Next Capital Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 20, 2024), Next Capital Management LLC reported 135 stock positions worth $237.1 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 12.6% of the portfolio, followed by Golub Capital BDC (GBDC, 5.1%) and Invesco QQQ Trust Series 1 (QQQ, 4.8%). Compared with Q1 2024, it opened 7 new positions, sold out of 16, added to 40 and reduced 48. The biggest buy was Golub Capital BDC (GBDC, shares +192%) and the biggest sale Blue Owl Capital (OBDC, shares −97%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$237.1M (Q2 2024)
SEC Filing
0001437749-24-027302 ↗ filed Aug 20, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $246.0M Q1 2024 Q2 2024: $237.1M $237.1M Q2 2024 Q3 2024: $245.1M Q3 2024 Q4 2024: $243.3M Q4 2024 Q1 2025: $208.5M Q1 2025 Q2 2025: $270.6M Q2 2025 Q3 2025: $299.6M Q3 2025 Q4 2025: $312.3M Q4 2025 Q1 2026: $330.2M Q1 2026 Q2 2026: $370.5M Q2 2026

Holdings 135 stocks · $237.1M
IVV iShares Core S&P 500 ETF 12.63% 54,725 $29.9M Add +2.9%
GBDC Golub Capital BDC Inc. 5.11% 771,910 $12.1M Add +191.8%
QQQ Invesco QQQ Trust Series 1 4.80% 23,757 $11.4M Add +0.7%
IWF iShares Russell 1000 Growth 4.27% 30,177 $10.1M Add +78.0%
AMZN Amazon.com Inc. 4.15% 50,874 $9.8M Reduce -0.3%
META Meta Platforms Inc. Class A 4.07% 19,135 $9.6M Reduce -0.6%
AAPL Apple Inc. 3.99% 44,886 $9.5M Add +1.0%
XLV SS Health Care Select Sector 2.90% 47,130 $6.9M Reduce -2.0%
IEFA iShares Core MSCI Eafe ETF 2.71% 88,455 $6.4M Add +5.2%
VTI VG Morningstar TS MKT ETF-US 2.13% 18,842 $5.0M No change
SCHW Schwab (charles) Corp. 2.06% 66,160 $4.9M Add +1.7%
JFR Nuveen Floating Rate Income 1.99% 544,590 $4.7M Reduce -5.2%
IVW iShares S&P 500 Growth ETF 1.81% 46,295 $4.3M No change
VOO Vanguard S&P 500 ETF 1.66% 7,873 $3.9M Reduce -42.1%
IEMG iShares Core MSCI Emerging 1.52% 67,294 $3.6M Add +6.3%
BGX Blackstone Long-Short Credit 1.50% 286,640 $3.6M Reduce -11.8%
IWD iShares Russell 1000 Value E 1.38% 18,700 $3.3M Add +0.6%
IJR iShares Core S&P Small-Cap E 1.37% 30,489 $3.3M Add +1.2%
SCHX Schwab US Large-Cap ETF 1.35% 49,744 $3.2M Reduce -1.4%
BRK.B Berkshire Hathaway Inc. Class B 1.28% 7,471 $3.0M Reduce -10.3%
JPM JPMorgan Chase & Co. 1.27% 14,918 $3.0M Reduce -3.8%
AFT Apollo Senior Floating Rate 1.24% 202,529 $2.9M Reduce -42.8%
SCHA Schwab US Small-Cap ETF 1.20% 60,056 $2.8M Add +14.0%
SPY SS SPDR S&P 500 ETF Trust-US 1.16% 5,033 $2.7M Add +39.0%
IJH iShares Core S&P Midcap ETF 1.10% 44,695 $2.6M Add +0.1%
BGB Blackstone Strategic Credit 1.05% 209,509 $2.5M Reduce -11.1%
JPST JPMorgan Ultra-Short Income 0.96% 45,203 $2.3M Add +47.3%
TFX Teleflex Inc. 0.92% 10,414 $2.2M Add +7.0%
MSFT Microsoft Corp. 0.86% 4,563 $2.0M Reduce -1.1%
TSLA Tesla Inc. 0.80% 9,579 $1.9M Reduce -1.4%
KKR KKR & Co. Inc. 0.78% 17,483 $1.8M Reduce -1.0%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.73% 7,530 $1.7M No change
WMT Walmart Inc. 0.64% 22,396 $1.5M Reduce -1.6%
VT Vanguard Tot World STK ETF 0.58% 4,288 $1.4M Add +81.5%
GOOG Alphabet Inc. Class C 0.57% 7,389 $1.4M Reduce -5.8%
KWEB Kranesh Csi China Internet 0.56% 49,020 $1.3M No change
EEM iShares MSCI Emerging Market 0.55% 30,411 $1.3M No change
XLF SS Financial Select Sector 0.53% 30,674 $1.3M Reduce -8.1%
SHYG iShares 0-5 YR HY Corp. Bond 0.53% 29,859 $1.3M No change
BRK.A 1/100 Berkshire HTWY A Class A 0.52% 200 $1.2M No change
VNQ Vanguard Real Estate ETF 0.50% 14,224 $1.2M No change
NVDA Nvidia Corp. 0.49% 9,440 $1.2M Reduce -13.2%
APO Apollo Global Management Inc. 0.49% 9,824 $1.2M No change
BRW Saba Capital Income & Opport 0.48% 162,644 $1.1M Reduce -1.8%
KO The Coca-Cola Co. 0.48% 17,936 $1.1M Reduce -0.9%
ECL Ecolab Inc. 0.48% 4,733 $1.1M Reduce -5.7%
IUSV iShares Core S&P U.S. Value 0.47% 12,730 $1.1M Add +14.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.47% 4,429 $1.1M No change
MCD McDonald's Corp. 0.46% 4,309 $1.1M Reduce -1.7%
PM Philip Morris International 0.46% 10,021 $1.1M Add +38.5%
NFLX Netflix Inc. 0.43% 1,513 $1.0M Add +5.2%
LLY Eli Lilly & Co. 0.43% 1,123 $1.0M Reduce -3.9%
GOOGL Alphabet Inc. Class A 0.40% 5,180 $944K Reduce -10.4%
IWM iShares Russell 2000 ETF 0.39% 4,615 $925K Add +5.2%
IWP iShares Russell Mid-Cap Grow 0.38% 8,294 $892K Add +21.8%
XLK SS Technology Select Sector 0.37% 3,922 $887K Add +1.4%
VYM Vanguard High DVD Yield ETF 0.37% 7,374 $875K Reduce -45.2%
EMLP First Trust North American E 0.37% 28,673 $873K No change
CBZ Cbiz Inc. 0.34% 11,000 $815K No change
NRK Nuveen NY Amt-FR Muni Inc. 0.31% 66,704 $740K No change
EFA iShares MSCI Eafe ETF 0.31% 9,366 $734K No change
HD Home Depot Inc. 0.31% 2,131 $734K Reduce -3.4%
BX Blackstone Inc. 0.30% 5,730 $709K Reduce -2.8%
VUG Vanguard Mrngstar GR ETF-Sui 0.28% 1,772 $663K No change
PPG PPG Industries Inc. 0.28% 5,204 $655K Reduce -0.3%
OKE Oneok Inc. 0.28% 8,003 $653K Reduce -1.0%
QCOM Qualcomm Inc. 0.26% 3,119 $621K Reduce -4.3%
VEA Vanguard Ftse Developed ETF 0.26% 12,494 $617K Add +2.5%
CRM Salesforce Inc. 0.26% 2,401 $617K Add +85.8%
OBDC Blue Owl Capital Corp. 0.26% 40,121 $616K Reduce -96.8%
MRK Merck & Co. Inc. 0.26% 4,891 $606K Add +12.2%
AEP American Electric Power 0.25% 6,707 $588K Reduce -0.1%
CMCSA Comcast Corp. Class A 0.25% 14,918 $584K Add +6.5%
DIVB iShares Core Dividend ETF 0.23% 12,487 $552K No change
OPP Rivernrth/Doublelne STR Opp 0.23% 63,859 $552K Reduce -0.1%
JNJ Johnson & Johnson 0.23% 3,694 $540K Add +10.0%
PH Parker Hannifin Corp. 0.22% 1,037 $525K Reduce -1.6%
VWO Vanguard Ftse Emerging Marke 0.22% 11,768 $515K No change
SMH Vaneck Semiconductor ETF 0.21% 1,954 $509K No change
GS Goldman Sachs Group Inc. 0.21% 1,092 $494K Reduce -6.0%
FNDX Schwab Fndmntl US LRG Co. ETF 0.20% 7,196 $482K Add +63.2%
V Visa Inc. Class A 0.19% 1,752 $460K Add +5.2%
PFE Pfizer Inc. 0.19% 16,321 $457K Add +1.9%
PSX Phillips 66 0.19% 4,987 $454K Add +154.6%
NEAR iShares SH Dba ETF Usd Inc. 0.19% 8,975 $452K No change
NAN Nuveen NY QLTY Muni Inc. 0.19% 39,784 $448K No change
SLRC SLR Investment Corp. 0.19% 27,520 $443K No change
BN Brookfield Corp. 0.18% 10,500 $436K No change
NOC Northrop Grumman Corp. 0.18% 970 $423K Add +16.3%
TRU Transunion 0.18% 5,691 $422K New
SCHD Schwab US DVD Equity ETF 0.18% 5,356 $416K Add +5.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.17% 2,511 $403K No change
GDX Vaneck Gold Miners ETF 0.17% 11,752 $399K No change
ABBV Abbvie Inc. 0.17% 2,301 $395K Reduce -3.0%
PG The Procter & Gamble Co. 0.17% 2,378 $392K Reduce -9.1%
ADBE Adobe Inc. 0.16% 678 $377K Add +3.2%
CSGS CSG Systems Intl Inc. 0.16% 9,000 $371K No change
PINS Pinterest Inc. Class A 0.16% 8,380 $369K Add +0.1%
IWC iShares Micro-Cap ETF 0.15% 3,123 $356K No change
ADP Automatic Data Processing 0.15% 1,442 $344K Add +5.3%
TYG Tortoise Energy Infrastruct 0.14% 9,770 $341K No change
CVX Chevron Corp. 0.13% 2,012 $315K Add +22.9%
LII Lennox International Inc. 0.13% 587 $314K Reduce -6.8%
SPMB SS SPDR P Mort Back Bond ETF 0.13% 14,557 $314K No change
QQQM Invesco Nasdaq 100 ETF 0.13% 1,545 $305K Reduce -6.1%
TCPC BlackRock TCP Capital Corp. 0.13% 27,945 $302K Reduce -60.4%
AVB Avalonbay Communities Inc. 0.13% 1,450 $300K Reduce -0.6%
TRS Trimas Corp. 0.12% 11,500 $294K No change
SPHQ Invesco S&P 500 Quality ETF 0.12% 4,596 $292K No change
ROP Roper Technologies Inc. 0.12% 500 $282K Reduce -4.2%
COST Costco Wholesale Corp. 0.12% 321 $273K Reduce -12.3%
SPOT Spotify Technology SA 0.11% 860 $270K No change
IYE iShares U.S. Energy ETF 0.11% 5,500 $264K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.11% 6,331 $262K No change
MO Altria Group Inc. 0.11% 5,700 $261K Add +20.7%
MGM MGM Resorts International 0.11% 5,750 $256K Reduce -0.4%
HON Honeywell International Inc. 0.11% 1,188 $254K Add +10.9%
TXN Texas Instruments Inc. 0.11% 1,293 $252K New
ITW Illinois Tool Works 0.11% 1,057 $251K Add +12.9%
MDLZ Mondelez International Inc. Class A 0.10% 3,656 $239K Reduce -2.3%
BE Bloom Energy Corp. Class A 0.10% 18,622 $228K No change
COIN Coinbase Global Inc. Class A 0.10% 1,015 $226K No change
MCHP Microchip Technology Inc. 0.09% 2,459 $225K Reduce -2.8%
VIG Vanguard Dividend Apprec ETF 0.09% 1,215 $222K Reduce -58.7%
WMB Williams Cos Inc. 0.09% 5,198 $221K New
SPGI S&P Global Inc. 0.09% 495 $221K New
ZGN Ermenegildo Zegna NV 0.09% 18,275 $216K No change
WVVI Willamette Valley Vineyards 0.09% 54,800 $215K No change
BLK BlackRock Finance Inc. 0.09% 272 $214K New
SCHM Schwab US Mid Cap ETF 0.09% 2,695 $210K No change
BIV Vanguard Intermediate-Term B 0.09% 2,686 $209K New
TRV The Travelers Cos Inc. 0.09% 1,007 $205K Reduce -2.1%
BKNG Booking Holdings Inc. 0.09% 51 $202K New
ETWO E2OPEN Parent Holdings Inc. 0.05% 24,295 $109K No change
VWESQ Vintage Wine Estates Inc. 0.01% 100,049 $14K No change

Options reported separately and not counted above: TESLA INC puts ($1.9M).

Portfolio Sells Q1 2024 → Q2 2024
OBDC Blue Owl Capital Corp. Reduce -96.8% 0.26% −7.59
IWB iShares Russell 1000 ETF Sold out 0.00% −1.54
VOO Vanguard S&P 500 ETF Reduce -42.1% 1.66% −1.00
AFT Apollo Senior Floating Rate Reduce -42.8% 1.24% −0.81
VGT Vanguard Info Tech ETF Sold out 0.00% −0.42
VYM Vanguard High DVD Yield ETF Reduce -45.2% 0.37% −0.29
BOND PIMCO Active Bond Exchange-T Sold out 0.00% −0.19
TCPC BlackRock TCP Capital Corp. Reduce -60.4% 0.13% −0.17
BRK.B Berkshire Hathaway Inc. Class B Reduce -10.3% 1.28% −0.14
PAYC Paycom Software Inc. Sold out 0.00% −0.13
VIG Vanguard Dividend Apprec ETF Reduce -58.7% 0.09% −0.12
BGX Blackstone Long-Short Credit Reduce -11.8% 1.50% −0.12
ABT Abbott Laboratories Sold out 0.00% −0.10
FNF Fidelity National Financial Sold out 0.00% −0.10
MJ Amplify ETF TR Sold out 0.00% −0.09
BGB Blackstone Strategic Credit Reduce -11.1% 1.05% −0.09
MANH Manhattan Associates Inc. Sold out 0.00% −0.09
PLD Prologis Inc. Sold out 0.00% −0.09
PARAA Paramount Global Class B Sold out 0.00% −0.08
DHR Danaher Corp. Sold out 0.00% −0.08
BA The Boeing Co. Sold out 0.00% −0.08
BSL Blackstone SNR Fltng RT Sold out 0.00% −0.06
NVG Nuveen Amt-FR Muni CRDT Sold out 0.00% −0.05
WPLCF Wise PLC - A Sold out 0.00% −0.05
JFR Nuveen Floating Rate Income Reduce -5.2% 1.99% −0.05
XLF SS Financial Select Sector Reduce -8.1% 0.53% −0.04
MCD McDonald's Corp. Reduce -1.7% 0.46% −0.04
HD Home Depot Inc. Reduce -3.4% 0.31% −0.03
PPG PPG Industries Inc. Reduce -0.3% 0.28% −0.03
PH Parker Hannifin Corp. Reduce -1.6% 0.22% −0.02
BX Blackstone Inc. Reduce -2.8% 0.30% −0.02
TRV The Travelers Cos Inc. Reduce -2.1% 0.09% −0.01
ABBV Abbvie Inc. Reduce -3.0% 0.17% −0.01
BRW Saba Capital Income & Opport Reduce -1.8% 0.48% −0.01
PG The Procter & Gamble Co. Reduce -9.1% 0.17% −0.01
MDLZ Mondelez International Inc. Class A Reduce -2.3% 0.10% −0.01
MGM MGM Resorts International Reduce -0.4% 0.11% −0.00
CYDY Cytodyn Inc. Sold out 0.00% −0.00
ROP Roper Technologies Inc. Reduce -4.2% 0.12% −0.00
MCHP Microchip Technology Inc. Reduce -2.8% 0.09% +0.00
ECL Ecolab Inc. Reduce -5.7% 0.48% +0.00
COST Costco Wholesale Corp. Reduce -12.3% 0.12% +0.01
QQQM Invesco Nasdaq 100 ETF Reduce -6.1% 0.13% +0.01
LII Lennox International Inc. Reduce -6.8% 0.13% +0.01
OPP Rivernrth/Doublelne STR Opp Reduce -0.1% 0.23% +0.01
JPM JPMorgan Chase & Co. Reduce -3.8% 1.27% +0.01
XLV SS Health Care Select Sector Reduce -2.0% 2.90% +0.01
GS Goldman Sachs Group Inc. Reduce -6.0% 0.21% +0.01
OKE Oneok Inc. Reduce -1.0% 0.28% +0.01
AEP American Electric Power Reduce -0.1% 0.25% +0.01

Portfolio Buys Q1 2024 → Q2 2024
GBDC Golub Capital BDC Inc. Add +191.8% 5.11% +3.33
IWF iShares Russell 1000 Growth Add +78.0% 4.27% +1.95
IVV iShares Core S&P 500 ETF Add +2.9% 12.63% +1.26
AAPL Apple Inc. Add +1.0% 3.99% +0.89
QQQ Invesco QQQ Trust Series 1 Add +0.7% 4.80% +0.54
VT Vanguard Tot World STK ETF Add +81.5% 0.58% +0.47
SPY SS SPDR S&P 500 ETF Trust-US Add +39.0% 1.16% +0.39
JPST JPMorgan Ultra-Short Income Add +47.3% 0.96% +0.33
PM Philip Morris International Add +38.5% 0.46% +0.19
IEMG iShares Core MSCI Emerging Add +6.3% 1.52% +0.19
TRU Transunion New 0.18% +0.18
IEFA iShares Core MSCI Eafe ETF Add +5.2% 2.71% +0.17
SCHA Schwab US Small-Cap ETF Add +14.0% 1.20% +0.15
SCHW Schwab (charles) Corp. Add +1.7% 2.06% +0.14
TXN Texas Instruments Inc. New 0.11% +0.11
CRM Salesforce Inc. Add +85.8% 0.26% +0.10
WMB Williams Cos Inc. New 0.09% +0.09
SPGI S&P Global Inc. New 0.09% +0.09
BLK BlackRock Finance Inc. New 0.09% +0.09
BIV Vanguard Intermediate-Term B New 0.09% +0.09
BKNG Booking Holdings Inc. New 0.09% +0.09
FNDX Schwab Fndmntl US LRG Co. ETF Add +63.2% 0.20% +0.08
NFLX Netflix Inc. Add +5.2% 0.43% +0.08
IUSV iShares Core S&P U.S. Value Add +14.0% 0.47% +0.06
PSX Phillips 66 Add +154.6% 0.19% +0.06
IWP iShares Russell Mid-Cap Grow Add +21.8% 0.38% +0.06
XLK SS Technology Select Sector Add +1.4% 0.37% +0.05
PINS Pinterest Inc. Class A Add +0.1% 0.16% +0.04
TFX Teleflex Inc. Add +7.0% 0.92% +0.03
CVX Chevron Corp. Add +22.9% 0.13% +0.03
MO Altria Group Inc. Add +20.7% 0.11% +0.03
ADBE Adobe Inc. Add +3.2% 0.16% +0.02
IWD iShares Russell 1000 Value E Add +0.6% 1.38% +0.02
MRK Merck & Co. Inc. Add +12.2% 0.26% +0.02
IJR iShares Core S&P Small-Cap E Add +1.2% 1.37% +0.02
HON Honeywell International Inc. Add +10.9% 0.11% +0.02
NOC Northrop Grumman Corp. Add +16.3% 0.18% +0.02
IWM iShares Russell 2000 ETF Add +5.2% 0.39% +0.02
PFE Pfizer Inc. Add +1.9% 0.19% +0.01
JNJ Johnson & Johnson Add +10.0% 0.23% +0.01
VEA Vanguard Ftse Developed ETF Add +2.5% 0.26% +0.01
SCHD Schwab US DVD Equity ETF Add +5.9% 0.18% +0.01
ADP Automatic Data Processing Add +5.3% 0.15% +0.01
V Visa Inc. Class A Add +5.2% 0.19% +0.01
ITW Illinois Tool Works Add +12.9% 0.11% +0.00
IJH iShares Core S&P Midcap ETF Add +0.1% 1.10% +0.00
CMCSA Comcast Corp. Class A Add +6.5% 0.25% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 138$370.5MIVV, MFIC, OBDC, IEFA, QQQ
Q1 2026 134$330.2MIVV, MFIC, OBDC, IEFA, QQQ
Q4 2025 136$312.3MIVV, MFIC, TCPC, QQQ, IEFA
Q3 2025 139$299.6MIVV, MFIC, TCPC, QQQ, META
Q2 2025 137$270.6MIVV, META, QQQ, IEFA, AMZN
Q1 2025 118$208.5MIVV, QQQ, META, AAPL, IEFA
Q4 2024 140$243.3MIVV, QQQ, AAPL, META, AMZN
Q3 2024 136$245.1MIVV, GBDC, QQQ, META, AAPL
Q2 2024 135$237.1MIVV, GBDC, QQQ, IWF, AMZN
Q1 2024 144$246.0MIVV, OBDC, QQQ, META, AMZN