Next Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Next Capital Management LLC reported 140 stock positions worth $243.3 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 13.8% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 4.7%) and Apple (AAPL, 4.6%). Compared with Q3 2024, it opened 15 new positions, sold out of 11, added to 52 and reduced 30. The biggest buy was Amazon.com (AMZN, shares +1%) and the biggest sale SS Health Care Select Sector (XLV, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001752762
- Portfolio Value
- $243.3M (Q4 2024)
- SEC Filing
- 0001437749-25-003355 ↗ filed Feb 11, 2025
Holdings Value
Holdings 140 stocks · $243.3M
| IVV iShares Core S&P 500 ETF | 13.85% | 57,232 | $33.7M | Add +0.3% |
| QQQ Invesco QQQ Trust Series 1 | 4.75% | 22,604 | $11.6M | Reduce -4.3% |
| AAPL Apple Inc. | 4.58% | 44,546 | $11.2M | Add +2.2% |
| META Meta Platforms Inc. Class A | 4.57% | 19,010 | $11.1M | Add +1.2% |
| AMZN Amazon.com Inc. | 3.78% | 41,895 | $9.2M | Add +1.1% |
| GBDC Golub Capital BDC Inc. | 3.64% | 583,876 | $8.9M | Reduce -24.4% |
| VTI VG Morningstar TS MKT ETF-US | 3.57% | 29,967 | $8.7M | Add +2.4% |
| IEFA iShares Core MSCI Eafe ETF | 2.95% | 102,167 | $7.2M | Add +2.8% |
| IWF iShares Russell 1000 Growth | 2.91% | 17,645 | $7.1M | Add +2.4% |
| IVW iShares S&P 500 Growth ETF | 1.93% | 46,295 | $4.7M | No change |
| VOO Vanguard S&P 500 ETF | 1.79% | 8,093 | $4.4M | Add +2.8% |
| IWB iShares Russell 1000 ETF | 1.73% | 13,058 | $4.2M | Add +0.8% |
| XLV SS Health Care Select Sector | 1.68% | 29,800 | $4.1M | Reduce -35.6% |
| TSLA Tesla Inc. | 1.58% | 9,519 | $3.8M | Reduce -1.6% |
| IJR iShares Core S&P Small-Cap E | 1.57% | 33,232 | $3.8M | Add +9.0% |
| IWD iShares Russell 1000 Value E | 1.53% | 20,105 | $3.7M | Add +6.0% |
| IEMG iShares Core MSCI Emerging | 1.48% | 69,072 | $3.6M | Add +1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.44% | 7,740 | $3.5M | Add +1.2% |
| IJH iShares Core S&P Midcap ETF | 1.43% | 55,967 | $3.5M | Add +4.0% |
| SCHX Schwab US Large-Cap ETF | 1.42% | 148,716 | $3.4M | Add +1.5% |
| SCHA Schwab US Small-Cap ETF | 1.30% | 122,198 | $3.2M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.25% | 5,165 | $3.0M | Reduce -2.0% |
| VIG Vanguard Dividend Apprec ETF | 1.23% | 15,299 | $3.0M | Add +0.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.06% | 6,308 | $2.6M | No change |
| KKR KKR & Co. Inc. | 1.06% | 17,387 | $2.6M | No change |
| MFIC Midcap Financial Investment | 0.97% | 174,728 | $2.4M | Reduce -7.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.95% | 9,096 | $2.3M | Add +20.8% |
| JPST JPMorgan Ultra-Short Income | 0.91% | 43,763 | $2.2M | Add +5.6% |
| WMT Walmart Inc. | 0.85% | 22,853 | $2.1M | Add +5.3% |
| TFX Teleflex Inc. | 0.76% | 10,427 | $1.9M | Add +0.1% |
| MSFT Microsoft Corp. | 0.71% | 4,126 | $1.7M | Add +1.4% |
| VGT Vanguard Info Tech ETF | 0.70% | 2,755 | $1.7M | No change |
| NVDA Nvidia Corp. | 0.69% | 12,495 | $1.7M | Reduce -12.9% |
| EEM iShares MSCI Emerging Market | 0.66% | 38,484 | $1.6M | Add +25.7% |
| GOOG Alphabet Inc. Class C | 0.62% | 7,862 | $1.5M | Add +11.2% |
| XLF SS Financial Select Sector | 0.59% | 29,868 | $1.4M | No change |
| KWEB Kranesh Csi China Internet | 0.59% | 49,170 | $1.4M | Add +0.3% |
| BRK.A 1/100 Berkshire HTWY A Class A | 0.56% | 200 | $1.4M | No change |
| SCHW Schwab (charles) Corp. | 0.56% | 18,342 | $1.4M | Reduce -35.4% |
| NFLX Netflix Inc. | 0.54% | 1,473 | $1.3M | Add +18.8% |
| MCD McDonald's Corp. | 0.53% | 4,472 | $1.3M | Add +4.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.51% | 52,796 | $1.3M | Add +11.1% |
| AVB Avalonbay Communities Inc. | 0.51% | 5,650 | $1.2M | No change |
| IUSV iShares Core S&P U.S. Value | 0.50% | 13,195 | $1.2M | Add +1.3% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.50% | 4,472 | $1.2M | Add +1.0% |
| ECL Ecolab Inc. | 0.47% | 4,863 | $1.1M | Add +6.9% |
| KO The Coca-Cola Co. | 0.45% | 17,656 | $1.1M | Add +0.1% |
| SPHQ Invesco S&P 500 Quality ETF | 0.43% | 15,663 | $1.0M | Add +0.1% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.43% | 24,600 | $1.0M | Reduce -17.6% |
| QQQM Invesco Nasdaq 100 ETF | 0.43% | 4,928 | $1.0M | Add +19.9% |
| IWM iShares Russell 2000 ETF | 0.41% | 4,515 | $998K | No change |
| VYM Vanguard High DVD Yield ETF | 0.41% | 7,778 | $992K | No change |
| GOOGL Alphabet Inc. Class A | 0.40% | 5,082 | $962K | Reduce -6.4% |
| CBZ Cbiz Inc. | 0.37% | 11,000 | $900K | No change |
| XLK SS Technology Select Sector | 0.36% | 3,814 | $887K | Reduce -2.8% |
| JPM JPMorgan Chase & Co. | 0.36% | 3,670 | $880K | Reduce -14.2% |
| SCHD Schwab US DVD Equity ETF | 0.36% | 32,106 | $877K | Add +2.4% |
| HD Home Depot Inc. | 0.36% | 2,233 | $869K | Add +2.0% |
| IWP iShares Russell Mid-Cap Grow | 0.35% | 6,717 | $851K | No change |
| PM Philip Morris International | 0.35% | 7,038 | $847K | Reduce -8.2% |
| BRW Saba Capital Income & Opport | 0.35% | 110,322 | $841K | Reduce -29.1% |
| VEA Vanguard Ftse Developed ETF | 0.33% | 16,729 | $800K | Add +33.9% |
| OKE Oneok Inc. | 0.33% | 7,880 | $791K | No change |
| EFA iShares MSCI Eafe ETF | 0.29% | 9,366 | $708K | No change |
| AEP American Electric Power | 0.29% | 7,620 | $703K | No change |
| EMLP First Trust North American E | 0.28% | 19,345 | $690K | No change |
| LLY Eli Lilly & Co. | 0.28% | 885 | $683K | Reduce -2.6% |
| PH Parker Hannifin Corp. | 0.27% | 1,035 | $658K | No change |
| BX Blackstone Inc. | 0.27% | 3,786 | $653K | Reduce -34.1% |
| XOM Exxon Mobil Corp. | 0.26% | 5,844 | $629K | New |
| GS Goldman Sachs Group Inc. | 0.26% | 1,092 | $625K | No change |
| PPG PPG Industries Inc. | 0.26% | 5,204 | $622K | No change |
| BN Brookfield Corp. | 0.25% | 10,534 | $605K | New |
| OBDC Blue Owl Capital Corp. | 0.24% | 39,363 | $595K | Reduce -1.9% |
| V Visa Inc. Class A | 0.23% | 1,798 | $568K | Add +37.5% |
| VWO Vanguard Ftse Emerging Marke | 0.23% | 12,789 | $563K | Add +28.8% |
| OPP Rivernrth/Doublelne STR Opp | 0.22% | 63,859 | $533K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.21% | 9,959 | $519K | New |
| CMCSA Comcast Corp. Class A | 0.21% | 13,767 | $517K | No change |
| JNJ Johnson & Johnson | 0.21% | 3,483 | $504K | Add +5.5% |
| CRM Salesforce Inc. | 0.20% | 1,480 | $495K | Add +42.7% |
| QCOM Qualcomm Inc. | 0.20% | 3,116 | $479K | Reduce -2.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.19% | 1,763 | $466K | New |
| CSGS CSG Systems Intl Inc. | 0.19% | 9,000 | $460K | No change |
| PG The Procter & Gamble Co. | 0.19% | 2,711 | $454K | Add +17.4% |
| BGX Blackstone Long-Short Credit | 0.19% | 36,261 | $451K | Reduce -72.9% |
| SLRC SLR Investment Corp. | 0.18% | 27,520 | $445K | No change |
| TCPC BlackRock TCP Capital Corp. | 0.18% | 50,858 | $443K | No change |
| EPD Enterprise Products Partners | 0.18% | 13,993 | $439K | Add +4.5% |
| ABBV Abbvie Inc. | 0.18% | 2,449 | $435K | Add +15.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 2,511 | $425K | No change |
| TYG Tortoise Energy Infrastruct | 0.17% | 9,770 | $410K | No change |
| MRK Merck & Co. Inc. | 0.17% | 4,113 | $409K | Reduce -14.1% |
| IWC iShares Micro-Cap ETF | 0.17% | 3,123 | $407K | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.17% | 1,434 | $402K | New |
| GDX Vaneck Gold Miners ETF | 0.16% | 11,752 | $399K | No change |
| VNQ Vanguard Real Estate ETF | 0.16% | 4,460 | $397K | Reduce -68.6% |
| NOC Northrop Grumman Corp. | 0.16% | 821 | $385K | Reduce -2.5% |
| SPOT Spotify Technology SA | 0.16% | 860 | $385K | New |
| LII Lennox International Inc. | 0.15% | 587 | $358K | No change |
Options reported separately and not counted above: TSLA puts ($3.8M).
Portfolio Sells Q3 2024 → Q4 2024
| XLV SS Health Care Select Sector | Reduce -35.6% | 1.68% | −1.22 |
| GBDC Golub Capital BDC Inc. | Reduce -24.4% | 3.64% | −1.12 |
| JFR Nuveen Floating Rate Income | Reduce -85.1% | 0.13% | −0.73 |
| BGX Blackstone Long-Short Credit | Reduce -72.9% | 0.19% | −0.51 |
| VNQ Vanguard Real Estate ETF | Reduce -68.6% | 0.16% | −0.40 |
| NRK Nuveen NY Amt-FR Muni Inc. | Sold out | 0.00% | −0.30 |
| BGB Blackstone Strategic Credit | Reduce -65.0% | 0.14% | −0.25 |
| SCHW Schwab (charles) Corp. | Reduce -35.4% | 0.56% | −0.19 |
| NAN Nuveen NY QLTY Muni Inc. | Sold out | 0.00% | −0.19 |
| NEAR iShares SH Dba ETF Usd Inc. | Sold out | 0.00% | −0.19 |
| BOND PIMCO Active Bond Exchange-T | Sold out | 0.00% | −0.19 |
| BRW Saba Capital Income & Opport | Reduce -29.1% | 0.35% | −0.14 |
| MFIC Midcap Financial Investment | Reduce -7.0% | 0.97% | −0.12 |
| SHYG iShares 0-5 YR HY Corp. Bond | Reduce -17.6% | 0.43% | −0.10 |
| CEG Constellation Energy | Sold out | 0.00% | −0.09 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.09 |
| BX Blackstone Inc. | Reduce -34.1% | 0.27% | −0.09 |
| MANH Manhattan Associates Inc. | Sold out | 0.00% | −0.09 |
| CURE Direx DLY Hea Bul 3X ETF-Usd | Sold out | 0.00% | −0.08 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -14.1% | 0.17% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -2.6% | 0.28% | −0.05 |
| PFE Pfizer Inc. | Reduce -18.3% | 0.14% | −0.05 |
| WPLCF Wise PLC - A | Sold out | 0.00% | −0.04 |
| PM Philip Morris International | Reduce -8.2% | 0.35% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -2.1% | 0.20% | −0.02 |
| NOC Northrop Grumman Corp. | Reduce -2.5% | 0.16% | −0.02 |
| NVDA Nvidia Corp. | Reduce -12.9% | 0.69% | −0.02 |
| MO Altria Group Inc. | Reduce -14.4% | 0.10% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -14.2% | 0.36% | −0.01 |
| HON Honeywell International Inc. | Reduce -12.4% | 0.10% | −0.00 |
| VWESQ Vintage Wine Estates Inc. | Sold out | 0.00% | −0.00 |
| XLK SS Technology Select Sector | Reduce -2.8% | 0.36% | +0.00 |
| BLK BlackRock Inc. | Reduce -3.4% | 0.10% | +0.00 |
| OBDC Blue Owl Capital Corp. | Reduce -1.9% | 0.24% | +0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -0.5% | 1.30% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.0% | 1.25% | +0.01 |
| BKNG Booking Holdings Inc. | Reduce -1.9% | 0.10% | +0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -6.4% | 0.40% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -4.3% | 4.75% | +0.05 |
| TSLA Tesla Inc. | Reduce -1.6% | 1.58% | +0.55 |
Portfolio Buys Q3 2024 → Q4 2024
| AMZN Amazon.com Inc. | Add +1.1% | 3.78% | +0.63 |
| AAPL Apple Inc. | Add +2.2% | 4.58% | +0.44 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 13.85% | +0.42 |
| IWF iShares Russell 1000 Growth | Add +2.4% | 2.91% | +0.27 |
| XOM Exxon Mobil Corp. | New | 0.26% | +0.26 |
| BN Brookfield Corp. | New | 0.25% | +0.25 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.21% | +0.21 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +20.8% | 0.95% | +0.20 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.19% | +0.19 |
| META Meta Platforms Inc. Class A | Add +1.2% | 4.57% | +0.19 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.4% | 3.57% | +0.19 |
| NFLX Netflix Inc. | Add +18.8% | 0.54% | +0.18 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.17% | +0.17 |
| SPOT Spotify Technology SA | New | 0.16% | +0.16 |
| SHEL Shell PLC-ADR | New | 0.15% | +0.15 |
| WMT Walmart Inc. | Add +5.3% | 0.85% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +11.2% | 0.62% | +0.13 |
| IJR iShares Core S&P Small-Cap E | Add +9.0% | 1.57% | +0.12 |
| LULU Lululemon Athletica Inc. | New | 0.11% | +0.11 |
| PLD Prologis Inc. | New | 0.11% | +0.11 |
| SPGI S&P Global Inc. | New | 0.10% | +0.10 |
| VOO Vanguard S&P 500 ETF | Add +2.8% | 1.79% | +0.10 |
| COIN Coinbase Global Inc. Class A | New | 0.09% | +0.09 |
| QQQM Invesco Nasdaq 100 ETF | Add +19.9% | 0.43% | +0.09 |
| EEM iShares MSCI Emerging Market | Add +25.7% | 0.66% | +0.09 |
| CRM Salesforce Inc. | Add +42.7% | 0.20% | +0.09 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | New | 0.09% | +0.09 |
| V Visa Inc. Class A | Add +37.5% | 0.23% | +0.09 |
| SBUX Starbucks Corp. | New | 0.09% | +0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.2% | 1.44% | +0.07 |
| IWB iShares Russell 1000 ETF | Add +0.8% | 1.73% | +0.07 |
| IJH iShares Core S&P Midcap ETF | Add +4.0% | 1.43% | +0.07 |
| SCHX Schwab US Large-Cap ETF | Add +1.5% | 1.42% | +0.06 |
| ZGN Ermenegildo Zegna NV | New | 0.06% | +0.06 |
| IWD iShares Russell 1000 Value E | Add +6.0% | 1.53% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +33.9% | 0.33% | +0.06 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +11.1% | 0.51% | +0.05 |
| JPST JPMorgan Ultra-Short Income | Add +5.6% | 0.91% | +0.05 |
| RFI Cohen & Steers Tot Ret RLTY | New | 0.05% | +0.05 |
| ROP Roper Technologies Inc. | Add +53.7% | 0.14% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +28.8% | 0.23% | +0.04 |
| COST Costco Wholesale Corp. | Add +30.6% | 0.12% | +0.03 |
| ADP Automatic Data Processing | Add +19.2% | 0.12% | +0.03 |
| PG The Procter & Gamble Co. | Add +17.4% | 0.19% | +0.02 |
| ABT Abbott Laboratories | Add +24.1% | 0.12% | +0.02 |
| ADBE Adobe Inc. | Add +38.2% | 0.13% | +0.02 |
| EPD Enterprise Products Partners | Add +4.5% | 0.18% | +0.02 |
| CVX Chevron Corp. | Add +20.2% | 0.13% | +0.02 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +1.0% | 0.50% | +0.02 |
| ABBV Abbvie Inc. | Add +15.7% | 0.18% | +0.01 |
Options Activity Q3 2024 → Q4 2024
| TSLA Tesla Inc. | put | New | 9,400 | $3.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |