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Next Capital Management LLC — 13F Holdings & Portfolio

CIK 1752762 · latest 13F-HR filed 2026-05-07

Backtest portfolio

Next Capital Management LLC manages $330.2M in 13F-reported U.S. long-equity assets across 134 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are IVV (13.97%), MFIC (6.37%), OBDC (4.78%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 15 new positions, exited 17, added to 44, and trimmed 41.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM

$330.2M

Long-equity book

Holdings

134

Distinct positions

Period

2026-03-31

Filed 2026-05-07

Q/Q Activity

+15 / −17 / ↑44 / ↓41

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • BLUE OWL CAP CORP$13.3M +534.5%
  • MIDCAP FINL INVESTME$4.1M +23.9%
  • GOLUB CAP BDC INC$3.9M +116.7%
  • APOLLO GLOBAL MGMT INC NCLASS CLASS A$2.2M +856.7%
  • BLACKSTONE INC$1.9M +265.2%
Show all 44 →

Top Trims

  • BLACKROCK TCP CAP CORP-$3.7M -25.0%
  • META PLATFORMS INC CLASS CLASS A-$1.6M -15.0%
  • INVESCO QQQ TR-$1.6M -11.9%
  • AMAZON.COM INC-$1.5M -14.8%
  • ISHARES RUSSELL 1000 GROWTH ETF-$1.0M -10.3%
Show all 41 →

New Positions

  • SALESFORCE INC$2.1M
  • TPG INC CLASS CLASS A$1.1M
  • SPDR GOLD SHARES$851.5K
  • ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF$769.3K
  • PHILIP MORRIS INTL INC$559.1K
Show all 15 →

Exited Positions

  • BERKSHIRE HATHAWAY INC DCLASS A$1.5M
  • TELEFLEX INC$1.3M
  • CSG SYS INTL INC$690.2K
  • VANECK BDC INCOME ETF$652.3K
  • COMCAST CORP NEW TRADES WITH DUE BILLS$326.6K
Show all 17 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 ISHARES CORE S&P 500 ETF IVV 464287200 $46.1M 13.97% 70,599 SH
2 MIDCAP FINL INVESTME MFIC 03761U502 $21.0M 6.37% 1,871,652 SH
3 BLUE OWL CAP CORP OBDC 69121K104 $15.8M 4.78% 1,418,819 SH
4 ISHARES CORE MSCI EAFE ETF IEFA 46432F842 $14.5M 4.38% 159,750 SH
5 INVESCO QQQ TR QQQ 46090E103 $11.6M 3.51% 20,091 SH
6 BLACKROCK TCP CAP CORP TCPC 09259E108 $11.0M 3.33% 3,049,547 SH
7 ISHARES CORE MSCI EMERGING MARKETS ETF IEMG 46434G103 $10.6M 3.20% 151,521 SH
8 VANGUARD TOTAL STOCK MARKET INDEX FUND ETF SHARES VTI 922908769 $10.0M 3.03% 31,160 SH
9 META PLATFORMS INC CLASS CLASS A META 30303M102 $9.3M 2.82% 16,296 SH
10 ISHARES RUSSELL 1000 GROWTH ETF IWF 464287614 $9.1M 2.76% 21,386 SH
11 AMAZON.COM INC AMZN 023135106 $8.9M 2.69% 42,650 SH
12 ISHARES S&P 500 GROWTH ETF IVW 464287309 $7.7M 2.33% 67,879 SH
13 GOLUB CAP BDC INC GBDC 38173M102 $7.2M 2.17% 567,205 SH
14 APPLE INC AAPL 037833100 $6.8M 2.05% 26,623 SH
15 ISHARES CORE S&P MID-CAPETF IJH 464287507 $6.2M 1.89% 92,174 SH
16 ISHARES CORE S&P SMALL-CAP ETF IJR 464287804 $6.2M 1.87% 49,749 SH
17 ISHARES RUSSELL 1000 VALUE ETF IWD 464287598 $6.0M 1.82% 28,065 SH
18 VANGUARD S&P 500 ETF VOO 922908363 $5.1M 1.54% 8,533 SH
19 KKR & CO INC KKR 48251W104 $4.4M 1.34% 47,771 SH
20 STATE STREET SPDR S&P 500 ETF TRUST SPY 78462F103 $4.4M 1.33% 6,759 SH
21 ISHARES RUSSELL 1000 ETF IWB 464287622 $4.3M 1.29% 11,952 SH
22 BERKSHIRE HATHAWAY CLASS B BRK.B 084670702 $4.0M 1.21% 8,352 SH
23 NVIDIA CORP NVDA 67066G104 $3.9M 1.19% 22,584 SH
24 SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF FNDX 808524771 $3.6M 1.08% 128,008 SH
25 VANGUARD DIVIDEND APPRECIATION INDEX FUND ETF SHARES VIG 921908844 $3.1M 0.95% 14,617 SH
26 SCHWAB U.S. SMALL-CAP ETF SCHA 808524607 $3.1M 0.95% 107,890 SH
27 SCHWAB U.S. LARGE-CAP ETF SCHX 808524201 $2.9M 0.89% 114,110 SH
28 INVESCO NASDAQ 100 ETF QQQM 46138G649 $2.6M 0.80% 11,148 SH
29 STATE STREET HEALTH CARESELECT SECTOR SPDR ETF XLV 81369Y209 $2.6M 0.80% 18,001 SH
30 BLACKSTONE INC BX 09260D107 $2.6M 0.78% 22,322 SH
31 APOLLO GLOBAL MGMT INC NCLASS CLASS A APO 03769M106 $2.4M 0.74% 21,863 SH
32 VANGUARD GROWTH INDEX FUND ETF SHARES VUG 922908736 $2.2M 0.67% 5,067 SH
33 SALESFORCE INC CRM 79466L302 $2.1M 0.64% 11,350 SH
34 MICROSOFT CORP MSFT 594918104 $2.1M 0.63% 5,653 SH
35 ISHARES MSCI EMERGING MARKETS ETF EEM 464287234 $2.1M 0.63% 36,624 SH
36 ISHARES CORE S&P U.S. VALUE ETF IUSV 464287663 $2.0M 0.61% 19,560 SH
37 VANGUARD INFORMATION TECHNOLOGY INDEX FUND ETF SHARES VGT 92204A702 $1.9M 0.59% 2,773 SH
38 ALPHABET INC CLASS CLASS A GOOGL 02079K305 $1.9M 0.58% 6,679 SH
39 ALPHABET INC CLASS CLASS C GOOG 02079K107 $1.8M 0.55% 6,361 SH
40 STATE STREET FINANCIAL SELECT SECTOR SPDR ETF XLF 81369Y605 $1.7M 0.52% 34,508 SH
41 ELI LILLY AND CO LLY 532457108 $1.6M 0.49% 1,768 SH
42 VANGUARD LARGE-CAP INDEXFUND ETF SHARES VV 922908637 $1.6M 0.49% 5,376 SH
43 CHARLES SCHWAB CORP SCHW 808513105 $1.6M 0.48% 16,923 SH
44 ISHARES RUSSELL MID-CAP GROWTH ETF IWP 464287481 $1.5M 0.45% 11,643 SH
45 KRANESHARES CSI CHINA INTERNET ETF KWEB 500767306 $1.4M 0.42% 49,020 SH
46 JOHNSON & JOHNSON JNJ 478160104 $1.4M 0.41% 5,530 SH
47 GOLDMAN SACHS GROUP INC GS 38141G104 $1.3M 0.39% 1,535 SH
48 VANGUARD MID-CAP GROWTH INDEX FUND ETF SHARES VOT 922908538 $1.3M 0.39% 5,020 SH
49 THE COCA-COLA CO KO 191216100 $1.3M 0.38% 16,611 SH
50 SCHWAB U.S. DIVIDEND EQUITY ETF SCHD 808524797 $1.3M 0.38% 40,920 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-07 $330.2M 134 0001437749-26-015365
2025-12-31 2026-02-11 $312.3M 136 0001437749-26-003766