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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
QCOM icon
76
Qualcomm
QCOM
$164B
$555K 0.18%
3,245
+29
+0.9% +$4.97K
COF icon
77
Capital One
COF
$128B
$540K 0.17%
+2,256
New +$502K
VWO icon
78
Vanguard FTSE Emerging Markets ETF
VWO
$117B
$535K 0.17%
9,948
+7
+0.1% +$380
PPG icon
79
PPG Industries
PPG
$24.9B
$526K 0.17%
5,129
-75
-1% -$7.53K
SPOT icon
80
Spotify
SPOT
$108B
$499K 0.16%
860
– –
IWC icon
81
iShares Micro-Cap ETF
IWC
$1.42B
$492K 0.16%
3,123
– –
RYAM icon
82
Rayonier Advanced Materials
RYAM
$562M
$484K 0.16%
82,245
+16,000
+24% +$104K
ILMN icon
83
Illumina
ILMN
$29.5B
$469K 0.15%
3,578
– –
EPD icon
84
Enterprise Products Partners
EPD
$83.7B
$449K 0.14%
13,993
– –
OPP
85
RiverNorth/DoubleLine Strategic Opportunity Fund
OPP
$189M
$438K 0.14%
55,109
– –
SLRC icon
86
SLR Investment Corp
SLRC
$704M
$425K 0.14%
27,520
– –
IXUS icon
87
iShares Core MSCI Total International Stock ETF
IXUS
$56.8B
$420K 0.13%
4,962
– –
TRS icon
88
TriMas Corp
TRS
$1.41B
$408K 0.13%
11,500
– –
TYG
89
Tortoise Energy Infrastructure Corp
TYG
$1.08B
$400K 0.13%
9,770
– –
HON icon
90
Honeywell
HON
$76.4B
$389K 0.12%
1,992
-122
-6% -$23.9K
ARKG icon
91
ARK Genomic Revolution ETF
ARKG
$1.53B
$378K 0.12%
13,046
– –
IJS icon
92
iShares S&P Small-Cap 600 Value ETF
IJS
$8.12B
$367K 0.12%
3,230
– –
GEV icon
93
GE Vernova
GEV
$240B
$334K 0.11%
511
+5
+1% +$3.04K
VT icon
94
Vanguard Total World Stock ETF
VT
$75.3B
$334K 0.11%
2,364
– –
CMCSA icon
95
Comcast
CMCSA
$87.3B
$327K 0.1%
10,928
-250
-2% -$7.13K
RSP icon
96
Invesco S&P 500 Equal Weight ETF
RSP
$97.3B
$327K 0.1%
1,705
+91
+6% +$17.3K
IWS icon
97
iShares Russell Mid-Cap Value ETF
IWS
$15.7B
$317K 0.1%
2,246
– –
CAT icon
98
Caterpillar
CAT
$361B
$306K 0.1%
535
– –
SCHM icon
99
Schwab US Mid-Cap ETF
SCHM
$14.2B
$306K 0.1%
+10,169
New +$303K
DBEF icon
100
Xtrackers MSCI EAFE Hedged Equity ETF
DBEF
$9.1B
$305K 0.1%
6,331
– –
2 3
4
5 6

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BAM
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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.