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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
OKE icon
76
Oneok
OKE
$56.1B
$575K 0.19%
7,880
– –
AEP icon
77
American Electric Power
AEP
$69.5B
$571K 0.19%
5,075
– –
VTV icon
78
Vanguard Morningstar Value ETF
VTV
$188B
$566K 0.19%
3,031
+266
+10% +$48.2K
PPG icon
79
PPG Industries
PPG
$25B
$547K 0.18%
5,204
– –
VWO icon
80
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$539K 0.18%
9,941
-23
-0.2% -$1.19K
QCOM icon
81
Qualcomm
QCOM
$160B
$535K 0.18%
3,216
– –
OBDC icon
82
Blue Owl Capital
OBDC
$5.36B
$503K 0.17%
39,363
– –
RYAM icon
83
Rayonier Advanced Materials
RYAM
$604M
$478K 0.16%
+66,245
New +$341K
OPP
84
RiverNorth/DoubleLine Strategic Opportunity Fund
OPP
$190M
$470K 0.16%
55,109
-8,750
-14% -$75.2K
IWC icon
85
iShares Micro-Cap ETF
IWC
$1.45B
$466K 0.16%
3,123
– –
TRS icon
86
TriMas Corp
TRS
$1.36B
$444K 0.15%
11,500
– –
EPD icon
87
Enterprise Products Partners
EPD
$82.5B
$438K 0.15%
13,993
-632
-4% -$19.9K
TYG
88
Tortoise Energy Infrastructure Corp
TYG
$1.09B
$421K 0.14%
9,770
– –
SLRC icon
89
SLR Investment Corp
SLRC
$696M
$421K 0.14%
27,520
– –
HON icon
90
Honeywell
HON
$76.7B
$419K 0.14%
2,114
+690
+48% +$144K
IXUS icon
91
iShares Core MSCI Total International Stock ETF
IXUS
$58.4B
$410K 0.14%
+4,962
New +$394K
ARKG icon
92
ARK Genomic Revolution ETF
ARKG
$1.6B
$362K 0.12%
13,046
– –
ABBV icon
93
AbbVie
ABBV
$455B
$362K 0.12%
1,564
-313
-17% -$63.7K
IJS icon
94
iShares S&P Small-Cap 600 Value ETF
IJS
$8.12B
$357K 0.12%
3,230
– –
CMCSA icon
95
Comcast
CMCSA
$84B
$351K 0.12%
11,178
– –
DFEN icon
96
Direxion Daily Aerospace & Defense Bull 3X ETF
DFEN
$376M
$344K 0.11%
5,000
+1,000
+25% +$58.1K
ILMN icon
97
Illumina
ILMN
$31B
$340K 0.11%
3,578
– –
MO icon
98
Altria Group
MO
$113B
$335K 0.11%
5,076
– –
VT icon
99
Vanguard Total World Stock ETF
VT
$76.9B
$326K 0.11%
2,364
– –
IWS icon
100
iShares Russell Mid-Cap Value ETF
IWS
$15.6B
$314K 0.1%
2,246
+216
+11% +$29.5K
2 3
4
5 6

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KFBMI
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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.