New Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 8, 2025), New Capital Management LP reported 54 stock positions worth $381.7 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 26.8% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 19.2%) and Berkshire Hathaway Class B (BRK.B, 14.7%). Compared with Q2 2025, it opened 1 new position, sold out of 3, added to 21 and reduced 21. The biggest buy was Nvidia (NVDA, shares +133%) and the biggest sale iShares Treasury Floating Ra (TFLO, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001696731
- Portfolio Value
- $381.7M (Q3 2025)
- SEC Filing
- 0001696731-25-000007 ↗ filed Oct 8, 2025
Holdings Value
Holdings 54 stocks · $381.7M
| DFAC Dimensional US Core Equity 2 | 26.79% | 2,651,875 | $102.3M | Add +0.3% |
| DFAX Dimensional World Ex US Core | 19.21% | 2,336,795 | $73.3M | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 14.67% | 111,381 | $56.0M | Reduce -0.7% |
| AAPL Apple Inc. | 5.23% | 78,388 | $20.0M | Reduce -0.0% |
| EBI Longview Advantage ETF | 3.07% | 213,409 | $11.7M | No change |
| DFSU Dimensional US Sus CORE1 ETF | 3.04% | 273,670 | $11.6M | Add +0.4% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 2.23% | 182,577 | $8.5M | Add +22.3% |
| TFLO iShares Treasury Floating Ra | 2.15% | 162,427 | $8.2M | Reduce -18.9% |
| DFSI Dimensional Int Sus COR1 ETF | 2.00% | 186,641 | $7.6M | Add +0.5% |
| PEP Pepsico Inc. | 1.95% | 53,033 | $7.4M | Add +0.1% |
| STIP iShares 0-5 Year Tips Bond E | 1.72% | 63,667 | $6.6M | Reduce -2.3% |
| IBIT iShares Bitcoin Trust ETF | 1.63% | 95,815 | $6.2M | Add +1.4% |
| NVDA Nvidia Corp. | 1.62% | 33,096 | $6.2M | Add +132.8% |
| IAGG iShares Intl Aggregate Bond | 1.34% | 99,547 | $5.1M | Reduce -3.8% |
| JPST JPMorgan Ultra-Short Income | 1.30% | 97,566 | $4.9M | Reduce -0.7% |
| BINC iShares Flex I A ETF-Usd Inc. | 1.18% | 84,538 | $4.5M | Reduce -3.5% |
| DFGR Dim Global Real Estate ETF | 1.12% | 156,906 | $4.3M | Reduce -9.9% |
| MSFT Microsoft Corp. | 1.01% | 7,453 | $3.9M | Add +0.8% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.81% | 74,880 | $3.1M | Reduce -0.1% |
| LEMB iShares JP Morgan Em Local C | 0.68% | 63,181 | $2.6M | Add +21.7% |
| CEMB iShares JP Morgan Em Corpora | 0.67% | 55,369 | $2.6M | Add +21.4% |
| GHYG iShares Us&intl High Yield C | 0.66% | 54,512 | $2.5M | Add +22.4% |
| ISHG iShares -3 Year Internationa | 0.66% | 33,000 | $2.5M | Add +21.8% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.52% | 38,643 | $2.0M | Reduce -4.0% |
| VT Vanguard Tot World STK ETF | 0.38% | 10,480 | $1.4M | Reduce -1.7% |
| YUM Yum! Brands Inc. | 0.34% | 8,662 | $1.3M | Reduce -1.0% |
| META Meta Platforms Inc. Class A | 0.29% | 1,498 | $1.1M | No change |
| MA Mastercard Inc. Class A | 0.29% | 1,933 | $1.1M | Reduce -0.9% |
| AMZN Amazon.com Inc. | 0.26% | 4,525 | $994K | No change |
| KIM Kimco Realty Corp. | 0.25% | 43,254 | $945K | No change |
| NFLX Netflix Inc. | 0.23% | 738 | $885K | No change |
| COST Costco Wholesale Corp. | 0.21% | 884 | $818K | No change |
| ABBV Abbvie Inc. | 0.20% | 3,254 | $753K | Add +5.9% |
| GOOGL Alphabet Inc. Class A | 0.18% | 2,832 | $688K | No change |
| GOOG Alphabet Inc. Class C | 0.17% | 2,717 | $662K | No change |
| ACWI iShares MSCI Acwi ETF | 0.17% | 4,575 | $632K | Reduce -1.4% |
| AVGO Broadcom Inc. | 0.16% | 1,798 | $593K | Add +22.0% |
| AOR iShares Core 60/40 Balanced | 0.15% | 8,629 | $556K | Add +0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 821 | $547K | Add +47.7% |
| MELI MercadoLibre Inc. | 0.12% | 203 | $474K | Add +1.5% |
| VUSB Vanguard Ultra Short Bond Et | 0.12% | 9,150 | $457K | Reduce -12.8% |
| ICSH iShares Ultra Short Duration | 0.12% | 8,922 | $453K | Reduce -10.7% |
| AGG iShares Core U.S. Aggregate | 0.11% | 4,002 | $401K | Reduce -80.3% |
| XOM Exxon Mobil Corp. | 0.10% | 3,405 | $384K | Add +3.6% |
| YUMC Yum China Holdings Inc. | 0.10% | 8,853 | $380K | No change |
| SGOV iShares 0-3 Month Treasury B | 0.10% | 3,666 | $369K | Reduce -7.9% |
| DFCF Dimensional Core Fixed Inc. | 0.09% | 8,465 | $362K | Reduce -73.4% |
| AOA iShares Core 80/20 Aggressiv | 0.08% | 3,525 | $311K | Add +1.2% |
| AON Aon PLC Class A | 0.07% | 707 | $252K | Reduce -4.6% |
| LLY Eli Lilly & Co. | 0.07% | 326 | $249K | Add +14.0% |
| WBD Warner Bros Discovery Inc. | 0.07% | 12,700 | $248K | No change |
| IAU iShares Gold Trust | 0.06% | 3,250 | $237K | No change |
| NEAR iShares SH Dba ETF Usd Inc. | 0.06% | 4,455 | $228K | Reduce -7.5% |
| DUSB Dimension Ultrashort Fi ETF | 0.06% | 4,470 | $227K | New |
Portfolio Sells Q2 2025 → Q3 2025
| TFLO iShares Treasury Floating Ra | Reduce -18.9% | 2.15% | −0.68 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 14.67% | −0.53 |
| AGG iShares Core U.S. Aggregate | Reduce -80.3% | 0.11% | −0.46 |
| DFCF Dimensional Core Fixed Inc. | Reduce -73.4% | 0.09% | −0.28 |
| DFGR Dim Global Real Estate ETF | Reduce -9.9% | 1.12% | −0.18 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -2.3% | 1.72% | −0.15 |
| IAGG iShares Intl Aggregate Bond | Reduce -3.8% | 1.34% | −0.14 |
| BINC iShares Flex I A ETF-Usd Inc. | Reduce -3.5% | 1.18% | −0.11 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.10 |
| JPST JPMorgan Ultra-Short Income | Reduce -0.7% | 1.30% | −0.09 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.09 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.06 |
| JMST JPM Ultra-Short Muni Income | Reduce -4.0% | 0.52% | −0.06 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -12.8% | 0.12% | −0.03 |
| ICSH iShares Ultra Short Duration | Reduce -10.7% | 0.12% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -0.9% | 0.29% | −0.02 |
| YUM Yum! Brands Inc. | Reduce -1.0% | 0.34% | −0.02 |
| SGOV iShares 0-3 Month Treasury B | Reduce -7.9% | 0.10% | −0.02 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -7.5% | 0.06% | −0.01 |
| AON Aon PLC Class A | Reduce -4.6% | 0.07% | −0.01 |
| VT Vanguard Tot World STK ETF | Reduce -1.7% | 0.38% | −0.00 |
| ACWI iShares MSCI Acwi ETF | Reduce -1.4% | 0.17% | −0.00 |
| DFSE Dimensional Em Sus CORE1 ETF | Reduce -0.1% | 0.81% | +0.01 |
| AAPL Apple Inc. | Reduce -0.0% | 5.23% | +0.74 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +132.8% | 1.62% | +0.99 |
| DFAC Dimensional US Core Equity 2 | Add +0.3% | 26.79% | +0.33 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +22.3% | 2.23% | +0.31 |
| DFAX Dimensional World Ex US Core | Add +0.3% | 19.21% | +0.10 |
| LEMB iShares JP Morgan Em Local C | Add +21.7% | 0.68% | +0.10 |
| CEMB iShares JP Morgan Em Corpora | Add +21.4% | 0.67% | +0.09 |
| GHYG iShares Us&intl High Yield C | Add +22.4% | 0.66% | +0.09 |
| ISHG iShares -3 Year Internationa | Add +21.8% | 0.66% | +0.08 |
| DUSB Dimension Ultrashort Fi ETF | New | 0.06% | +0.06 |
| DFSU Dimensional US Sus CORE1 ETF | Add +0.4% | 3.04% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +47.7% | 0.14% | +0.05 |
| AVGO Broadcom Inc. | Add +22.0% | 0.16% | +0.04 |
| ABBV Abbvie Inc. | Add +5.9% | 0.20% | +0.04 |
| IBIT iShares Bitcoin Trust ETF | Add +1.4% | 1.63% | +0.02 |
| LLY Eli Lilly & Co. | Add +14.0% | 0.07% | +0.00 |
| XOM Exxon Mobil Corp. | Add +3.6% | 0.10% | +0.00 |
| AOA iShares Core 80/20 Aggressiv | Add +1.2% | 0.08% | +0.00 |
| PEP Pepsico Inc. | Add +0.1% | 1.95% | −0.00 |
| AOR iShares Core 60/40 Balanced | Add +0.2% | 0.15% | −0.00 |
| MSFT Microsoft Corp. | Add +0.8% | 1.01% | −0.02 |
| MELI MercadoLibre Inc. | Add +1.5% | 0.12% | −0.02 |
| DFSI Dimensional Int Sus COR1 ETF | Add +0.5% | 2.00% | −0.04 |
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 |