New Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 7, 2025), New Capital Management LP reported 56 stock positions worth $358.3 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 26.5% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 19.1%) and Berkshire Hathaway Class B (BRK.B, 15.2%). Compared with Q1 2025, it opened 9 new positions, sold out of 3, added to 14 and reduced 23. The biggest buy was Dimensional World Ex US Core (DFAX, shares +3%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001696731
- Portfolio Value
- $358.3M (Q2 2025)
- SEC Filing
- 0001696731-25-000006 ↗ filed Jul 7, 2025
Holdings Value
Holdings 56 stocks · $358.3M
| DFAC Dimensional US Core Equity 2 | 26.46% | 2,645,303 | $94.8M | Reduce -5.2% |
| DFAX Dimensional World Ex US Core | 19.11% | 2,331,006 | $68.5M | Add +3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 15.20% | 112,108 | $54.5M | Reduce -2.6% |
| AAPL Apple Inc. | 4.49% | 78,408 | $16.1M | Reduce 0.0% |
| EBI Longview Advantage ETF | 3.03% | 213,409 | $10.9M | Reduce -0.3% |
| DFSU Dimensional US Sus CORE1 ETF | 2.99% | 272,556 | $10.7M | Reduce -13.2% |
| TFLO iShares Treasury Floating Ra | 2.83% | 200,338 | $10.1M | Add +7.4% |
| DFSI Dimensional Int Sus COR1 ETF | 2.04% | 185,790 | $7.3M | Add +4.1% |
| PEP Pepsico Inc. | 1.95% | 52,961 | $7.0M | No change |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 1.93% | 149,289 | $6.9M | New |
| STIP iShares 0-5 Year Tips Bond E | 1.87% | 65,136 | $6.7M | Add +32.9% |
| IBIT iShares Bitcoin Trust ETF | 1.61% | 94,526 | $5.8M | Add +0.8% |
| IAGG iShares Intl Aggregate Bond | 1.47% | 103,434 | $5.3M | Add +3.5% |
| JPST JPMorgan Ultra-Short Income | 1.39% | 98,293 | $5.0M | Add +2.3% |
| DFGR Dim Global Real Estate ETF | 1.30% | 174,110 | $4.7M | Reduce -16.6% |
| BINC iShares Flex I A ETF-Usd Inc. | 1.29% | 87,637 | $4.6M | Reduce -60.0% |
| MSFT Microsoft Corp. | 1.03% | 7,393 | $3.7M | Add +1.1% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.80% | 74,936 | $2.9M | Add +8.2% |
| NVDA Nvidia Corp. | 0.63% | 14,214 | $2.2M | New |
| LEMB iShares JP Morgan Em Local C | 0.59% | 51,915 | $2.1M | New |
| ISHG iShares -3 Year Internationa | 0.58% | 27,097 | $2.1M | New |
| CEMB iShares JP Morgan Em Corpora | 0.58% | 45,624 | $2.1M | New |
| GHYG iShares Us&intl High Yield C | 0.58% | 44,541 | $2.1M | New |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.57% | 40,237 | $2.0M | Reduce -3.2% |
| AGG iShares Core U.S. Aggregate | 0.56% | 20,289 | $2.0M | Reduce -72.8% |
| VT Vanguard Tot World STK ETF | 0.38% | 10,662 | $1.4M | Reduce -2.8% |
| DFCF Dimensional Core Fixed Inc. | 0.38% | 31,872 | $1.3M | Reduce -77.8% |
| YUM Yum! Brands Inc. | 0.36% | 8,747 | $1.3M | Add +1.0% |
| META Meta Platforms Inc. Class A | 0.31% | 1,498 | $1.1M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 0.31% | 1,950 | $1.1M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 0.28% | 4,525 | $993K | Add +1.9% |
| NFLX Netflix Inc. | 0.28% | 738 | $988K | No change |
| KIM Kimco Realty Corp. | 0.25% | 43,254 | $909K | Reduce -25.8% |
| COST Costco Wholesale Corp. | 0.24% | 884 | $875K | No change |
| ACWI iShares MSCI Acwi ETF | 0.17% | 4,638 | $596K | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.16% | 3,074 | $571K | Add +2.5% |
| AOR iShares Core 60/40 Balanced | 0.15% | 8,608 | $530K | Reduce -1.2% |
| VUSB Vanguard Ultra Short Bond Et | 0.15% | 10,499 | $524K | Reduce -14.7% |
| MELI MercadoLibre Inc. | 0.15% | 200 | $523K | No change |
| ICSH iShares Ultra Short Duration | 0.14% | 9,995 | $507K | Reduce -14.8% |
| GOOGL Alphabet Inc. Class A | 0.14% | 2,832 | $499K | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 0.13% | 2,717 | $482K | Reduce -4.5% |
| AVGO Broadcom Inc. | 0.11% | 1,474 | $406K | Reduce -20.3% |
| SGOV iShares 0-3 Month Treasury B | 0.11% | 3,980 | $401K | Reduce -17.3% |
| YUMC Yum China Holdings Inc. | 0.11% | 8,853 | $396K | No change |
| BSV Vanguard Short-Term Bond ETF | 0.10% | 4,516 | $355K | No change |
| XOM Exxon Mobil Corp. | 0.10% | 3,286 | $354K | Add +4.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 556 | $343K | New |
| SHY iShares 1-3 Year Treasury Bo | 0.09% | 4,000 | $331K | No change |
| AOA iShares Core 80/20 Aggressiv | 0.08% | 3,483 | $291K | Add +4.7% |
| AON Aon PLC Class A | 0.07% | 741 | $264K | No change |
| NEAR iShares SH Dba ETF Usd Inc. | 0.07% | 4,816 | $246K | Reduce -17.9% |
| LLY Eli Lilly & Co. | 0.06% | 286 | $223K | New |
| IAU iShares Gold Trust | 0.06% | 3,250 | $203K | New |
| SHV iShares 0-1 Year Treasury Bo | 0.06% | 1,815 | $200K | No change |
| WBD Warner Bros Discovery Inc. | 0.04% | 12,700 | $146K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.6% | 15.20% | −2.39 |
| BINC iShares Flex I A ETF-Usd Inc. | Reduce -60.0% | 1.29% | −2.00 |
| AGG iShares Core U.S. Aggregate | Reduce -72.8% | 0.56% | −1.55 |
| DFCF Dimensional Core Fixed Inc. | Reduce -77.8% | 0.38% | −1.36 |
| AAPL Apple Inc. | Reduce 0.0% | 4.49% | −0.51 |
| DFGR Dim Global Real Estate ETF | Reduce -16.6% | 1.30% | −0.27 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -13.2% | 2.99% | −0.24 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.16 |
| KIM Kimco Realty Corp. | Reduce -25.8% | 0.25% | −0.10 |
| SHYM iShares Short Duration High | Sold out | 0.00% | −0.07 |
| IVV iShares Core S&P 500 ETF | Sold out | 0.00% | −0.06 |
| JMST JPM Ultra-Short Muni Income | Reduce -3.2% | 0.57% | −0.03 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -14.7% | 0.15% | −0.03 |
| ICSH iShares Ultra Short Duration | Reduce -14.8% | 0.14% | −0.03 |
| SGOV iShares 0-3 Month Treasury B | Reduce -17.3% | 0.11% | −0.03 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -17.9% | 0.07% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -1.5% | 0.31% | −0.01 |
| AOR iShares Core 60/40 Balanced | Reduce -1.2% | 0.15% | +0.00 |
| GOOG Alphabet Inc. Class C | Reduce -4.5% | 0.13% | +0.01 |
| ACWI iShares MSCI Acwi ETF | Reduce -0.8% | 0.17% | +0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 0.14% | +0.01 |
| VT Vanguard Tot World STK ETF | Reduce -2.8% | 0.38% | +0.02 |
| AVGO Broadcom Inc. | Reduce -20.3% | 0.11% | +0.02 |
| DFAC Dimensional US Core Equity 2 | Reduce -5.2% | 26.46% | +0.05 |
| META Meta Platforms Inc. Class A | Reduce -1.1% | 0.31% | +0.06 |
| EBI Longview Advantage ETF | Reduce -0.3% | 3.03% | +0.13 |
Portfolio Buys Q1 2025 → Q2 2025
| DFAX Dimensional World Ex US Core | Add +3.5% | 19.11% | +2.17 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | New | 1.93% | +1.93 |
| NVDA Nvidia Corp. | New | 0.63% | +0.63 |
| LEMB iShares JP Morgan Em Local C | New | 0.59% | +0.59 |
| ISHG iShares -3 Year Internationa | New | 0.58% | +0.58 |
| CEMB iShares JP Morgan Em Corpora | New | 0.58% | +0.58 |
| GHYG iShares Us&intl High Yield C | New | 0.58% | +0.58 |
| STIP iShares 0-5 Year Tips Bond E | Add +32.9% | 1.87% | +0.42 |
| IBIT iShares Bitcoin Trust ETF | Add +0.8% | 1.61% | +0.35 |
| DFSI Dimensional Int Sus COR1 ETF | Add +4.1% | 2.04% | +0.26 |
| MSFT Microsoft Corp. | Add +1.1% | 1.03% | +0.24 |
| DFSE Dimensional Em Sus CORE1 ETF | Add +8.2% | 0.80% | +0.13 |
| TFLO iShares Treasury Floating Ra | Add +7.4% | 2.83% | +0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.10% | +0.10 |
| LLY Eli Lilly & Co. | New | 0.06% | +0.06 |
| IAU iShares Gold Trust | New | 0.06% | +0.06 |
| IAGG iShares Intl Aggregate Bond | Add +3.5% | 1.47% | +0.04 |
| AMZN Amazon.com Inc. | Add +1.9% | 0.28% | +0.03 |
| AOA iShares Core 80/20 Aggressiv | Add +4.7% | 0.08% | +0.01 |
| JPST JPMorgan Ultra-Short Income | Add +2.3% | 1.39% | −0.01 |
| XOM Exxon Mobil Corp. | Add +4.9% | 0.10% | −0.01 |
| ABBV Abbvie Inc. | Add +2.5% | 0.16% | −0.02 |
| YUM Yum! Brands Inc. | Add +1.0% | 0.36% | −0.03 |
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 |