Q2 2026 13F · SEC CIK 1752762

Next Capital Management LLC

Wealth managerFiled 2026-08-03 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $370.5M
Reported positions: 138
Top holdings a year, 3 yrs: +17.1%
Assets under management: $2.1B

Next Capital Management LLC is a wealth manager that reported 138 positions worth $370.5M in its Q2 2026 13F, filed 2026-08-03. Its largest holdings were Ishares Tr (IVV, 14.7%), Midcap Financial Invstmnt Co (AINV, 5.2%), Blue Owl Capital Corp. (OBDC, 5.0%). A portfolio copying its top holdings returned 17.1% a year over the last 3 years, against 20.4% for the S&P 500.

Next Capital Management LLC holdings largest 50 of 138 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Next Capital Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
IVVIshares Tr	14.7%	14.0%	72,466	+2.6%	$54.3M
AINVMidcap Financial Invstmnt Co	5.2%	6.4%	1,899,667	+1.5%	$19.1M
OBDCBlue Owl Capital Corp.	5.0%	4.8%	1,688,690	+19.0%	$18.5M
IEFAIshares Tr	4.6%	4.4%	176,061	+10.2%	$17.0M
QQQInvesco Qqq Tr	4.0%	3.5%	20,030	-0.3%	$14.7M
IEMGIshares Inc	3.7%	3.2%	163,430	+7.9%	$13.5M
VTIVanguard Index Fds	3.1%	3.0%	30,917	-0.8%	$11.4M
TCPCBlackrock Tcp Capital Corp	2.8%	3.3%	3,130,285	+2.6%	$10.5M
IWFIshares Tr	2.8%	2.8%	84,480	+295.0%	$10.5M
METAMeta Platforms Inc	2.6%	2.8%	17,281	+6.0%	$9.7M
IVWIshares Tr	2.6%	2.3%	70,383	+3.7%	$9.7M
IJHIshares Tr	2.1%	1.9%	101,771	+10.4%	$7.8M
IJRIshares Tr	2.1%	1.9%	52,491	+5.5%	$7.8M
AAPLApple Inc	2.1%	2.0%	26,355	-1.0%	$7.6M
AMZNAmazon Com Inc	2.0%	2.7%	30,407	-28.7%	$7.2M
IWDIshares Tr	1.8%	1.8%	27,975	-0.3%	$6.8M
GBDCGolub Cap Bdc Inc Com	1.8%	2.2%	505,442	-10.9%	$6.5M
VOOVanguard Index Fds	1.6%	1.5%	8,537	+0.0%	$5.9M
SPYState Str Spdr S&p 500 ETF T	1.3%	1.3%	6,632	-1.9%	$5.0M
IWBIshares Tr	1.3%	1.3%	11,954	+0.0%	$4.9M
KKRKkr & Co Inc	1.3%	1.3%	51,339	+7.5%	$4.7M
NVDANvidia Corporation	1.2%	1.2%	22,614	+0.1%	$4.5M
FNDXSchwab Strategic Tr	1.2%	1.1%	144,153	+12.6%	$4.5M
BRK-BBerkshire Hathaway Inc Del	1.1%	1.2%	8,342	-0.1%	$4.2M
SCHASchwab Strategic Tr	1.0%	0.9%	107,520	-0.3%	$3.9M
QQQMInvesco Exch Traded Fd Tr II	1.0%	0.8%	12,533	+12.4%	$3.8M
VIGVanguard Specialized Funds	0.9%	1.0%	14,624	+0.0%	$3.5M
SCHXSchwab Strategic Tr	0.9%	0.9%	112,073	-1.8%	$3.3M
BXBlackstone Inc	0.8%	0.8%	25,197	+12.9%	$3.0M
APOApollo Global Management Inc	0.8%	0.7%	24,569	+12.4%	$2.9M
XLVSelect Sector Spdr Tr	0.8%	0.8%	17,990	-0.1%	$2.9M
VGTVanguard World Fd	0.7%	0.6%	22,184	+700.0%	$2.7M
VUGVanguard Index Fds	0.7%	0.7%	30,404	+500.0%	$2.6M
EEMIshares Tr	0.7%	0.6%	36,459	-0.5%	$2.5M
MSFTMicrosoft Corp	0.6%	0.6%	6,140	+8.6%	$2.3M
LLYEli Lilly & Co	0.6%	0.5%	1,768	+0.0%	$2.1M
GOOGAlphabet Inc	0.6%	0.6%	5,995	-5.8%	$2.1M
IUSVIshares Tr	0.6%	0.6%	19,159	-2.1%	$2.1M
XLKSelect Sector Spdr Tr	0.6%	—	10,700	—	$2.0M
GOOGLAlphabet Inc	0.5%	0.6%	5,656	-15.3%	$2.0M
XLFSelect Sector Spdr Tr	0.5%	0.5%	37,600	+9.0%	$2.0M
VVVanguard Index Fds	0.5%	0.5%	5,376	+0.0%	$1.8M
SCHDSchwab Strategic Tr	0.5%	0.4%	56,932	+39.1%	$1.8M
CRMSalesforce Inc	0.5%	0.6%	11,350	+0.0%	$1.8M
IWPIshares Tr	0.5%	0.5%	11,648	+0.0%	$1.7M
VOTVanguard Index Fds	0.4%	0.4%	5,020	+0.0%	$1.5M
GSGoldman Sachs Group Inc	0.4%	0.4%	1,515	-1.3%	$1.5M
SCHWCharles Schwab Corp (the)	0.4%	0.5%	16,323	-3.5%	$1.5M
JNJJohnson & Johnson	0.4%	0.4%	5,530	+0.0%	$1.4M
MDBMongodb Inc	0.4%	—	4,068	—	$1.4M

What Next Capital Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +12.9% /yr; S&P 500 +20.1%
3 years: +17.1% /yr; S&P 500 +20.4%
5 years: +8.5% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$370.5M	138
Q1 2026	$330.2M	134
Q4 2025	$312.3M	136
Q3 2025	$299.6M	139
Q2 2025	$270.6M	137
Q1 2025	$208.5M	118
Q4 2024	$243.3M	140
Q3 2024	$245.1M	136
Q2 2024	$237.1M	135
Q1 2024	$246.0M	144
Q4 2023	$232.6M	124
Q3 2023	$220.8M	114

Questions about Next Capital Management LLC's portfolio

What stocks does Next Capital Management LLC own?

Next Capital Management LLC's latest 13F, for Q2 2026 and filed Aug 3, 2026, lists 138 positions worth $370.5M. The largest are Ishares Tr (IVV) at 14.7%, Midcap Financial Invstmnt Co (AINV) at 5.2%, Blue Owl Capital Corp. (OBDC) at 5.0%, Ishares Tr (IEFA) at 4.6% and Invesco Qqq Tr (QQQ) at 4.0%.

What did Next Capital Management LLC buy last quarter?

In Q2 2026, Next Capital Management LLC added Vanguard World Fd (VGT) (+700.0% shares), Vanguard Index Fds (VUG) (+500.0% shares) and Ishares Tr (IWF) (+295.0% shares), compared with its Q1 2026 filing.

What did Next Capital Management LLC sell last quarter?

In Q2 2026, Next Capital Management LLC cut from its top 50 Kraneshares Trust (KWEB), cut from its top 50 Coca Cola Co (KO), Amazon Com Inc (AMZN) (-28.7% shares), Alphabet Inc (GOOGL) (-15.3% shares) and Golub Cap Bdc Inc Com (GBDC) (-10.9% shares), compared with its Q1 2026 filing.

How has Next Capital Management LLC's portfolio performed?

A portfolio copying Next Capital Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +17.1% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +12.9% against +20.1%. Over 5 years: +8.5% a year against +11.6%.

When is Next Capital Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Next Capital Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Next Capital Management LLC manage?

Next Capital Management LLC reported $2.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $370.5M.