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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
GEV icon
101
GE Vernova
GEV
$262B
$311K 0.1%
506
-2
-0.4% -$1.21K
PLTR icon
102
Palantir
PLTR
$293B
$307K 0.1%
1,682
– –
RSP icon
103
Invesco S&P 500 Equal Weight ETF
RSP
$97.2B
$306K 0.1%
1,614
– –
LII icon
104
Lennox International
LII
$14.5B
$298K 0.1%
563
– –
WMB icon
105
Williams Companies
WMB
$86.7B
$294K 0.1%
4,645
– –
DBEF icon
106
Xtrackers MSCI EAFE Hedged Equity ETF
DBEF
$9.23B
$294K 0.1%
6,331
– –
PG icon
107
Procter & Gamble
PG
$335B
$285K 0.1%
1,852
-564
-23% -$88.1K
TRV icon
108
Travelers Companies
TRV
$78.4B
$280K 0.09%
1,004
– –
MAYS icon
109
J.W. Mays
MAYS
$78.6M
$278K 0.09%
7,326
– –
BKNG icon
110
Booking.com
BKNG
$150B
$275K 0.09%
1,275
– –
IYE icon
111
iShares US Energy ETF
IYE
$1.73B
$261K 0.09%
5,500
– –
ILOW
112
AB International Low Volatility Equity ETF
ILOW
$1.86B
$256K 0.09%
+6,013
New +$252K
CAT icon
113
Caterpillar
CAT
$373B
$255K 0.09%
+535
New +$228K
NMFC icon
114
New Mountain Finance
NMFC
$653M
$252K 0.08%
26,150
– –
JFR icon
115
Nuveen Floating Rate Income Fund
JFR
$1.23B
$244K 0.08%
29,789
– –
BDX icon
116
Becton Dickinson
BDX
$45.6B
$241K 0.08%
+1,290
New +$240K
CBZ icon
117
CBIZ
CBZ
$3B
$238K 0.08%
4,500
-6,500
-59% -$419K
PSX icon
118
Phillips 66
PSX
$84.4B
$236K 0.08%
1,738
-62
-3% -$7.94K
AIQ icon
119
Global X Artificial Intelligence & Technology ETF
AIQ
$9.32B
$232K 0.08%
+4,700
New +$214K
MDLZ icon
120
Mondelez International
MDLZ
$80.5B
$228K 0.08%
3,656
– –
APO icon
121
Apollo Global Management
APO
$69.3B
$227K 0.08%
1,707
– –
V icon
122
Visa
V
$673B
$227K 0.08%
665
– –
INDA icon
123
iShares MSCI India ETF
INDA
$6.88B
$208K 0.07%
4,000
– –
WEC icon
124
WEC Energy
WEC
$35.8B
$207K 0.07%
+1,806
New +$196K
XBI icon
125
State Street SPDR S&P Biotech ETF
XBI
$10.3B
$200K 0.07%
+2,000
New +$180K
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.