Next Capital Management LLC

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CIK 1752762

13F portfolio (2026-Q1)

$330M

Positions

134

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

134

Top 5

33.0%

Top 10

48.2%

Effective N

25.5

HHI

0.039

This quarter

15 new · 0 exit →

By sector

Unclassified76.9%

Financials5.9%

Information Technology5.3%

Communication Services4.3%

Consumer Discretionary2.9%

Health Care1.1%

Industrials0.8%

Utilities0.8%

Other2.0%

By market cap

Unknown77.1%

Mega (>$200B)14.8%

Large ($10–200B)7.4%

Small ($300M–2B)0.4%

Mid ($2–10B)0.2%

Micro (<$300M)0.1%

By region

Other76.9%

North America23.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	78.10%	74
Capital Markets	4.13%	7
Software & IT Services	3.96%	3
Specialty Retail	2.76%	2
Technology Hardware & Equipment	2.05%	1
Software	1.60%	3
Semiconductors & Semiconductor Equipment	1.36%	2
Pharmaceuticals & Biotechnology	1.01%	6
Utilities	0.77%	5
Machinery	0.59%	4
Banks	0.46%	3
Beverages	0.43%	2
Chemicals	0.40%	2
Oil, Gas & Consumable Fuels	0.39%	2
Media & Entertainment	0.31%	2
Real Estate Management & Development	0.28%	2
Tobacco	0.24%	2
Aerospace & Defense	0.18%	1
Paper & Forest Products	0.17%	1
Electrical Equipment & Components	0.13%	1
Life Sciences Tools & Services	0.13%	1
Communications Equipment	0.13%	1
Commercial Services & Supplies	0.08%	2
Metals & Mining	0.08%	1
Insurance	0.08%	1
Hotels, Restaurants & Leisure	0.06%	1
Transportation Infrastructure	0.06%	1
Textiles, Apparel & Luxury Goods	0.06%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	IVV	ISHARES TR	Unclassified	13.97%
2	MFIC	MIDCAP FINANCIAL INVSTMNT CO	Unclassified	6.37%
3	OBDC	BLUE OWL CAPITAL CORPORATION	Unclassified	4.78%
4	IEFA	ISHARES TR	Unclassified	4.38%
5	QQQ	INVESCO QQQ TR	Unclassified	3.51%
6	TCPC	BLACKROCK TCP CAPITAL CORP	Unclassified	3.33%
7	IEMG	ISHARES INC	Unclassified	3.20%
8	VTI	VANGUARD INDEX FDS	Unclassified	3.03%
9	META	Meta Platforms, Inc.	Communication Services	2.82%
10	IWF	ISHARES TR	Unclassified	2.76%

61/134 names classified · sector 23.1% of weight · industry 21.9% · mkt cap 22.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 30 quarters

Information TechnologyAAPL, MSFT, NVDA, XYZ, CRM · other

FinancialsBRK.B, JPM, KKR, SCHW, BX · other

Communication ServicesMETA, GOOG, GOOGL, CMCSA, NFLX · other

Consumer DiscretionaryAMZN, TSLA, WMT, MCD, HD · other

Health CareTFX, GMED, LLY, JNJ, HCA · other

Consumer StaplesKO, WVVI, PM, MDLZ, MO · other

IndustrialsCR, CBZ, PH, TRS, NOC · other

Real EstateAVB, BXMT, BN, OLP, BRT · other

MaterialsECL, PPG, CLX, PG, CE · other

EnergyXOM, PSX, CVX, BP, SHEL · other

UtilitiesOKE, AEP, EPD, WMB, XEL · other

UnclassifiedIVV, JPST, SCHX, OBDC, Proshares Short S&P · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 23.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 19% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (45 classified)Next Capital Management LLC centroid (Large Growth)

Information TechnologyCommunication ServicesFinancialsConsumer DiscretionaryHealth CareIndustrialsMaterialsConsumer StaplesUtilitiesEnergy

Style box summary for Next Capital Management LLC: centroid Large Growth. Heaviest cells: Large Growth 10.6%, Large Core 5.3%, Large Value 1.0%.

Classified: 19.0% of book weight (45/134 names) · unclassified 81.0%: IVV, MFIC, OBDC, IEFA, QQQ, TCPC, IEMG, VTI, IWF, IVW +79 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 134 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	IVVISHARES TR	70,599	$46M	14.0%	HOLD
2	MFICMIDCAP FINANCIAL INVSTMNT CO	1,871,652	$21M	6.4%	ADD 26%
3	OBDCBLUE OWL CAPITAL CORPORATION	1,418,819	$16M	4.8%	ADD 611%
4	IEFAISHARES TR	159,750	$14M	4.4%	ADD 9%
5	QQQINVESCO QQQ TR	20,091	$12M	3.5%	TRIM −6%
6	TCPCBLACKROCK TCP CAPITAL CORP	3,049,547	$11M	3.3%	ADD 14%
7	IEMGISHARES INC	151,521	$11M	3.2%	ADD 6%
8	VTIVANGUARD INDEX FDS	31,160	$10M	3.0%	ADD 3%
9	METAMETA PLATFORMS INC	16,296	$9M	2.8%	HOLD
10	IWFISHARES TR	21,386	$9M	2.8%	HOLD
11	AMZNAMAZON COM INC	42,650	$9M	2.7%	TRIM −6%
12	IVWISHARES TR	67,879	$8M	2.3%	ADD 4%
13	GBDCGOLUB CAP BDC INC	567,205	$7M	2.2%	ADD 132%
14	AAPLAPPLE INC	26,623	$7M	2.0%	TRIM −6%
15	IJHISHARES TR	92,174	$6M	1.9%	ADD 14%
16	IJRISHARES TR	49,749	$6M	1.9%	ADD 6%
17	IWDISHARES TR	28,065	$6M	1.8%	ADD 9%
18	VOOVANGUARD INDEX FDS	8,533	$5M	1.5%	HOLD
19	KKRKKR & CO INC	47,771	$4M	1.3%	ADD 136%
20	SPYSTATE STR SPDR S&P 500 ETF T	6,759	$4M	1.3%	ADD 9%
21	IWBISHARES TR	11,952	$4M	1.3%	HOLD
22	BRK.BBERKSHIRE HATHAWAY INC DEL	8,352	$4M	1.2%	HOLD
23	NVDANVIDIA CORPORATION	22,584	$4M	1.2%	TRIM −9%
24	FNDXSCHWAB STRATEGIC TR	128,008	$4M	1.1%	ADD 6%
25	VIGVANGUARD SPECIALIZED FUNDS	14,617	$3M	1.0%	ADD 9%
26	SCHASCHWAB STRATEGIC TR	107,890	$3M	1.0%	TRIM −9%
27	SCHXSCHWAB U.S. LARGE-CAP ETF	114,110	$3M	0.9%	HOLD
28	QQQMINVESCO EXCH TRADED FD TR II	11,148	$3M	0.8%	HOLD
29	XLVSELECT SECTOR SPDR TR	18,001	$3M	0.8%	HOLD
30	BXBLACKSTONE INC	22,322	$3M	0.8%	ADD 390%
31	APOAPOLLO GLOBAL MGMT INC	21,863	$2M	0.7%	ADD 1143%
32	VUGVANGUARD INDEX FDS	5,067	$2M	0.7%	ADD 3%
33	CRMSALESFORCE INC	11,350	$2M	0.6%	NEW
34	MSFTMICROSOFT CORP	5,653	$2M	0.6%	ADD 34%
35	EEMISHARES TR	36,624	$2M	0.6%	ADD 5%
36	IUSVISHARES TR	19,560	$2M	0.6%	TRIM −4%
37	VGTVANGUARD WORLD FD	2,773	$2M	0.6%	HOLD
38	GOOGLALPHABET INC	6,679	$2M	0.6%	ADD 3%
39	GOOGALPHABET INC	6,361	$2M	0.6%	HOLD
40	XLFSELECT SECTOR SPDR TR	34,508	$2M	0.5%	ADD 5%
41	LLYELI LILLY & CO	1,768	$2M	0.5%	HOLD
42	VVVANGUARD INDEX FDS	5,376	$2M	0.5%	ADD 19%
43	SCHWSCHWAB CHARLES CORP	16,923	$2M	0.5%	ADD 4%
44	IWPISHARES TR	11,643	$1M	0.5%	ADD 26%
45	KWEBKRANESHARES TRUST CSI CHI INTERNET	49,020	$1M	0.4%	HOLD
46	JNJJOHNSON & JOHNSON	5,530	$1M	0.4%	HOLD
47	GSGOLDMAN SACHS GROUP INC	1,535	$1M	0.4%	ADD 8%
48	VOTVANGUARD INDEX FDS	5,020	$1M	0.4%	HOLD
49	KOCOCA COLA CO	16,611	$1M	0.4%	HOLD
50	SCHDSCHWAB STRATEGIC TR	40,920	$1M	0.4%	HOLD
51	VYMVANGUARD WHITEHALL FDS	8,193	$1M	0.4%	ADD 5%
52	EFAISHARES TR	12,009	$1M	0.4%	ADD 18%
53	IWMISHARES TR	4,551	$1M	0.3%	ADD 2%
54	XLKSELECT SECTOR SPDR TR	8,377	$1M	0.3%	HOLD
55	JPSTJ P MORGAN EXCHANGE TRADED F	21,598	$1M	0.3%	TRIM −34%
56	MDBMONGODB INC	4,385	$1M	0.3%	ADD 4%
57	VEAVANGUARD TAX-MANAGED FDS	16,749	$1M	0.3%	ADD 5%
58	TPGTPG INC	25,978	$1M	0.3%	NEW
59	XOMEXXON MOBIL CORP	5,735	$973,000	0.3%	ADD 3%
60	JPMJPMORGAN CHASE & CO	3,293	$968,585	0.3%	ADD 7%
61	PHPARKER-HANNIFIN CORP	1,035	$926,573	0.3%	HOLD
62	EMLPFirst TR. Ex. Tr. FD N. American Energy	19,753	$862,416	0.3%	ADD 2%
63	GLDSPDR GOLD TR	1,979	$851,544	0.3%	NEW
64	SCHBSCHWAB STRATEGIC TR	33,218	$833,776	0.3%	HOLD
65	GDXVANECK ETF TRUST GOLD MINERS ETF	8,522	$782,064	0.2%	TRIM −27%
66	ECLECOLAB INC	2,925	$778,109	0.2%	TRIM −20%
67	IGVISHARES TR	9,611	$769,337	0.2%	NEW
68	AEPAMERICAN ELEC PWR CO INC	5,652	$740,864	0.2%	ADD 11%
69	SPHQINVESCO EXCHANGE TRADED FD T	9,528	$716,410	0.2%	TRIM −18%
70	OKEONEOK INC NEW	7,880	$712,273	0.2%	HOLD
71	ACWXISHARES TR	9,959	$681,893	0.2%	HOLD
72	VTVVANGUARD INDEX FDS	3,453	$677,467	0.2%	ADD 14%
73	IJSISHARES TR	5,496	$651,001	0.2%	ADD 70%
74	BNBROOKFIELD CORP	15,750	$637,403	0.2%	HOLD
75	BRWSABA CAPITAL INCOME & OPRNT	88,927	$599,368	0.2%	HOLD
76	HONHONEYWELL INTL INC	2,602	$588,130	0.2%	ADD 31%
77	VWOVANGUARD INTL EQUITY INDEX F	10,720	$579,394	0.2%	ADD 8%
78	NFLXNETFLIX INC	5,939	$571,035	0.2%	TRIM −9%
79	RYAMRAYONIER ADVANCED MATLS INC	51,422	$569,242	0.2%	TRIM −37%
80	ALABASTERA LABS INC	5,182	$567,947	0.2%	HOLD
81	PMPHILIP MORRIS INTL INC	3,380	$559,127	0.2%	NEW
82	EPDENTERPRISE PRODS PARTNERS L	14,348	$542,928	0.2%	ADD 3%
83	IWSISHARES TR	3,712	$540,987	0.2%	ADD 65%
84	PPGPPG INDS INC	5,037	$538,355	0.2%	HOLD
85	IWCISHARES TR	3,123	$498,462	0.2%	HOLD
86	TYGTORTOISE ENERGY INFRA CORP	9,770	$487,035	0.1%	HOLD
87	GEVGE VERNOVA INC	506	$441,687	0.1%	HOLD
88	ILMNILLUMINA INC	3,578	$441,024	0.1%	HOLD
89	SPOTSPOTIFY TECHNOLOGY S A	906	$439,328	0.1%	ADD 5%
90	IXUSISHARES TR	4,962	$429,908	0.1%	HOLD
91	OPPRIVERNORTH DOUBLELINE STRATE	55,109	$422,686	0.1%	HOLD
92	QCOMQUALCOMM INC	3,269	$420,982	0.1%	HOLD
93	TRSTRIMAS CORP	11,500	$413,310	0.1%	HOLD
94	SLRCSLR INVESTMENT CORP	27,520	$393,811	0.1%	HOLD
95	CATCATERPILLAR INC	535	$379,026	0.1%	HOLD
96	DXJWISDOMTREE TR	2,350	$372,663	0.1%	NEW
97	IWNISHARES TR	1,898	$359,842	0.1%	NEW
98	IYEISHARES TR	5,500	$356,235	0.1%	HOLD
99	VTVANGUARD INTL EQUITY INDEX F	2,539	$351,255	0.1%	ADD 7%
100	ARKGARK ETF TR	13,046	$344,675	0.1%	HOLD
101	WMBWILLIAMS COS INC	4,645	$338,063	0.1%	HOLD
102	RSPINVESCO EXCHANGE TRADED FD T	1,683	$322,928	0.1%	HOLD
103	PSXPHILLIPS 66	1,738	$316,629	0.1%	HOLD
104	SCHMSCHWAB STRATEGIC TR	10,176	$315,040	0.1%	HOLD
105	DBEFDBX ETF TR	6,331	$312,751	0.1%	HOLD
106	COFCAPITAL ONE FINL CORP	1,668	$304,293	0.1%	TRIM −26%
107	MAYSMAYS J W INC	7,326	$293,113	0.1%	HOLD
108	GLWCORNING INC	2,000	$271,940	0.1%	NEW
109	OWLBLUE OWL CAPITAL INC	29,006	$264,825	0.1%	NEW
110	ILOWAB ACTIVE ETFS INC	6,013	$256,515	0.1%	HOLD
111	XBISPDR SERIES TRUST	2,000	$255,460	0.1%	HOLD
112	TRVTRAVELERS COMPANIES INC	860	$250,845	0.1%	TRIM −14%
113	MOALTRIA GROUP INC	3,683	$243,235	0.1%	NEW
114	WULFTERAWULF INC	16,280	$234,920	0.1%	ADD 55%
115	VOVANGUARD INDEX FDS	809	$232,288	0.1%	HOLD
116	NMFCNEW MTN FIN CORP	29,680	$230,317	0.1%	HOLD
117	AIQGLOBAL X FDS	4,848	$226,256	0.1%	HOLD
118	SERVSERVE ROBOTICS INC	26,425	$223,027	0.1%	ADD 61%
119	HDHOME DEPOT INC	675	$222,001	0.1%	NEW
120	MGMMGM RESORTS INTERNATIONAL	5,780	$213,919	0.1%	HOLD
121	AMRZAMRIZE LTD	3,750	$210,075	0.1%	HOLD
122	MRKMERCK & CO INC	1,739	$209,310	0.1%	NEW
123	WECWEC ENERGY GROUP INC	1,806	$209,081	0.1%	NEW
124	MAMASTERCARD INCORPORATED	411	$205,471	0.1%	NEW
125	SCHFSCHWAB STRATEGIC TR	8,191	$202,733	0.1%	NEW
126	BKNGBOOKING HOLDINGS INC	48	$202,095	0.1%	HOLD
127	ZGNERMENEGILDO ZEGNA N V	18,275	$190,426	0.1%	HOLD
128	JFRNUVEEN FLOATING RATE INCOME	23,402	$175,983	0.1%	TRIM −22%
129	WVVIWILLAMETTE VY VINEYARD INC	54,800	$140,836	0.0%	HOLD
130	ACHVACHIEVE LIFE SCIENCES INC	34,995	$102,885	0.0%	ADD 117%
131	ACVAACV AUCTIONS INC	16,706	$70,833	0.0%	HOLD
132	EDFVIRTUS STONE HBR EMRG MKTS I	10,000	$47,800	0.0%	HOLD
133	CRBUCARIBOU BIOSCIENCES INC	20,000	$38,000	0.0%	HOLD
134	CYDYCYTODYN INC COM	25,000	$6,850	0.0%	TRIM −23%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

IVVISHARES TR

57K

59K

64K

69K

70K

71K

$46M

MFICMIDCAP FINANCIAL INVSTMNT CO

175K

169K

725K

1.3M

1.5M

1.9M

$21M

OBDCBLUE OWL CAPITAL CORPORATION

39K

200K

1.4M

$16M

IEFAISHARES TR

102K

104K

116K

134K

146K

160K

$14M

QQQINVESCO QQQ TR

23K

22K

21K

20K

$12M

TCPCBLACKROCK TCP CAPITAL CORP

51K

1.1M

2.4M

2.7M

3.0M

$11M

IEMGISHARES INC

69K

74K

82K

107K

142K

152K

$11M

VTIVANGUARD INDEX FDS

30K

26K

27K

30K

31K

$10M

METAMETA PLATFORMS INC

19K

17K

16K

$9M

IWFISHARES TR

18K

19K

21K

$9M

AMZNAMAZON COM INC

42K

39K

44K

47K

45K

43K

$9M

IVWISHARES TR

46K

47K

48K

51K

65K

68K

$8M

GBDCGOLUB CAP BDC INC

584K

343K

279K

244K

567K

$7M

AAPLAPPLE INC

45K

42K

44K

28K

27K

$7M

IJHISHARES TR

56K

65K

66K

70K

81K

92K

$6M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Next Capital Management LLC