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NCM

Next Capital Management Portfolio holdings

AUM $370M
1-Year Est. Return 13.07%
This Fund
S&P 500
This Quarter Est. Return
-5.48%
1 Year Est. Return
+13.07%
3 Year Est. Return
+61.26%
5 Year Est. Return
+63.83%
10 Year Est. Return
–
AUM
$330M
AUM Growth
+$17.8M
Cap. Flow
+$38.1M
Cap. Flow %
11.55%
Top 10 Hldgs %
48.16%
Holding
151
New
15
Increased
60
Reduced
24
Closed
17

Top Buys

Rank Stock Value
1
OBDC icon
Blue Owl Capital
OBDC
+$14.3M
2
MFIC icon
MidCap Financial Investment
MFIC
+$4.27M
3
GBDC icon
Golub Capital BDC
GBDC
+$4.14M
4
KKR icon
KKR & Co
KKR
+$2.9M
5
APO icon
Apollo Global Management
APO
+$2.49M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$1.51M
2
TFX icon
Teleflex
TFX
+$1.27M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$810K
4
CSGS
CSG Systems International
CSGS
+$690K
5
BIZD icon
VanEck BDC Income ETF
BIZD
+$652K

Sector Composition

Rank Sector Weight
1 Financials 22.98%
2 Technology 5.22%
3 Communication Services 4.26%
4 Consumer Discretionary 3.09%
5 Healthcare 1.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVV icon
1
iShares Core S&P 500 ETF
IVV
$910B
$46.1M 13.97%
70,599
+765
+1% +$522K
MFIC icon
2
MidCap Financial Investment
MFIC
$810M
$21M 6.37%
1,871,652
+387,303
+26% +$4.27M
OBDC icon
3
Blue Owl Capital
OBDC
$5.86B
$15.8M 4.78%
1,418,819
+1,219,235
+611% +$14.3M
IEFA icon
4
iShares Core MSCI EAFE ETF
IEFA
$196B
$14.5M 4.38%
159,750
+13,695
+9% +$1.28M
QQQ icon
5
Invesco QQQ Trust
QQQ
$488B
$11.6M 3.51%
20,091
-1,333
-6% -$810K
TCPC icon
6
BlackRock TCP Capital
TCPC
$345M
$11M 3.33%
3,049,547
+366,008
+14% +$1.7M
IEMG icon
7
iShares Core MSCI Emerging Markets ETF
IEMG
$159B
$10.6M 3.2%
151,521
+9,096
+6% +$657K
VTI icon
8
Vanguard Morningstar Total Stock Market ETF
VTI
$696B
$10M 3.03%
31,160
+986
+3% +$331K
META icon
9
Meta Platforms (Facebook)
META
$1.52T
$9.32M 2.82%
16,296
-315
-2% -$202K
IWF icon
10
iShares Russell 1000 Growth ETF
IWF
$129B
$9.12M 2.76%
85,544
-340
-0.4% -$38.6K
AMZN icon
11
Amazon
AMZN
$2.86T
$8.88M 2.69%
42,650
-2,538
-6% -$559K
IVW icon
12
iShares S&P 500 Growth ETF
IVW
$77.9B
$7.68M 2.33%
67,879
+2,512
+4% +$302K
GBDC icon
13
Golub Capital BDC
GBDC
$3.47B
$7.18M 2.17%
567,205
+322,992
+132% +$4.14M
AAPL icon
14
Apple
AAPL
$4.48T
$6.76M 2.05%
26,623
-1,723
-6% -$448K
IJH icon
15
iShares Core S&P Mid-Cap ETF
IJH
$128B
$6.22M 1.89%
92,174
+11,417
+14% +$792K
IJR icon
16
iShares Core S&P Small-Cap ETF
IJR
$113B
$6.18M 1.87%
49,749
+2,774
+6% +$352K
IWD icon
17
iShares Russell 1000 Value ETF
IWD
$84.3B
$6M 1.82%
28,065
+2,386
+9% +$523K
VOO icon
18
Vanguard S&P 500 ETF
VOO
$1.04T
$5.1M 1.54%
8,533
+95
+1% +$59.4K
KKR icon
19
KKR & Co
KKR
$103B
$4.42M 1.34%
47,771
+27,498
+136% +$2.9M
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$815B
$4.4M 1.33%
6,759
+564
+9% +$383K
IWB icon
21
iShares Russell 1000 ETF
IWB
$50.5B
$4.26M 1.29%
11,952
+4
+0% +$1.49K
BRK.B icon
22
Berkshire Hathaway Class B
BRK.B
$1.09T
$4M 1.21%
8,352
+63
+0.8% +$30.9K
NVDA icon
23
NVIDIA
NVDA
$5.47T
$3.94M 1.19%
22,584
-2,338
-9% -$429K
FNDX icon
24
Schwab Fundamental US Large Company Index ETF
FNDX
$27.6B
$3.57M 1.08%
128,008
+7,771
+6% +$220K
VIG icon
25
Vanguard Dividend Appreciation ETF
VIG
$114B
$3.14M 0.95%
14,617
+1,257
+9% +$280K
1
2 3 4 5

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Next Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Next Capital Management held 151 positions worth $330M, up 5.7% from $312M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Next Capital Management deployed $38.1M of net new capital in Q1 2026, opening 15 new positions and adding to 60 existing holdings. Its largest new stake was Salesforce: 11,350 shares worth $2.12M.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 17% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Invesco QQQ Trust, an estimated $810K trimmed.

  • Next Capital Management's largest Q1 2026 buy was Salesforce: 11,350 shares worth $2.12M.
  • Next Capital Management added most to Blue Owl Capital in Q1 2026, an estimated $14.3M increase.
  • Next Capital Management's biggest Q1 2026 reduction was Invesco QQQ Trust, cutting an estimated $810K.
  • Next Capital Management fully exited Berkshire Hathaway Class A in Q1 2026, selling an estimated $1.51M.
  • Next Capital Management's ten largest holdings make up 48% of its $330M portfolio in Q1 2026.
  • Next Capital Management opened 15 new positions and closed 17 in Q1 2026.
  • Next Capital Management's portfolio value rose 5.7% quarter-over-quarter to $330M.

Based on Next Capital Management's 13F filing for Q1 2026, filed 7 May 2026.