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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
+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

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

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

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
IVV icon
1
iShares Core S&P 500 ETF
IVV
$884B
$47.8M 15.31%
69,834
+1,135
+2% +$771K
MFIC icon
2
MidCap Financial Investment
MFIC
$814M
$17M 5.44%
1,484,349
+142,764
+11% +$1.69M
TCPC icon
3
BlackRock TCP Capital
TCPC
$279M
$14.7M 4.7%
2,683,539
+282,123
+12% +$1.63M
QQQ icon
4
Invesco QQQ Trust
QQQ
$466B
$13.2M 4.21%
21,424
+340
+2% +$209K
IEFA icon
5
iShares Core MSCI EAFE ETF
IEFA
$185B
$13.1M 4.18%
146,055
+11,598
+9% +$1.03M
META icon
6
Meta Platforms (Facebook)
META
$1.6T
$11M 3.51%
16,611
-102
-0.6% -$68.1K
AMZN icon
7
Amazon
AMZN
$2.67T
$10.4M 3.34%
45,188
-1,406
-3% -$322K
IWF icon
8
iShares Russell 1000 Growth ETF
IWF
$123B
$10.2M 3.25%
85,884
+8,984
+12% +$1.06M
VTI icon
9
Vanguard Total Stock Market ETF
VTI
$660B
$10.1M 3.24%
30,174
+2,918
+11% +$971K
IEMG icon
10
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
$9.57M 3.07%
142,425
+35,650
+33% +$2.39M
IVW icon
11
iShares S&P 500 Growth ETF
IVW
$73.2B
$8.06M 2.58%
65,367
+14,819
+29% +$1.81M
AAPL icon
12
Apple
AAPL
$4.89T
$7.71M 2.47%
28,346
+643
+2% +$173K
IJR icon
13
iShares Core S&P Small-Cap ETF
IJR
$110B
$5.65M 1.81%
46,975
+2,837
+6% +$339K
IWD icon
14
iShares Russell 1000 Value ETF
IWD
$82.4B
$5.4M 1.73%
25,679
+1,785
+7% +$369K
IJH icon
15
iShares Core S&P Mid-Cap ETF
IJH
$123B
$5.33M 1.71%
80,757
+10,566
+15% +$692K
VOO icon
16
Vanguard S&P 500 ETF
VOO
$977B
$5.29M 1.69%
8,438
-1,599
-16% -$994K
NVDA icon
17
NVIDIA
NVDA
$4.93T
$4.65M 1.49%
24,922
-1,521
-6% -$283K
IWB icon
18
iShares Russell 1000 ETF
IWB
$48.1B
$4.46M 1.43%
11,948
+31
+0.3% +$11.5K
SPY icon
19
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$4.23M 1.35%
6,195
+347
+6% +$235K
BRK.B icon
20
Berkshire Hathaway Class B
BRK.B
$1.08T
$4.17M 1.33%
8,289
-160
-2% -$79.6K
SCHA icon
21
Schwab U.S Small- Cap ETF
SCHA
$22.8B
$3.39M 1.09%
119,142
+1,759
+1% +$49.7K
GBDC icon
22
Golub Capital BDC
GBDC
$3.45B
$3.31M 1.06%
244,213
– –
FNDX icon
23
Schwab Fundamental US Large Company Index ETF
FNDX
$26.4B
$3.27M 1.05%
120,237
+15,069
+14% +$403K
SCHX icon
24
Schwab US Large- Cap ETF
SCHX
$71.9B
$3.06M 0.98%
113,652
-1,759
-2% -$47K
VIG icon
25
Vanguard Dividend Appreciation ETF
VIG
$111B
$2.94M 0.94%
13,360
+11
+0.1% +$2.4K
1
2 3 4 5

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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.