New Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), New Capital Management LP reported 55 stock positions worth $398.1 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, 19.3%) and Berkshire Hathaway Class B (BRK.B, 13.6%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 13 and reduced 23. The biggest buy was iShares Flex I A ETF-Usd (BINC, shares +140%) and the biggest sale JPMorgan Ultra-Short Income (JPST, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001696731
- Portfolio Value
- $398.1M (Q4 2025)
- SEC Filing
- 0001696731-26-000001 ↗ filed Jan 20, 2026
Holdings Value
Holdings 55 stocks · $398.1M
| DFAC Dimensional US Core Equity 2 | 26.46% | 2,660,860 | $105.3M | Add +0.3% |
| DFAX Dimensional World Ex US Core | 19.34% | 2,352,036 | $77.0M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 13.59% | 107,609 | $54.1M | Reduce -3.4% |
| AAPL Apple Inc. | 5.33% | 78,114 | $21.2M | Reduce -0.3% |
| EBI Longview Advantage ETF | 3.03% | 213,409 | $12.1M | No change |
| DFSU Dimensional US Sus CORE1 ETF | 2.91% | 266,317 | $11.6M | Reduce -2.7% |
| BINC iShares Flex I A ETF-Usd Inc. | 2.69% | 203,231 | $10.7M | Add +140.4% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 2.17% | 185,239 | $8.6M | Add +1.5% |
| DFSI Dimensional Int Sus COR1 ETF | 1.96% | 181,948 | $7.8M | Reduce -2.5% |
| PEP Pepsico Inc. | 1.91% | 53,033 | $7.6M | No change |
| STIP iShares 0-5 Year Tips Bond E | 1.61% | 62,461 | $6.4M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 1.34% | 17,018 | $5.3M | Add +526.4% |
| NVDA Nvidia Corp. | 1.33% | 28,293 | $5.3M | Reduce -14.5% |
| VGMS Vanguard Multi-Sector | 1.31% | 101,010 | $5.2M | New |
| JBND JPMorgan Active Bond ETF | 1.30% | 95,816 | $5.2M | New |
| TFLO iShares Treasury Floating Ra | 1.29% | 101,557 | $5.1M | Reduce -37.5% |
| IBIT iShares Bitcoin Trust ETF | 1.22% | 97,732 | $4.9M | Add +2.0% |
| IAGG iShares Intl Aggregate Bond | 1.22% | 96,791 | $4.8M | Reduce -2.8% |
| DFGR Dim Global Real Estate ETF | 0.99% | 148,535 | $3.9M | Reduce -5.3% |
| MSFT Microsoft Corp. | 0.91% | 7,453 | $3.6M | No change |
| DFSE Dimensional Em Sus CORE1 ETF | 0.77% | 74,312 | $3.1M | Reduce -0.8% |
| LEMB iShares JP Morgan Em Local C | 0.66% | 63,383 | $2.6M | Add +0.3% |
| CEMB iShares JP Morgan Em Corpora | 0.64% | 55,789 | $2.6M | Add +0.8% |
| GHYG iShares Us&intl High Yield C | 0.64% | 55,190 | $2.5M | Add +1.2% |
| ISHG iShares -3 Year Internationa | 0.63% | 33,522 | $2.5M | Add +1.6% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.45% | 34,815 | $1.8M | Reduce -9.9% |
| VT Vanguard Tot World STK ETF | 0.37% | 10,451 | $1.5M | Reduce -0.3% |
| YUM Yum! Brands Inc. | 0.33% | 8,662 | $1.3M | No change |
| MA Mastercard Inc. Class A | 0.28% | 1,933 | $1.1M | No change |
| AMZN Amazon.com Inc. | 0.26% | 4,525 | $1.0M | No change |
| META Meta Platforms Inc. Class A | 0.25% | 1,498 | $989K | No change |
| GOOGL Alphabet Inc. Class A | 0.22% | 2,832 | $886K | No change |
| KIM Kimco Realty Corp. | 0.22% | 43,254 | $877K | No change |
| COST Costco Wholesale Corp. | 0.19% | 862 | $744K | Reduce -2.5% |
| ABBV Abbvie Inc. | 0.19% | 3,244 | $741K | Reduce -0.3% |
| NFLX Netflix Inc. | 0.17% | 7,380 | $692K | No change |
| ACWI iShares MSCI Acwi ETF | 0.16% | 4,575 | $647K | No change |
| AVGO Broadcom Inc. | 0.16% | 1,799 | $622K | Add +0.1% |
| AOR iShares Core 60/40 Balanced | 0.14% | 8,710 | $566K | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 802 | $547K | Reduce -2.3% |
| VUSB Vanguard Ultra Short Bond Et | 0.11% | 8,648 | $431K | Reduce -5.5% |
| YUMC Yum China Holdings Inc. | 0.11% | 8,853 | $423K | No change |
| ICSH iShares Ultra Short Duration | 0.11% | 8,346 | $422K | Reduce -6.5% |
| MELI MercadoLibre Inc. | 0.10% | 203 | $409K | No change |
| XOM Exxon Mobil Corp. | 0.10% | 3,289 | $396K | Reduce -3.4% |
| WBD Warner Bros Discovery Inc. | 0.09% | 12,700 | $366K | No change |
| LLY Eli Lilly & Co. | 0.09% | 326 | $350K | No change |
| AOA iShares Core 80/20 Aggressiv | 0.08% | 3,649 | $327K | Add +3.5% |
| JPST JPMorgan Ultra-Short Income | 0.08% | 6,456 | $327K | Reduce -93.4% |
| SGOV iShares 0-3 Month Treasury B | 0.08% | 3,227 | $324K | Reduce -12.0% |
| IAU iShares Gold Trust | 0.07% | 3,250 | $264K | No change |
| AON Aon PLC Class A | 0.06% | 707 | $249K | No change |
| DFCF Dimensional Core Fixed Inc. | 0.06% | 5,754 | $245K | Reduce -32.0% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.06% | 4,307 | $220K | Reduce -3.3% |
| AGG iShares Core U.S. Aggregate | 0.05% | 2,117 | $211K | Reduce -47.1% |
Portfolio Sells Q3 2025 → Q4 2025
| JPST JPMorgan Ultra-Short Income | Reduce -93.4% | 0.08% | −1.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.4% | 13.59% | −1.08 |
| TFLO iShares Treasury Floating Ra | Reduce -37.5% | 1.29% | −0.87 |
| NVDA Nvidia Corp. | Reduce -14.5% | 1.33% | −0.29 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -2.7% | 2.91% | −0.14 |
| DFGR Dim Global Real Estate ETF | Reduce -5.3% | 0.99% | −0.14 |
| IAGG iShares Intl Aggregate Bond | Reduce -2.8% | 1.22% | −0.12 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -1.9% | 1.61% | −0.12 |
| JMST JPM Ultra-Short Muni Income | Reduce -9.9% | 0.45% | −0.07 |
| DUSB Dimension Ultrashort Fi ETF | Sold out | 0.00% | −0.06 |
| AGG iShares Core U.S. Aggregate | Reduce -47.1% | 0.05% | −0.05 |
| DFSI Dimensional Int Sus COR1 ETF | Reduce -2.5% | 1.96% | −0.04 |
| DFCF Dimensional Core Fixed Inc. | Reduce -32.0% | 0.06% | −0.03 |
| DFSE Dimensional Em Sus CORE1 ETF | Reduce -0.8% | 0.77% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -2.5% | 0.19% | −0.03 |
| SGOV iShares 0-3 Month Treasury B | Reduce -12.0% | 0.08% | −0.02 |
| ICSH iShares Ultra Short Duration | Reduce -6.5% | 0.11% | −0.01 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -5.5% | 0.11% | −0.01 |
| ABBV Abbvie Inc. | Reduce -0.3% | 0.19% | −0.01 |
| VT Vanguard Tot World STK ETF | Reduce -0.3% | 0.37% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.3% | 0.14% | −0.01 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -3.3% | 0.06% | −0.00 |
| XOM Exxon Mobil Corp. | Reduce -3.4% | 0.10% | −0.00 |
| AAPL Apple Inc. | Reduce -0.3% | 5.33% | +0.11 |
Portfolio Buys Q3 2025 → Q4 2025
| BINC iShares Flex I A ETF-Usd Inc. | Add +140.4% | 2.69% | +1.51 |
| VGMS Vanguard Multi-Sector | New | 1.31% | +1.31 |
| JBND JPMorgan Active Bond ETF | New | 1.30% | +1.30 |
| GOOG Alphabet Inc. Class C | Add +526.4% | 1.34% | +1.17 |
| DFAX Dimensional World Ex US Core | Add +0.7% | 19.34% | +0.13 |
| AVGO Broadcom Inc. | Add +0.1% | 0.16% | +0.00 |
| AOA iShares Core 80/20 Aggressiv | Add +3.5% | 0.08% | +0.00 |
| AOR iShares Core 60/40 Balanced | Add +0.9% | 0.14% | −0.00 |
| LEMB iShares JP Morgan Em Local C | Add +0.3% | 0.66% | −0.02 |
| ISHG iShares -3 Year Internationa | Add +1.6% | 0.63% | −0.03 |
| GHYG iShares Us&intl High Yield C | Add +1.2% | 0.64% | −0.03 |
| CEMB iShares JP Morgan Em Corpora | Add +0.8% | 0.64% | −0.03 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +1.5% | 2.17% | −0.07 |
| DFAC Dimensional US Core Equity 2 | Add +0.3% | 26.46% | −0.33 |
| IBIT iShares Bitcoin Trust ETF | Add +2.0% | 1.22% | −0.41 |
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 |