New Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 29, 2025), New Capital Management LP reported 50 stock positions worth $348.5 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 26.4% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 17.6%) and Dimensional World Ex US Core (DFAX, 16.9%). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 11 and reduced 23. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +8%) and the biggest sale Dimensional US Core Equity 2 (DFAC, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001696731
- Portfolio Value
- $348.5M (Q1 2025)
- SEC Filing
- 0001696731-25-000005 ↗ filed Apr 29, 2025
Holdings Value
Holdings 50 stocks · $348.5M
| DFAC Dimensional US Core Equity 2 | 26.41% | 2,789,275 | $92.0M | Reduce -5.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 17.59% | 115,090 | $61.3M | Add +7.5% |
| DFAX Dimensional World Ex US Core | 16.94% | 2,253,096 | $59.0M | Add +2.9% |
| AAPL Apple Inc. | 5.00% | 78,411 | $17.4M | Reduce -5.1% |
| BINC iShares Flex I A ETF-Usd Inc. | 3.29% | 218,975 | $11.5M | New |
| DFSU Dimensional US Sus CORE1 ETF | 3.23% | 313,949 | $11.2M | Reduce -7.5% |
| EBI Longview Advantage ETF | 2.91% | 214,000 | $10.1M | New |
| TFLO iShares Treasury Floating Ra | 2.71% | 186,502 | $9.4M | Add +118.0% |
| PEP Pepsico Inc. | 2.28% | 52,961 | $7.9M | Reduce -8.9% |
| AGG iShares Core U.S. Aggregate | 2.12% | 74,536 | $7.4M | Reduce -43.6% |
| DFSI Dimensional Int Sus COR1 ETF | 1.79% | 178,472 | $6.2M | Add +16.4% |
| DFCF Dimensional Core Fixed Inc. | 1.74% | 143,804 | $6.0M | Reduce -40.4% |
| DFGR Dim Global Real Estate ETF | 1.57% | 208,690 | $5.5M | Reduce -32.0% |
| STIP iShares 0-5 Year Tips Bond E | 1.46% | 49,026 | $5.1M | Reduce -53.8% |
| IAGG iShares Intl Aggregate Bond | 1.43% | 99,885 | $5.0M | Reduce -22.8% |
| JPST JPMorgan Ultra-Short Income | 1.40% | 96,044 | $4.9M | Add +207.8% |
| IBIT iShares Bitcoin Trust ETF | 1.26% | 93,820 | $4.4M | New |
| MSFT Microsoft Corp. | 0.79% | 7,316 | $2.7M | Reduce -8.7% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.67% | 69,258 | $2.3M | Add +11.3% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.61% | 41,579 | $2.1M | Add +50.1% |
| YUM Yum! Brands Inc. | 0.39% | 8,662 | $1.4M | No change |
| VT Vanguard Tot World STK ETF | 0.36% | 10,966 | $1.3M | Add +1.9% |
| KIM Kimco Realty Corp. | 0.36% | 58,320 | $1.2M | No change |
| MA Mastercard Inc. Class A | 0.31% | 1,979 | $1.1M | Reduce -7.6% |
| META Meta Platforms Inc. Class A | 0.25% | 1,515 | $873K | Reduce -6.4% |
| AMZN Amazon.com Inc. | 0.24% | 4,442 | $845K | Reduce -45.6% |
| COST Costco Wholesale Corp. | 0.24% | 884 | $836K | No change |
| NFLX Netflix Inc. | 0.20% | 738 | $688K | No change |
| ABBV Abbvie Inc. | 0.18% | 3,000 | $629K | No change |
| VUSB Vanguard Ultra Short Bond Et | 0.18% | 12,313 | $614K | Reduce -68.8% |
| ICSH iShares Ultra Short Duration | 0.17% | 11,737 | $595K | Add +2.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.16% | 1,983 | $545K | New |
| ACWI iShares MSCI Acwi ETF | 0.16% | 4,674 | $544K | No change |
| AOR iShares Core 60/40 Balanced | 0.14% | 8,711 | $501K | Reduce -2.8% |
| SGOV iShares 0-3 Month Treasury B | 0.14% | 4,811 | $484K | Add +0.7% |
| YUMC Yum China Holdings Inc. | 0.13% | 8,853 | $461K | No change |
| GOOG Alphabet Inc. Class C | 0.13% | 2,845 | $444K | Reduce -7.0% |
| GOOGL Alphabet Inc. Class A | 0.13% | 2,849 | $441K | Reduce -7.0% |
| MELI MercadoLibre Inc. | 0.11% | 200 | $390K | No change |
| XOM Exxon Mobil Corp. | 0.11% | 3,133 | $373K | Reduce -32.0% |
| BSV Vanguard Short-Term Bond ETF | 0.10% | 4,516 | $354K | Reduce -88.0% |
| SHY iShares 1-3 Year Treasury Bo | 0.10% | 4,000 | $331K | Reduce -88.9% |
| AVGO Broadcom Inc. | 0.09% | 1,849 | $310K | Reduce -0.2% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.09% | 5,865 | $298K | Add +4.8% |
| AON Aon PLC Class A | 0.08% | 741 | $296K | No change |
| AOA iShares Core 80/20 Aggressiv | 0.07% | 3,326 | $254K | Reduce -4.2% |
| SHYM iShares Short Duration High | 0.07% | 11,160 | $253K | No change |
| SHV iShares 0-1 Year Treasury Bo | 0.06% | 1,815 | $200K | Reduce -93.8% |
| IVV iShares Core S&P 500 ETF | 0.06% | 356 | $200K | No change |
| WBD Warner Bros Discovery Inc. | 0.04% | 12,700 | $136K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| DFAC Dimensional US Core Equity 2 | Reduce -5.7% | 26.41% | −3.51 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -53.8% | 1.46% | −1.67 |
| AGG iShares Core U.S. Aggregate | Reduce -43.6% | 2.12% | −1.63 |
| DFCF Dimensional Core Fixed Inc. | Reduce -40.4% | 1.74% | −1.17 |
| AAPL Apple Inc. | Reduce -5.1% | 5.00% | −1.05 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -93.8% | 0.06% | −0.89 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -88.9% | 0.10% | −0.77 |
| BSV Vanguard Short-Term Bond ETF | Reduce -88.0% | 0.10% | −0.75 |
| DFGR Dim Global Real Estate ETF | Reduce -32.0% | 1.57% | −0.72 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -7.5% | 3.23% | −0.54 |
| IAGG iShares Intl Aggregate Bond | Reduce -22.8% | 1.43% | −0.45 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -68.8% | 0.18% | −0.40 |
| PEP Pepsico Inc. | Reduce -8.9% | 2.28% | −0.31 |
| AMZN Amazon.com Inc. | Reduce -45.6% | 0.24% | −0.28 |
| MSFT Microsoft Corp. | Reduce -8.7% | 0.79% | −0.20 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.14 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.13 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.07 |
| CSX CSX Corp. | Sold out | 0.00% | −0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -7.0% | 0.13% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -7.0% | 0.13% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -32.0% | 0.11% | −0.04 |
| AVGO Broadcom Inc. | Reduce -0.2% | 0.09% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -6.4% | 0.25% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -7.6% | 0.31% | −0.02 |
| AOR iShares Core 60/40 Balanced | Reduce -2.8% | 0.14% | −0.01 |
| AOA iShares Core 80/20 Aggressiv | Reduce -4.2% | 0.07% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.5% | 17.59% | +3.40 |
| BINC iShares Flex I A ETF-Usd Inc. | New | 3.29% | +3.29 |
| EBI Longview Advantage ETF | New | 2.91% | +2.91 |
| TFLO iShares Treasury Floating Ra | Add +118.0% | 2.71% | +1.45 |
| IBIT iShares Bitcoin Trust ETF | New | 1.26% | +1.26 |
| DFAX Dimensional World Ex US Core | Add +2.9% | 16.94% | +1.02 |
| JPST JPMorgan Ultra-Short Income | Add +207.8% | 1.40% | +0.94 |
| DFSI Dimensional Int Sus COR1 ETF | Add +16.4% | 1.79% | +0.31 |
| JMST JPM Ultra-Short Muni Income | Add +50.1% | 0.61% | +0.20 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.16% | +0.16 |
| DFSE Dimensional Em Sus CORE1 ETF | Add +11.3% | 0.67% | +0.07 |
| NEAR iShares SH Dba ETF Usd Inc. | Add +4.8% | 0.09% | +0.00 |
| ICSH iShares Ultra Short Duration | Add +2.3% | 0.17% | +0.00 |
| SGOV iShares 0-3 Month Treasury B | Add +0.7% | 0.14% | −0.00 |
| VT Vanguard Tot World STK ETF | Add +1.9% | 0.36% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 60 | $439.0M | DFAC, DFAX, BRK.B, AAPL, EBI |
| Q1 2026 | 59 | $405.7M | DFAC, DFAX, BRK.B, AAPL, EBI |
| Q4 2025 | 55 | $398.1M | DFAC, DFAX, BRK.B, AAPL, EBI |
| Q3 2025 | 54 | $381.7M | DFAC, DFAX, BRK.B, AAPL, EBI |
| Q2 2025 | 56 | $358.3M | DFAC, DFAX, BRK.B, AAPL, EBI |
| Q1 2025 | 50 | $348.5M | DFAC, BRK.B, DFAX, AAPL, BINC |
| Q4 2024 | 51 | $342.0M | DFAC, DFAX, BRK.B, AAPL, DFSU |
| Q3 2024 | 52 | $354.3M | DFAC, DFAX, BRK.B, AAPL, AGG |
| Q2 2024 | 54 | $325.9M | DFAC, DFAX, BRK.B, AAPL, AGG |
| Q1 2024 | 57 | $334.9M | DFAC, DFAX, BRK.B, AGG, AAPL |