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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
+5.96%
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

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

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

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
IVV icon
1
iShares Core S&P 500 ETF
IVV
$879B
$46M 15.35%
68,699
+4,550
+7% +$2.93M
MFIC icon
2
MidCap Financial Investment
MFIC
$823M
$16.1M 5.37%
1,341,585
+616,184
+85% +$7.86M
TCPC icon
3
BlackRock TCP Capital
TCPC
$280M
$14.9M 4.97%
2,401,416
+1,266,590
+112% +$9.09M
QQQ icon
4
Invesco QQQ Trust
QQQ
$461B
$12.7M 4.22%
21,084
-716
-3% -$410K
META icon
5
Meta Platforms (Facebook)
META
$1.63T
$12.3M 4.1%
16,713
+56
+0.3% +$41.7K
IEFA icon
6
iShares Core MSCI EAFE ETF
IEFA
$185B
$11.7M 3.92%
134,457
+18,122
+16% +$1.54M
AMZN icon
7
Amazon
AMZN
$2.66T
$10.2M 3.41%
46,594
+2,627
+6% +$595K
IWF icon
8
iShares Russell 1000 Growth ETF
IWF
$122B
$9.01M 3.01%
76,900
+4,232
+6% +$471K
VTI icon
9
Vanguard Total Stock Market ETF
VTI
$656B
$8.95M 2.99%
27,256
+693
+3% +$219K
AAPL icon
10
Apple
AAPL
$4.91T
$7.05M 2.35%
27,703
-16,311
-37% -$3.68M
IEMG icon
11
iShares Core MSCI Emerging Markets ETF
IEMG
$146B
$7.04M 2.35%
106,775
+24,628
+30% +$1.54M
VOO icon
12
Vanguard S&P 500 ETF
VOO
$971B
$6.15M 2.05%
10,037
-5,711
-36% -$3.37M
IVW icon
13
iShares S&P 500 Growth ETF
IVW
$72.4B
$6.1M 2.04%
50,548
+2,775
+6% +$319K
IJR icon
14
iShares Core S&P Small-Cap ETF
IJR
$110B
$5.24M 1.75%
44,138
+6,189
+16% +$712K
NVDA icon
15
NVIDIA
NVDA
$4.84T
$4.93M 1.65%
26,443
-590
-2% -$103K
IWD icon
16
iShares Russell 1000 Value ETF
IWD
$82.4B
$4.86M 1.62%
23,894
+2,599
+12% +$517K
IJH icon
17
iShares Core S&P Mid-Cap ETF
IJH
$122B
$4.58M 1.53%
70,191
+4,509
+7% +$290K
IWB icon
18
iShares Russell 1000 ETF
IWB
$47.8B
$4.36M 1.45%
11,917
-817
-6% -$288K
BRK.B icon
19
Berkshire Hathaway Class B
BRK.B
$1.08T
$4.25M 1.42%
8,449
– –
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$772B
$3.9M 1.3%
5,848
+72
+1% +$46.2K
GBDC icon
21
Golub Capital BDC
GBDC
$3.48B
$3.34M 1.12%
244,213
-35,231
-13% -$519K
SCHA icon
22
Schwab U.S Small- Cap ETF
SCHA
$22.5B
$3.27M 1.09%
117,383
-16
-0% -$428
SCHX icon
23
Schwab US Large- Cap ETF
SCHX
$71.5B
$3.04M 1.01%
115,411
-4,094
-3% -$104K
VIG icon
24
Vanguard Dividend Appreciation ETF
VIG
$111B
$2.88M 0.96%
13,349
+7
+0.1% +$1.47K
FNDX icon
25
Schwab Fundamental US Large Company Index ETF
FNDX
$26.4B
$2.77M 0.92%
105,168
+20,010
+23% +$508K
1
2 3 4 5

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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.