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

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 Q3 2024 Q4 2024: $243.3M $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 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
SHEL Shell PLC-ADR 0.15% 5,682 $356K New
PFE Pfizer Inc. 0.14% 13,243 $351K Reduce -18.3%
ROP Roper Technologies Inc. 0.14% 667 $347K Add +53.7%
BGB Blackstone Strategic Credit 0.14% 26,899 $329K Reduce -65.0%
MAYS Mays (j.w.) Inc. 0.13% 7,326 $322K No change
ADBE Adobe Inc. 0.13% 723 $322K Add +38.2%
JFR Nuveen Floating Rate Income 0.13% 35,541 $317K Reduce -85.1%
CVX Chevron Corp. 0.13% 2,125 $308K Add +20.2%
SMH Vaneck Semiconductor ETF 0.12% 1,238 $300K No change
COST Costco Wholesale Corp. 0.12% 324 $297K Add +30.6%
ADP Automatic Data Processing 0.12% 993 $291K Add +19.2%
ABT Abbott Laboratories 0.12% 2,519 $285K Add +24.1%
TRS Trimas Corp. 0.12% 11,500 $283K No change
VT Vanguard Tot World STK ETF 0.11% 2,363 $278K No change
LULU Lululemon Athletica Inc. 0.11% 717 $274K New
DBEF Xtrackers MSCI Eafe Hedged E 0.11% 6,331 $262K No change
PLD Prologis Inc. 0.11% 2,422 $256K New
BKNG Booking Holdings Inc. 0.10% 51 $253K Reduce -1.9%
WMB Williams Cos Inc. 0.10% 4,645 $251K No change
IYE iShares U.S. Energy ETF 0.10% 5,500 $251K No change
PINS Pinterest Inc. Class A 0.10% 8,370 $243K No change
TRV The Travelers Cos Inc. 0.10% 1,004 $242K No change
MO Altria Group Inc. 0.10% 4,576 $239K Reduce -14.4%
SPGI S&P Global Inc. 0.10% 474 $236K New
HON Honeywell International Inc. 0.10% 1,042 $235K Reduce -12.4%
BLK BlackRock Inc. 0.10% 228 $234K Reduce -3.4%
SCHM Schwab US Mid Cap ETF 0.09% 8,094 $224K No change
COIN Coinbase Global Inc. Class A 0.09% 895 $222K New
UDR Udr Inc. 0.09% 5,069 $220K Add +1.4%
MDLZ Mondelez International Inc. Class A 0.09% 3,656 $218K No change
PSX Phillips 66 0.09% 1,904 $217K No change
VOE Vngrd Mrngstr MD-Cap Val ETF 0.09% 1,318 $213K New
SBUX Starbucks Corp. 0.09% 2,268 $207K New
PARAA Paramount Global Class B 0.08% 18,004 $188K Add +2.6%
WVVI Willamette Valley Vineyards 0.08% 54,800 $184K No change
ZGN Ermenegildo Zegna NV 0.06% 18,275 $151K New
MJ Amplify ETF TR 0.05% 52,672 $118K Add +0.4%
RFI Cohen & Steers Tot Ret RLTY 0.05% 10,010 $116K New
ETWO E2OPEN Parent Holdings Inc. 0.02% 14,587 $39K No change
CYDY Cytodyn Inc. 0.00% 32,500 $4K 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

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