SEC 13F Intelligence

Managers / Q1 2026

Next Capital Management LLC

CIK 0001752762 · ELEVEN TIMES SQUARE, 15TH FLOOR, NEW YORK, NY, 10036 · 2124331111

Reported Value
$330M
Q1 2026
Positions
134
Filings on Record
32
2019–present window
Filed
May 7, 2026
original filing

Summary

Next Capital Management LLC reported $330M in U.S.-listed holdings across 134 positions for Q1 2026.

Its largest position, Ishares Core S P 500 Etf, represents 14.0% of the portfolio.

Compared with Q4 2025, the fund opened 15 new positions and exited 17.

Portfolio Metrics

Turnover
+8.2%
vs prior filed quarter
Top-10 Concentration
+48.2%
share of reported value
Largest Position
+14.0%
Ishares Core S P 500 Etf
New / Exited
15 / 17
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $114MQ4 ’18Q1 ’19: $118MQ2 ’19: $149MQ3 ’19: $149MQ4 ’19: $140MQ4 ’19Q1 ’20: $125MQ2 ’20: $142MQ3 ’20: $150MQ4 ’20: $142MQ4 ’20Q1 ’21: $154MQ3 ’21: $157MQ4 ’21: $148MQ1 ’22: $148MQ1 ’22Q2 ’22: $138MQ3 ’22: $132MQ2 ’23: $216MQ3 ’23: $223MQ3 ’23Q4 ’23: $235MQ1 ’24: $248MQ2 ’24: $239MQ3 ’24: $245MQ3 ’24Q4 ’24: $247MQ1 ’25: $208MQ2 ’25: $271MQ3 ’25: $300MQ3 ’25Q4 ’25: $312MQ1 ’26: $330Mfilingsflow.com

Portfolio Composition

By security type
ETP: 59.5%Common Stock: 39.6%Closed-End Fund: 0.5%Other: 0.3%MLP: 0.2%
  • ETP · 59.5% · $196M
  • Common Stock · 39.6% · $131M
  • Closed-End Fund · 0.5% · $2M
  • Other · 0.3% · $839,829
  • MLP · 0.2% · $542,928

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CRMSALESFORCE INCNEW+11.3K11.3K+$2M$2M
TPGTPG INC CLASS CLASS ANEW+26.0K26.0K+$1M$1M
GQ9SPDR GOLD SHARESNEW+2.0K2.0K+$851,544$851,544
ISHARES EXPANDED TECH-SOFTWARE SECTOR ETFNEW+9.6K9.6K+$769,337$769,337
4I1PHILIP MORRIS INTL INCNEW+3.4K3.4K+$559,127$559,127
WISDOMTREE JAPAN HEDGED EQUITY FUNDNEW+2.4K2.4K+$372,663$372,663
ISHARES RUSSELL 2000 VALUE ETFNEW+1.9K1.9K+$359,842$359,842
GLWCORNING INCNEW+2.0K2.0K+$271,940$271,940

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES CORE S&P 500 ETFUIE13.97%$46M70.6K
2MFICMIDCAP FINL INVESTMEhistory →COM6.37%$21M1.87M
3OBDCBLUE OWL CAP CORPhistory →COM4.78%$16M1.42M
4ISHARES CORE MSCI EAFE ETFUIE4.38%$14M159.8K
5NDQINVESCO QQQ TRhistory →COM3.51%$12M20.1K
6TCPCBLACKROCK TCP CAP CORPhistory →COM3.33%$11M3.05M
7ISHARES CORE MSCI EMERGING MARKETS ETFUIE3.20%$11M151.5K
8VANGUARD TOTAL STOCK MARKET INDEX FUND ETF SHARESUIE3.03%$10M31.2K
9METAMETA PLATFORMS INC CLASS CLASS Ahistory →COM2.82%$9M16.3K
10ISHARES RUSSELL 1000 GROWTH ETFUIE2.76%$9M21.4K
11AMZNAMAZON.COM INChistory →COM2.69%$9M42.6K
12ISHARES S&P 500 GROWTH ETFUIE2.33%$8M67.9K
13GBDCGOLUB CAP BDC INChistory →COM2.17%$7M567.2K
14AAPLAPPLE INChistory →COM2.05%$7M26.6K
15ISHARES CORE S&P MID-CAPETFUIE1.89%$6M92.2K
16ISHARES CORE S&P SMALL-CAP ETFUIE1.87%$6M49.7K
17ISHARES RUSSELL 1000 VALUE ETFUIE1.82%$6M28.1K
18VANGUARD S&P 500 ETFUIE1.54%$5M8.5K
19KKRKKR & CO INChistory →COM1.34%$4M47.8K
20STATE STREET SPDR S&P 500 ETF TRUSTUIE1.33%$4M6.8K
21ISHARES RUSSELL 1000 ETFUIE1.29%$4M12.0K
22BRK/BBERKSHIRE HATHAWAY CLASS Bhistory →COM1.21%$4M8.4K
23NVDANVIDIA CORPhistory →COM1.19%$4M22.6K
24GOOGLALPHABET INC CLASS CLASS ACOM1.13%$4M13.0K
25SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETFUIE1.08%$4M128.0K
26VANGUARD DIVIDEND APPRECIATION INDEX FUND ETF SHARESUIE0.95%$3M14.6K
27SCHWAB U.S. SMALL-CAP ETFUIE0.95%$3M107.9K
28SCHWAB U.S. LARGE-CAP ETFUIE0.89%$3M114.1K
29INVESCO NASDAQ 100 ETFUIE0.80%$3M11.1K
30STATE STREET HEALTH CARESELECT SECTOR SPDR ETFUIE0.80%$3M18.0K
31BXBLACKSTONE INCCOM0.78%$3M22.3K
32APOAPOLLO GLOBAL MGMT INC NCLASS CLASS ACOM0.74%$2M21.9K
33VUGVANGUARD GROWTH INDEX FUND ETF SHARESUIE0.67%$2M5.1K
34CRMSALESFORCE INCCOM0.64%$2M11.3K
35MSFTMICROSOFT CORPCOM0.63%$2M5.7K
36ISHARES MSCI EMERGING MARKETS ETFUIE0.63%$2M36.6K
37ISHARES CORE S&P U.S. VALUE ETFUIE0.61%$2M19.6K
38VANGUARD INFORMATION TECHNOLOGY INDEX FUND ETF SHARESUIE0.59%$2M2.8K
39XLFSTATE STREET FINANCIAL SELECT SECTOR SPDR ETFUIE0.52%$2M34.5K
40LLYELI LILLY AND COCOM0.49%$2M1.8K
41VANGUARD LARGE-CAP INDEXFUND ETF SHARESUIE0.49%$2M5.4K
42SCHWCHARLES SCHWAB CORPCOM0.48%$2M16.9K
43ISHARES RUSSELL MID-CAP GROWTH ETFUIE0.45%$1M11.6K
44KRANESHARES CSI CHINA INTERNET ETFUIE0.42%$1M49.0K
45JNJJOHNSON & JOHNSONCOM0.41%$1M5.5K
46GSGOLDMAN SACHS GROUP INCCOM0.39%$1M1.5K
47VANGUARD MID-CAP GROWTH INDEX FUND ETF SHARESUIE0.39%$1M5.0K
48KOTHE COCA-COLA COCOM0.38%$1M16.6K
49SCHWAB U.S. DIVIDEND EQUITY ETFUIE0.38%$1M40.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$330M134May 7, 202613F-HRchanges · EDGAR ↗
Q4 2025$312M136Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$300M139Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$271M137Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$208M118May 6, 202513F-HRchanges · EDGAR ↗
Q4 2024$247M141Feb 11, 202513F-HRchanges · EDGAR ↗
Q3 2024$245M139Nov 7, 202413F-HRchanges · EDGAR ↗
Q2 2024$239M139Aug 20, 202413F-HRchanges · EDGAR ↗
Q1 2024$248M145May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$235M125Jan 19, 202413F-HRchanges · EDGAR ↗
Q3 2023$223M115Oct 18, 202313F-HRchanges · EDGAR ↗
Q2 2023$216M118Jul 27, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review127Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review125Jan 12, 202313F-HRchanges · EDGAR ↗
Q3 2022$132M112Oct 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$138M116Jul 20, 202213F-HRchanges · EDGAR ↗
Q1 2022$148M117May 2, 202213F-HRchanges · EDGAR ↗
Q4 2021$148M109Jan 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$157M108Oct 19, 202113F-HRchanges · EDGAR ↗
Q1 2021$154M116Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$142M111Jan 27, 202113F-HRchanges · EDGAR ↗
Q3 2020$150M98Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$142M94Jul 31, 202013F-HRchanges · EDGAR ↗
Q1 2020$125M111Apr 24, 2020RESTATEMENTchanges · EDGAR ↗
Q4 2019$140M92Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$149M257Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$149M882Aug 2, 201913F-HRchanges · EDGAR ↗
Q1 2019$118M253May 6, 2019RESTATEMENTchanges · EDGAR ↗
Q4 2018$114M240Feb 12, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.