Next Capital Management LLC 13F Filings & AI Analysis

CIK: 0001752762

Diversified strategyMomentum followerSector-focused

Total reported value

$330.2M

Reporting period: 2026-03-31 · Number of holdings: 134

Next Capital Management LLC disclosed 134 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $330.2M and a quarterly turnover rate of 22.0%.

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Personality snowflake

Concentration: 15.7
Portfolio Stability: 21.99
Momentum/Contrarian: 100
Sector conviction: 78.59
Diversification: 100
Sizing Uniformity: 79.28

Next Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.039 — mathematically equivalent to about 25 equally-sized positions, well below its 134 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 2.07), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 30% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Add OBDC
+610.9%　$13.3M
Trim TCPC
+13.6%　-$3.7M
Trim IVV
+1.1%　-$1.7M
Add GBDC
+132.3%　$3.9M
Add MFIC
+26.1%　$4.1M
Trim QQQ
-6.2%　-$1.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	13.97%	-1.34%	+1.10%
2	MFIC	Midcap Financial Investment	Stock-Other	6.37%	+0.93%	+26.09%
3	OBDC	Blue Owl Capital CORP	Stock-Financials	4.78%	+3.98%	+610.89%
4	IEFA	Ishares Core Msci Eafe ETF	ETF-Other	4.38%	+0.20%	+9.38%
5	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	3.51%	-0.70%	-6.22%
6	TCPC	Blackrock Tcp Capital CORP	Stock-Other	3.33%	-1.37%	+13.64%
7	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	3.20%	+0.13%	+6.39%
8	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	3.03%	—	+3.27%
9	META	Meta Platforms Inc-class A	Stock-Comm Services	2.82%	-0.69%	-1.90%
10	IWF	Ishares Russell 1000 Growth	ETF-Other	2.76%	-0.49%	-0.40%
11	AMZN	Amazon.com INC	Stock-Consumer Disc	2.69%	-0.65%	-5.62%
12	IVW	Ishares S&p 500 Growth ETF	ETF-Large Cap & Growth	2.33%	-0.25%	+3.84%
13	GBDC	Golub Capital Bdc INC	Stock-Financials	2.17%	+1.11%	+132.26%
14	AAPL	Apple INC	Stock-Tech	2.05%	-0.42%	-6.08%
15	IJH	Ishares Core S&p Midcap ETF	ETF-Other	1.89%	+0.18%	+14.14%
16	IJR	Ishares Core S&p Small-cap E	ETF-Small Cap	1.87%	+0.06%	+5.91%
17	IWD	Ishares Russell 1000 Value E	ETF-Other	1.82%	+0.09%	+9.29%
18	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	1.54%	—	+1.13%
19	KKR	Kkr & Co INC	Stock-Financials	1.34%	+0.51%	+135.64%
20	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	1.33%	—	+9.10%
21	IWB	Ishares Russell 1000 ETF	ETF-Other	1.29%	—	+0.03%
22	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	1.21%	—	+0.76%
23	NVDA	Nvidia CORP	Stock-Tech	1.19%	-0.30%	-9.38%
24	FNDX	Schwab Fndmntl US Lrg Co ETF	ETF-Other	1.08%	+0.03%	+6.46%
25	VIG	Vanguard Dividend Apprec ETF	ETF-Other	0.95%	—	+9.41%
26	SCHA	Schwab US Small-cap ETF	ETF-Other	0.95%	-0.14%	-9.44%
27	SCHX	Schwab US Large-cap ETF	ETF-Other	0.89%	—	+0.40%
28	QQQM	Invesco Nasdaq 100 ETF	ETF-Tech	0.80%	—	-0.24%
29	XLV	Ss Health Care Select Sector	ETF-Other	0.80%	—	+0.20%
30	BX	Blackstone INC	Stock-Financials	0.78%	+0.56%	+389.52%
31	APO	Apollo Global Management INC	Stock-Financials	0.74%	+0.66%	+1142.92%
32	VUG	Vanguard Growth ETF	ETF-Other	0.67%	—	+2.53%
33	CRM	Salesforce INC	Stock-Tech	0.64%	+0.64%	NEW
34	MSFT	Microsoft CORP	Stock-Tech	0.63%	—	+34.21%
35	EEM	Ishares Msci Emerging Market	ETF-Emerging Markets	0.63%	—	+5.02%
36	IUSV	Ishares Core S&p U.s. Value	ETF-Other	0.61%	—	-4.03%
37	VGT	Vanguard Info Tech ETF	ETF-Tech	0.59%	—	—
38	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.58%	—	+2.52%
39	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.55%	—	-0.41%
40	XLF	Ss Financial Select Sector	ETF-Other	0.52%	—	+4.87%
41	LLY	Eli Lilly & Co	Stock-Healthcare	0.49%	-0.12%	—
42	VV	Vanguard Large-cap ETF	ETF-Other	0.49%	—	+19.23%
43	SCHW	Schwab (charles) CORP	Stock-Financials	0.48%	—	+3.68%
44	IWP	Ishares Russell Mid-cap Grow	ETF-Other	0.45%	—	+25.98%
45	KWEB	Kranesh Csi China Internet	ETF-Emerging Markets	0.42%	-0.11%	—
46	JNJ	Johnson & Johnson	Stock-Healthcare	0.41%	—	-1.11%
47	GS	Goldman Sachs Group INC	Stock-Financials	0.39%	—	+8.48%
48	VOT	Vanguard Mid-cap Growth ETF	ETF-Other	0.39%	—	—
49	KO	Coca-cola Co/the	Stock-Consumer Staples	0.38%	—	+1.37%
50	SCHD	Schwab US Dvd Equity ETF	ETF-Other	0.38%	—	+1.33%

1–50 of 134

Portfolio Performance

Performance for Q3 2026

+0.6%

Performance Last 4 Quarters

+11.7%

Based on 64% of reported portfolio value with available pricing

Stdev: +14.4%
Beta: +1.02
Alpha: +1.1%
Max Drawdown: -8.8%
Annualized Perf: +20.8%
Batting Avg vs S&P: +55.6%
Sortino: +3.18
Stutzer: +0.42
Treynor: +0.2
Sterling: +1.17
Calmar: +2.35
Information Ratio: +0.28
Tracking Error: +5.4%
Stdev Down: +6.3%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +47.2%
Worst 12 Months: +9.9%
Efficiency Ratio: +0.62
Sharpe: +1.39
Stdev Sectors: +12.7%
Skewness: +0.48
Kurtosis: +0.06
Upside Potential: +4.86

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	134	$330.2M	22	1IVV 2MFIC 3OBDC Top holdings2026-03-31 1.IVV 2.MFIC 3.OBDC 4.IEFA 5.QQQ 6.TCPC 7.IEMG 8.VTI 9.META 10.IWF
2025-12-31	136	$312.3M	13	1IVV 2MFIC 3TCPC Top holdings2025-12-31 1.IVV 2.MFIC 3.TCPC 4.QQQ 5.IEFA 6.META 7.AMZN 8.IWF 9.VTI 10.IEMG
2025-09-30	139	$299.6M	40	1IVV 2MFIC 3TCPC Top holdings2025-09-30 1.IVV 2.MFIC 3.TCPC 4.QQQ 5.META 6.IEFA 7.AMZN 8.IWF 9.VTI 10.AAPL
2025-06-30	137	$270.6M	0	1IVV 2META 3QQQ Top holdings2025-06-30 1.IVV 2.META 3.QQQ 4.IEFA 5.AMZN 6.MFIC 7.AAPL 8.VOO 9.TCPC 10.VTI
2025-03-31	118	$208.5M	100	1IVV 2QQQ 3META Top holdings2025-03-31 1.IVV 2.QQQ 3.META 4.AAPL 5.IEFA 6.AMZN 7.VTI 8.IWF 9.GBDC 10.IVW
2024-12-31	141	$247.1M	0	1IVV 2QQQ 3AAPL Top holdings2024-12-31 1.IVV 2.QQQ 3.AAPL 4.META 5.AMZN 6.GBDC 7.VTI 8.TSLA 9.IEFA 10.IWF
2024-09-30	139	$245.1M	0	1IVV 2GBDC 3QQQ Top holdings2024-09-30 1.IVV 2.GBDC 3.QQQ 4.META 5.AAPL 6.VTI 7.IEFA 8.AMZN 9.XLV 10.IWF
2024-06-30	139	$239.0M	0	1IVV 2GBDC 3QQQ Top holdings2024-06-30 1.IVV 2.GBDC 3.QQQ 4.IWF 5.AMZN 6.META 7.AAPL 8.XLV 9.IEFA 10.VTI
2024-03-31	145	$247.7M	0	1IVV 2OBDC 3QQQ Top holdings2024-03-31 1.IVV 2.OBDC 3.QQQ 4.META 5.AMZN 6.AAPL 7.XLV 8.VOO 9.IEFA 10.IWF
2023-12-31	125	$234.9M	0	1OBDC 2IVV 3AMZN Top holdings2023-12-31 1.OBDC 2.IVV 3.AMZN 4.QQQ 5.GBDC 6.AAPL 7.XLV 8.VOO 9.META 10.IEFA
2023-09-30	115	$223.2M	0	1OBDC 2IVV 3AMZN Top holdings2023-09-30 1.OBDC 2.IVV 3.AMZN 4.GBDC 5.QQQ 6.XLV 7.AAPL 8.META 9.APO 10.JFR
2023-06-30	118	$216.0M	0	1OBDC 2IVV 3GBDC Top holdings2023-06-30 1.OBDC 2.IVV 3.GBDC 4.AMZN 5.QQQ 6.XLV 7.AAPL 8.META 9.APO 10.XLF
2023-03-31	127	$207.2M	0	1OBDC 2IVV 3GBDC Top holdings2023-03-31 1.OBDC 2.IVV 3.GBDC 4.AMZN 5.QQQ 6.XLF 7.XLV 8.AAPL 9.SHYG 10.APO
2022-12-31	125	$185.5M	0	1OBDC 2IVV 3GBDC Top holdings2022-12-31 1.OBDC 2.IVV 3.GBDC 4.XLF 5.XLV 6.QQQ 7.SHYG 8.APO 9.IVW 10.AAPL
2022-09-30	112	$132.3M	0	1IVV 2QQQ 3XLF Top holdings2022-09-30 1.IVV 2.QQQ 3.XLF 4.XLV 5.APO 6.GBDC 7.AAPL 8.VTI 9.OBDC 10.BGX
2022-06-30	116	$137.6M	0	1IVV 2QQQ 3XLF Top holdings2022-06-30 1.IVV 2.QQQ 3.XLF 4.XLV 5.APO 6.AAPL 7.GBDC 8.VTI 9.SCHX 10.BGX
2022-03-31	117	$148.1M	0	1IVV 2QQQ 3XLF Top holdings2022-03-31 1.IVV 2.QQQ 3.XLF 4.AAPL 5.XLV 6.VTI 7.TSLA 8.GBDC 9.TSLA 10.SCHX
2021-12-31	109	$148.0M	0	1IVV 2QQQ 3XLF Top holdings2021-12-31 1.IVV 2.QQQ 3.XLF 4.GMED 5.XLV 6.VTI 7.APO 8.SCHX 9.META 10.TSLA
2021-09-30	103	$137.7M	0	1IVV 2QQQ 3XLF Top holdings2021-09-30 1.IVV 2.QQQ 3.XLF 4.AAPL 5.APO 6.XLV 7.VTI 8.META 9.SCHX 10.GBDC
2021-06-30	108	$157.0M	—	1IVV 2QQQ 3GMED Top holdings2021-06-30 1.IVV 2.QQQ 3.GMED 4.XLF 5.META 6.AAPL 7.78518H 8.APO 9.GBDC 10.VTI
2021-03-31	116	$153.7M	19	1IVV 2QQQ 3GMED Top holdings2021-03-31 1.IVV 2.QQQ 3.GMED 4.VOYA 5.META 6.AAPL 7.XLF 8.APO 9.EVF 10.GBDC
2020-12-31	111	$142.2M	48	1IVV 2GMED 3QQQ Top holdings2020-12-31 1.IVV 2.GMED 3.QQQ 4.JPST 5.AAPL 6.META 7.APO 8.EVF 9.GBDC 10.XFRAX
2020-09-30	98	$150.2M	13	1JPST 2IVV 3VOYA Top holdings2020-09-30 1.JPST 2.IVV 3.VOYA 4.78462F 5.SH1USD 6.GMED 7.META 8.EVF 9.QQQ 10.APO
2020-06-30	94	$141.7M	32	1JPST 2IVV 3SH1USD Top holdings2020-06-30 1.JPST 2.IVV 3.SH1USD 4.78462F 5.VOYA 6.GMED 7.EVF 8.APO 9.SCHX 10.XFRAX
2020-03-31	111	$124.6M	63	1JPST278462F3IVV Top holdings2020-03-31 1.JPST 2.78462F 3.IVV 4.SH1USD 5.VOYA 6.GMED 7.APO 8.EVF 9.XFRAX 10.SCHX
2019-12-31	92	$139.8M	34	1IVV 2VOYA 3JPST Top holdings2019-12-31 1.IVV 2.VOYA 3.JPST 4.SCHA 5.GMED 6.IEFA 7.EVF 8.SCHX 9.APO 10.XFRAX
2019-09-30	257	$149.2M	27	1SCHX 2IVV 3JPST Top holdings2019-09-30 1.SCHX 2.IVV 3.JPST 4.SCHA 5.IEFA 6.VOYA 7.GMED 8.EVF 9.IJR 10.META
2019-06-30	882	$149.2M	32	1SCHX 2JPST 3IVV Top holdings2019-06-30 1.SCHX 2.JPST 3.IVV 4.SCHA 5.IEFA 6.VOYA 7.EVF 8.IJR 9.BGB 10.APO
2019-03-31	253	$118.3M	31	1SCHX 2SCHA 3JPST Top holdings2019-03-31 1.SCHX 2.SCHA 3.JPST 4.VOYA 5.IEFA 6.IJR 7.EVF 8.IVV 9.VEA 10.VTI
2018-12-31	240	$114.0M	—	1JPST 2SCHX 3SCHA Top holdings2018-12-31 1.JPST 2.SCHX 3.SCHA 4.VOYA 5.BGB 6.IEFA 7.EVF 8.IJR 9.VEA 10.VTI

Holding changes this quarter

Next Capital Management LLC's most significant position changes for 2026-03-31: New buy: Salesforce INC (CRM); Sold out: Berkshire Hathaway Inc-cl A (BRK-A); Sold out: Teleflex INC (TFX); New buy: Tpg INC (TPG); New buy: Spdr Gold Shares (GLD).

Position changes disclosed by Next Capital Management LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	OBDC	Blue Owl Capital CORP	+4%	+610.89%	Add
2	GBDC	Golub Capital Bdc INC	+1.1%	+132.26%	Add
3	MFIC	Midcap Financial Investment	+0.9%	+26.09%	Add
4	APO	Apollo Global Management INC	+0.7%	+1142.92%	Add
5	BX	Blackstone INC	+0.6%	+389.52%	Add
6	KKR	Kkr & Co INC	+0.5%	+135.64%	Add
7	IEFA	Ishares Core Msci Eafe ETF	+0.2%	+9.38%	Add
8	IJH	Ishares Core S&p Midcap ETF	+0.2%	+14.14%	Add
9	IEMG	Ishares Core Msci Emerging	+0.1%	+6.39%	Add
10	IWD	Ishares Russell 1000 Value E	+0.1%	+9.29%	Add
11	XOM	Exxon Mobil CORP	+0.1%	+3.43%	Add
12	IJS	Ishares S&p Small-cap 600 Va	+0.1%	+70.15%	Add
13	IJR	Ishares Core S&p Small-cap E	+0.1%	+5.91%	Add
14	FNDX	Schwab Fndmntl US Lrg Co ETF	0%	+6.46%	Add
15	COF	Capital One Financial CORP	-0.1%	-26.06%	Trim
16	ALAB	Astera Labs INC	-0.1%	—	Unchanged
17	KWEB	Kranesh Csi China Internet	-0.1%	—	Unchanged
18	LLY	Eli Lilly & Co	-0.1%	—	Unchanged
19	SCHA	Schwab US Small-cap ETF	-0.1%	-9.44%	Trim
20	JPST	Jpmorgan Ultra-short Income	-0.2%	-33.67%	Trim
21	MDB	Mongodb INC	-0.2%	+4.11%	Add
22	IVW	Ishares S&p 500 Growth ETF	-0.3%	+3.84%	Add
23	NVDA	Nvidia CORP	-0.3%	-9.38%	Trim
24	AAPL	Apple INC	-0.4%	-6.08%	Trim
25	IWF	Ishares Russell 1000 Growth	-0.5%	-0.40%	Trim
26	AMZN	Amazon.com INC	-0.7%	-5.62%	Trim
27	META	Meta Platforms Inc-class A	-0.7%	-1.90%	Trim
28	QQQ	Invesco Qqq Trust Series 1	-0.7%	-6.22%	Trim
29	IVV	Ishares Core S&p 500 ETF	-1.3%	+1.10%	Add
30	TCPC	Blackrock Tcp Capital CORP	-1.4%	+13.64%	Add
31	CRM	Salesforce INC	—	NEW	New buy
32	BRK-A	Berkshire Hathaway Inc-cl A	—	EXIT	Sold out
33	TFX	Teleflex INC	—	EXIT	Sold out
34	TPG	Tpg INC	—	NEW	New buy
35	GLD	Spdr Gold Shares	—	NEW	New buy
36	IGV	Ishares Expanded Tech-softwa	—	NEW	New buy
37	✓	Csg Systems International In	—	EXIT	Sold out
38	BIZD	Vaneck Bdc Income ETF	—	EXIT	Sold out
39	PM	Philip Morris International	—	NEW	New buy
40	DXJ	Wisdomtree Japan Hedged Eq	—	NEW	New buy
41	IWN	Ishares Russell 2000 Value E	—	NEW	New buy
42	CMCSA	Comcast Corp-class A	—	EXIT	Sold out
43	SLV	Ishares Silver Trust	—	EXIT	Sold out
44	PLTR	Palantir Technologies Inc-a	—	EXIT	Sold out
45	LII	Lennox International INC	—	EXIT	Sold out
46	GLW	Corning INC	—	NEW	New buy
47	BNDX	Vanguard Total Intl Bond ETF	—	EXIT	Sold out
48	OWL	Blue Owl Capital INC	—	NEW	New buy
49	MO	Altria Group INC	—	NEW	New buy
50	CBZ	Cbiz INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-11	13F-HR	View on EDGAR
2025-09-30	2025-11-05	13F-HR	View on EDGAR
2025-06-30	2025-08-05	13F-HR	View on EDGAR
2025-03-31	2025-05-06	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-07	13F-HR	View on EDGAR
2024-06-30	2024-08-20	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-01-19	13F-HR	View on EDGAR
2023-09-30	2023-10-18	13F-HR	View on EDGAR
2023-06-30	2023-07-27	13F-HR	View on EDGAR
2023-03-31	2023-04-28	13F-HR	View on EDGAR
2022-12-31	2023-01-12	13F-HR	View on EDGAR
2022-09-30	2022-10-14	13F-HR	View on EDGAR
2022-06-30	2022-07-20	13F-HR	View on EDGAR
2022-03-31	2022-05-02	13F-HR	View on EDGAR
2021-12-31	2022-01-14	13F-HR	View on EDGAR
2021-09-30	2021-10-19	13F-HR	View on EDGAR
2021-06-30	2021-10-19	13F-HR	View on EDGAR
2021-03-31	2021-04-30	13F-HR	View on EDGAR
2020-12-31	2021-01-27	13F-HR	View on EDGAR
2020-09-30	2020-11-05	13F-HR	View on EDGAR
2020-06-30	2020-07-31	13F-HR	View on EDGAR
2020-03-31	2020-04-24	Amendment	View on EDGAR
2020-03-31	2020-04-22	13F-HR	View on EDGAR
2019-12-31	2020-02-12	13F-HR	View on EDGAR
2019-09-30	2019-11-12	13F-HR	View on EDGAR
2019-06-30	2019-08-02	13F-HR	View on EDGAR
2019-03-31	2019-05-06	Amendment	View on EDGAR
2019-03-31	2019-04-22	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR

FAQ

What is Next Capital Management LLC and what type of investor is it?

Next Capital Management LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $330.2M, spread across 134 disclosed positions.

What are Next Capital Management LLC's largest equity positions?

Based on the latest 13F filing, Next Capital Management LLC's top holdings by market value are: 1. Ishares Core S&p 500 ETF (IVV) — $46.1M (14.0%) 2. Midcap Financial Investment (MFIC) — $21.0M (6.4%) 3. Blue Owl Capital CORP (OBDC) — $15.8M (4.8%) 4. Ishares Core Msci Eafe ETF (IEFA) — $14.5M (4.4%) 5. Invesco Qqq Trust Series 1 (QQQ) — $11.6M (3.5%)

What changes did Next Capital Management LLC make in its most recent portfolio filing?

In the latest reported quarter, Next Capital Management LLC made 47 notable position adjustments: 10 new positions were initiated, 18 existing holdings were added to, 9 positions were partially reduced, and 10 were completely exited. The largest of these moves: New buy: Salesforce INC (CRM); Sold out: Berkshire Hathaway Inc-cl A (BRK-A); Sold out: Teleflex INC (TFX); New buy: Tpg INC (TPG); New buy: Spdr Gold Shares (GLD)

What sectors does Next Capital Management LLC focus on?

Next Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 44.3% • Information Technology: 17.7% • Communication Services: 14.4% • Consumer Discretionary: 9.8% • Health Care: 3.7% • Energy: 3.0%

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View detail

Next Capital Management LLC 13F Filings & AI Analysis

CIK: 0001752762

Diversified strategyMomentum followerSector-focused

Total reported value

$330.2M

Reporting period: 2026-03-31 · Number of holdings: 134

Next Capital Management LLC disclosed 134 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $330.2M and a quarterly turnover rate of 22.0%.

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Personality snowflake

Concentration: 15.7
Portfolio Stability: 21.99
Momentum/Contrarian: 100
Sector conviction: 78.59
Diversification: 100
Sizing Uniformity: 79.28

Position sizes vary widely across the portfolio (a coefficient of variation of 2.07), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add OBDC
+610.9%　$13.3M
Trim TCPC
+13.6%　-$3.7M
Trim IVV
+1.1%　-$1.7M
Add GBDC
+132.3%　$3.9M
Add MFIC
+26.1%　$4.1M
Trim QQQ
-6.2%　-$1.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	13.97%	-1.34%	+1.10%
2	MFIC	Midcap Financial Investment	Stock-Other	6.37%	+0.93%	+26.09%
3	OBDC	Blue Owl Capital CORP	Stock-Financials	4.78%	+3.98%	+610.89%
4	IEFA	Ishares Core Msci Eafe ETF	ETF-Other	4.38%	+0.20%	+9.38%
5	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	3.51%	-0.70%	-6.22%
6	TCPC	Blackrock Tcp Capital CORP	Stock-Other	3.33%	-1.37%	+13.64%
7	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	3.20%	+0.13%	+6.39%
8	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	3.03%	—	+3.27%
9	META	Meta Platforms Inc-class A	Stock-Comm Services	2.82%	-0.69%	-1.90%
10	IWF	Ishares Russell 1000 Growth	ETF-Other	2.76%	-0.49%	-0.40%
11	AMZN	Amazon.com INC	Stock-Consumer Disc	2.69%	-0.65%	-5.62%
12	IVW	Ishares S&p 500 Growth ETF	ETF-Large Cap & Growth	2.33%	-0.25%	+3.84%
13	GBDC	Golub Capital Bdc INC	Stock-Financials	2.17%	+1.11%	+132.26%
14	AAPL	Apple INC	Stock-Tech	2.05%	-0.42%	-6.08%
15	IJH	Ishares Core S&p Midcap ETF	ETF-Other	1.89%	+0.18%	+14.14%
16	IJR	Ishares Core S&p Small-cap E	ETF-Small Cap	1.87%	+0.06%	+5.91%
17	IWD	Ishares Russell 1000 Value E	ETF-Other	1.82%	+0.09%	+9.29%
18	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	1.54%	—	+1.13%
19	KKR	Kkr & Co INC	Stock-Financials	1.34%	+0.51%	+135.64%
20	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	1.33%	—	+9.10%
21	IWB	Ishares Russell 1000 ETF	ETF-Other	1.29%	—	+0.03%
22	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	1.21%	—	+0.76%
23	NVDA	Nvidia CORP	Stock-Tech	1.19%	-0.30%	-9.38%
24	FNDX	Schwab Fndmntl US Lrg Co ETF	ETF-Other	1.08%	+0.03%	+6.46%
25	VIG	Vanguard Dividend Apprec ETF	ETF-Other	0.95%	—	+9.41%
26	SCHA	Schwab US Small-cap ETF	ETF-Other	0.95%	-0.14%	-9.44%
27	SCHX	Schwab US Large-cap ETF	ETF-Other	0.89%	—	+0.40%
28	QQQM	Invesco Nasdaq 100 ETF	ETF-Tech	0.80%	—	-0.24%
29	XLV	Ss Health Care Select Sector	ETF-Other	0.80%	—	+0.20%
30	BX	Blackstone INC	Stock-Financials	0.78%	+0.56%	+389.52%
31	APO	Apollo Global Management INC	Stock-Financials	0.74%	+0.66%	+1142.92%
32	VUG	Vanguard Growth ETF	ETF-Other	0.67%	—	+2.53%
33	CRM	Salesforce INC	Stock-Tech	0.64%	+0.64%	NEW
34	MSFT	Microsoft CORP	Stock-Tech	0.63%	—	+34.21%
35	EEM	Ishares Msci Emerging Market	ETF-Emerging Markets	0.63%	—	+5.02%
36	IUSV	Ishares Core S&p U.s. Value	ETF-Other	0.61%	—	-4.03%
37	VGT	Vanguard Info Tech ETF	ETF-Tech	0.59%	—	—
38	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.58%	—	+2.52%
39	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.55%	—	-0.41%
40	XLF	Ss Financial Select Sector	ETF-Other	0.52%	—	+4.87%
41	LLY	Eli Lilly & Co	Stock-Healthcare	0.49%	-0.12%	—
42	VV	Vanguard Large-cap ETF	ETF-Other	0.49%	—	+19.23%
43	SCHW	Schwab (charles) CORP	Stock-Financials	0.48%	—	+3.68%
44	IWP	Ishares Russell Mid-cap Grow	ETF-Other	0.45%	—	+25.98%
45	KWEB	Kranesh Csi China Internet	ETF-Emerging Markets	0.42%	-0.11%	—
46	JNJ	Johnson & Johnson	Stock-Healthcare	0.41%	—	-1.11%
47	GS	Goldman Sachs Group INC	Stock-Financials	0.39%	—	+8.48%
48	VOT	Vanguard Mid-cap Growth ETF	ETF-Other	0.39%	—	—
49	KO	Coca-cola Co/the	Stock-Consumer Staples	0.38%	—	+1.37%
50	SCHD	Schwab US Dvd Equity ETF	ETF-Other	0.38%	—	+1.33%

1–50 of 134

Portfolio Performance

Performance for Q3 2026

+0.6%

Performance Last 4 Quarters

+11.7%

Based on 64% of reported portfolio value with available pricing

Stdev: +14.4%
Beta: +1.02
Alpha: +1.1%
Max Drawdown: -8.8%
Annualized Perf: +20.8%
Batting Avg vs S&P: +55.6%
Sortino: +3.18
Stutzer: +0.42
Treynor: +0.2
Sterling: +1.17
Calmar: +2.35
Information Ratio: +0.28
Tracking Error: +5.4%
Stdev Down: +6.3%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +47.2%
Worst 12 Months: +9.9%
Efficiency Ratio: +0.62
Sharpe: +1.39
Stdev Sectors: +12.7%
Skewness: +0.48
Kurtosis: +0.06
Upside Potential: +4.86

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	134	$330.2M	22	1IVV 2MFIC 3OBDC Top holdings2026-03-31 1.IVV 2.MFIC 3.OBDC 4.IEFA 5.QQQ 6.TCPC 7.IEMG 8.VTI 9.META 10.IWF
2025-12-31	136	$312.3M	13	1IVV 2MFIC 3TCPC Top holdings2025-12-31 1.IVV 2.MFIC 3.TCPC 4.QQQ 5.IEFA 6.META 7.AMZN 8.IWF 9.VTI 10.IEMG
2025-09-30	139	$299.6M	40	1IVV 2MFIC 3TCPC Top holdings2025-09-30 1.IVV 2.MFIC 3.TCPC 4.QQQ 5.META 6.IEFA 7.AMZN 8.IWF 9.VTI 10.AAPL
2025-06-30	137	$270.6M	0	1IVV 2META 3QQQ Top holdings2025-06-30 1.IVV 2.META 3.QQQ 4.IEFA 5.AMZN 6.MFIC 7.AAPL 8.VOO 9.TCPC 10.VTI
2025-03-31	118	$208.5M	100	1IVV 2QQQ 3META Top holdings2025-03-31 1.IVV 2.QQQ 3.META 4.AAPL 5.IEFA 6.AMZN 7.VTI 8.IWF 9.GBDC 10.IVW
2024-12-31	141	$247.1M	0	1IVV 2QQQ 3AAPL Top holdings2024-12-31 1.IVV 2.QQQ 3.AAPL 4.META 5.AMZN 6.GBDC 7.VTI 8.TSLA 9.IEFA 10.IWF
2024-09-30	139	$245.1M	0	1IVV 2GBDC 3QQQ Top holdings2024-09-30 1.IVV 2.GBDC 3.QQQ 4.META 5.AAPL 6.VTI 7.IEFA 8.AMZN 9.XLV 10.IWF
2024-06-30	139	$239.0M	0	1IVV 2GBDC 3QQQ Top holdings2024-06-30 1.IVV 2.GBDC 3.QQQ 4.IWF 5.AMZN 6.META 7.AAPL 8.XLV 9.IEFA 10.VTI
2024-03-31	145	$247.7M	0	1IVV 2OBDC 3QQQ Top holdings2024-03-31 1.IVV 2.OBDC 3.QQQ 4.META 5.AMZN 6.AAPL 7.XLV 8.VOO 9.IEFA 10.IWF
2023-12-31	125	$234.9M	0	1OBDC 2IVV 3AMZN Top holdings2023-12-31 1.OBDC 2.IVV 3.AMZN 4.QQQ 5.GBDC 6.AAPL 7.XLV 8.VOO 9.META 10.IEFA
2023-09-30	115	$223.2M	0	1OBDC 2IVV 3AMZN Top holdings2023-09-30 1.OBDC 2.IVV 3.AMZN 4.GBDC 5.QQQ 6.XLV 7.AAPL 8.META 9.APO 10.JFR
2023-06-30	118	$216.0M	0	1OBDC 2IVV 3GBDC Top holdings2023-06-30 1.OBDC 2.IVV 3.GBDC 4.AMZN 5.QQQ 6.XLV 7.AAPL 8.META 9.APO 10.XLF
2023-03-31	127	$207.2M	0	1OBDC 2IVV 3GBDC Top holdings2023-03-31 1.OBDC 2.IVV 3.GBDC 4.AMZN 5.QQQ 6.XLF 7.XLV 8.AAPL 9.SHYG 10.APO
2022-12-31	125	$185.5M	0	1OBDC 2IVV 3GBDC Top holdings2022-12-31 1.OBDC 2.IVV 3.GBDC 4.XLF 5.XLV 6.QQQ 7.SHYG 8.APO 9.IVW 10.AAPL
2022-09-30	112	$132.3M	0	1IVV 2QQQ 3XLF Top holdings2022-09-30 1.IVV 2.QQQ 3.XLF 4.XLV 5.APO 6.GBDC 7.AAPL 8.VTI 9.OBDC 10.BGX
2022-06-30	116	$137.6M	0	1IVV 2QQQ 3XLF Top holdings2022-06-30 1.IVV 2.QQQ 3.XLF 4.XLV 5.APO 6.AAPL 7.GBDC 8.VTI 9.SCHX 10.BGX
2022-03-31	117	$148.1M	0	1IVV 2QQQ 3XLF Top holdings2022-03-31 1.IVV 2.QQQ 3.XLF 4.AAPL 5.XLV 6.VTI 7.TSLA 8.GBDC 9.TSLA 10.SCHX
2021-12-31	109	$148.0M	0	1IVV 2QQQ 3XLF Top holdings2021-12-31 1.IVV 2.QQQ 3.XLF 4.GMED 5.XLV 6.VTI 7.APO 8.SCHX 9.META 10.TSLA
2021-09-30	103	$137.7M	0	1IVV 2QQQ 3XLF Top holdings2021-09-30 1.IVV 2.QQQ 3.XLF 4.AAPL 5.APO 6.XLV 7.VTI 8.META 9.SCHX 10.GBDC
2021-06-30	108	$157.0M	—	1IVV 2QQQ 3GMED Top holdings2021-06-30 1.IVV 2.QQQ 3.GMED 4.XLF 5.META 6.AAPL 7.78518H 8.APO 9.GBDC 10.VTI
2021-03-31	116	$153.7M	19	1IVV 2QQQ 3GMED Top holdings2021-03-31 1.IVV 2.QQQ 3.GMED 4.VOYA 5.META 6.AAPL 7.XLF 8.APO 9.EVF 10.GBDC
2020-12-31	111	$142.2M	48	1IVV 2GMED 3QQQ Top holdings2020-12-31 1.IVV 2.GMED 3.QQQ 4.JPST 5.AAPL 6.META 7.APO 8.EVF 9.GBDC 10.XFRAX
2020-09-30	98	$150.2M	13	1JPST 2IVV 3VOYA Top holdings2020-09-30 1.JPST 2.IVV 3.VOYA 4.78462F 5.SH1USD 6.GMED 7.META 8.EVF 9.QQQ 10.APO
2020-06-30	94	$141.7M	32	1JPST 2IVV 3SH1USD Top holdings2020-06-30 1.JPST 2.IVV 3.SH1USD 4.78462F 5.VOYA 6.GMED 7.EVF 8.APO 9.SCHX 10.XFRAX
2020-03-31	111	$124.6M	63	1JPST278462F3IVV Top holdings2020-03-31 1.JPST 2.78462F 3.IVV 4.SH1USD 5.VOYA 6.GMED 7.APO 8.EVF 9.XFRAX 10.SCHX
2019-12-31	92	$139.8M	34	1IVV 2VOYA 3JPST Top holdings2019-12-31 1.IVV 2.VOYA 3.JPST 4.SCHA 5.GMED 6.IEFA 7.EVF 8.SCHX 9.APO 10.XFRAX
2019-09-30	257	$149.2M	27	1SCHX 2IVV 3JPST Top holdings2019-09-30 1.SCHX 2.IVV 3.JPST 4.SCHA 5.IEFA 6.VOYA 7.GMED 8.EVF 9.IJR 10.META
2019-06-30	882	$149.2M	32	1SCHX 2JPST 3IVV Top holdings2019-06-30 1.SCHX 2.JPST 3.IVV 4.SCHA 5.IEFA 6.VOYA 7.EVF 8.IJR 9.BGB 10.APO
2019-03-31	253	$118.3M	31	1SCHX 2SCHA 3JPST Top holdings2019-03-31 1.SCHX 2.SCHA 3.JPST 4.VOYA 5.IEFA 6.IJR 7.EVF 8.IVV 9.VEA 10.VTI
2018-12-31	240	$114.0M	—	1JPST 2SCHX 3SCHA Top holdings2018-12-31 1.JPST 2.SCHX 3.SCHA 4.VOYA 5.BGB 6.IEFA 7.EVF 8.IJR 9.VEA 10.VTI

Holding changes this quarter

Position changes disclosed by Next Capital Management LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	OBDC	Blue Owl Capital CORP	+4%	+610.89%	Add
2	GBDC	Golub Capital Bdc INC	+1.1%	+132.26%	Add
3	MFIC	Midcap Financial Investment	+0.9%	+26.09%	Add
4	APO	Apollo Global Management INC	+0.7%	+1142.92%	Add
5	BX	Blackstone INC	+0.6%	+389.52%	Add
6	KKR	Kkr & Co INC	+0.5%	+135.64%	Add
7	IEFA	Ishares Core Msci Eafe ETF	+0.2%	+9.38%	Add
8	IJH	Ishares Core S&p Midcap ETF	+0.2%	+14.14%	Add
9	IEMG	Ishares Core Msci Emerging	+0.1%	+6.39%	Add
10	IWD	Ishares Russell 1000 Value E	+0.1%	+9.29%	Add
11	XOM	Exxon Mobil CORP	+0.1%	+3.43%	Add
12	IJS	Ishares S&p Small-cap 600 Va	+0.1%	+70.15%	Add
13	IJR	Ishares Core S&p Small-cap E	+0.1%	+5.91%	Add
14	FNDX	Schwab Fndmntl US Lrg Co ETF	0%	+6.46%	Add
15	COF	Capital One Financial CORP	-0.1%	-26.06%	Trim
16	ALAB	Astera Labs INC	-0.1%	—	Unchanged
17	KWEB	Kranesh Csi China Internet	-0.1%	—	Unchanged
18	LLY	Eli Lilly & Co	-0.1%	—	Unchanged
19	SCHA	Schwab US Small-cap ETF	-0.1%	-9.44%	Trim
20	JPST	Jpmorgan Ultra-short Income	-0.2%	-33.67%	Trim
21	MDB	Mongodb INC	-0.2%	+4.11%	Add
22	IVW	Ishares S&p 500 Growth ETF	-0.3%	+3.84%	Add
23	NVDA	Nvidia CORP	-0.3%	-9.38%	Trim
24	AAPL	Apple INC	-0.4%	-6.08%	Trim
25	IWF	Ishares Russell 1000 Growth	-0.5%	-0.40%	Trim
26	AMZN	Amazon.com INC	-0.7%	-5.62%	Trim
27	META	Meta Platforms Inc-class A	-0.7%	-1.90%	Trim
28	QQQ	Invesco Qqq Trust Series 1	-0.7%	-6.22%	Trim
29	IVV	Ishares Core S&p 500 ETF	-1.3%	+1.10%	Add
30	TCPC	Blackrock Tcp Capital CORP	-1.4%	+13.64%	Add
31	CRM	Salesforce INC	—	NEW	New buy
32	BRK-A	Berkshire Hathaway Inc-cl A	—	EXIT	Sold out
33	TFX	Teleflex INC	—	EXIT	Sold out
34	TPG	Tpg INC	—	NEW	New buy
35	GLD	Spdr Gold Shares	—	NEW	New buy
36	IGV	Ishares Expanded Tech-softwa	—	NEW	New buy
37	✓	Csg Systems International In	—	EXIT	Sold out
38	BIZD	Vaneck Bdc Income ETF	—	EXIT	Sold out
39	PM	Philip Morris International	—	NEW	New buy
40	DXJ	Wisdomtree Japan Hedged Eq	—	NEW	New buy
41	IWN	Ishares Russell 2000 Value E	—	NEW	New buy
42	CMCSA	Comcast Corp-class A	—	EXIT	Sold out
43	SLV	Ishares Silver Trust	—	EXIT	Sold out
44	PLTR	Palantir Technologies Inc-a	—	EXIT	Sold out
45	LII	Lennox International INC	—	EXIT	Sold out
46	GLW	Corning INC	—	NEW	New buy
47	BNDX	Vanguard Total Intl Bond ETF	—	EXIT	Sold out
48	OWL	Blue Owl Capital INC	—	NEW	New buy
49	MO	Altria Group INC	—	NEW	New buy
50	CBZ	Cbiz INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-11	13F-HR	View on EDGAR
2025-09-30	2025-11-05	13F-HR	View on EDGAR
2025-06-30	2025-08-05	13F-HR	View on EDGAR
2025-03-31	2025-05-06	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-07	13F-HR	View on EDGAR
2024-06-30	2024-08-20	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-01-19	13F-HR	View on EDGAR
2023-09-30	2023-10-18	13F-HR	View on EDGAR
2023-06-30	2023-07-27	13F-HR	View on EDGAR
2023-03-31	2023-04-28	13F-HR	View on EDGAR
2022-12-31	2023-01-12	13F-HR	View on EDGAR
2022-09-30	2022-10-14	13F-HR	View on EDGAR
2022-06-30	2022-07-20	13F-HR	View on EDGAR
2022-03-31	2022-05-02	13F-HR	View on EDGAR
2021-12-31	2022-01-14	13F-HR	View on EDGAR
2021-09-30	2021-10-19	13F-HR	View on EDGAR
2021-06-30	2021-10-19	13F-HR	View on EDGAR
2021-03-31	2021-04-30	13F-HR	View on EDGAR
2020-12-31	2021-01-27	13F-HR	View on EDGAR
2020-09-30	2020-11-05	13F-HR	View on EDGAR
2020-06-30	2020-07-31	13F-HR	View on EDGAR
2020-03-31	2020-04-24	Amendment	View on EDGAR
2020-03-31	2020-04-22	13F-HR	View on EDGAR
2019-12-31	2020-02-12	13F-HR	View on EDGAR
2019-09-30	2019-11-12	13F-HR	View on EDGAR
2019-06-30	2019-08-02	13F-HR	View on EDGAR
2019-03-31	2019-05-06	Amendment	View on EDGAR
2019-03-31	2019-04-22	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR