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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
SLV icon
101
iShares Silver Trust
SLV
$27.7B
$295K 0.09%
+4,585
New +$230K
MAYS icon
102
J.W. Mays
MAYS
$78.6M
$293K 0.09%
7,326
– –
TRV icon
103
Travelers Companies
TRV
$81.1B
$291K 0.09%
1,005
+1
+0.1% +$281
PLTR icon
104
Palantir
PLTR
$295B
$280K 0.09%
1,578
-104
-6% -$18.8K
WMB icon
105
Williams Companies
WMB
$85.8B
$279K 0.09%
4,645
– –
LII icon
106
Lennox International
LII
$15B
$273K 0.09%
563
– –
NMFC icon
107
New Mountain Finance
NMFC
$654M
$273K 0.09%
29,680
+3,530
+13% +$33.3K
BNDX icon
108
Vanguard Total International Bond ETF
BNDX
$82B
$267K 0.09%
+5,519
New +$273K
IYE icon
109
iShares US Energy ETF
IYE
$1.72B
$261K 0.08%
5,500
– –
BKNG icon
110
Booking.com
BKNG
$156B
$257K 0.08%
1,200
-75
-6% -$15.4K
ILOW
111
AB International Low Volatility Equity ETF
ILOW
$1.82B
$256K 0.08%
6,013
– –
APO icon
112
Apollo Global Management
APO
$69B
$255K 0.08%
1,759
+52
+3% +$6.91K
AIQ icon
113
Global X Artificial Intelligence & Technology ETF
AIQ
$8.89B
$247K 0.08%
4,848
+148
+3% +$7.52K
XBI icon
114
State Street SPDR S&P Biotech ETF
XBI
$10B
$244K 0.08%
2,000
– –
VO icon
115
Vanguard Morningstar Mid-Cap ETF
VO
$106B
$234K 0.08%
+3,232
New +$235K
JFR icon
116
Nuveen Floating Rate Income Fund
JFR
$1.23B
$234K 0.07%
29,858
+69
+0.2% +$545
CBZ icon
117
CBIZ
CBZ
$2.98B
$227K 0.07%
4,500
– –
BDX icon
118
Becton Dickinson
BDX
$46.4B
$226K 0.07%
1,164
-126
-10% -$24K
PSX icon
119
Phillips 66
PSX
$82.9B
$224K 0.07%
1,738
– –
INDA icon
120
iShares MSCI India ETF
INDA
$6.81B
$216K 0.07%
4,000
– –
V icon
121
Visa
V
$677B
$212K 0.07%
603
-62
-9% -$21.1K
MGM icon
122
MGM Resorts International
MGM
$11.7B
$210K 0.07%
+5,750
New +$195K
DIVB icon
123
iShares Core Dividend ETF
DIVB
$1.71B
$205K 0.07%
+3,854
New +$202K
ABBV icon
124
AbbVie
ABBV
$465B
$203K 0.07%
889
-675
-43% -$154K
AMRZ
125
Amrize Ltd
AMRZ
$27.4B
$203K 0.06%
+3,750
New +$191K
2 3 4
5
6

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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.