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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
ZGN icon
126
Zegna
ZGN
$3.98B
$187K 0.06%
18,275
– –
SERV
127
Serve Robotics
SERV
$409M
$170K 0.05%
16,425
– –
WVVI icon
128
Willamette Valley Vineyards
WVVI
$13.3M
$167K 0.05%
54,800
– –
ACVA icon
129
ACV Auctions
ACVA
$1.4B
$134K 0.04%
16,706
– –
WULF icon
130
TeraWulf
WULF
$8.83B
$121K 0.04%
10,525
– –
ACHV icon
131
Achieve Life Sciences
ACHV
$647M
$80.2K 0.03%
16,130
– –
EDF
132
Virtus Stone Harbor Emerging Markets Income Fund
EDF
$165M
$49.7K 0.02%
10,000
– –
CRBU icon
133
Caribou Biosciences
CRBU
$150M
$31.8K 0.01%
20,000
– –
DCGO icon
134
DocGo
DCGO
$65.9M
$13.2K ﹤0.01%
15,000
– –
BYND icon
135
Beyond Meat
BYND
$286M
– –
-10,043
Closed -$19K
DFEN icon
136
Direxion Daily Aerospace & Defense Bull 3X ETF
DFEN
$376M
– –
-5,000
Closed -$344K
HD icon
137
Home Depot
HD
$332B
– –
-1,993
Closed -$808K
MCD icon
138
McDonald's
MCD
$191B
– –
-4,007
Closed -$1.22M
MDLZ icon
139
Mondelez International
MDLZ
$80.5B
– –
-3,656
Closed -$228K
MO icon
140
Altria Group
MO
$113B
– –
-5,076
Closed -$335K
PG icon
141
Procter & Gamble
PG
$335B
– –
-1,852
Closed -$285K
PM icon
142
Philip Morris
PM
$299B
– –
-7,588
Closed -$1.23M
WEC icon
143
WEC Energy
WEC
$35.9B
– –
-1,806
Closed -$207K
WMT icon
144
Walmart Inc
WMT
$884B
– –
-20,600
Closed -$2.12M
CRML icon
145
Critical Metals Corp
CRML
$817M
– –
-19,982
Closed -$124K
2 3 4 5
6

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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.