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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
WVVI icon
126
Willamette Valley Vineyards
WVVI
$12.5M
$199K 0.07%
54,800
– –
SERV
127
Serve Robotics
SERV
$404M
$191K 0.06%
16,425
– –
ZGN icon
128
Zegna
ZGN
$3.97B
$173K 0.06%
18,275
– –
ACVA icon
129
ACV Auctions
ACVA
$1.32B
$166K 0.06%
16,706
+700
+4% +$8.96K
CRML icon
130
Critical Metals Corp
CRML
$795M
$124K 0.04%
19,982
– –
WULF icon
131
TeraWulf
WULF
$8.79B
$120K 0.04%
+10,525
New +$80.4K
ACHV icon
132
Achieve Life Sciences
ACHV
$644M
$50.8K 0.02%
+16,130
New +$44.3K
EDF
133
Virtus Stone Harbor Emerging Markets Income Fund
EDF
$167M
$50.5K 0.02%
10,000
– –
CRBU icon
134
Caribou Biosciences
CRBU
$143M
$46.6K 0.02%
20,000
– –
DCGO icon
135
DocGo
DCGO
$65.9M
$20.4K 0.01%
15,000
– –
BYND icon
136
Beyond Meat
BYND
$300M
$19K 0.01%
+10,043
New +$29.6K
ABT icon
137
Abbott
ABT
$183B
– –
-1,634
Closed -$222K
CRM icon
138
Salesforce
CRM
$150B
– –
-943
Closed -$257K
ETWO
139
DELISTED
E2open Parent Holdings
ETWO
– –
-14,587
Closed -$47.1K
EWG icon
140
iShares MSCI Germany ETF
EWG
$1.59B
– –
-11,475
Closed -$486K
MRK icon
141
Merck
MRK
$323B
– –
-5,814
Closed -$461K
NOC icon
142
Northrop Grumman
NOC
$76.9B
– –
-811
Closed -$405K
PEP icon
143
PepsiCo
PEP
$191B
– –
-1,738
Closed -$229K
PFE icon
144
Pfizer
PFE
$143B
– –
-17,903
Closed -$434K
SCHM icon
145
Schwab US Mid-Cap ETF
SCHM
$14.5B
– –
-8,100
Closed -$227K
UNH icon
146
UnitedHealth
UNH
$382B
– –
-1,246
Closed -$389K
2 3 4 5
6

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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.