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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

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

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

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
IVV icon
1
iShares Core S&P 500 ETF
IVV
$882B
$32.9M 15.79%
58,585
+1,353
+2% +$799K
QQQ icon
2
Invesco QQQ Trust
QQQ
$467B
$10.2M 4.9%
21,771
-833
-4% -$423K
META icon
3
Meta Platforms (Facebook)
META
$1.64T
$9.57M 4.59%
16,613
-2,397
-13% -$1.55M
AAPL icon
4
Apple
AAPL
$4.88T
$9.33M 4.47%
41,993
-2,553
-6% -$591K
IEFA icon
5
iShares Core MSCI EAFE ETF
IEFA
$186B
$7.9M 3.79%
104,411
+2,244
+2% +$168K
AMZN icon
6
Amazon
AMZN
$2.66T
$7.45M 3.57%
39,145
-2,750
-7% -$597K
VTI icon
7
Vanguard Total Stock Market ETF
VTI
$658B
$7.18M 3.45%
26,136
-3,831
-13% -$1.11M
IWF icon
8
iShares Russell 1000 Growth ETF
IWF
$123B
$6.63M 3.18%
73,408
+2,828
+4% +$279K
GBDC icon
9
Golub Capital BDC
GBDC
$3.4B
$5.19M 2.49%
342,953
-240,923
-41% -$3.7M
IVW icon
10
iShares S&P 500 Growth ETF
IVW
$73.3B
$4.34M 2.08%
46,701
+406
+0.9% +$40.9K
VOO icon
11
Vanguard S&P 500 ETF
VOO
$975B
$4.13M 1.98%
8,040
-53
-0.7% -$28.7K
IEMG icon
12
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
$4M 1.92%
74,106
+5,034
+7% +$271K
BRK.B icon
13
Berkshire Hathaway Class B
BRK.B
$1.06T
$3.93M 1.89%
7,386
-354
-5% -$172K
IWD icon
14
iShares Russell 1000 Value ETF
IWD
$81.9B
$3.87M 1.86%
20,579
+474
+2% +$90.3K
IJH icon
15
iShares Core S&P Mid-Cap ETF
IJH
$122B
$3.76M 1.81%
64,521
+8,554
+15% +$531K
IJR icon
16
iShares Core S&P Small-Cap ETF
IJR
$110B
$3.65M 1.75%
34,873
+1,641
+5% +$185K
SPY icon
17
State Street SPDR S&P 500 ETF Trust
SPY
$775B
$3.29M 1.58%
5,887
+722
+14% +$424K
XLV icon
18
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
$3.21M 1.54%
21,955
-7,845
-26% -$1.14M
SCHA icon
19
Schwab U.S Small- Cap ETF
SCHA
$22.7B
$2.78M 1.33%
118,714
-3,484
-3% -$88.8K
SCHX icon
20
Schwab US Large- Cap ETF
SCHX
$71.7B
$2.65M 1.27%
120,076
-28,640
-19% -$667K
VIG icon
21
Vanguard Dividend Appreciation ETF
VIG
$111B
$2.59M 1.24%
13,342
-1,957
-13% -$389K
MFIC icon
22
MidCap Financial Investment
MFIC
$803M
$2.17M 1.04%
169,085
-5,643
-3% -$76.7K
KKR icon
23
KKR & Co
KKR
$90.2B
$2.01M 0.96%
17,387
– –
JPST icon
24
JPMorgan Ultra-Short Income ETF
JPST
$39.8B
$1.98M 0.95%
39,151
-4,612
-11% -$233K
VUG icon
25
Vanguard Growth ETF
VUG
$221B
$1.81M 0.87%
29,364
-8,484
-22% -$572K
1
2 3 4 5

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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.