Q2 2025 · 13F-HR
Next Capital Management LLCholdings as filed
Filed 2025-08-05 · accession 0001437749-25-024802
$270.6M
Reported value
137
Positions
2025-06-30
Period end
The Brief · Next Capital Management LLC · Q2 2025
AI · grounded in 13F
Next Capital Management LLC established a new position in the iShares Core S&P 500 ETF IVV valued at $39.8M. The fund also initiated new stakes in Meta Platforms Inc META for $12.3M and the Invesco QQQ Trust QQQ for $12.0M. Additional new positions include the iShares Core MSCI EAFE ETF IEFA at $9.7M and Amazon.com Inc AMZN at $9.6M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 464287200 | IVV | ISHARES CORE S&P 500 ETF | $39.8M | 14.7% | 64,149 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC CLASS A | $12.3M | 4.54% | 16,657 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TRUST | $12.0M | 4.44% | 21,800 | Common | NONE |
| 46432F842 | IEFA | ISHARES CORE MSCI EAFE ETF | $9.7M | 3.59% | 116,335 | Common | NONE |
| 023135106 | AMZN | AMAZON.COM INC | $9.6M | 3.56% | 43,967 | Common | NONE |
| 03761U502 | MFIC | MIDCAP FINL INVESTME | $9.2M | 3.38% | 725,401 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $9.0M | 3.34% | 44,014 | Common | NONE |
| 922908363 | VOO | VANGUARD S&P 500 ETF | $9.0M | 3.31% | 15,748 | Common | NONE |
| 09259E108 | TCPC | BLACKROCK TCP CAP CORP | $8.7M | 3.23% | 1,134,826 | Common | NONE |
| 922908769 | VTI | VANGUARD TOTAL STOCK MARKET ETF | $8.1M | 2.98% | 26,563 | Common | NONE |
| 464287614 | IWF | ISHARES RUSSELL 1000 GROWTH ETF | $7.7M | 2.85% | 18,167 | Common | NONE |
| 464287309 | IVW | ISHARES S&P 500 GROWTH ETF | $5.3M | 1.94% | 47,773 | Common | NONE |
| 46434G103 | IEMG | ISHARES CORE MSCI EMERGING ETF | $4.9M | 1.82% | 82,147 | Common | NONE |
| 464287622 | IWB | ISHARES RUSSELL 1000 ETF | $4.3M | 1.60% | 12,734 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORP | $4.3M | 1.58% | 27,033 | Common | NONE |
| 464287804 | IJR | ISHARES CORE S&P SMALL CAP ETF | $4.1M | 1.53% | 37,949 | Common | NONE |
| 464287598 | IWD | ISHARES RUSSELL 1000 VALUE ETF | $4.1M | 1.53% | 21,295 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY CLASS B | $4.1M | 1.52% | 8,449 | Common | NONE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $4.1M | 1.51% | 279,444 | Common | NONE |
| 464287507 | IJH | ISHARES CORE S&P MID CAPETF | $4.1M | 1.51% | 65,682 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $3.6M | 1.32% | 5,776 | Common | NONE |
| 808524607 | SCHA | SCHWAB US SMALL CAP ETF | $3.0M | 1.10% | 117,399 | Common | NONE |
| 81369Y209 | XLV | SELECT SECTOR HEALTH CARE SPDR ETF | $3.0M | 1.09% | 21,977 | Common | NONE |
| 808524201 | SCHX | SCHWAB US LARGE CAP ETF | $2.9M | 1.08% | 119,505 | Common | NONE |
| 921908844 | VIG | VANGUARD DIVIDEND APPRECIATION ETF | $2.7M | 1.01% | 13,342 | Common | NONE |
| 48251W104 | KKR | KKR & CO INC | $2.7M | 1.00% | 20,273 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $2.5M | 0.93% | 5,048 | Common | NONE |
| 922908736 | VUG | VANGUARD GROWTH ETF | $2.2M | 0.80% | 4,942 | Common | NONE |
| 808524771 | FNDX | SCHWAB FUNDMNTL US LARGECOM ETF | $2.1M | 0.77% | 85,158 | Common | NONE |
| 931142103 | WMT | WALMART INC | $2.0M | 0.74% | 20,600 | Common | NONE |
| 46138G649 | QQQM | INVESCO NASDAQ 100 ETF | $1.9M | 0.68% | 8,148 | Common | NONE |
| 922908538 | VOT | VANGUARD MID CAP GROWTH ETF | $1.8M | 0.68% | 6,430 | Common | NONE |
| 92204A702 | VGT | VANGUARD INFORMATION TECHNOLOGY ETF | $1.8M | 0.68% | 2,755 | Common | NONE |
| 81369Y605 | XLF | SELECT STR FINANCIAL SELECT SPDR ETF | $1.7M | 0.63% | 32,434 | Common | NONE |
| 500767306 | KWEB | KRANESHARES CSI CHINA INTERNET ETF | $1.7M | 0.62% | 49,020 | Common | NONE |
| 464287234 | EEM | ISHARES MSCI EMERGING MARKETS ETF | $1.7M | 0.61% | 34,500 | Common | NONE |
| 191216100 | KO | THE COCA-COLA CO | $1.5M | 0.57% | 21,715 | Common | NONE |
| 808513105 | SCHW | CHARLES SCHWAB CORP | $1.5M | 0.56% | 16,684 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO | $1.5M | 0.55% | 9,644 | Common | NONE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DCLASS A | $1.5M | 0.54% | 2 | Common | NONE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $1.4M | 0.51% | 7,588 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $1.4M | 0.51% | 4,684 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $1.3M | 0.50% | 1,002 | Common | NONE |
| 532457108 | LLY | ELI LILLY AND CO | $1.3M | 0.49% | 1,704 | Common | NONE |
| 922908637 | VV | VANGUARD LARGE CAP ETF | $1.3M | 0.48% | 4,509 | Common | NONE |
| 464287663 | IUSV | ISHARES CORE S&P US VALUE ETF | $1.3M | 0.47% | 13,547 | Common | NONE |
| 464287481 | IWP | ISHARES RUSSELL MID CAP GROWTH ETF | $1.3M | 0.47% | 9,230 | Common | NONE |
| 879369106 | TFX | TELEFLEX INC | $1.2M | 0.46% | 10,423 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC CLASS A | $1.2M | 0.45% | 6,972 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC CLASS C | $1.2M | 0.44% | 6,784 | Common | NONE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $1.1M | 0.40% | 1,519 | Common | NONE |
| 46137V241 | SPHQ | INVESCO S&P 500 QUALITY ETF | $1.0M | 0.39% | 14,621 | Common | NONE |
| 921946406 | VYM | VANGUARD HIGH DIVIDEND YIELD ETF | $1.0M | 0.38% | 7,778 | Common | NONE |
| 808524797 | SCHD | SCHWAB US DIVIDEND EQUITY ETF | $1.0M | 0.38% | 39,007 | Common | NONE |
| 46641Q837 | JPST | JPMORGAN ULTRA SHORT INCOME ETF | $1.0M | 0.38% | 20,185 | Common | NONE |
| 278865100 | ECL | ECOLAB INC | $1.0M | 0.38% | 3,775 | Common | NONE |
| 81369Y803 | XLK | TECHNOLOGY SELECT SECTORSPDR ETF | $1.0M | 0.37% | 3,971 | Common | NONE |
| 464287655 | IWM | ISHARES RUSSELL 2000 ETF | $953,084 | 0.35% | 4,417 | Common | NONE |
| 464287465 | EFA | ISHARES MSCI EAFE ETF | $913,208 | 0.34% | 10,216 | Common | NONE |
| 60937P106 | MDB | MONGODB INC CLASS A | $902,327 | 0.33% | 4,297 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $883,353 | 0.33% | 5,783 | Common | NONE |
| 78518H202 | BRW | SABA CAPITAL INCOME OPPO | $803,784 | 0.30% | 99,725 | Common | NONE |
| 124805102 | CBZ | CBIZ INC | $788,810 | 0.29% | 11,000 | Common | NONE |
| 808524102 | SCHB | SCHWAB US BROAD MARKET ETF | $784,625 | 0.29% | 32,926 | Common | NONE |
| 921943858 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | $771,459 | 0.29% | 13,532 | Common | NONE |
| 437076102 | HD | HOME DEPOT INC | $730,714 | 0.27% | 1,993 | Common | NONE |
| 33738D101 | EMLP | FIRST TRUST NORTH AMERICAN ENERG ETF | $725,631 | 0.27% | 19,345 | Common | NONE |
| 701094104 | PH | PARKER-HANNIFIN CORP | $722,916 | 0.27% | 1,035 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $703,072 | 0.26% | 6,522 | Common | NONE |
| 09260D107 | BX | BLACKSTONE INC | $676,945 | 0.25% | 4,526 | Common | NONE |
| L8681T102 | SPOT | SPOTIFY TECHNOLOGY S A F | $659,912 | 0.24% | 860 | Common | NONE |
| 11271J107 | BN | BROOKFIELD CORP FCLASS A | $649,425 | 0.24% | 10,500 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $643,244 | 0.24% | 7,880 | Common | NONE |
| 92189F106 | GDX | VANECK GOLD MINERS ETF | $611,809 | 0.23% | 11,752 | Common | NONE |
| 464288240 | ACWX | ISHARES MSCI ACWI EX US ETF | $606,901 | 0.22% | 9,959 | Common | NONE |
| 693506107 | PPG | PPG INDS INC | $591,955 | 0.22% | 5,204 | Common | NONE |
| 126349109 | CSN | CSG SYS INTL INC | $587,790 | 0.22% | 9,000 | Common | NONE |
| 69121K104 | OBDC | BLUE OWL CAP CORP | $564,465 | 0.21% | 39,363 | Common | NONE |
| 76882G107 | OPP | RIVERNORTH DOUBLLINE STR | $545,994 | 0.20% | 63,859 | Common | NONE |
| 025537101 | AEP | AMERICAN ELEC PWR CO INC | $526,582 | 0.19% | 5,075 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $512,180 | 0.19% | 3,216 | Common | NONE |
| 922042858 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | $492,804 | 0.18% | 9,964 | Common | NONE |
| 922908744 | VTV | VANGUARD VALUE ETF | $488,921 | 0.18% | 2,765 | Common | NONE |
| 464286806 | EWG | ISHARES MSCI GERMANY ETF | $485,507 | 0.18% | 11,475 | Common | NONE |
| 04626A103 | ALAB | ASTERA LABS INC | $468,556 | 0.17% | 5,182 | Common | NONE |
| 58933Y105 | MRK | MERCK & CO. INC. | $460,988 | 0.17% | 5,814 | Common | NONE |
| 293792107 | EPD | ENTERPRISE PRODS PART LP | $453,521 | 0.17% | 14,625 | Common | NONE |
| 83413U100 | SLRC | SLR INVESTMENT CORP | $444,173 | 0.16% | 27,520 | Common | NONE |
| 717081103 | PFE | PFIZER INC | $433,965 | 0.16% | 17,903 | Common | NONE |
| 89147L886 | TYG | TORTOISE ENERGY INFRASTR | $428,805 | 0.16% | 9,770 | Common | NONE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $405,484 | 0.15% | 811 | Common | NONE |
| 20030N101 | CMCSA | COMCAST CORP NEW CLASS A | $398,943 | 0.15% | 11,178 | Common | NONE |
| 464288869 | IWC | ISHARES MICRO CAP ETF | $398,682 | 0.15% | 3,123 | Common | NONE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $388,715 | 0.14% | 1,246 | Common | NONE |
| 742718109 | PG | PROCTER & GAMBLE CO | $384,917 | 0.14% | 2,416 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $348,333 | 0.13% | 1,877 | Common | NONE |
| 452327109 | ILMN | ILLUMINA INC | $341,377 | 0.13% | 3,578 | Common | NONE |
| 896215209 | TRS | TRIMAS CORP | $329,015 | 0.12% | 11,500 | Common | NONE |
| 526107107 | LII | LENNOX INTL INC | $322,734 | 0.12% | 563 | Common | NONE |
| 464287879 | IJS | ISHARES S&P SMALL CAP 600 ETF | $321,353 | 0.12% | 3,230 | Common | NONE |
| 00214Q302 | ARKG | ARK GENOMIC REVOLUTION ETF | $317,670 | 0.12% | 13,046 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $312,525 | 0.12% | 1,342 | Common | NONE |
| 922042742 | VT | VANGUARD TOTAL WORLD STOCK ETF | $303,787 | 0.11% | 2,364 | Common | NONE |
| 969136100 | WVVI | WILLAMETTE VY VINEYARD I | $302,496 | 0.11% | 54,800 | Common | NONE |
| 02209S103 | MO | ALTRIA GROUP INC | $297,606 | 0.11% | 5,076 | Common | NONE |
| 09857L108 | BKNG | BOOKING HLDGS INC | $295,251 | 0.11% | 51 | Common | NONE |
| 46137V357 | RSP | INVESCO S&P 500 EQUAL WEIGHT ETF | $293,382 | 0.11% | 1,614 | Common | NONE |
| 969457100 | WMB | WILLIAMS COS INC | $291,752 | 0.11% | 4,645 | Common | NONE |
| 578473100 | MAYS | MAYS J W INC | $278,388 | 0.10% | 7,326 | Common | NONE |
| 233051200 | DBEF | XTRACKERS MSCI EAFE HEDGED EQUITY ET | $276,981 | 0.10% | 6,331 | Common | NONE |
| 647551100 | NMFC | NEW MTN FIN CORP | $275,883 | 0.10% | 26,150 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $268,808 | 0.10% | 508 | Common | NONE |
| 89417E109 | TRV | TRAVELERS COS INC | $268,610 | 0.10% | 1,004 | Common | NONE |
| 464287473 | IWS | ISHARES RUSSELL MID CAP VALUE ETF | $268,244 | 0.10% | 2,030 | Common | NONE |
| 00091G104 | ACVA | ACV AUCTIONS INC CLASS A | $259,617 | 0.10% | 16,006 | Common | NONE |
| 79466L302 | CRM | SALESFORCE INC | $257,147 | 0.10% | 943 | Common | NONE |
| 67072T108 | JFR | NUVEEN FLOATING RATE INC | $252,313 | 0.09% | 29,789 | Common | NONE |
| 464287796 | IYE | ISHARES US ENERGY ETF | $248,710 | 0.09% | 5,500 | Common | NONE |
| 609207105 | MDLZ | MONDELEZ INTL INC CLASS A | $246,561 | 0.09% | 3,656 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC N | $242,172 | 0.09% | 1,707 | Common | NONE |
| 92826C839 | V | VISA INC CLASS A | $236,263 | 0.09% | 665 | Common | NONE |
| 713448108 | PEP | PEPSICO INC | $229,486 | 0.08% | 1,738 | Common | NONE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INCLASS A | $229,290 | 0.08% | 1,682 | Common | NONE |
| 808524508 | SCHM | CHARLES SCHWAB US MC ETF | $227,200 | 0.08% | 8,100 | Common | NONE |
| 46429B598 | INDA | ISHARES MSCI INDIA INDEXETF | $222,720 | 0.08% | 4,000 | Common | NONE |
| 002824100 | ABT | ABBOTT LABS | $222,240 | 0.08% | 1,634 | Common | NONE |
| 718546104 | PSX | PHILLIPS 66 | $214,740 | 0.08% | 1,800 | Common | NONE |
| 25460E661 | DFEN | DIREXN DLY ARSPC DFNS BL3X SHRS ETF | $207,520 | 0.08% | 4,000 | Common | NONE |
| 81758H106 | SERV | SERVE ROBOTICS INC | $187,902 | 0.07% | 16,425 | Common | NONE |
| G97229101 | WPLCF | WISE PLC ORDF | $159,561 | 0.06% | 11,116 | Common | NONE |
| N30577105 | ZGN | ERMENEGILDO ZEGNA N V F | $156,251 | 0.06% | 18,275 | Common | NONE |
| G2662B103 | CRML | CRITICAL METALS CORP. F | $71,536 | 0.03% | 19,982 | Common | NONE |
| 86164T107 | EDF | VIRTUS STONE HARBOR EMG | $50,500 | 0.02% | 10,000 | Common | NONE |
| 29788T103 | ETWOGBP | E2OPEN PARENT HLDGS INC CLASS A | $47,116 | 0.02% | 14,587 | Common | NONE |
| 142038108 | CRBU | CARIBOU BIOSCIENCES INC | $25,200 | 0.01% | 20,000 | Common | NONE |
| 256086109 | DCGO | DOCGO INC | $23,550 | 0.01% | 15,000 | Common | NONE |
| 23283M101 | CYDY | CYTODYN INC | $8,856 | 0.00% | 32,500 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.