Next Capital Management LLC
CIK 1752762 · View on SEC EDGAR ↗
- Portfolio value
- $370.5M
- Positions
- 138
- As of
- June 30, 2026
#4,558 of 9,443 by 13F value · top 48.3%
Portfolio value QoQ: +12.2% 13F does not disclose cash
- Top 10 holdings weight
- 48.42%
- Top 25 holdings weight
- 72.97%
- Positions above 1%
- 26
- Effective number of positions
- 24.7
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 2.87% Est. buys $30,187,097 · sells $10,044,159
Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 66.0% still held
- New positions
- 15
- Increased
- 42
- Decreased
- 33
- Closed
- 11
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Financial Services
19.2%
Technology
5.2%
Communication Services
4.0%
Retail
2.0%
Healthcare
1.4%
Industrials
0.7%
Energy
0.7%
Consumer Staples
0.5%
Financials
0.4%
Materials
0.4%
Utilities
0.3%
Consumer Discretionary
0.2%
Packaging
0.1%
Logistics & Transportation
0.1%
Real Estate
0.1%
Other/Unmapped
64.7%
Full portfolio 138 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| IVV | $54,269,275 | 14.65% | 72,466 | $8,153,435 | Up ×6 | ||
| MFIC MidCap Financial Investment Corporation - Closed End Fund | $19,148,639 | 5.17% | 1,899,667 | $-1,888,732 | Up ×5 | ||
| OBDC Blue Owl Capital Corporation Common Stock | $18,473,368 | 4.99% | 1,688,690 | $2,684,019 | Up ×3 | ||
| IEFA | $17,003,926 | 4.59% | 176,061 | $2,541,749 | Up ×6 | ||
| QQQ Invesco QQQ Trust, Series 1 | $14,749,959 | 3.98% | 20,030 | $3,153,959 | Down ×2 | ||
| IEMG | $13,538,523 | 3.65% | 163,430 | $2,969,950 | Up ×6 | ||
| VTI | $11,440,423 | 3.09% | 30,917 | $1,443,877 | Down ×1 | ||
| TCPC BlackRock TCP Capital Corp. - Closed End Fund | $10,517,758 | 2.84% | 3,130,285 | $-491,107 | Up ×5 | ||
| IWF | $10,489,937 | 2.83% | 84,480 | $1,370,890 | Up ×1 | ||
| META Meta Platforms, Inc. - Class A Common Stock | $9,733,961 | 2.63% | 17,281 | $410,258 | Up ×1 | ||
| IVW | $9,679,776 | 2.61% | 70,383 | $2,001,986 | Up ×6 | ||
| IJH | $7,847,527 | 2.12% | 101,771 | $1,623,032 | Up ×6 | ||
| IJR | $7,784,922 | 2.10% | 52,491 | $1,600,562 | Up ×6 | ||
| AAPL Apple Inc. - Common Stock | $7,626,042 | 2.06% | 26,355 | $869,359 | Down ×2 | ||
| AMZN Amazon.com, Inc. - Common Stock | $7,247,204 | 1.96% | 30,407 | $-1,635,512 | Down ×3 | ||
| IWD | $6,781,946 | 1.83% | 27,975 | $785,214 | Down ×1 | ||
| GBDC Golub Capital BDC, Inc. - Closed End Fund | $6,510,093 | 1.76% | 505,442 | $-670,722 | Down ×1 | ||
| VOO | $5,863,113 | 1.58% | 8,537 | $763,958 | Up ×2 | ||
| SPY SPY | $4,954,400 | 1.34% | 6,632 | $556,004 | Down ×1 | ||
| IWB | $4,895,256 | 1.32% | 11,954 | $633,825 | Up ×3 | ||
| KKR KKR & Co. Inc. Common Stock | $4,711,893 | 1.27% | 51,339 | $293,075 | Up ×2 | ||
| NVDA NVIDIA Corporation - Common Stock | $4,524,823 | 1.22% | 22,614 | $586,105 | Up ×1 | ||
| FNDX | $4,483,164 | 1.21% | 144,153 | $918,148 | Up ×6 | ||
| BRKB | $4,174,491 | 1.13% | 8,342 | $171,985 | Down ×1 | ||
| SCHA | $3,884,715 | 1.05% | 107,520 | $747,279 | Down ×2 | ||
| QQQM Invesco NASDAQ 100 ETF | $3,797,136 | 1.03% | 12,533 | $1,148,096 | Up ×1 | ||
| VIG | $3,460,238 | 0.93% | 14,624 | $316,792 | Up ×4 | ||
| SCHX | $3,298,320 | 0.89% | 112,073 | $372,527 | Down ×1 | ||
| BX Blackstone Inc. Common Stock | $2,964,946 | 0.80% | 25,197 | $398,103 | Up ×6 | ||
| APO Apollo Global Management, Inc. (New) Common Stock | $2,906,758 | 0.78% | 24,569 | $470,783 | Up ×3 | ||
| XLV XLV | $2,854,243 | 0.77% | 17,990 | $215,073 | Down ×1 | ||
| VGT | $2,651,432 | 0.72% | 22,184 | $716,654 | Up ×1 | ||
| VUG | $2,618,971 | 0.71% | 30,404 | $405,601 | Up ×2 | ||
| EEM | $2,494,189 | 0.67% | 36,459 | $414,334 | Down ×1 | ||
| MSFT Microsoft Corporation - Common Stock | $2,290,231 | 0.62% | 6,140 | $197,496 | Up ×2 | ||
| LLY Eli Lilly and Company Common Stock | $2,120,592 | 0.57% | 1,768 | $494,439 | |||
| GOOG Alphabet Inc. - Class C Capital Stock | $2,118,213 | 0.57% | 5,995 | $293,497 | Down ×4 | ||
| IUSV iShares Core S&P U.S. Value ETF | $2,110,398 | 0.57% | 19,159 | $110,339 | Down ×2 | ||
| XLK XLK | $2,038,644 | 0.55% | 10,700 | $925,302 | Up ×5 | ||
| GOOGL Alphabet Inc. - Class A Common Stock | $2,021,374 | 0.55% | 5,656 | $100,768 | Down ×1 | ||
| XLF XLF | $2,015,723 | 0.54% | 37,600 | $312,073 | Up ×6 | ||
| VV | $1,848,860 | 0.50% | 5,376 | $242,242 | |||
| SCHD | $1,805,312 | 0.49% | 56,932 | $549,901 | Up ×6 | ||
| CRM Salesforce, Inc. Common Stock | $1,780,310 | 0.48% | 11,350 | $-338,395 | |||
| IWP | $1,705,315 | 0.46% | 11,648 | $213,582 | Up ×6 | ||
| VOT | $1,537,626 | 0.42% | 5,020 | $245,729 | |||
| GS Goldman Sachs Group, Inc. (The) Common Stock | $1,532,226 | 0.41% | 1,515 | $233,631 | Down ×1 | ||
| SCHW Charles Schwab Corporation (The) Common Stock | $1,506,123 | 0.41% | 16,323 | $-84,301 | Down ×1 | ||
| JNJ Johnson & Johnson Common Stock | $1,404,454 | 0.38% | 5,530 | $52,701 | |||
| MDB MongoDB, Inc. - Class A Common Stock | $1,366,441 | 0.37% | 4,068 | $293,125 | Down ×1 | ||
| KO Coca-Cola Company (The) Common Stock | $1,349,976 | 0.36% | 16,611 | $86,709 | |||
| VYM | $1,344,045 | 0.36% | 8,505 | $130,662 | Up ×2 | ||
| IWM | $1,336,459 | 0.36% | 4,448 | $207,743 | Down ×1 | ||
| TPG TPG Inc. - Class A Common Stock | $1,300,682 | 0.35% | 32,076 | $248,313 | Up ×1 | ||
| EFA | $1,247,523 | 0.34% | 12,009 | $81,062 | |||
| VEA | $1,242,244 | 0.34% | 17,435 | $168,968 | Up ×2 | ||
| KWEB | $1,199,519 | 0.32% | 49,020 | $-194,120 | |||
| JPM JP Morgan Chase & Co. Common Stock | $1,106,437 | 0.30% | 3,380 | $137,852 | Up ×2 | ||
| PH Parker-Hannifin Corporation Common Stock | $1,012,354 | 0.27% | 1,035 | $85,781 | |||
| SCHB | $1,002,585 | 0.27% | 34,620 | $168,809 | Up ×5 | ||
| IGV | $936,963 | 0.25% | 10,342 | $167,626 | Up ×1 | ||
| EMLP | $898,841 | 0.24% | 20,663 | $36,425 | Up ×2 | ||
| ECL Ecolab Inc. Common Stock | $814,934 | 0.22% | 2,925 | $36,825 | |||
| VTV | $792,599 | 0.21% | 3,637 | $115,132 | Up ×2 | ||
| XOM Exxon Mobil Corporation Common Stock | $784,089 | 0.21% | 5,735 | $-188,911 | |||
| ACWX iShares MSCI ACWI ex U.S. ETF | $757,979 | 0.20% | 9,959 | $76,086 | |||
| SPHQ | $755,939 | 0.20% | 8,390 | $39,529 | Down ×2 | ||
| AEP American Electric Power Company, Inc. - Common Stock | $752,045 | 0.20% | 5,497 | $11,181 | Down ×1 | ||
| IJS | $751,193 | 0.20% | 5,496 | $100,192 | |||
| GLD | $729,024 | 0.20% | 1,979 | $-122,520 | |||
| OKE ONEOK, Inc. Common Stock | $685,087 | 0.18% | 7,880 | $-27,186 | |||
| BN Brookfield Corporation Class A Limited Voting Shares | $670,793 | 0.18% | 15,750 | $33,390 | |||
| VWO | $651,754 | 0.18% | 10,919 | $72,360 | Up ×3 | ||
| GDX GDX | $642,985 | 0.17% | 8,522 | $-139,079 | |||
| IWC | $624,725 | 0.17% | 3,123 | $126,263 | |||
| PPG PPG Industries, Inc. Common Stock | $605,237 | 0.16% | 4,990 | $66,882 | Down ×3 | ||
| GEV GE Vernova Inc. Common Stock | $594,479 | 0.16% | 506 | $152,792 | |||
| QCOM QUALCOMM Incorporated - Common Stock | $594,285 | 0.16% | 3,216 | $173,303 | Down ×1 | ||
| BRW Saba Capital Income & Opportunities Fund SBI | $584,250 | 0.16% | 88,927 | $-15,118 | |||
| ILMN Illumina, Inc. - Common Stock | $572,502 | 0.15% | 3,256 | $131,478 | Down ×1 | ||
| IWS | $564,084 | 0.15% | 3,427 | $23,097 | Down ×1 | ||
| ARKG | $548,715 | 0.15% | 13,046 | $204,040 | |||
| EPD Enterprise Products Partners L.P. Common Stock | $527,432 | 0.14% | 14,348 | $-15,496 | |||
| TRS TriMas Corporation - Common Stock | $517,845 | 0.14% | 11,500 | $104,535 | |||
| IXUS iShares Core MSCI Total International Stock ETF | $473,573 | 0.13% | 4,962 | $43,665 | |||
| CAT Caterpillar, Inc. Common Stock | $463,232 | 0.13% | 435 | $84,206 | Down ×1 | ||
| AVGO Broadcom Inc. - Common Stock | $431,391 | 0.12% | 1,142 | Up ×1 | |||
| OPP RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Common Stock | $425,441 | 0.11% | 55,109 | $2,755 | |||
| IWN | $419,838 | 0.11% | 1,898 | $59,996 | |||
| TYG Tortoise Energy Infrastructure Corporation Common Stock | $418,840 | 0.11% | 9,770 | $-68,195 | |||
| DXJ | $407,772 | 0.11% | 2,350 | $35,109 | |||
| WULF TeraWulf Inc. - Common Stock | $402,116 | 0.11% | 16,280 | $167,196 | |||
| SPOT Spotify Technology S.A. Ordinary Shares | $394,852 | 0.11% | 860 | $-44,476 | Down ×1 | ||
| NFLX Netflix, Inc. - Common Stock | $386,274 | 0.10% | 5,410 | $-184,761 | Down ×2 | ||
| VT | $378,975 | 0.10% | 2,415 | $27,720 | Down ×1 | ||
| SCHM | $375,494 | 0.10% | 10,184 | $60,454 | Up ×2 | ||
| RSP | $358,724 | 0.10% | 1,686 | $35,796 | Up ×1 | ||
| DBEF | $345,863 | 0.09% | 6,331 | $33,112 | |||
| WMB Williams Companies, Inc. (The) Common Stock | $345,309 | 0.09% | 4,645 | $7,246 | |||
| SLRC SLR Investment Corp. - Closed End Fund | $340,422 | 0.09% | 27,520 | $-53,389 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| IVV | $54,269,275 | 14.65% | up ×6 |
| MFIC | $19,148,639 | 5.17% | up ×5 |
| OBDC | $18,473,368 | 4.99% | up ×3 |
| IEFA | $17,003,926 | 4.59% | up ×6 |
| IEMG | $13,538,523 | 3.65% | up ×6 |
| TCPC | $10,517,758 | 2.84% | up ×5 |
| IVW | $9,679,776 | 2.61% | up ×6 |
| IJH | $7,847,527 | 2.12% | up ×6 |
| IJR | $7,784,922 | 2.10% | up ×6 |
| IWB | $4,895,256 | 1.32% | up ×3 |
| FNDX | $4,483,164 | 1.21% | up ×6 |
| VIG | $3,460,238 | 0.93% | up ×4 |
| BX | $2,964,946 | 0.80% | up ×6 |
| APO | $2,906,758 | 0.78% | up ×3 |
| XLK | $2,038,644 | 0.55% | up ×5 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| AVGO | $431,391 | 1,142 | 0.12% |
| FDX | $325,655 | 1,040 | 0.09% |
| XME | $318,117 | 2,975 | 0.09% |
| Unknown issuer (CUSIP: 09261H305) | $301,543 | 12,596 | 0.08% |
| ERAS | $280,296 | 15,300 | 0.08% |
| Unknown issuer (CUSIP: 438516205) | $273,158 | 1,220 | 0.07% |
| Unknown issuer (CUSIP: 43849R105) | $269,718 | 1,220 | 0.07% |
| ITOT | $268,868 | 1,637 | 0.07% |
| SMH | $264,324 | 403 | 0.07% |
| WY | $239,400 | 10,000 | 0.06% |
| DAL | $234,150 | 2,500 | 0.06% |
| PANW | $225,073 | 660 | 0.06% |
| VB | $223,567 | 738 | 0.06% |
| UNH | $215,712 | 519 | 0.06% |
| AEVA | $211,236 | 7,355 | 0.06% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| IVV | Bought more | +2K | +$8.2M |
| QQQ | Trimmed | -61 | +$3.2M |
| IEMG | Bought more | +12K | +$3.0M |
| OBDC | Bought more | +270K | +$2.7M |
| IEFA | Bought more | +16K | +$2.5M |
| IVW | Bought more | +3K | +$2.0M |
| MFIC | Bought more | +28K | -$1.9M |
| AMZN | Trimmed | -12K | -$1.6M |
| IJH | Bought more | +10K | +$1.6M |
| IJR | Bought more | +3K | +$1.6M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| TSLA | March 31, 2025 | 18,919 | $7,640,249 | 33.2% |
| WMT | Dec. 31, 2025 | 20,600 | $2,123,010 | -6.4% |
| BRKA | March 31, 2026 | 2 | $1,509,600 | No longer tracked |
| TFX | March 31, 2026 | 10,423 | $1,271,968 | 14.3% |
| AVB | March 31, 2025 | 5,650 | $1,242,831 | No longer tracked |
| PM | Dec. 31, 2025 | 7,588 | $1,230,774 | 19.1% |
| MCD | Dec. 31, 2025 | 4,007 | $1,217,687 | -11.4% |
| JPST | June 30, 2026 | 21,598 | $1,093,056 | No longer tracked |
| SHYG | June 30, 2025 | 24,600 | $1,045,992 | No longer tracked |
| BRW | March 31, 2025 | 110,322 | $840,654 | -16.6% |
| HD | Dec. 31, 2025 | 1,993 | $807,544 | -1.8% |
| CSGS | March 31, 2026 | 9,000 | $690,210 | No longer tracked |
| BIZD | March 31, 2026 | 46,000 | $652,280 | No longer tracked |
| HON | June 30, 2026 | 2,602 | $588,130 | -1.2% |
| RYAM | June 30, 2026 | 51,422 | $569,242 | 10.4% |
| ALAB | June 30, 2026 | 5,182 | $567,947 | -41.2% |
| OPP | March 31, 2025 | 63,859 | $532,584 | -12.2% |
| CRM | March 31, 2025 | 1,480 | $495,002 | -23.4% |
| EWG | Sept. 30, 2025 | 11,475 | $485,507 | No longer tracked |
| VO | March 31, 2025 | 1,763 | $465,755 | No longer tracked |
| MRK | Sept. 30, 2025 | 5,814 | $460,988 | 79.2% |
| BGX | March 31, 2025 | 36,261 | $451,087 | -12.1% |
| PFE | Sept. 30, 2025 | 17,903 | $433,965 | 9.2% |
| TYG | March 31, 2025 | 9,770 | $410,340 | 3.2% |
| NOC | Sept. 30, 2025 | 811 | $405,484 | -5.1% |
| VBK | March 31, 2025 | 1,434 | $401,606 | No longer tracked |
| VNQ | March 31, 2025 | 4,460 | $397,297 | No longer tracked |
| UNH | Sept. 30, 2025 | 1,246 | $388,715 | 13.6% |
| SHEL | March 31, 2025 | 5,682 | $355,977 | 29.1% |
| ROP | March 31, 2025 | 667 | $346,740 | -30.6% |
| DFEN | Dec. 31, 2025 | 5,000 | $343,750 | No longer tracked |
| MO | Dec. 31, 2025 | 5,076 | $335,321 | 15.0% |
| BGB | March 31, 2025 | 26,899 | $328,975 | -6.5% |
| CMCSA | March 31, 2026 | 10,928 | $326,638 | -7.2% |
| ADBE | March 31, 2025 | 723 | $321,504 | -28.6% |
| JFR | March 31, 2025 | 35,541 | $317,026 | -10.0% |
| SMH | March 31, 2025 | 1,238 | $299,806 | 164.7% |
| COST | March 31, 2025 | 324 | $296,871 | -0.9% |
| SLV | March 31, 2026 | 4,585 | $295,366 | No longer tracked |
| ADP | March 31, 2025 | 993 | $291,069 | -8.6% |
| ABT | March 31, 2025 | 2,519 | $284,924 | -13.4% |
| PG | Dec. 31, 2025 | 1,852 | $284,560 | 0.7% |
| PLTR | March 31, 2026 | 1,578 | $280,490 | 19.4% |
| LULU | March 31, 2025 | 717 | $274,188 | -58.5% |
| LII | March 31, 2026 | 563 | $273,382 | -10.8% |
| GLW | June 30, 2026 | 2,000 | $271,940 | -41.1% |
| BNDX | March 31, 2026 | 5,519 | $266,678 | |
| OWL | June 30, 2026 | 29,006 | $264,825 | 34.1% |
| CRM | Sept. 30, 2025 | 943 | $257,147 | -13.2% |
| PLD | March 31, 2025 | 2,422 | $256,005 | 26.6% |
| PINS | March 31, 2025 | 8,370 | $242,730 | -24.6% |
| SPGI | March 31, 2025 | 474 | $236,066 | -15.4% |
| BLK | March 31, 2025 | 228 | $233,725 | 21.7% |
| PEP | Sept. 30, 2025 | 1,738 | $229,486 | 1.2% |
| MDLZ | Dec. 31, 2025 | 3,656 | $228,390 | 19.9% |
| SCHM | Sept. 30, 2025 | 8,100 | $227,200 | No longer tracked |
| CBZ | March 31, 2026 | 4,500 | $227,025 | 104.5% |
| BDX | March 31, 2026 | 1,164 | $225,897 | 19.2% |
| ABT | Sept. 30, 2025 | 1,634 | $222,240 | -14.2% |
| COIN | March 31, 2025 | 895 | $222,229 | -1.0% |
| HD | June 30, 2026 | 675 | $222,001 | -4.2% |
| UDR | March 31, 2025 | 5,069 | $220,045 | -16.4% |
| PSX | March 31, 2025 | 1,904 | $216,923 | 97.6% |
| INDA | March 31, 2026 | 4,000 | $216,200 | No longer tracked |
| MGM | June 30, 2026 | 5,780 | $213,919 | -10.4% |
| VOE | March 31, 2025 | 1,318 | $213,213 | No longer tracked |
| V | March 31, 2026 | 603 | $211,631 | 21.6% |
| AMRZ | June 30, 2026 | 3,750 | $210,075 | -15.0% |
| SBUX | March 31, 2025 | 2,268 | $206,955 | 7.4% |
| WEC | Dec. 31, 2025 | 1,806 | $206,950 | 3.8% |
| MA | June 30, 2026 | 411 | $205,471 | 12.3% |
| DIVB | March 31, 2026 | 3,854 | $204,862 | No longer tracked |
| ABBV | March 31, 2026 | 889 | $203,229 | 22.0% |
| CVX | June 30, 2025 | 1,213 | $202,962 | 45.2% |
| PARA | June 30, 2025 | 15,550 | $185,978 | |
| ET | June 30, 2025 | 8,708 | $161,882 | 17.1% |
| CRML | Dec. 31, 2025 | 19,982 | $124,288 | -13.9% |
| MJXXXX | March 31, 2025 | 52,672 | $117,985 | No longer tracked |
| RFI | March 31, 2025 | 10,010 | $115,916 | -4.8% |
| SONY | June 30, 2025 | 3,685 | $93,562 | -9.4% |
| EDF | June 30, 2026 | 10,000 | $47,800 | -6.6% |
| ETWO | Sept. 30, 2025 | 14,587 | $47,116 | No longer tracked |
| BYND | Dec. 31, 2025 | 10,043 | $18,981 | 1645.1% |
| DCGO | March 31, 2026 | 15,000 | $13,167 | -32.6% |