Next Capital Management LLC

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/11/2026
Form type
13F-HR
Num holdings
136
Total value ($000)
$312,343
Net value change ($000)
+12,725 (4.2%)
New positions
9
Sold out positions
12
Turnover %
3.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/5/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
IEMG 2,535 36.0%
OBDC 1,985 394.6%
IVW 1,955 32.0%
IVV 1,852 4.0%
IEFA 1,327 11.3%
VTI 1,172 13.1%
IWF 1,157 12.8%
MFIC 895 5.6%
QQQM 765 37.1%
IJH 749 16.4%
Top Reduces (Value $000, Stocks/ETFs)
WMT -2,123 -100.0%
META -1,308 -10.7%
PM -1,231 -100.0%
MCD -1,218 -100.0%
VOO -858 -14.0%
HD -808 -100.0%
NFLX -583 -48.8%
KWEB -390 -18.9%
DFEN -344 -100.0%
JPM -336 -25.3%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type