Next Capital Management LLC

Name: Next Capital Management LLC 13F holdings, Q2 2025
Creator: Next Capital Management LLC
Published: 2025-08-05

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Next Capital Management LLC reported 137 stock positions worth $270.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.7% of the portfolio, followed by Meta Platforms Class A (META, 4.5%) and Invesco QQQ Trust Series 1 (QQQ, 4.4%). Compared with Q1 2025, it opened 24 new positions, sold out of 5, added to 65 and reduced 14. The biggest buy was BlackRock TCP Capital (TCPC, shares +2131%) and the biggest sale Golub Capital BDC (GBDC, shares −19%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001752762
Portfolio Value: $270.6M (Q2 2025)
SEC Filing: 0001437749-25-024802 ↗ filed Aug 5, 2025

Holdings Value

Holdings 137 stocks · $270.6M


IVV iShares Core S&P 500 ETF	14.72%	64,149	$39.8M	Add +9.5%
META Meta Platforms Inc. Class A	4.54%	16,657	$12.3M	Add +0.3%
QQQ Invesco QQQ Trust Series 1	4.44%	21,800	$12.0M	Add +0.1%
IEFA iShares Core MSCI Eafe ETF	3.59%	116,335	$9.7M	Add +11.4%
AMZN Amazon.com Inc.	3.56%	43,967	$9.6M	Add +12.3%
MFIC Midcap Financial Investment	3.38%	725,401	$9.2M	Add +329.0%
AAPL Apple Inc.	3.34%	44,014	$9.0M	Add +4.8%
VOO Vanguard S&P 500 ETF	3.31%	15,748	$9.0M	Add +95.9%
TCPC BlackRock TCP Capital Corp.	3.23%	1,134,826	$8.7M	Add +2131.4%
VTI VG Morningstar TS MKT ETF-US	2.98%	26,563	$8.1M	Add +1.6%
IWF iShares Russell 1000 Growth	2.85%	18,167	$7.7M	Reduce -1.0%
IVW iShares S&P 500 Growth ETF	1.94%	47,773	$5.3M	Add +2.3%
IEMG iShares Core MSCI Emerging	1.82%	82,147	$4.9M	Add +10.8%
IWB iShares Russell 1000 ETF	1.60%	12,734	$4.3M	Add +117.9%
NVDA Nvidia Corp.	1.58%	27,033	$4.3M	Add +114.7%
IJR iShares Core S&P Small-Cap E	1.53%	37,949	$4.1M	Add +8.8%
IWD iShares Russell 1000 Value E	1.53%	21,295	$4.1M	Add +3.5%
BRK.B Berkshire Hathaway Inc. Class B	1.52%	8,449	$4.1M	Add +14.4%
GBDC Golub Capital BDC Inc.	1.51%	279,444	$4.1M	Reduce -18.5%
IJH iShares Core S&P Midcap ETF	1.51%	65,682	$4.1M	Add +1.8%
SPY SS SPDR S&P 500 ETF Trust-US	1.32%	5,776	$3.6M	Reduce -1.9%
SCHA Schwab US Small-Cap ETF	1.10%	117,399	$3.0M	Reduce -1.1%
XLV SS Health Care Select Sector	1.09%	21,977	$3.0M	Add +0.1%
SCHX Schwab US Large-Cap ETF	1.08%	119,505	$2.9M	Reduce -0.5%
VIG Vanguard Dividend Apprec ETF	1.01%	13,342	$2.7M	No change
KKR KKR & Co. Inc.	1.00%	20,273	$2.7M	Add +16.6%
MSFT Microsoft Corp.	0.93%	5,048	$2.5M	Add +32.2%
VUG Vanguard Mrngstar GR ETF-Sui	0.80%	4,942	$2.2M	Add +1.0%
FNDX Schwab Fndmntl US LRG Co. ETF	0.77%	85,158	$2.1M	Add +33.8%
WMT Walmart Inc.	0.74%	20,600	$2.0M	No change
QQQM Invesco Nasdaq 100 ETF	0.68%	8,148	$1.9M	Add +4.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd	0.68%	6,430	$1.8M	No change
VGT Vanguard Info Tech ETF	0.68%	2,755	$1.8M	No change
XLF SS Financial Select Sector	0.63%	32,434	$1.7M	Add +4.1%
KWEB Kranesh Csi China Internet	0.62%	49,020	$1.7M	No change
EEM iShares MSCI Emerging Market	0.61%	34,500	$1.7M	Add +5.3%
KO The Coca-Cola Co.	0.57%	21,715	$1.5M	Add +23.1%
SCHW Schwab (charles) Corp.	0.56%	16,684	$1.5M	Add +4.4%
JPM JPMorgan Chase & Co.	0.55%	9,644	$1.5M	Add +231.4%
BRK.A Berkshire Hathaway Inc. Class A	0.54%	2	$1.5M	No change
PM Philip Morris International	0.51%	7,588	$1.4M	Add +3.4%
MCD McDonald's Corp.	0.51%	4,684	$1.4M	Add +16.3%
NFLX Netflix Inc.	0.50%	1,002	$1.3M	Add +6.3%
LLY Eli Lilly & Co.	0.49%	1,704	$1.3M	Add +91.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.48%	4,509	$1.3M	Add +0.4%
IUSV iShares Core S&P U.S. Value	0.47%	13,547	$1.3M	Add +1.9%
IWP iShares Russell Mid-Cap Grow	0.47%	9,230	$1.3M	Add +16.2%
TFX Teleflex Inc.	0.46%	10,423	$1.2M	Add +32.3%
GOOGL Alphabet Inc. Class A	0.45%	6,972	$1.2M	Add +130.3%
GOOG Alphabet Inc. Class C	0.44%	6,784	$1.2M	Add +84.4%
GS Goldman Sachs Group Inc.	0.40%	1,519	$1.1M	Add +33.0%
SPHQ Invesco S&P 500 Quality ETF	0.39%	14,621	$1.0M	Add +217.3%
VYM Vanguard High DVD Yield ETF	0.38%	7,778	$1.0M	No change
SCHD Schwab US DVD Equity ETF	0.38%	39,007	$1.0M	Add +1.9%
JPST JPMorgan Ultra-Short Income	0.38%	20,185	$1.0M	Reduce -48.4%
ECL Ecolab Inc.	0.38%	3,775	$1.0M	Reduce -10.8%
XLK SS Technology Select Sector	0.37%	3,971	$1.0M	Add +4.1%
IWM iShares Russell 2000 ETF	0.35%	4,417	$953K	Reduce -3.9%
EFA iShares MSCI Eafe ETF	0.34%	10,216	$913K	Add +12.8%
MDB Mongodb Inc.	0.33%	4,297	$902K	New
JNJ Johnson & Johnson	0.33%	5,783	$883K	Add +117.9%
BRW Saba Capital Income & Opport	0.30%	99,725	$804K	New
CBZ Cbiz Inc.	0.29%	11,000	$789K	No change
SCHB Schwab US Broad Market ETF	0.29%	32,926	$785K	Add +0.3%
VEA Vanguard Ftse Developed ETF	0.29%	13,532	$771K	Add +7.0%
HD Home Depot Inc.	0.27%	1,993	$731K	Add +7.5%
EMLP First Trust North American E	0.27%	19,345	$726K	No change
PH Parker Hannifin Corp.	0.27%	1,035	$723K	No change
XOM Exxon Mobil Corp.	0.26%	6,522	$703K	Add +12.8%
BX Blackstone Inc.	0.25%	4,526	$677K	Add +18.8%
SPOT Spotify Technology SA	0.24%	860	$660K	No change
BN Brookfield Corp.	0.24%	10,500	$649K	No change
OKE Oneok Inc.	0.24%	7,880	$643K	No change
GDX Vaneck Gold Miners ETF	0.23%	11,752	$612K	No change
ACWX iShares MSCI Acwi Ex US ETF	0.22%	9,959	$607K	No change
PPG PPG Industries Inc.	0.22%	5,204	$592K	No change
CSGS CSG Systems Intl Inc.	0.22%	9,000	$588K	No change
OBDC Blue Owl Capital Corp.	0.21%	39,363	$564K	No change
OPP Rivernrth/Doublelne STR Opp	0.20%	63,859	$546K	New
AEP American Electric Power	0.19%	5,075	$527K	Reduce -36.8%
QCOM Qualcomm Inc.	0.19%	3,216	$512K	Add +3.2%
VWO Vanguard Ftse Emerging Marke	0.18%	9,964	$493K	Reduce -22.1%
VTV Vanguard Mrngstr Val ETF-Aui	0.18%	2,765	$489K	Add +10.1%
EWG iShares MSCI Germany ETF	0.18%	11,475	$486K	Add +59.9%
ALAB Astera Labs Inc.	0.17%	5,182	$469K	New
MRK Merck & Co. Inc.	0.17%	5,814	$461K	Add +33.1%
EPD Enterprise Products Partners	0.17%	14,625	$454K	Add +2.3%
SLRC SLR Investment Corp.	0.16%	27,520	$444K	No change
PFE Pfizer Inc.	0.16%	17,903	$434K	Add +33.4%
TYG Tortoise Energy Infrastruct	0.16%	9,770	$429K	New
NOC Northrop Grumman Corp.	0.15%	811	$405K	Reduce -1.2%
CMCSA Comcast Corp. Class A	0.15%	11,178	$399K	Reduce -12.2%
IWC iShares Micro-Cap ETF	0.15%	3,123	$399K	No change
UNH Unitedhealth Group Inc.	0.14%	1,246	$389K	Add +142.4%
PG The Procter & Gamble Co.	0.14%	2,416	$385K	Add +29.3%
ABBV Abbvie Inc.	0.13%	1,877	$348K	Add +19.6%
ILMN Illumina Inc.	0.13%	3,578	$341K	New
TRS Trimas Corp.	0.12%	11,500	$329K	No change
LII Lennox International Inc.	0.12%	563	$323K	Reduce -4.1%
IJS iShares S&P Small-Cap 600 Va	0.12%	3,230	$321K	Add +54.0%

Show all 137 holdings

Portfolio Sells Q1 2025 → Q2 2025


GBDC Golub Capital BDC Inc.	Reduce -18.5%	1.51%	−0.98
JPST JPMorgan Ultra-Short Income	Reduce -48.4%	0.38%	−0.57
SHYG iShares 0-5 YR HY Corp. Bond	Sold out	0.00%	−0.50
IWF iShares Russell 1000 Growth	Reduce -1.0%	2.85%	−0.33
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -1.9%	1.32%	−0.26
SCHA Schwab US Small-Cap ETF	Reduce -1.1%	1.10%	−0.24
AEP American Electric Power	Reduce -36.8%	0.19%	−0.23
SCHX Schwab US Large-Cap ETF	Reduce -0.5%	1.08%	−0.19
ECL Ecolab Inc.	Reduce -10.8%	0.38%	−0.14
CVX Chevron Corp.	Sold out	0.00%	−0.10
VWO Vanguard Ftse Emerging Marke	Reduce -22.1%	0.18%	−0.10
PARAA Paramount Global Class B	Sold out	0.00%	−0.09
IWM iShares Russell 2000 ETF	Reduce -3.9%	0.35%	−0.09
CMCSA Comcast Corp. Class A	Reduce -12.2%	0.15%	−0.08
ET Energy Transfer LP	Sold out	0.00%	−0.08
NOC Northrop Grumman Corp.	Reduce -1.2%	0.15%	−0.05
SONY Sony Group Corp. - SP ADR	Sold out	0.00%	−0.04
LII Lennox International Inc.	Reduce -4.1%	0.12%	−0.04
V Visa Inc. Class A	Reduce -2.6%	0.09%	−0.03

Portfolio Buys Q1 2025 → Q2 2025


TCPC BlackRock TCP Capital Corp.	Add +2131.4%	3.23%	+3.03
MFIC Midcap Financial Investment	Add +329.0%	3.38%	+2.34
VOO Vanguard S&P 500 ETF	Add +95.9%	3.31%	+1.33
NVDA Nvidia Corp.	Add +114.7%	1.58%	+0.92
IWB iShares Russell 1000 ETF	Add +117.9%	1.60%	+0.74
MDB Mongodb Inc.	New	0.33%	+0.33
BRW Saba Capital Income & Opport	New	0.30%	+0.30
MSFT Microsoft Corp.	Add +32.2%	0.93%	+0.24
SPHQ Invesco S&P 500 Quality ETF	Add +217.3%	0.39%	+0.24
GOOGL Alphabet Inc. Class A	Add +130.3%	0.45%	+0.23
JPM JPMorgan Chase & Co.	Add +231.4%	0.55%	+0.21
OPP Rivernrth/Doublelne STR Opp	New	0.20%	+0.20
ALAB Astera Labs Inc.	New	0.17%	+0.17
GOOG Alphabet Inc. Class C	Add +84.4%	0.44%	+0.17
TYG Tortoise Energy Infrastruct	New	0.16%	+0.16
LLY Eli Lilly & Co.	Add +91.5%	0.49%	+0.14
ILMN Illumina Inc.	New	0.13%	+0.13
ARKG ARK Genomic Revolution ETF	New	0.12%	+0.12
JNJ Johnson & Johnson	Add +117.9%	0.33%	+0.12
NMFC New Mountain Finance Corp.	New	0.10%	+0.10
GEV GE Vernova Inc.	New	0.10%	+0.10
IWS iShares Russell Mid-Cap Valu	New	0.10%	+0.10
GS Goldman Sachs Group Inc.	Add +33.0%	0.40%	+0.10
ACVA Acv Auctions Inc. Class A	New	0.10%	+0.10
CRM Salesforce Inc.	New	0.10%	+0.10
JFR Nuveen Floating Rate Income	New	0.09%	+0.09
APO Apollo Global Management Inc.	New	0.09%	+0.09
PEP Pepsico Inc.	New	0.08%	+0.08
PLTR Palantir Technologies Inc. Class A	New	0.08%	+0.08
INDA iShares MSCI India ETF	New	0.08%	+0.08
ABT Abbott Laboratories	New	0.08%	+0.08
PSX Phillips 66	New	0.08%	+0.08
DFEN Direx DLY Aeros & DF BL3X-Ui	New	0.08%	+0.08
NFLX Netflix Inc.	Add +6.3%	0.50%	+0.07
SERV Serve Robotics Inc.	New	0.07%	+0.07
EWG iShares MSCI Germany ETF	Add +59.9%	0.18%	+0.05
FNDX Schwab Fndmntl US LRG Co. ETF	Add +33.8%	0.77%	+0.05
KKR KKR & Co. Inc.	Add +16.6%	1.00%	+0.03
IWP iShares Russell Mid-Cap Grow	Add +16.2%	0.47%	+0.03
IJS iShares S&P Small-Cap 600 Va	Add +54.0%	0.12%	+0.02
EDF VSH Emerging Markets Income	New	0.02%	+0.02
UNH Unitedhealth Group Inc.	Add +142.4%	0.14%	+0.01
CRBU Caribou Biosciences Inc.	New	0.01%	+0.01
DCGO Docgo Inc.	New	0.01%	+0.01
PFE Pfizer Inc.	Add +33.4%	0.16%	−0.00
BX Blackstone Inc.	Add +18.8%	0.25%	−0.01
XLK SS Technology Select Sector	Add +4.1%	0.37%	−0.01
AMZN Amazon.com Inc.	Add +12.3%	3.56%	−0.01
PG The Procter & Gamble Co.	Add +29.3%	0.14%	−0.01
HON Honeywell International Inc.	Add +4.7%	0.12%	−0.01

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