New Capital Management LP
Long book
$405.7M
Q1 2026
Positions
59
Top-10 weight
76%
concentration
Last quarter
+8.9%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsNew Capital Management LP is a wealth-management firm allocating client money, running a $405.7M US long book across 59 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: DIMENSIONAL US CORE EQUITY 2, DIMENSIONAL WORLD EX US CORE, BERKSHIRE HATHAWAY INC-CL B, APPLE INC, LONGVIEW ADVANTAGE ETF.
Over the last 9 quarters its long book ran on average 1.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.2%
Q2 2024
+7.4%
Q3 2024
-1.3%
Q4 2024
+1.5%
Q1 2025
+4.7%
Q2 2025
+6.7%
Q3 2025
+2.3%
Q4 2025
-1.3%
Q1 2026
+8.9%
Sector allocation
Financials 50%
Technology 34%
Consumer staples 8%
Consumer discretionary 4%
Services media 2%
Healthcare 1%
Energy 1%
Industrials 0%
Long book by quarter
What does New Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 107.2K | $51.4M | 12.7% | -0.4% |
| AAPL APPLE INC | Technology | 77.4K | $19.6M | 4.8% | -0.9% |
| PEP PEPSICO INC | Consumer staples | 52.8K | $8.2M | 2.0% | -0.5% |
| GOOG ALPHABET INC-CL C | Technology | 17.9K | $5.1M | 1.3% | +5.4% |
| NVDA NVIDIA CORP | Technology | 28.4K | $5.0M | 1.2% | +0.5% |
| MSFT MICROSOFT CORP | Technology | 8.3K | $3.1M | 0.8% | +11.9% |
| YUM YUM! BRANDS INC | Consumer discretionary | 8.7K | $1.3M | 0.3% | Held |
| META META PLATFORMS INC-CLASS A | Technology | 1.7K | $958K | 0.2% | +11.7% |
| MA MASTERCARD INC - A | Services media | 1.9K | $927K | 0.2% | -4.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 4.4K | $922K | 0.2% | -2.2% |
| GOOGL ALPHABET INC-CL A | Technology | 3.1K | $887K | 0.2% | +8.9% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 862 | $859K | 0.2% | Held |
| NFLX NETFLIX INC | Services media | 7.4K | $710K | 0.2% | Held |
| ABBV ABBVIE INC | Healthcare | 3.3K | $708K | 0.2% | +0.3% |
| XOM EXXON MOBIL CORP | Energy | 3.4K | $569K | 0.1% | +2.0% |
| AVGO BROADCOM INC | Technology | 1.7K | $539K | 0.1% | -3.2% |
| YUMC YUM CHINA HOLDINGS INC | Consumer discretionary | 8.9K | $432K | 0.1% | Held |
| MELI MERCADOLIBRE INC | Services media | 203 | $351K | 0.1% | Held |
| WBD WARNER BROS DISCOVERY INC | Communications | 12.7K | $349K | 0.1% | Held |
| HD HOME DEPOT INC | Consumer discretionary | 958 | $315K | 0.1% | New |
| LLY ELI LILLY & CO | Healthcare | 326 | $300K | 0.1% | Held |
| VTOL BRISTOW GROUP INC | Industrials | 5.8K | $270K | 0.1% | New |
| AON AON PLC-CLASS A | Financials | 707 | $228K | 0.1% | Held |
| CMI CUMMINS INC | Industrials | 374 | $201K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 14, 2026 | 60 | $422.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 20, 2026 | 55 | $398.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 8, 2025 | 54 | $382.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 7, 2025 | 56 | $358.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 29, 2025 | 51 | $344.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 13, 2025 | 51 | $342.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 7, 2024 | 52 | $354.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 11, 2024 | 54 | $325.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 9, 2024 | 57 | $334.9M | canonical | SEC ↗ |