1y return+10.5%S&P 500 +20.9%
3y return+49.1%S&P 500 +68.5%
5y return+42.7%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2018: $204 against $299 in the S&P 500.2
Next Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| IVVIshares Core S&p 500 Etf | $54.3M | 14.6% | +2.6% |
| MFICMidcap Finl Investme | $19.1M | 5.2% | +1.5% |
| OBDCBlue Owl Cap Corp | $18.5M | 5.0% | +19.0% |
| IEFAIshares Core Msci Eafe Etf | $17.0M | 4.6% | +10.2% |
| QQQInvesco Qqq Tr | $14.7M | 4.0% | |
| IEMGIshares Core Msci Emerging Markets Etf | $13.5M | 3.7% | +7.9% |
| VTIVanguard Total Stock Market Index Fund Etf Shares | $11.4M | 3.1% | |
| TCPCBlackrock Tcp Cap Corp | $10.5M | 2.8% | +2.6% |
| IWFIshares Russell 1000 Growth Etf | $10.5M | 2.8% | −1.2% |
| METAMeta Platforms Inc Class A | $9.7M | 2.6% | +6.0% |
| IVWIshares S&p 500 Growth Etf | $9.7M | 2.6% | +3.7% |
| IJHIshares Core S&p Mid-capetf | $7.8M | 2.1% | +10.4% |
| IJRIshares Core S&p Small-cap Etf | $7.8M | 2.1% | +5.5% |
| AAPLApple Inc | $7.6M | 2.1% | −1.0% |
| AMZNAmazon.com Inc | $7.2M | 2.0% | −28.7% |
| IWDIshares Russell 1000 Value Etf | $6.8M | 1.8% | |
| GBDCGolub Cap Bdc Inc | $6.5M | 1.8% | −10.9% |
| VOOVanguard S&p 500 Etf | $5.9M | 1.6% | |
| SPYState Street Spdr S&p 500 Etf Trust | $5.0M | 1.3% | −1.9% |
| IWBIshares Russell 1000 Etf | $4.9M | 1.3% | |
| KKRKkr & Co Inc | $4.7M | 1.3% | +7.5% |
| NVDANvidia Corp | $4.5M | 1.2% | |
| FNDXSchwab Fundamental U.s. Large Company Etf | $4.5M | 1.2% | +12.6% |
| BRK/BBerkshire Hathaway Class B | $4.2M | 1.1% | |
| SCHASchwab U.s. Small-cap Etf | $3.9M | 1.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| GOOGLAlphabet Inc Class A | June 30, 2020 | +404.0% | $2.0M |
| GOOGAlphabet Inc Class C | June 30, 2020 | +399.9% | $2.1M |
| XLKState Street Technology Select Sector Spdr Etf | June 30, 2020 | +264.7% | $2.0M |
| QQQInvesco Qqq Tr | June 30, 2020 | +197.4% | $14.7M |
| BRK/BBerkshire Hathaway Class B | June 30, 2020 | +180.3% | $4.2M |
| KKRKkr & Co Inc | September 30, 2020 | +167.3% | $4.7M |
| IVWIshares S&p 500 Growth Etf | June 30, 2020 | +165.1% | $9.7M |
| IWFIshares Russell 1000 Growth Etf | June 30, 2020 | +158.7% | $10.5M |
| METAMeta Platforms Inc Class A | June 30, 2020 | +148.1% | $9.7M |
| VUGVanguard Growth Index Fund Etf Shares | December 31, 2022 | +142.5% | $2.6M |
Sold off last quarter
- JPSTJpmorgan Ultra-short Income Etf was $1.1M
- Honeywell Intl IncCUSIP 438516106 was $588K
- RYAMRayonier Advanced Ma was $569K
- ALABAstera Labs Inc was $568K
- GLWCorning Inc was $272K
- OWLBlue Owl Cap Inc Class A was $265K
- HDHome Depot Inc was $222K
- MGMMgm Resorts Intl was $214K
- Amrize Ltd FCUSIP H2927K103 was $210K
- MAMastercard Inc Class Class A was $205K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +10.0% | +14.8% |
| March 31, 2026 | −5.7% | −4.6% |
| December 31, 2025 | +0.7% | +2.4% |
| September 30, 2025 | +5.8% | +7.8% |
| June 30, 2025 | +9.0% | +10.5% |
| March 31, 2025 | −3.8% | −4.6% |
| December 31, 2024 | +1.7% | +2.1% |
| September 30, 2024 | +5.3% | +5.4% |
| June 30, 2024 | +2.7% | +4.0% |
| March 31, 2024 | +8.1% | +10.0% |
| December 31, 2023 | +10.2% | +11.2% |
| September 30, 2023 | −1.8% | −3.6% |
| June 30, 2023 | +7.2% | +8.3% |
| March 31, 2023 | +6.6% | +7.0% |
| December 31, 2022 | +4.2% | +7.1% |
| September 30, 2022 | −4.9% | −5.3% |
| June 30, 2022 | −15.9% | −16.5% |
| March 31, 2022 | −4.1% | −4.9% |
| December 31, 2021 | +5.3% | +10.7% |
| September 30, 2021 | −0.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Next Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1752762&type=13F-HR&dateb=&owner=include&count=40CIK 1752762
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1752762/000143774926025432/Filed August 3, 2026 · accession 0001437749-26-025432