Next Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 3, 2026), Next Capital Management LLC reported 138 stock positions worth $370.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.6% of the portfolio, followed by Midcap Financial Investment (MFIC, 5.2%) and Blue Owl Capital (OBDC, 5.0%). Compared with Q1 2026, it opened 13 new positions, sold out of 10, added to 37 and reduced 36. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +3%) and the biggest sale Amazon.com (AMZN, shares −29%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001752762
- Portfolio Value
- $370.5M (Q2 2026)
- SEC Filing
- 0001437749-26-025432 ↗ filed Aug 3, 2026
Holdings Value
Holdings 138 stocks · $370.5M
| IVV iShares Core S&P 500 ETF | 14.65% | 72,466 | $54.3M | Add +2.6% |
| MFIC Midcap Financial Investment | 5.17% | 1,899,667 | $19.1M | Add +1.5% |
| OBDC Blue Owl Capital Corp. | 4.99% | 1,688,690 | $18.5M | Add +19.0% |
| IEFA iShares Core MSCI Eafe ETF | 4.59% | 176,061 | $17.0M | Add +10.2% |
| QQQ Invesco QQQ Trust Series 1 | 3.98% | 20,030 | $14.7M | Reduce -0.3% |
| IEMG iShares Core MSCI Emerging | 3.65% | 163,430 | $13.5M | Add +7.9% |
| VTI VG Morningstar TS MKT ETF-US | 3.09% | 30,917 | $11.4M | Reduce -0.8% |
| TCPC BlackRock TCP Capital Corp. | 2.84% | 3,130,285 | $10.5M | Add +2.6% |
| IWF iShares Russell 1000 Growth | 2.83% | 84,480 | $10.5M | Reduce -1.2% |
| META Meta Platforms Inc. Class A | 2.63% | 17,281 | $9.7M | Add +6.0% |
| IVW iShares S&P 500 Growth ETF | 2.61% | 70,383 | $9.7M | Add +3.7% |
| IJH iShares Core S&P Midcap ETF | 2.12% | 101,771 | $7.8M | Add +10.4% |
| IJR iShares Core S&P Small-Cap E | 2.10% | 52,491 | $7.8M | Add +5.5% |
| AAPL Apple Inc. | 2.06% | 26,355 | $7.6M | Reduce -1.0% |
| AMZN Amazon.com Inc. | 1.96% | 30,407 | $7.2M | Reduce -28.7% |
| IWD iShares Russell 1000 Value E | 1.83% | 27,975 | $6.8M | Reduce -0.3% |
| GBDC Golub Capital BDC Inc. | 1.76% | 505,442 | $6.5M | Reduce -10.9% |
| VOO Vanguard S&P 500 ETF | 1.58% | 8,537 | $5.9M | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.34% | 6,632 | $5.0M | Reduce -1.9% |
| IWB iShares Russell 1000 ETF | 1.32% | 11,954 | $4.9M | Add +0.0% |
| KKR KKR & Co. Inc. | 1.27% | 51,339 | $4.7M | Add +7.5% |
| NVDA Nvidia Corp. | 1.22% | 22,614 | $4.5M | Add +0.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 1.21% | 144,153 | $4.5M | Add +12.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 8,342 | $4.2M | Reduce -0.1% |
| SCHA Schwab US Small-Cap ETF | 1.05% | 107,520 | $3.9M | Reduce -0.3% |
| QQQM Invesco Nasdaq 100 ETF | 1.02% | 12,533 | $3.8M | Add +12.4% |
| VIG Vanguard Dividend Apprec ETF | 0.93% | 14,624 | $3.5M | Add +0.1% |
| SCHX Schwab US Large-Cap ETF | 0.89% | 112,073 | $3.3M | Reduce -1.8% |
| BX Blackstone Inc. | 0.80% | 25,197 | $3.0M | Add +12.9% |
| APO Apollo Global Management Inc. | 0.78% | 24,569 | $2.9M | Add +12.4% |
| XLV SS Health Care Select Sector | 0.77% | 17,990 | $2.9M | Reduce -0.1% |
| VGT Vanguard Info Tech ETF | 0.72% | 22,184 | $2.7M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.71% | 30,404 | $2.6M | No change |
| EEM iShares MSCI Emerging Market | 0.67% | 36,459 | $2.5M | Reduce -0.5% |
| MSFT Microsoft Corp. | 0.62% | 6,140 | $2.3M | Add +8.6% |
| LLY Eli Lilly & Co. | 0.57% | 1,768 | $2.1M | No change |
| GOOG Alphabet Inc. Class C | 0.57% | 5,995 | $2.1M | Reduce -5.8% |
| IUSV iShares Core S&P U.S. Value | 0.57% | 19,159 | $2.1M | Reduce -2.0% |
| XLK SS Technology Select Sector | 0.55% | 10,700 | $2.0M | Add +27.7% |
| GOOGL Alphabet Inc. Class A | 0.55% | 5,656 | $2.0M | Reduce -15.3% |
| XLF SS Financial Select Sector | 0.54% | 37,600 | $2.0M | Add +9.0% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.50% | 5,376 | $1.8M | No change |
| SCHD Schwab US DVD Equity ETF | 0.49% | 56,932 | $1.8M | Add +39.1% |
| CRM Salesforce Inc. | 0.48% | 11,350 | $1.8M | No change |
| IWP iShares Russell Mid-Cap Grow | 0.46% | 11,648 | $1.7M | Add +0.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.42% | 5,020 | $1.5M | No change |
| GS Goldman Sachs Group Inc. | 0.41% | 1,515 | $1.5M | Reduce -1.3% |
| SCHW Schwab (charles) Corp. | 0.41% | 16,323 | $1.5M | Reduce -3.5% |
| JNJ Johnson & Johnson | 0.38% | 5,530 | $1.4M | No change |
| MDB Mongodb Inc. | 0.37% | 4,068 | $1.4M | Reduce -7.2% |
| KO The Coca-Cola Co. | 0.36% | 16,611 | $1.3M | No change |
| VYM Vanguard High DVD Yield ETF | 0.36% | 8,505 | $1.3M | Add +3.8% |
| IWM iShares Russell 2000 ETF | 0.36% | 4,448 | $1.3M | Reduce -2.3% |
| TPG TPG Inc. | 0.35% | 32,076 | $1.3M | Add +23.5% |
| EFA iShares MSCI Eafe ETF | 0.34% | 12,009 | $1.2M | No change |
| VEA Vanguard Ftse Developed ETF | 0.34% | 17,435 | $1.2M | Add +4.1% |
| KWEB Kranesh Csi China Internet | 0.32% | 49,020 | $1.2M | No change |
| JPM JPMorgan Chase & Co. | 0.30% | 3,380 | $1.1M | Add +2.6% |
| PH Parker Hannifin Corp. | 0.27% | 1,035 | $1.0M | No change |
| SCHB Schwab US Broad Market ETF | 0.27% | 34,620 | $1.0M | Add +4.2% |
| IGV iShares Expanded Tech-Softwa | 0.25% | 10,342 | $937K | Add +7.6% |
| EMLP First Trust North American E | 0.24% | 20,663 | $899K | Add +4.6% |
| ECL Ecolab Inc. | 0.22% | 2,925 | $815K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.21% | 3,637 | $793K | Add +5.3% |
| XOM Exxon Mobil Corp. | 0.21% | 5,735 | $784K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.20% | 9,959 | $758K | No change |
| SPHQ Invesco S&P 500 Quality ETF | 0.20% | 8,390 | $756K | Reduce -11.9% |
| AEP American Electric Power | 0.20% | 5,497 | $752K | Reduce -2.7% |
| IJS iShares S&P Small-Cap 600 Va | 0.20% | 5,496 | $751K | No change |
| GLD SPDR Gold Shares | 0.20% | 1,979 | $729K | No change |
| OKE Oneok Inc. | 0.18% | 7,880 | $685K | No change |
| BN Brookfield Corp. | 0.18% | 15,750 | $671K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 10,919 | $652K | Add +1.9% |
| GDX Vaneck Gold Miners ETF | 0.17% | 8,522 | $643K | No change |
| IWC iShares Micro-Cap ETF | 0.17% | 3,123 | $625K | No change |
| PPG PPG Industries Inc. | 0.16% | 4,990 | $605K | Reduce -0.9% |
| GEV GE Vernova Inc. | 0.16% | 506 | $594K | No change |
| QCOM Qualcomm Inc. | 0.16% | 3,216 | $594K | Reduce -1.6% |
| BRW Saba Capital Income & Opport | 0.16% | 88,927 | $584K | No change |
| ILMN Illumina Inc. | 0.15% | 3,256 | $573K | Reduce -9.0% |
| IWS iShares Russell Mid-Cap Valu | 0.15% | 3,427 | $564K | Reduce -7.7% |
| ARKG ARK Genomic Revolution ETF | 0.15% | 13,046 | $549K | No change |
| EPD Enterprise Products Partners | 0.14% | 14,348 | $527K | No change |
| TRS Trimas Corp. | 0.14% | 11,500 | $518K | No change |
| IXUS iShares Core Intl Stock ETF | 0.13% | 4,962 | $474K | No change |
| CAT Caterpillar Inc. | 0.13% | 435 | $463K | Reduce -18.7% |
| AVGO Broadcom Inc. | 0.12% | 1,142 | $431K | New |
| OPP Rivernrth/Doublelne STR Opp | 0.11% | 55,109 | $425K | No change |
| IWN iShares Russell 2000 Value E | 0.11% | 1,898 | $420K | No change |
| TYG Tortoise Energy Infrastruct | 0.11% | 9,770 | $419K | No change |
| DXJ Wisdomtree Japan Hedged Eq | 0.11% | 2,350 | $408K | No change |
| WULF Terawulf Inc. | 0.11% | 16,280 | $402K | No change |
| SPOT Spotify Technology SA | 0.11% | 860 | $395K | Reduce -5.1% |
| NFLX Netflix Inc. | 0.10% | 5,410 | $386K | Reduce -8.9% |
| VT Vanguard Tot World STK ETF | 0.10% | 2,415 | $379K | Reduce -4.9% |
| SCHM Schwab US Mid Cap ETF | 0.10% | 10,184 | $375K | Add +0.1% |
| RSP Invesco S&P 500 Equal Weight | 0.10% | 1,686 | $359K | Add +0.2% |
| DBEF Xtrackers MSCI Eafe Hedged E | 0.09% | 6,331 | $346K | No change |
| WMB Williams Cos Inc. | 0.09% | 4,645 | $345K | No change |
| SLRC SLR Investment Corp. | 0.09% | 27,520 | $340K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| AMZN Amazon.com Inc. | Reduce -28.7% | 1.96% | −0.73 |
| GBDC Golub Capital BDC Inc. | Reduce -10.9% | 1.76% | −0.42 |
| JPST JPMorgan Ultra-Short Income | Sold out | 0.00% | −0.33 |
| RYAM Rayonier Advanced Materials | Sold out | 0.00% | −0.17 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.17 |
| PM Philip Morris International | Reduce -64.8% | 0.06% | −0.11 |
| HON Honeywell International Inc. | Reduce -6.2% | 0.07% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 1.13% | −0.09 |
| GLW Corning Inc. | Sold out | 0.00% | −0.08 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.08 |
| SCHW Schwab (charles) Corp. | Reduce -3.5% | 0.41% | −0.08 |
| NFLX Netflix Inc. | Reduce -8.9% | 0.10% | −0.07 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.07 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.06 |
| AMRZ Amrize Ltd. | Sold out | 0.00% | −0.06 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.06 |
| IUSV iShares Core S&P U.S. Value | Reduce -2.0% | 0.57% | −0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -15.3% | 0.55% | −0.04 |
| XLV SS Health Care Select Sector | Reduce -0.1% | 0.77% | −0.03 |
| SPOT Spotify Technology SA | Reduce -5.1% | 0.11% | −0.03 |
| AEP American Electric Power | Reduce -2.7% | 0.20% | −0.02 |
| MO Altria Group Inc. | Reduce -18.5% | 0.06% | −0.02 |
| EDF VSH Emerging Markets Income | Sold out | 0.00% | −0.01 |
| HONA Honeywell Aerospace Inc. | Reduce -6.2% | 0.07% | −0.01 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -11.9% | 0.20% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -7.7% | 0.15% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -8.5% | 0.06% | −0.01 |
| VT Vanguard Tot World STK ETF | Reduce -4.9% | 0.10% | −0.00 |
| PPG PPG Industries Inc. | Reduce -0.9% | 0.16% | +0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.8% | 0.89% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.9% | 1.34% | +0.01 |
| ACVA Acv Auctions Inc. Class A | Reduce -9.9% | 0.03% | +0.01 |
| CAT Caterpillar Inc. | Reduce -18.7% | 0.13% | +0.01 |
| AAPL Apple Inc. | Reduce -1.0% | 2.06% | +0.01 |
| IWD iShares Russell 1000 Value E | Reduce -0.3% | 1.83% | +0.01 |
| IWM iShares Russell 2000 ETF | Reduce -2.3% | 0.36% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -5.8% | 0.57% | +0.02 |
| GS Goldman Sachs Group Inc. | Reduce -1.3% | 0.41% | +0.02 |
| ILMN Illumina Inc. | Reduce -9.0% | 0.15% | +0.02 |
| QCOM Qualcomm Inc. | Reduce -1.6% | 0.16% | +0.03 |
| EEM iShares MSCI Emerging Market | Reduce -0.5% | 0.67% | +0.04 |
| MDB Mongodb Inc. | Reduce -7.2% | 0.37% | +0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.8% | 3.09% | +0.06 |
| IWF iShares Russell 1000 Growth | Reduce -1.2% | 2.83% | +0.07 |
| SCHA Schwab US Small-Cap ETF | Reduce -0.3% | 1.05% | +0.10 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.3% | 3.98% | +0.47 |
Portfolio Buys Q1 2026 → Q2 2026
| IVV iShares Core S&P 500 ETF | Add +2.6% | 14.65% | +0.68 |
| IEMG iShares Core MSCI Emerging | Add +7.9% | 3.65% | +0.45 |
| IVW iShares S&P 500 Growth ETF | Add +3.7% | 2.61% | +0.29 |
| IJH iShares Core S&P Midcap ETF | Add +10.4% | 2.12% | +0.23 |
| IJR iShares Core S&P Small-Cap E | Add +5.5% | 2.10% | +0.23 |
| QQQM Invesco Nasdaq 100 ETF | Add +12.4% | 1.02% | +0.22 |
| XLK SS Technology Select Sector | Add +27.7% | 0.55% | +0.21 |
| IEFA iShares Core MSCI Eafe ETF | Add +10.2% | 4.59% | +0.21 |
| OBDC Blue Owl Capital Corp. | Add +19.0% | 4.99% | +0.20 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +12.6% | 1.21% | +0.13 |
| AVGO Broadcom Inc. | New | 0.12% | +0.12 |
| SCHD Schwab US DVD Equity ETF | Add +39.1% | 0.49% | +0.11 |
| FDX FedEx Corp. | New | 0.09% | +0.09 |
| XME SS SPDR S&P Metals Mining | New | 0.09% | +0.09 |
| BLACKSTONE PRIVATE CREDIT-I | New | 0.08% | +0.08 |
| ERAS Erasca Inc. | New | 0.08% | +0.08 |
| ITOT iShares Core S&P Total U.S. | New | 0.07% | +0.07 |
| SMH Vaneck Semiconductor ETF | New | 0.07% | +0.07 |
| WY Weyerhaeuser Co. | New | 0.06% | +0.06 |
| DAL Delta Air Lines Inc. | New | 0.06% | +0.06 |
| PANW Palo Alto Networks Inc. | New | 0.06% | +0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.06% | +0.06 |
| UNH Unitedhealth Group Inc. | New | 0.06% | +0.06 |
| AEVA Aeva Technologies Inc. | New | 0.06% | +0.06 |
| APO Apollo Global Management Inc. | Add +12.4% | 0.78% | +0.05 |
| VOO Vanguard S&P 500 ETF | Add +0.1% | 1.58% | +0.04 |
| TPG TPG Inc. | Add +23.5% | 0.35% | +0.03 |
| IWB iShares Russell 1000 ETF | Add +0.0% | 1.32% | +0.03 |
| NVDA Nvidia Corp. | Add +0.1% | 1.22% | +0.03 |
| XLF SS Financial Select Sector | Add +9.0% | 0.54% | +0.03 |
| BX Blackstone Inc. | Add +12.9% | 0.80% | +0.02 |
| IGV iShares Expanded Tech-Softwa | Add +7.6% | 0.25% | +0.02 |
| SCHB Schwab US Broad Market ETF | Add +4.2% | 0.27% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +4.1% | 0.34% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +5.3% | 0.21% | +0.01 |
| IWP iShares Russell Mid-Cap Grow | Add +0.0% | 0.46% | +0.01 |
| SCHM Schwab US Mid Cap ETF | Add +0.1% | 0.10% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 0.30% | +0.01 |
| NMFC New Mountain Finance Corp. | Add +25.8% | 0.07% | +0.00 |
| SCHF Schwab Intl Equity ETF | Add +4.2% | 0.06% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +1.9% | 0.18% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +0.2% | 0.10% | −0.00 |
| VYM Vanguard High DVD Yield ETF | Add +3.8% | 0.36% | −0.00 |
| MSFT Microsoft Corp. | Add +8.6% | 0.62% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +0.1% | 0.93% | −0.02 |
| EMLP First Trust North American E | Add +4.6% | 0.24% | −0.02 |
| KKR KKR & Co. Inc. | Add +7.5% | 1.27% | −0.07 |
| META Meta Platforms Inc. Class A | Add +6.0% | 2.63% | −0.20 |
| TCPC BlackRock TCP Capital Corp. | Add +2.6% | 2.84% | −0.49 |
| MFIC Midcap Financial Investment | Add +1.5% | 5.17% | −1.20 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 138 | $370.5M | IVV, MFIC, OBDC, IEFA, QQQ |
| Q1 2026 | 134 | $330.2M | IVV, MFIC, OBDC, IEFA, QQQ |
| Q4 2025 | 136 | $312.3M | IVV, MFIC, TCPC, QQQ, IEFA |
| Q3 2025 | 139 | $299.6M | IVV, MFIC, TCPC, QQQ, META |
| Q2 2025 | 137 | $270.6M | IVV, META, QQQ, IEFA, AMZN |
| Q1 2025 | 118 | $208.5M | IVV, QQQ, META, AAPL, IEFA |
| Q4 2024 | 140 | $243.3M | IVV, QQQ, AAPL, META, AMZN |
| Q3 2024 | 136 | $245.1M | IVV, GBDC, QQQ, META, AAPL |
| Q2 2024 | 135 | $237.1M | IVV, GBDC, QQQ, IWF, AMZN |
| Q1 2024 | 144 | $246.0M | IVV, OBDC, QQQ, META, AMZN |