Next Capital Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Next Capital Management LLC reported 136 stock positions worth $245.1 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 13.4% of the portfolio, followed by Golub Capital BDC (GBDC, 4.8%) and Invesco QQQ Trust Series 1 (QQQ, 4.7%). Compared with Q2 2024, it opened 15 new positions, sold out of 14, added to 31 and reduced 55. The biggest buy was a new position in iShares Russell 1000 ETF (IWB) and the biggest sale iShares Russell 1000 Growth (IWF, shares −43%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$245.1M (Q3 2024)
SEC Filing
0001437749-24-033793 ↗ filed Nov 7, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $246.0M Q1 2024 Q2 2024: $237.1M Q2 2024 Q3 2024: $245.1M $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 136 stocks · $245.1M
IVV iShares Core S&P 500 ETF 13.43% 57,065 $32.9M Add +4.3%
GBDC Golub Capital BDC Inc. 4.76% 771,910 $11.7M No change
QQQ Invesco QQQ Trust Series 1 4.70% 23,617 $11.5M Reduce -0.6%
META Meta Platforms Inc. Class A 4.39% 18,779 $10.7M Reduce -1.9%
AAPL Apple Inc. 4.14% 43,570 $10.2M Reduce -2.9%
VTI VG Morningstar TS MKT ETF-US 3.38% 29,274 $8.3M Add +55.4%
IEFA iShares Core MSCI Eafe ETF 3.16% 99,359 $7.8M Add +12.3%
AMZN Amazon.com Inc. 3.15% 41,449 $7.7M Reduce -18.5%
XLV SS Health Care Select Sector 2.91% 46,256 $7.1M Reduce -1.9%
IWF iShares Russell 1000 Growth 2.64% 17,224 $6.5M Reduce -42.9%
IVW iShares S&P 500 Growth ETF 1.81% 46,295 $4.4M No change
VOO Vanguard S&P 500 ETF 1.70% 7,874 $4.2M Add +0.0%
IWB iShares Russell 1000 ETF 1.66% 12,949 $4.1M New
IEMG iShares Core MSCI Emerging 1.59% 67,931 $3.9M Add +0.9%
IWD iShares Russell 1000 Value E 1.47% 18,962 $3.6M Add +1.4%
IJR iShares Core S&P Small-Cap E 1.45% 30,480 $3.6M Reduce -0.0%
BRK.B Berkshire Hathaway Inc. Class B 1.37% 7,649 $3.4M Add +2.4%
IJH iShares Core S&P Midcap ETF 1.37% 53,792 $3.4M Add +20.4%
SCHX Schwab US Large-Cap ETF 1.35% 48,834 $3.3M Reduce -1.8%
SCHA Schwab US Small-Cap ETF 1.29% 61,426 $3.2M Add +2.3%
VIG Vanguard Dividend Apprec ETF 1.24% 15,297 $3.0M Add +1159.0%
SPY SS SPDR S&P 500 ETF Trust-US 1.24% 5,273 $3.0M Add +4.8%
MFIC Midcap Financial Investment 1.09% 187,880 $2.7M New
TFX Teleflex Inc. 1.05% 10,414 $2.6M No change
TSLA Tesla Inc. 1.03% 9,672 $2.5M Add +1.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.99% 6,308 $2.4M Add +256.0%
KKR KKR & Co. Inc. 0.93% 17,387 $2.3M Reduce -0.6%
JPST JPMorgan Ultra-Short Income 0.86% 41,425 $2.1M Reduce -8.4%
JFR Nuveen Floating Rate Income 0.86% 237,911 $2.1M Reduce -56.3%
SCHW Schwab (charles) Corp. 0.75% 28,396 $1.8M Reduce -57.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.75% 7,530 $1.8M No change
WMT Walmart Inc. 0.71% 21,692 $1.8M Reduce -3.1%
MSFT Microsoft Corp. 0.71% 4,070 $1.8M Reduce -10.8%
NVDA Nvidia Corp. 0.71% 14,345 $1.7M Add +52.0%
BGX Blackstone Long-Short Credit 0.70% 133,592 $1.7M Reduce -53.4%
KWEB Kranesh Csi China Internet 0.68% 49,020 $1.7M No change
VGT Vanguard Info Tech ETF 0.66% 2,755 $1.6M New
EEM iShares MSCI Emerging Market 0.57% 30,624 $1.4M Add +0.7%
VNQ Vanguard Real Estate ETF 0.57% 14,224 $1.4M No change
BRK.A 1/100 Berkshire HTWY A Class A 0.56% 200 $1.4M No change
XLF SS Financial Select Sector 0.55% 29,868 $1.4M Reduce -2.6%
MCD McDonald's Corp. 0.53% 4,296 $1.3M Reduce -0.3%
SHYG iShares 0-5 YR HY Corp. Bond 0.53% 29,859 $1.3M No change
AVB Avalonbay Communities Inc. 0.52% 5,650 $1.3M Add +289.7%
KO The Coca-Cola Co. 0.52% 17,636 $1.3M Reduce -1.7%
IUSV iShares Core S&P U.S. Value 0.51% 13,031 $1.2M Add +2.4%
GOOG Alphabet Inc. Class C 0.48% 7,073 $1.2M Reduce -4.3%
BRW Saba Capital Income & Opport 0.48% 155,616 $1.2M Reduce -4.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.48% 4,429 $1.2M No change
ECL Ecolab Inc. 0.47% 4,550 $1.2M Reduce -3.9%
FNDX Schwab Fndmntl US LRG Co. ETF 0.46% 15,838 $1.1M Add +120.1%
SPHQ Invesco S&P 500 Quality ETF 0.43% 15,639 $1.1M Add +240.3%
IWM iShares Russell 2000 ETF 0.41% 4,515 $997K Reduce -2.2%
VYM Vanguard High DVD Yield ETF 0.41% 7,778 $997K Add +5.5%
BGB Blackstone Strategic Credit 0.39% 76,876 $947K Reduce -63.3%
PM Philip Morris International 0.38% 7,665 $931K Reduce -23.5%
JPM JPMorgan Chase & Co. 0.37% 4,278 $902K Reduce -71.3%
GOOGL Alphabet Inc. Class A 0.37% 5,428 $900K Add +4.8%
HD Home Depot Inc. 0.36% 2,189 $887K Add +2.7%
XLK SS Technology Select Sector 0.36% 3,922 $885K No change
SCHD Schwab US DVD Equity ETF 0.36% 10,451 $883K Add +95.1%
BX Blackstone Inc. 0.36% 5,746 $880K Add +0.3%
NFLX Netflix Inc. 0.36% 1,240 $879K Reduce -18.0%
QQQM Invesco Nasdaq 100 ETF 0.34% 4,111 $826K Add +166.1%
LLY Eli Lilly & Co. 0.33% 909 $805K Reduce -19.1%
IWP iShares Russell Mid-Cap Grow 0.32% 6,717 $788K Reduce -19.0%
EFA iShares MSCI Eafe ETF 0.32% 9,366 $783K No change
AEP American Electric Power 0.32% 7,620 $782K Add +13.6%
NRK Nuveen NY Amt-FR Muni Inc. 0.30% 66,704 $747K No change
CBZ Cbiz Inc. 0.30% 11,000 $740K No change
OKE Oneok Inc. 0.29% 7,880 $718K Reduce -1.5%
PPG PPG Industries Inc. 0.28% 5,204 $689K No change
VEA Vanguard Ftse Developed ETF 0.27% 12,494 $660K No change
PH Parker Hannifin Corp. 0.27% 1,035 $654K Reduce -0.2%
EMLP First Trust North American E 0.27% 19,345 $650K Reduce -32.5%
OBDC Blue Owl Capital Corp. 0.24% 40,121 $585K No change
OPP Rivernrth/Doublelne STR Opp 0.24% 63,859 $580K No change
CMCSA Comcast Corp. Class A 0.23% 13,767 $575K Reduce -7.7%
MRK Merck & Co. Inc. 0.22% 4,788 $544K Reduce -2.1%
QCOM Qualcomm Inc. 0.22% 3,184 $541K Add +2.1%
GS Goldman Sachs Group Inc. 0.22% 1,092 $541K No change
JNJ Johnson & Johnson 0.22% 3,303 $535K Reduce -10.6%
VWO Vanguard Ftse Emerging Marke 0.19% 9,931 $475K Reduce -15.6%
PFE Pfizer Inc. 0.19% 16,215 $469K Reduce -0.7%
NAN Nuveen NY QLTY Muni Inc. 0.19% 39,784 $469K No change
GDX Vaneck Gold Miners ETF 0.19% 11,752 $468K No change
NEAR iShares SH Dba ETF Usd Inc. 0.19% 8,975 $460K No change
BOND PIMCO Active Bond Exchange-T 0.19% 4,817 $456K New
NOC Northrop Grumman Corp. 0.18% 842 $445K Reduce -13.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.18% 2,511 $438K No change
CSGS CSG Systems Intl Inc. 0.18% 9,000 $438K No change
TCPC BlackRock TCP Capital Corp. 0.17% 50,858 $422K Add +82.0%
ABBV Abbvie Inc. 0.17% 2,116 $418K Reduce -8.0%
SLRC SLR Investment Corp. 0.17% 27,520 $414K No change
PG The Procter & Gamble Co. 0.16% 2,310 $400K Reduce -2.9%
EPD Enterprise Products Partners 0.16% 13,393 $390K New
IWC iShares Micro-Cap ETF 0.16% 3,123 $385K No change
TYG Tortoise Energy Infrastruct 0.16% 9,770 $383K No change
V Visa Inc. Class A 0.15% 1,308 $360K Reduce -25.3%
LII Lennox International Inc. 0.14% 587 $355K No change
MAYS Mays (j.w.) Inc. 0.14% 7,326 $337K New
SMH Vaneck Semiconductor ETF 0.12% 1,238 $304K Reduce -36.6%
TRS Trimas Corp. 0.12% 11,500 $294K No change
CRM Salesforce Inc. 0.12% 1,037 $284K Reduce -56.8%
VT Vanguard Tot World STK ETF 0.12% 2,363 $283K Reduce -44.9%
MO Altria Group Inc. 0.11% 5,349 $274K Reduce -6.2%
PINS Pinterest Inc. Class A 0.11% 8,370 $271K Reduce -0.1%
ADBE Adobe Inc. 0.11% 523 $271K Reduce -22.9%
MDLZ Mondelez International Inc. Class A 0.11% 3,656 $269K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.11% 6,331 $266K No change
CVX Chevron Corp. 0.11% 1,768 $260K Reduce -12.1%
IYE iShares U.S. Energy ETF 0.10% 5,500 $255K No change
PSX Phillips 66 0.10% 1,904 $250K Reduce -61.8%
HON Honeywell International Inc. 0.10% 1,189 $246K Add +0.1%
ROP Roper Technologies Inc. 0.10% 434 $241K Reduce -13.2%
TRV The Travelers Cos Inc. 0.10% 1,004 $235K Reduce -0.3%
ABT Abbott Laboratories 0.09% 2,029 $231K New
ADP Automatic Data Processing 0.09% 833 $231K Reduce -42.2%
CEG Constellation Energy 0.09% 886 $230K New
UDR Udr Inc. 0.09% 5,000 $227K New
MGM MGM Resorts International 0.09% 5,750 $226K No change
SCHM Schwab US Mid Cap ETF 0.09% 2,697 $224K Add +0.1%
BLK BlackRock Finance Inc. 0.09% 236 $224K Reduce -13.2%
COST Costco Wholesale Corp. 0.09% 248 $220K Reduce -22.7%
BKNG Booking Holdings Inc. 0.09% 52 $219K Add +2.0%
MANH Manhattan Associates Inc. 0.09% 771 $217K New
WMB Williams Cos Inc. 0.09% 4,645 $212K Reduce -10.6%
CURE Direx DLY Hea Bul 3X ETF-Usd 0.08% 1,500 $200K New
BE Bloom Energy Corp. Class A 0.08% 18,622 $197K No change
WVVI Willamette Valley Vineyards 0.08% 54,800 $191K No change
PARAA Paramount Global Class B 0.08% 17,553 $186K New
MJ Amplify ETF TR 0.07% 52,447 $174K New
WPLCF Wise PLC - A 0.04% 11,116 $100K New
ETWO E2OPEN Parent Holdings Inc. 0.03% 14,587 $64K Reduce -40.0%
CYDY Cytodyn Inc. 0.00% 32,500 $5K New
VWESQ Vintage Wine Estates Inc. 0.00% 100,049 $200 No change

Portfolio Sells Q2 2024 → Q3 2024
IWF iShares Russell 1000 Growth Reduce -42.9% 2.64% −1.63
SCHW Schwab (charles) Corp. Reduce -57.1% 0.75% −1.31
AFT Apollo Senior Floating Rate Sold out 0.00% −1.24
JFR Nuveen Floating Rate Income Reduce -56.3% 0.86% −1.13
AMZN Amazon.com Inc. Reduce -18.5% 3.15% −1.00
JPM JPMorgan Chase & Co. Reduce -71.3% 0.37% −0.90
BGX Blackstone Long-Short Credit Reduce -53.4% 0.70% −0.81
BGB Blackstone Strategic Credit Reduce -63.3% 0.39% −0.66
APO Apollo Global Management Inc. Sold out 0.00% −0.49
VT Vanguard Tot World STK ETF Reduce -44.9% 0.12% −0.47
DIVB iShares Core Dividend ETF Sold out 0.00% −0.23
BN Brookfield Corp. Sold out 0.00% −0.18
TRU Transunion Sold out 0.00% −0.18
MSFT Microsoft Corp. Reduce -10.8% 0.71% −0.15
CRM Salesforce Inc. Reduce -56.8% 0.12% −0.14
SPMB SS SPDR P Mort Back Bond ETF Sold out 0.00% −0.13
SPOT Spotify Technology SA Sold out 0.00% −0.11
TXN Texas Instruments Inc. Sold out 0.00% −0.11
ITW Illinois Tool Works Sold out 0.00% −0.11
JPST JPMorgan Ultra-Short Income Reduce -8.4% 0.86% −0.10
EMLP First Trust North American E Reduce -32.5% 0.27% −0.10
LLY Eli Lilly & Co. Reduce -19.1% 0.33% −0.10
QQQ Invesco QQQ Trust Series 1 Reduce -0.6% 4.70% −0.10
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.10
MCHP Microchip Technology Inc. Sold out 0.00% −0.09
SPGI S&P Global Inc. Sold out 0.00% −0.09
ZGN Ermenegildo Zegna NV Sold out 0.00% −0.09
SMH Vaneck Semiconductor ETF Reduce -36.6% 0.12% −0.09
PSX Phillips 66 Reduce -61.8% 0.10% −0.09
GOOG Alphabet Inc. Class C Reduce -4.3% 0.48% −0.09
BIV Vanguard Intermediate-Term B Sold out 0.00% −0.09
PM Philip Morris International Reduce -23.5% 0.38% −0.08
NFLX Netflix Inc. Reduce -18.0% 0.36% −0.07
IWP iShares Russell Mid-Cap Grow Reduce -19.0% 0.32% −0.05
ADP Automatic Data Processing Reduce -42.2% 0.09% −0.05
ADBE Adobe Inc. Reduce -22.9% 0.11% −0.05
V Visa Inc. Class A Reduce -25.3% 0.15% −0.05
PINS Pinterest Inc. Class A Reduce -0.1% 0.11% −0.05
MRK Merck & Co. Inc. Reduce -2.1% 0.22% −0.03
CVX Chevron Corp. Reduce -12.1% 0.11% −0.03
COST Costco Wholesale Corp. Reduce -22.7% 0.09% −0.03
VWO Vanguard Ftse Emerging Marke Reduce -15.6% 0.19% −0.02
ROP Roper Technologies Inc. Reduce -13.2% 0.10% −0.02
ETWO E2OPEN Parent Holdings Inc. Reduce -40.0% 0.03% −0.02
CMCSA Comcast Corp. Class A Reduce -7.7% 0.23% −0.01
JNJ Johnson & Johnson Reduce -10.6% 0.22% −0.01
WMB Williams Cos Inc. Reduce -10.6% 0.09% −0.01
PG The Procter & Gamble Co. Reduce -2.9% 0.16% −0.00
ECL Ecolab Inc. Reduce -3.9% 0.47% −0.00
PFE Pfizer Inc. Reduce -0.7% 0.19% −0.00

Portfolio Buys Q2 2024 → Q3 2024
IWB iShares Russell 1000 ETF New 1.66% +1.66
VTI VG Morningstar TS MKT ETF-US Add +55.4% 3.38% +1.26
VIG Vanguard Dividend Apprec ETF Add +1159.0% 1.24% +1.14
MFIC Midcap Financial Investment New 1.09% +1.09
IVV iShares Core S&P 500 ETF Add +4.3% 13.43% +0.80
VUG Vanguard Mrngstar GR ETF-Sui Add +256.0% 0.99% +0.71
VGT Vanguard Info Tech ETF New 0.66% +0.66
IEFA iShares Core MSCI Eafe ETF Add +12.3% 3.16% +0.45
AVB Avalonbay Communities Inc. Add +289.7% 0.52% +0.39
SPHQ Invesco S&P 500 Quality ETF Add +240.3% 0.43% +0.31
IJH iShares Core S&P Midcap ETF Add +20.4% 1.37% +0.26
FNDX Schwab Fndmntl US LRG Co. ETF Add +120.1% 0.46% +0.26
TSLA Tesla Inc. Add +1.0% 1.03% +0.23
NVDA Nvidia Corp. Add +52.0% 0.71% +0.22
QQQM Invesco Nasdaq 100 ETF Add +166.1% 0.34% +0.21
BOND PIMCO Active Bond Exchange-T New 0.19% +0.19
SCHD Schwab US DVD Equity ETF Add +95.1% 0.36% +0.18
EPD Enterprise Products Partners New 0.16% +0.16
MAYS Mays (j.w.) Inc. New 0.14% +0.14
ABT Abbott Laboratories New 0.09% +0.09
CEG Constellation Energy New 0.09% +0.09
UDR Udr Inc. New 0.09% +0.09
IWD iShares Russell 1000 Value E Add +1.4% 1.47% +0.09
SCHA Schwab US Small-Cap ETF Add +2.3% 1.29% +0.09
MANH Manhattan Associates Inc. New 0.09% +0.09
BRK.B Berkshire Hathaway Inc. Class B Add +2.4% 1.37% +0.09
CURE Direx DLY Hea Bul 3X ETF-Usd New 0.08% +0.08
SPY SS SPDR S&P 500 ETF Trust-US Add +4.8% 1.24% +0.08
PARAA Paramount Global Class B New 0.08% +0.08
IEMG iShares Core MSCI Emerging Add +0.9% 1.59% +0.07
AEP American Electric Power Add +13.6% 0.32% +0.07
MJ Amplify ETF TR New 0.07% +0.07
BX Blackstone Inc. Add +0.3% 0.36% +0.06
HD Home Depot Inc. Add +2.7% 0.36% +0.05
TCPC BlackRock TCP Capital Corp. Add +82.0% 0.17% +0.04
WPLCF Wise PLC - A New 0.04% +0.04
VYM Vanguard High DVD Yield ETF Add +5.5% 0.41% +0.04
IUSV iShares Core S&P U.S. Value Add +2.4% 0.51% +0.03
VOO Vanguard S&P 500 ETF Add +0.0% 1.70% +0.03
EEM iShares MSCI Emerging Market Add +0.7% 0.57% +0.03
BKNG Booking Holdings Inc. Add +2.0% 0.09% +0.00
SCHM Schwab US Mid Cap ETF Add +0.1% 0.09% +0.00
CYDY Cytodyn Inc. New 0.00% +0.00
HON Honeywell International Inc. Add +0.1% 0.10% −0.01
GOOGL Alphabet Inc. Class A Add +4.8% 0.37% −0.03
QCOM Qualcomm Inc. Add +2.1% 0.22% −0.04

Options Activity Q2 2024 → Q3 2024
TESLA INC put Sold out 9,400 $1.9Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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