Next Capital Management LLC
Long book
$330.2M
Q1 2026
Positions
134
Top-10 weight
48%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsNext Capital Management LLC is a wealth-management firm allocating client money, running a $330.2M US long book across 134 positions.
The portfolio is moderately concentrated (top 10 ≈ 48% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: ISHARES CORE S&P 500 ETF, MIDCAP FINANCIAL INVESTMENT, BLUE OWL CAPITAL CORP, ISHARES CORE MSCI EAFE ETF, INVESCO QQQ TRUST SERIES 1.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 2 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
+3.6%
Q2 2024
+6.0%
Q3 2024
+2.5%
Q4 2024
-3.5%
Q1 2025
+9.5%
Q2 2025
+6.4%
Q3 2025
+1.6%
Q4 2025
-5.1%
Q1 2026
+11.3%
Sector allocation
Other 44%
Technology 23%
Financials 15%
Consumer discretionary 7%
Healthcare 3%
Industrials 3%
Utilities 2%
Consumer staples 2%
Long book by quarter
What does Next Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 1.9M | $21.0M | 6.4% | +26.1% |
| OBDC BLUE OWL CAPITAL CORP | — | 1.4M | $15.8M | 4.8% | +610.9% |
| TCPC BLACKROCK TCP CAPITAL CORP | — | 3.0M | $11.0M | 3.3% | +13.6% |
| META META PLATFORMS INC-CLASS A | Technology | 16.3K | $9.3M | 2.8% | -1.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 42.6K | $8.9M | 2.7% | -5.6% |
| GBDC GOLUB CAPITAL BDC INC | — | 567.2K | $7.2M | 2.2% | +132.3% |
| AAPL APPLE INC | Technology | 26.6K | $6.8M | 2.0% | -6.1% |
| KKR KKR & CO INC | Financials | 47.8K | $4.4M | 1.3% | +135.6% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 8.4K | $4.0M | 1.2% | +0.8% |
| NVDA NVIDIA CORP | Technology | 22.6K | $3.9M | 1.2% | -9.4% |
| BX BLACKSTONE INC | Financials | 22.3K | $2.6M | 0.8% | +389.5% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 21.9K | $2.4M | 0.7% | +1142.9% |
| CRM SALESFORCE INC | Technology | 11.3K | $2.1M | 0.6% | New |
| MSFT MICROSOFT CORP | Technology | 5.7K | $2.1M | 0.6% | +34.2% |
| GOOGL ALPHABET INC-CL A | Technology | 6.7K | $1.9M | 0.6% | +2.5% |
| GOOG ALPHABET INC-CL C | Technology | 6.4K | $1.8M | 0.6% | -0.4% |
| LLY ELI LILLY & CO | Healthcare | 1.8K | $1.6M | 0.5% | Held |
| SCHW SCHWAB (CHARLES) CORP | Financials | 16.9K | $1.6M | 0.5% | +3.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 5.5K | $1.4M | 0.4% | -1.1% |
| GS GOLDMAN SACHS GROUP INC | Financials | 1.5K | $1.3M | 0.4% | +8.5% |
| KO COCA-COLA CO/THE | Consumer staples | 16.6K | $1.3M | 0.4% | +1.4% |
| MDB MONGODB INC | Technology | 4.4K | $1.1M | 0.3% | +4.1% |
| TPG TPG INC | Financials | 26.0K | $1.1M | 0.3% | New |
| XOM EXXON MOBIL CORP | Energy | 5.7K | $973K | 0.3% | +3.4% |
| JPM JPMORGAN CHASE & CO | Financials | 3.3K | $969K | 0.3% | +7.2% |
| PH PARKER HANNIFIN CORP | Industrials | 1.0K | $927K | 0.3% | Held |
| ECL ECOLAB INC | Other | 2.9K | $778K | 0.2% | -20.0% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 5.7K | $741K | 0.2% | +11.4% |
| OKE ONEOK INC | Utilities | 7.9K | $712K | 0.2% | Held |
| BN BROOKFIELD CORP | Real estate | 15.8K | $637K | 0.2% | Held |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 2.6K | $588K | 0.2% | +30.6% |
| NFLX NETFLIX INC | Services media | 5.9K | $571K | 0.2% | -9.0% |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 51.4K | $569K | 0.2% | -37.5% |
| ALAB ASTERA LABS INC | Technology | 5.2K | $568K | 0.2% | Held |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 3.4K | $559K | 0.2% | New |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 14.3K | $543K | 0.2% | +2.5% |
| PPG PPG INDUSTRIES INC | Other | 5.0K | $538K | 0.2% | -1.8% |
| GEV GE VERNOVA INC | Industrials | 506 | $442K | 0.1% | -1.0% |
| ILMN ILLUMINA INC | Healthcare | 3.6K | $441K | 0.1% | Held |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 906 | $439K | 0.1% | +5.3% |
| QCOM QUALCOMM INC | Technology | 3.3K | $421K | 0.1% | +0.7% |
| TRS TRIMAS CORP | Industrials | 11.5K | $413K | 0.1% | Held |
| SLRC SLR INVESTMENT CORP | — | 27.5K | $394K | 0.1% | Held |
| CAT CATERPILLAR INC | Industrials | 535 | $379K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 134 | $330.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 136 | $312.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 139 | $299.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 137 | $270.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 6, 2025 | 118 | $208.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 141 | $247.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 139 | $245.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 20, 2024 | 139 | $239.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 145 | $247.7M | canonical | SEC ↗ |