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NCM

Next Capital Management Portfolio holdings

AUM $330M
1-Year Est. Return 11.54%
This Fund
S&P 500
This Quarter Est. Return
-2.6%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$208M
AUM Growth
-$38.6M
Cap. Flow
-$31.5M
Cap. Flow %
-15.09%
Top 10 Hldgs %
48.31%
Holding
151
New
10
Increased
29
Reduced
43
Closed
33

Top Buys

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$1.46M
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$799K
3
SCHB icon
Schwab US Broad Market ETF
SCHB
+$747K
4
QQQM icon
Invesco NASDAQ 100 ETF
QQQM
+$606K
5
IJH icon
iShares Core S&P Mid-Cap ETF
IJH
+$531K

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$3.84M
2
GBDC icon
Golub Capital BDC
GBDC
+$3.7M
3
IWB icon
iShares Russell 1000 ETF
IWB
+$2.33M
4
META icon
Meta Platforms (Facebook)
META
+$1.55M
5
AVB icon
AvalonBay Communities
AVB
+$1.24M

Sector Composition

Rank Sector Weight
1 Financials 9.85%
2 Technology 6.37%
3 Communication Services 6.06%
4 Consumer Discretionary 4.81%
5 Consumer Staples 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COST icon
126
Costco
COST
$422B
– –
-324
Closed -$297K
CRM icon
127
Salesforce
CRM
$151B
– –
-1,480
Closed -$495K
JFR icon
128
Nuveen Floating Rate Income Fund
JFR
$1.24B
– –
-35,541
Closed -$317K
LULU icon
129
lululemon athletica
LULU
$13.5B
– –
-717
Closed -$274K
MJ icon
130
Amplify Alternative Harvest ETF
MJ
$101M
– –
-4,389
Closed -$118K
OPP
131
RiverNorth/DoubleLine Strategic Opportunity Fund
OPP
$190M
– –
-63,859
Closed -$533K
PINS icon
132
Pinterest
PINS
$13.4B
– –
-8,370
Closed -$243K
PLD icon
133
Prologis
PLD
$135B
– –
-2,422
Closed -$256K
PSX icon
134
Phillips 66
PSX
$84.9B
– –
-1,904
Closed -$217K
RFI
135
Cohen & Steers Total Return Realty Fund
RFI
$311M
– –
-10,010
Closed -$116K
ROP icon
136
Roper Technologies
ROP
$38.8B
– –
-667
Closed -$347K
SBUX icon
137
Starbucks
SBUX
$120B
– –
-2,268
Closed -$207K
SHEL icon
138
Shell
SHEL
$254B
– –
-5,682
Closed -$356K
SMH icon
139
VanEck Semiconductor ETF
SMH
$65.2B
– –
-1,238
Closed -$300K
SPGI icon
140
S&P Global
SPGI
$121B
– –
-474
Closed -$236K
TSLA icon
141
Tesla
TSLA
$1.23T
– –
-9,519
Closed -$3.84M
TSLA icon
142
PUT
Tesla
TSLA
$1.23T
– –
-9,400
Closed -$3.8M
TYG
143
Tortoise Energy Infrastructure Corp
TYG
$1.09B
– –
-9,770
Closed -$410K
UDR icon
144
UDR
UDR
$12.3B
– –
-5,069
Closed -$220K
VBK icon
145
Vanguard Morningstar Small-Cap Growth ETF
VBK
$23.1B
– –
-1,434
Closed -$402K
VNQ icon
146
Vanguard Real Estate ETF
VNQ
$39.2B
– –
-4,460
Closed -$397K
VO icon
147
Vanguard Morningstar Mid-Cap ETF
VO
$106B
– –
-7,052
Closed -$466K
VOE icon
148
Vanguard Morningstar Mid-Cap Value ETF
VOE
$23.7B
– –
-1,318
Closed -$213K
2 3 4 5
6

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Next Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Next Capital Management held 151 positions worth $208M, down 16% from $247M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Next Capital Management withdrew a net $31.5M in Q1 2025, closing 33 positions and reducing 43 holdings. Its most notable exit was Tesla, an estimated $3.84M position sold in full.

By sector, the portfolio is most concentrated in Financials at 9.8% of assets, down from 9.9% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Next Capital Management opened a new position in Berkshire Hathaway Class A worth $1.6M.

  • Next Capital Management's largest Q1 2025 buy was Berkshire Hathaway Class A: 2 shares worth $1.6M.
  • Next Capital Management added most to iShares Core S&P 500 ETF in Q1 2025, an estimated $799K increase.
  • Next Capital Management's biggest Q1 2025 reduction was Golub Capital BDC, cutting an estimated $3.7M.
  • Next Capital Management fully exited Tesla in Q1 2025, selling an estimated $3.84M.
  • Next Capital Management's ten largest holdings make up 48% of its $208M portfolio in Q1 2025.
  • Next Capital Management opened 10 new positions and closed 33 in Q1 2025.
  • Next Capital Management's portfolio value fell 16% quarter-over-quarter to $208M.

Based on Next Capital Management's 13F filing for Q1 2025, filed 6 May 2025.