$79.1B
$1.09M 0.35%
4,441
+1
+0% +$246
GDX icon
55
VanEck Gold Miners ETF
GDX
$22.5B
$1.01M 0.32%
11,752
– –
VEA icon
56
Vanguard FTSE Developed Markets ETF
VEA
$223B
$1M 0.32%
16,023
– –
JPM icon
57
JPMorgan Chase
JPM
$916B
$990K 0.32%
3,071
-1,134
-27% -$351K
EFA icon
58
iShares MSCI EAFE ETF
EFA
$76.4B
$981K 0.31%
10,216
– –
ECL icon
59
Ecolab
ECL
$79.8B
$960K 0.31%
3,655
-120
-3% -$32K
PH icon
60
Parker-Hannifin
PH
$120B
$910K 0.29%
1,035
– –
SPHQ icon
61
Invesco S&P 500 Quality ETF
SPHQ
$19B
$871K 0.28%
11,608
– –
SCHB icon
62
Schwab US Broad Market ETF
SCHB
$42.3B
$869K 0.28%
33,125
+104
+0.3% +$2.71K
ALAB icon
63
Astera Labs
ALAB
$42.8B
$862K 0.28%
5,182
– –
EMLP icon
64
First Trust North American Energy Infrastructure Fund
EMLP
$4.1B
$733K 0.23%
19,345
– –
BN icon
65
Brookfield
BN
$102B
$723K 0.23%
15,750
– –
BX icon
66
Blackstone
BX
$104B
$703K 0.23%
4,560
+21
+0.5% +$3.19K
CSGS
67
DELISTED
CSG Systems International
CSGS
$690K 0.22%
9,000
– –
ACWX icon
68
iShares MSCI ACWI ex US ETF
ACWX
$11.2B
$669K 0.21%
9,959
– –
XOM icon
69
ExxonMobil
XOM
$650B
$667K 0.21%
5,545
-199
-3% -$23.1K
BIZD icon
70
VanEck BDC Income ETF
BIZD
$1.6B
$652K 0.21%
+46,000
New +$659K
BRW
71
Saba Capital Income & Opportunities Fund
BRW
$336M
$623K 0.2%
88,927
– –
NFLX icon
72
Netflix
NFLX
$307B
$612K 0.2%
6,525
-3,445
-35% -$371K
AEP icon
73
American Electric Power
AEP
$70.4B
$585K 0.19%
5,075
– –
OKE icon
74
Oneok
OKE
$56.7B
$579K 0.19%
7,880
– –
VTV icon
75
Vanguard Morningstar Value ETF
VTV
$188B
$579K 0.19%
3,031
– –
1 2
3
4 5

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KFBMI
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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.