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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
+5.88%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$185M
AUM Growth
+$53.1M
Cap. Flow
+$48.1M
Cap. Flow %
25.92%
Top 10 Hldgs %
48.84%
Holding
131
New
19
Increased
37
Reduced
37
Closed
7

Top Buys

1
OBDC icon
Blue Owl Capital
OBDC
+$17.1M
2
GBDC icon
Golub Capital BDC
GBDC
+$6.83M
3
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$5.6M
4
IVW icon
iShares S&P 500 Growth ETF
IVW
+$3.65M
5
IWF icon
iShares Russell 1000 Growth ETF
IWF
+$2.78M

Top Sells

1
BRW
Saba Capital Income & Opportunities Fund
BRW
+$711K
2
QQQ icon
Invesco QQQ Trust
QQQ
+$488K
3
NSL
NUVEEN SENIOR INCM FD
NSL
+$454K
4
XLF icon
State Street Financial Select Sector SPDR ETF
XLF
+$409K
5
NEA icon
Nuveen AMT-Free Quality Municipal Income Fund
NEA
+$318K

Sector Composition

1 Financials 22.79%
2 Technology 3.8%
3 Consumer Discretionary 3.14%
4 Healthcare 2.89%
5 Communication Services 2.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OBDC icon
1
Blue Owl Capital
OBDC
$5.55B
$20.3M 10.92%
1,750,611
+1,429,734
+446% +$17.1M
IVV icon
2
iShares Core S&P 500 ETF
IVV
$891B
$16.7M 8.99%
43,422
+1,436
+3% +$554K
GBDC icon
3
Golub Capital BDC
GBDC
$3.47B
$11.7M 6.33%
892,570
+518,324
+138% +$6.83M
XLF icon
4
State Street Financial Select Sector SPDR ETF
XLF
$55.3B
$7.78M 4.19%
227,370
-12,103
-5% -$409K
XLV icon
5
State Street Health Care Select Sector SPDR ETF
XLV
$41.5B
$7.23M 3.9%
53,253
+11,516
+28% +$1.53M
QQQ icon
6
Invesco QQQ Trust
QQQ
$473B
$6.93M 3.74%
26,037
-1,764
-6% -$488K
SHYG icon
7
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
$7.62B
$6.16M 3.32%
150,673
+136,802
+986% +$5.6M
AFT
8
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$4.7M 2.53%
380,905
-1,347
-0.4% -$16.8K
IVW icon
9
iShares S&P 500 Growth ETF
IVW
$74.2B
$4.56M 2.46%
77,978
+60,868
+356% +$3.65M
AAPL icon
10
Apple
AAPL
$4.89T
$4.54M 2.45%
34,915
+1,425
+4% +$204K
VTI icon
11
Vanguard Total Stock Market ETF
VTI
$664B
$3.62M 1.95%
18,913
– –
IWF icon
12
iShares Russell 1000 Growth ETF
IWF
$125B
$3.24M 1.75%
60,528
+50,552
+507% +$2.78M
BRK.B icon
13
Berkshire Hathaway Class B
BRK.B
$1.06T
$3.23M 1.74%
10,466
+510
+5% +$151K
BGX
14
Blackstone Long-Short Credit Income Fund
BGX
$137M
$3.11M 1.68%
286,933
+30,216
+12% +$331K
IWD icon
15
iShares Russell 1000 Value ETF
IWD
$82.4B
$2.93M 1.58%
19,300
+6,536
+51% +$978K
SCHX icon
16
Schwab US Large- Cap ETF
SCHX
$72.4B
$2.92M 1.57%
194,103
+2,172
+1% +$32.9K
IEFA icon
17
iShares Core MSCI EAFE ETF
IEFA
$187B
$2.88M 1.55%
46,694
+14,463
+45% +$851K
JSD
18
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
$2.75M 1.48%
231,794
+17,227
+8% +$206K
BGB
19
Blackstone Strategic Credit 2027 Term Fund
BGB
$506M
$2.65M 1.43%
250,605
+29,536
+13% +$315K
IJR icon
20
iShares Core S&P Small-Cap ETF
IJR
$111B
$2.51M 1.35%
26,513
+3,006
+13% +$288K
TFX icon
21
Teleflex
TFX
$5.99B
$2.33M 1.25%
9,314
-20
-0.2% -$4.41K
SCHA icon
22
Schwab U.S Small- Cap ETF
SCHA
$22.8B
$2.14M 1.16%
105,852
-5,276
-5% -$108K
META icon
23
Meta Platforms (Facebook)
META
$1.69T
$2.08M 1.12%
17,244
+5,914
+52% +$694K
JPM icon
24
JPMorgan Chase
JPM
$912B
$1.93M 1.04%
14,376
+395
+3% +$50K
NSL
25
DELISTED
NUVEEN SENIOR INCM FD
NSL
$1.89M 1.02%
412,094
-96,534
-19% -$454K
1
2 3 4 5

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Next Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Next Capital Management held 131 positions worth $185M, up 40% from $132M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Next Capital Management deployed $48.1M of net new capital in Q4 2022, opening 19 new positions and adding to 37 existing holdings. Its largest new stake was BRT Apartments: 50,000 shares worth $982K.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 12% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Saba Capital Income & Opportunities Fund, an estimated $711K trimmed.

  • Next Capital Management's largest Q4 2022 buy was BRT Apartments: 50,000 shares worth $982K.
  • Next Capital Management added most to Blue Owl Capital in Q4 2022, an estimated $17.1M increase.
  • Next Capital Management's biggest Q4 2022 reduction was Saba Capital Income & Opportunities Fund, cutting an estimated $711K.
  • Next Capital Management fully exited Nuveen AMT-Free Quality Municipal Income Fund in Q4 2022, selling an estimated $318K.
  • Next Capital Management's ten largest holdings make up 49% of its $185M portfolio in Q4 2022.
  • Next Capital Management opened 19 new positions and closed 7 in Q4 2022.
  • Next Capital Management's portfolio value rose 40% quarter-over-quarter to $185M.

Based on Next Capital Management's 13F filing for Q4 2022, filed 12 Jan 2023.