Next Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Next Capital Management LLC reported 118 stock positions worth $208.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 15.8% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 4.9%) and Meta Platforms Class A (META, 4.6%). Compared with Q4 2024, it opened 9 new positions, sold out of 31, added to 29 and reduced 43. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +2%) and the biggest sale an exit from Tesla (TSLA).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$208.5M (Q1 2025)
SEC Filing
0001437749-25-014677 ↗ filed May 6, 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 Q4 2024 Q1 2025: $208.5M $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 118 stocks · $208.5M
IVV iShares Core S&P 500 ETF 15.79% 58,585 $32.9M Add +2.4%
QQQ Invesco QQQ Trust Series 1 4.90% 21,771 $10.2M Reduce -3.7%
META Meta Platforms Inc. Class A 4.59% 16,613 $9.6M Reduce -12.6%
AAPL Apple Inc. 4.47% 41,993 $9.3M Reduce -5.7%
IEFA iShares Core MSCI Eafe ETF 3.79% 104,411 $7.9M Add +2.2%
AMZN Amazon.com Inc. 3.57% 39,145 $7.4M Reduce -6.6%
VTI VG Morningstar TS MKT ETF-US 3.45% 26,136 $7.2M Reduce -12.8%
IWF iShares Russell 1000 Growth 3.18% 18,352 $6.6M Add +4.0%
GBDC Golub Capital BDC Inc. 2.49% 342,953 $5.2M Reduce -41.3%
IVW iShares S&P 500 Growth ETF 2.08% 46,701 $4.3M Add +0.9%
VOO Vanguard S&P 500 ETF 1.98% 8,040 $4.1M Reduce -0.7%
IEMG iShares Core MSCI Emerging 1.92% 74,106 $4.0M Add +7.3%
BRK.B Berkshire Hathaway Inc. Class B 1.89% 7,386 $3.9M Reduce -4.6%
IWD iShares Russell 1000 Value E 1.86% 20,579 $3.9M Add +2.4%
IJH iShares Core S&P Midcap ETF 1.81% 64,521 $3.8M Add +15.3%
IJR iShares Core S&P Small-Cap E 1.75% 34,873 $3.6M Add +4.9%
SPY SS SPDR S&P 500 ETF Trust-US 1.58% 5,887 $3.3M Add +14.0%
XLV SS Health Care Select Sector 1.54% 21,955 $3.2M Reduce -26.3%
SCHA Schwab US Small-Cap ETF 1.33% 118,714 $2.8M Reduce -2.9%
SCHX Schwab US Large-Cap ETF 1.27% 120,076 $2.7M Reduce -19.3%
VIG Vanguard Dividend Apprec ETF 1.24% 13,342 $2.6M Reduce -12.8%
MFIC Midcap Financial Investment 1.04% 169,085 $2.2M Reduce -3.2%
KKR KKR & Co. Inc. 0.96% 17,387 $2.0M No change
JPST JPMorgan Ultra-Short Income 0.95% 39,151 $2.0M Reduce -10.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.87% 4,894 $1.8M Reduce -22.4%
WMT Walmart Inc. 0.87% 20,600 $1.8M Reduce -9.9%
IWB iShares Russell 1000 ETF 0.86% 5,845 $1.8M Reduce -55.2%
KWEB Kranesh Csi China Internet 0.82% 49,020 $1.7M Reduce -0.3%
BRK.A Berkshire Hathaway Inc. Class A 0.77% 2 $1.6M No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.75% 6,430 $1.6M Reduce -29.3%
XLF SS Financial Select Sector 0.74% 31,153 $1.6M Add +4.3%
QQQM Invesco Nasdaq 100 ETF 0.72% 7,827 $1.5M Add +58.8%
FNDX Schwab Fndmntl US LRG Co. ETF 0.72% 63,626 $1.5M Add +20.5%
VGT Vanguard Info Tech ETF 0.72% 2,755 $1.5M No change
MSFT Microsoft Corp. 0.69% 3,818 $1.4M Reduce -7.5%
EEM iShares MSCI Emerging Market 0.69% 32,769 $1.4M Reduce -14.8%
NVDA Nvidia Corp. 0.65% 12,589 $1.4M Add +0.8%
KO The Coca-Cola Co. 0.61% 17,646 $1.3M Reduce -0.1%
MCD McDonald's Corp. 0.60% 4,027 $1.3M Reduce -9.9%
SCHW Schwab (charles) Corp. 0.60% 15,982 $1.3M Reduce -12.9%
IUSV iShares Core S&P U.S. Value 0.59% 13,293 $1.2M Add +0.7%
PM Philip Morris International 0.56% 7,342 $1.2M Add +4.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.55% 4,490 $1.2M Add +0.4%
TFX Teleflex Inc. 0.52% 7,880 $1.1M Reduce -24.4%
ECL Ecolab Inc. 0.51% 4,230 $1.1M Reduce -13.0%
SCHD Schwab US DVD Equity ETF 0.51% 38,290 $1.1M Add +19.3%
SHYG iShares 0-5 YR HY Corp. Bond 0.50% 24,600 $1.0M No change
VYM Vanguard High DVD Yield ETF 0.48% 7,778 $1.0M No change
IWP iShares Russell Mid-Cap Grow 0.45% 7,943 $933K Add +18.3%
IWM iShares Russell 2000 ETF 0.44% 4,594 $916K Add +1.8%
NFLX Netflix Inc. 0.42% 943 $879K Reduce -36.0%
AEP American Electric Power 0.42% 8,028 $877K Add +5.3%
CBZ Cbiz Inc. 0.40% 11,000 $834K No change
XLK SS Technology Select Sector 0.38% 3,814 $788K No change
OKE Oneok Inc. 0.38% 7,880 $782K No change
EFA iShares MSCI Eafe ETF 0.36% 9,057 $740K Reduce -3.3%
LLY Eli Lilly & Co. 0.35% 890 $735K Add +0.6%
EMLP First Trust North American E 0.35% 19,345 $725K No change
JPM JPMorgan Chase & Co. 0.34% 2,910 $714K Reduce -20.7%
SCHB Schwab US Broad Market ETF 0.34% 32,829 $707K New
XOM Exxon Mobil Corp. 0.33% 5,783 $688K Reduce -1.0%
HD Home Depot Inc. 0.33% 1,854 $679K Reduce -17.0%
VEA Vanguard Ftse Developed ETF 0.31% 12,643 $643K Reduce -24.4%
PH Parker Hannifin Corp. 0.30% 1,035 $629K No change
GS Goldman Sachs Group Inc. 0.30% 1,142 $624K Add +4.6%
VWO Vanguard Ftse Emerging Marke 0.28% 12,790 $579K Add +0.0%
OBDC Blue Owl Capital Corp. 0.28% 39,363 $577K No change
GOOG Alphabet Inc. Class C 0.28% 3,679 $575K Reduce -53.2%
PPG PPG Industries Inc. 0.27% 5,204 $569K No change
ACWX iShares MSCI Acwi Ex US ETF 0.26% 9,959 $552K No change
BN Brookfield Corp. 0.26% 10,500 $550K Reduce -0.3%
CSGS CSG Systems Intl Inc. 0.26% 9,000 $544K No change
GDX Vaneck Gold Miners ETF 0.26% 11,752 $540K No change
BX Blackstone Inc. 0.26% 3,810 $533K Add +0.6%
EPD Enterprise Products Partners 0.23% 14,293 $488K Add +2.1%
QCOM Qualcomm Inc. 0.23% 3,116 $479K No change
SPOT Spotify Technology SA 0.23% 860 $473K No change
CMCSA Comcast Corp. Class A 0.23% 12,726 $470K Reduce -7.6%
GOOGL Alphabet Inc. Class A 0.22% 3,027 $468K Reduce -40.4%
SLRC SLR Investment Corp. 0.22% 27,520 $464K No change
JNJ Johnson & Johnson 0.21% 2,654 $440K Reduce -23.8%
VTV Vanguard Mrngstr Val ETF-Aui 0.21% 2,511 $434K No change
NOC Northrop Grumman Corp. 0.20% 821 $420K No change
TCPC BlackRock TCP Capital Corp. 0.20% 50,858 $407K No change
MRK Merck & Co. Inc. 0.19% 4,367 $392K Add +6.2%
IWC iShares Micro-Cap ETF 0.17% 3,123 $346K No change
PFE Pfizer Inc. 0.16% 13,425 $340K Add +1.4%
LII Lennox International Inc. 0.16% 587 $329K No change
ABBV Abbvie Inc. 0.16% 1,570 $329K Reduce -35.9%
WVVI Willamette Valley Vineyards 0.16% 54,800 $326K No change
PG The Procter & Gamble Co. 0.15% 1,869 $319K Reduce -31.1%
SPHQ Invesco S&P 500 Quality ETF 0.15% 4,608 $306K Reduce -70.6%
MAYS Mays (j.w.) Inc. 0.13% 7,326 $280K No change
RSP Invesco S&P 500 Equal Weight 0.13% 1,610 $279K New
WMB Williams Cos Inc. 0.13% 4,645 $278K No change
MO Altria Group Inc. 0.13% 4,576 $275K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.13% 6,331 $274K No change
VT Vanguard Tot World STK ETF 0.13% 2,363 $274K No change
HON Honeywell International Inc. 0.13% 1,282 $271K Add +23.0%
IYE iShares U.S. Energy ETF 0.13% 5,500 $271K No change
TRS Trimas Corp. 0.13% 11,500 $269K No change
UNH Unitedhealth Group Inc. 0.13% 514 $269K New
EWG iShares MSCI Germany ETF 0.13% 7,175 $266K New
TRV The Travelers Cos Inc. 0.13% 1,004 $266K No change
MDLZ Mondelez International Inc. Class A 0.12% 3,656 $248K No change
V Visa Inc. Class A 0.11% 683 $240K Reduce -62.0%
BKNG Booking Holdings Inc. 0.11% 51 $235K No change
SCHM Schwab US Mid Cap ETF 0.10% 8,097 $212K Add +0.0%
IJS iShares S&P Small-Cap 600 Va 0.10% 2,098 $205K New
CVX Chevron Corp. 0.10% 1,213 $203K Reduce -42.9%
PARAA Paramount Global Class B 0.09% 15,550 $186K Reduce -13.6%
ET Energy Transfer LP 0.08% 8,708 $162K New
WPLCF Wise PLC - A 0.07% 11,116 $136K New
ZGN Ermenegildo Zegna NV 0.06% 18,275 $135K No change
SONY Sony Group Corp. - SP ADR 0.04% 3,685 $94K New
ETWO E2OPEN Parent Holdings Inc. 0.01% 14,587 $29K No change
CRML Critical Metals Corp. 0.01% 19,982 $28K New
CYDY Cytodyn Inc. 0.00% 32,500 $7K No change

Portfolio Sells Q4 2024 → Q1 2025
TSLA Tesla Inc. Sold out 0.00% −1.58
GBDC Golub Capital BDC Inc. Reduce -41.3% 2.49% −1.15
IWB iShares Russell 1000 ETF Reduce -55.2% 0.86% −0.87
AVB Avalonbay Communities Inc. Sold out 0.00% −0.51
BRW Saba Capital Income & Opport Sold out 0.00% −0.35
GOOG Alphabet Inc. Class C Reduce -53.2% 0.28% −0.34
SPHQ Invesco S&P 500 Quality ETF Reduce -70.6% 0.15% −0.28
TFX Teleflex Inc. Reduce -24.4% 0.52% −0.24
OPP Rivernrth/Doublelne STR Opp Sold out 0.00% −0.22
AMZN Amazon.com Inc. Reduce -6.6% 3.57% −0.20
CRM Salesforce Inc. Sold out 0.00% −0.20
VOT Vngrd Mrngstr MC GRW ETF-Usd Reduce -29.3% 0.75% −0.19
VUG Vanguard Mrngstar GR ETF-Sui Reduce -22.4% 0.87% −0.19
VO Vngrd Mrngstr MD-Cap ETF-Usd Sold out 0.00% −0.19
BGX Blackstone Long-Short Credit Sold out 0.00% −0.19
GOOGL Alphabet Inc. Class A Reduce -40.4% 0.22% −0.17
TYG Tortoise Energy Infrastruct Sold out 0.00% −0.17
VBK Van Morst SML-Cap Gro-Usd Inc. Sold out 0.00% −0.17
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.16
XLV SS Health Care Select Sector Reduce -26.3% 1.54% −0.15
SHEL Shell PLC-ADR Sold out 0.00% −0.15
SCHX Schwab US Large-Cap ETF Reduce -19.3% 1.27% −0.14
ROP Roper Technologies Inc. Sold out 0.00% −0.14
BGB Blackstone Strategic Credit Sold out 0.00% −0.14
ADBE Adobe Inc. Sold out 0.00% −0.13
JFR Nuveen Floating Rate Income Sold out 0.00% −0.13
VTI VG Morningstar TS MKT ETF-US Reduce -12.8% 3.45% −0.12
SMH Vaneck Semiconductor ETF Sold out 0.00% −0.12
COST Costco Wholesale Corp. Sold out 0.00% −0.12
ADP Automatic Data Processing Sold out 0.00% −0.12
V Visa Inc. Class A Reduce -62.0% 0.11% −0.12
NFLX Netflix Inc. Reduce -36.0% 0.42% −0.12
ABT Abbott Laboratories Sold out 0.00% −0.12
LULU Lululemon Athletica Inc. Sold out 0.00% −0.11
AAPL Apple Inc. Reduce -5.7% 4.47% −0.11
PLD Prologis Inc. Sold out 0.00% −0.11
PINS Pinterest Inc. Class A Sold out 0.00% −0.10
SPGI S&P Global Inc. Sold out 0.00% −0.10
BLK BlackRock Inc. Sold out 0.00% −0.10
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.09
UDR Udr Inc. Sold out 0.00% −0.09
PSX Phillips 66 Sold out 0.00% −0.09
VOE Vngrd Mrngstr MD-Cap Val ETF Sold out 0.00% −0.09
SBUX Starbucks Corp. Sold out 0.00% −0.09
MJ Amplify ETF TR Sold out 0.00% −0.05
RFI Cohen & Steers Tot Ret RLTY Sold out 0.00% −0.05
PG The Procter & Gamble Co. Reduce -31.1% 0.15% −0.03
HD Home Depot Inc. Reduce -17.0% 0.33% −0.03
CVX Chevron Corp. Reduce -42.9% 0.10% −0.03
MSFT Microsoft Corp. Reduce -7.5% 0.69% −0.03

Portfolio Buys Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Add +2.4% 15.79% +1.94
IEFA iShares Core MSCI Eafe ETF Add +2.2% 3.79% +0.84
IEMG iShares Core MSCI Emerging Add +7.3% 1.92% +0.44
IJH iShares Core S&P Midcap ETF Add +15.3% 1.81% +0.37
SCHB Schwab US Broad Market ETF New 0.34% +0.34
SPY SS SPDR S&P 500 ETF Trust-US Add +14.0% 1.58% +0.34
IWD iShares Russell 1000 Value E Add +2.4% 1.86% +0.33
QQQM Invesco Nasdaq 100 ETF Add +58.8% 0.72% +0.30
IWF iShares Russell 1000 Growth Add +4.0% 3.18% +0.27
PM Philip Morris International Add +4.3% 0.56% +0.21
FNDX Schwab Fndmntl US LRG Co. ETF Add +20.5% 0.72% +0.21
IJR iShares Core S&P Small-Cap E Add +4.9% 1.75% +0.18
SCHD Schwab US DVD Equity ETF Add +19.3% 0.51% +0.15
XLF SS Financial Select Sector Add +4.3% 0.74% +0.15
IVW iShares S&P 500 Growth ETF Add +0.9% 2.08% +0.15
RSP Invesco S&P 500 Equal Weight New 0.13% +0.13
AEP American Electric Power Add +5.3% 0.42% +0.13
UNH Unitedhealth Group Inc. New 0.13% +0.13
EWG iShares MSCI Germany ETF New 0.13% +0.13
IJS iShares S&P Small-Cap 600 Va New 0.10% +0.10
IWP iShares Russell Mid-Cap Grow Add +18.3% 0.45% +0.10
IUSV iShares Core S&P U.S. Value Add +0.7% 0.59% +0.09
ET Energy Transfer LP New 0.08% +0.08
LLY Eli Lilly & Co. Add +0.6% 0.35% +0.07
WPLCF Wise PLC - A New 0.07% +0.07
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +0.4% 0.55% +0.06
EPD Enterprise Products Partners Add +2.1% 0.23% +0.05
VWO Vanguard Ftse Emerging Marke Add +0.0% 0.28% +0.05
SONY Sony Group Corp. - SP ADR New 0.04% +0.04
GS Goldman Sachs Group Inc. Add +4.6% 0.30% +0.04
HON Honeywell International Inc. Add +23.0% 0.13% +0.03
IWM iShares Russell 2000 ETF Add +1.8% 0.44% +0.03
MRK Merck & Co. Inc. Add +6.2% 0.19% +0.02
PFE Pfizer Inc. Add +1.4% 0.16% +0.02
CRML Critical Metals Corp. New 0.01% +0.01
SCHM Schwab US Mid Cap ETF Add +0.0% 0.10% +0.01
BX Blackstone Inc. Add +0.6% 0.26% −0.01
NVDA Nvidia Corp. Add +0.8% 0.65% −0.04

Options Activity Q4 2024 → Q1 2025
TSLA Tesla Inc. put Sold out 9,400 $3.8Mbefore 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