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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
+9.89%
1 Year Est. Return
+11.54%
3 Year Est. Return
+56.12%
5 Year Est. Return
+59.28%
10 Year Est. Return
–
AUM
$271M
AUM Growth
+$62.1M
Cap. Flow
+$41.4M
Cap. Flow %
15.31%
Top 10 Hldgs %
47.1%
Holding
142
New
24
Increased
65
Reduced
14
Closed
5

Top Buys

Rank Stock Value
1
TCPC icon
BlackRock TCP Capital
TCPC
+$7.96M
2
MFIC icon
MidCap Financial Investment
MFIC
+$6.82M
3
VOO icon
Vanguard S&P 500 ETF
VOO
+$4.05M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$3.19M
5
IWB icon
iShares Russell 1000 ETF
IWB
+$2.16M

Top Sells

Rank Stock Value
1
SHYG icon
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
+$1.05M
2
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$958K
3
GBDC icon
Golub Capital BDC
GBDC
+$925K
4
AEP icon
American Electric Power
AEP
+$307K
5
CVX icon
Chevron
CVX
+$203K

Sector Composition

Rank Sector Weight
1 Financials 13.93%
2 Technology 6.95%
3 Communication Services 6.33%
4 Consumer Discretionary 4.72%
5 Consumer Staples 2.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVV icon
1
iShares Core S&P 500 ETF
IVV
$869B
$39.8M 14.72%
64,149
+5,564
+9% +$3.19M
META icon
2
Meta Platforms (Facebook)
META
$1.51T
$12.3M 4.54%
16,657
+44
+0.3% +$27.2K
QQQ icon
3
Invesco QQQ Trust
QQQ
$450B
$12M 4.44%
21,800
+29
+0.1% +$14.4K
IEFA icon
4
iShares Core MSCI EAFE ETF
IEFA
$186B
$9.71M 3.59%
116,335
+11,924
+11% +$946K
AMZN icon
5
Amazon
AMZN
$2.5T
$9.65M 3.56%
43,967
+4,822
+12% +$954K
MFIC icon
6
MidCap Financial Investment
MFIC
$784M
$9.15M 3.38%
725,401
+556,316
+329% +$6.82M
AAPL icon
7
Apple
AAPL
$4.89T
$9.03M 3.34%
44,014
+2,021
+5% +$408K
VOO icon
8
Vanguard S&P 500 ETF
VOO
$968B
$8.96M 3.31%
15,748
+7,708
+96% +$4.05M
TCPC icon
9
BlackRock TCP Capital
TCPC
$265M
$8.74M 3.23%
1,134,826
+1,083,968
+2,131% +$7.96M
VTI icon
10
Vanguard Total Stock Market ETF
VTI
$654B
$8.07M 2.98%
26,563
+427
+2% +$120K
IWF icon
11
iShares Russell 1000 Growth ETF
IWF
$122B
$7.71M 2.85%
72,668
-740
-1% -$70.8K
IVW icon
12
iShares S&P 500 Growth ETF
IVW
$72.5B
$5.26M 1.94%
47,773
+1,072
+2% +$106K
IEMG icon
13
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
$4.93M 1.82%
82,147
+8,041
+11% +$449K
IWB icon
14
iShares Russell 1000 ETF
IWB
$47.7B
$4.32M 1.6%
12,734
+6,889
+118% +$2.16M
NVDA icon
15
NVIDIA
NVDA
$5.01T
$4.27M 1.58%
27,033
+14,444
+115% +$1.82M
IJR icon
16
iShares Core S&P Small-Cap ETF
IJR
$109B
$4.15M 1.53%
37,949
+3,076
+9% +$318K
IWD icon
17
iShares Russell 1000 Value ETF
IWD
$82B
$4.14M 1.53%
21,295
+716
+3% +$133K
BRK.B icon
18
Berkshire Hathaway Class B
BRK.B
$1.07T
$4.1M 1.52%
8,449
+1,063
+14% +$540K
GBDC icon
19
Golub Capital BDC
GBDC
$3.33B
$4.09M 1.51%
279,444
-63,509
-19% -$925K
IJH icon
20
iShares Core S&P Mid-Cap ETF
IJH
$123B
$4.07M 1.51%
65,682
+1,161
+2% +$68.2K
SPY icon
21
State Street SPDR S&P 500 ETF Trust
SPY
$781B
$3.57M 1.32%
5,776
-111
-2% -$63.5K
SCHA icon
22
Schwab U.S Small- Cap ETF
SCHA
$22.5B
$2.97M 1.1%
117,399
-1,315
-1% -$31.1K
XLV icon
23
State Street Health Care Select Sector SPDR ETF
XLV
$42B
$2.96M 1.09%
21,977
+22
+0.1% +$2.97K
SCHX icon
24
Schwab US Large- Cap ETF
SCHX
$71B
$2.92M 1.08%
119,505
-571
-0.5% -$12.9K
VIG icon
25
Vanguard Dividend Appreciation ETF
VIG
$111B
$2.73M 1.01%
13,342
– –
1
2 3 4 5

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Next Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Next Capital Management held 142 positions worth $271M, up 30% from $208M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Next Capital Management deployed $41.4M of net new capital in Q2 2025, opening 24 new positions and adding to 65 existing holdings. Its largest new stake was MongoDB: 4,297 shares worth $902K.

By sector, the portfolio is most concentrated in Financials at 14% of assets, up from 9.8% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was JPMorgan Ultra-Short Income ETF, an estimated $958K trimmed.

  • Next Capital Management's largest Q2 2025 buy was MongoDB: 4,297 shares worth $902K.
  • Next Capital Management added most to BlackRock TCP Capital in Q2 2025, an estimated $7.96M increase.
  • Next Capital Management's biggest Q2 2025 reduction was JPMorgan Ultra-Short Income ETF, cutting an estimated $958K.
  • Next Capital Management fully exited iShares 0-5 Year High Yield Corporate Bond ETF in Q2 2025, selling an estimated $1.05M.
  • Next Capital Management's ten largest holdings make up 47% of its $271M portfolio in Q2 2025.
  • Next Capital Management opened 24 new positions and closed 5 in Q2 2025.
  • Next Capital Management's portfolio value rose 30% quarter-over-quarter to $271M.

Based on Next Capital Management's 13F filing for Q2 2025, filed 5 Aug 2025.