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Livermore
Livermore
ZHEN

Next Capital Management LLC

SEC CIK
0001752762
Latest filing
Aug 3, 2026

The latest 13F from Next Capital Management LLC covers Q2 2026 (filed Aug 3, 2026): 138 long positions worth $370.5M. The top 10 holdings make up 48.4% of the portfolio, and the largest is iShares Core S&P 500 ETF at 14.6%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
15
Est. +$4.08M
Added
37
Est. +$13.4M
Reduced
34
Est. −$5.92M
Sold out
11
Est. −$4.25M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    14.6%$54.3M
  2. MFICMidCap Financial Investment Corp
    5.2%$19.1MHistory
  3. OBDCBlue Owl Capital Corp
    5.0%$18.5MHistory
  4. iShares Core MSCI Eafe ETF46432F842
    4.6%$17.0M
  5. Invesco QQQ Trust Series I46090E103
    4.0%$14.7M

Biggest buys

New and added positions, by estimated amount bought

  1. OBDCBlue Owl Capital Corp
    +$2.95MAddedHistory
  2. iShares Core MSCI Eafe ETF46432F842
    +$1.58MAdded
  3. iShares Core S&P 500 ETF464287200
    +$1.40MAdded
  4. iShares Core MSCI Emerging Markets ETF46434G103
    +$986.5KAdded
  5. iShares Core S&P Mid-Cap ETF464287507
    +$740.0KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares Core S&P 500 ETF464287200
    +0.68 pp14.0% → 14.6%
  2. iShares Core MSCI Emerging Markets ETF46434G103
    +0.45 pp3.2% → 3.7%
  3. iShares S&P 500 Growth ETF464287309
    +0.29 pp2.3% → 2.6%
  4. iShares Core S&P Mid-Cap ETF464287507
    +0.23 pp1.9% → 2.1%
  5. iShares Core S&P Small Cap ETF464287804
    +0.23 pp1.9% → 2.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMZNAmazon Com Inc
    −$2.92MReducedHistory
  2. JPMorgan Ultra-Short Income ETF46641Q837
    −$1.09MSold out
  3. GBDCGolub Capital BDC, Inc.
    −$795.5KReducedHistory
  4. HONHoneywell International Inc
    −$588.1KSold outHistory
  5. RYAMRayonier Advanced Materials Inc.
    −$569.2KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. AMZNAmazon Com Inc
    −0.73 pp2.7% → 2.0%History
  2. GBDCGolub Capital BDC, Inc.
    −0.42 pp2.2% → 1.8%History
  3. JPMorgan Ultra-Short Income ETF46641Q837
    −0.33 pp0.3% → 0.0%
  4. HONHoneywell International Inc
    −0.18 pp0.2% → 0.0%History
  5. RYAMRayonier Advanced Materials Inc.
    −0.17 pp0.2% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$370.5M
+$40.3M (+12.2%) vs. prior quarter
Positions
138
+4 vs. prior quarter
Top 10 concentration
48.4%
Top 10 as share of value
Turnover
2.9%
Q2 2026, one quarter
Average holding period
18.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $370.5M (Q2 2026)

Q1 2021: $153.7MQ2 2021: $157.0MQ3 2021: $137.7MQ4 2021: $145.4MQ1 2022: $144.5MQ2 2022: $135.3MQ3 2022: $132.3MQ4 2022: $185.5MQ1 2023: $207.2MQ2 2023: $216.0MQ3 2023: $220.8MQ4 2023: $232.6MQ1 2024: $246.0MQ2 2024: $237.1MQ3 2024: $245.1MQ4 2024: $243.3MQ1 2025: $208.5MQ2 2025: $270.6MQ3 2025: $299.6MQ4 2025: $312.3MQ1 2026: $330.2MQ2 2026: $370.5M
Q1 2021Q2 2026
13F filings of Next Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 3, 2026138$370.5MiShares Core S&P 500 ETFMFICOBDCvs. Q1 2026SEC
Q1 2026May 7, 2026134$330.2MiShares Core S&P 500 ETFMFICOBDCvs. Q4 2025SEC
Q4 2025Feb 11, 2026136$312.3MiShares Core S&P 500 ETFMFICTCPCvs. Q3 2025SEC
Q3 2025Nov 5, 2025139$299.6MiShares Core S&P 500 ETFMFICTCPCvs. Q2 2025SEC
Q2 2025Aug 5, 2025137$270.6MiShares Core S&P 500 ETFMETAInvesco QQQ Trust Series Ivs. Q1 2025SEC
Q1 2025May 6, 2025118$208.5MiShares Core S&P 500 ETFInvesco QQQ Trust Series IMETAvs. Q4 2024SEC
Q4 2024Feb 11, 2025140$243.3MiShares Core S&P 500 ETFInvesco QQQ Trust Series IAAPLvs. Q3 2024SEC
Q3 2024Nov 7, 2024136$245.1MiShares Core S&P 500 ETFGBDCInvesco QQQ Trust Series Ivs. Q2 2024SEC
Q2 2024Aug 20, 2024135$237.1MiShares Core S&P 500 ETFGBDCInvesco QQQ Trust Series Ivs. Q1 2024SEC
Q1 2024May 14, 2024144$246.0MiShares Core S&P 500 ETFOBDCInvesco QQQ Trust Series Ivs. Q4 2023SEC
Q4 2023Jan 19, 2024124$232.6MOBDCiShares Core S&P 500 ETFAMZNvs. Q3 2023SEC
Q3 2023Oct 18, 2023114$220.8MOBDCiShares Core S&P 500 ETFAMZNvs. Q2 2023SEC
Q2 2023Jul 27, 2023117$216.0MOBDCiShares Core S&P 500 ETFGBDCvs. Q1 2023SEC
Q1 2023Apr 28, 2023127$207.2MOBDCiShares Core S&P 500 ETFGBDCvs. Q4 2022SEC
Q4 2022Jan 12, 2023125$185.5MOBDCiShares Core S&P 500 ETFGBDCvs. Q3 2022SEC
Q3 2022Oct 14, 2022112$132.3MiShares Core S&P 500 ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q2 2022SEC
Q2 2022Jul 20, 2022115$135.3MiShares Core S&P 500 ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q1 2022SEC
Q1 2022May 2, 2022116$144.5MiShares Core S&P 500 ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Jan 14, 2022108$145.4MiShares Core S&P 500 ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q3 2021SEC
Q3 2021Oct 19, 2021103$137.7MiShares Core S&P 500 ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Oct 19, 2021108$157.0MiShares Core S&P 500 ETFInvesco QQQ Trust Series IGMEDvs. Q1 2021SEC
Q1 2021Apr 30, 2021116$153.7MiShares Core S&P 500 ETFInvesco QQQ Trust Series IGMED–SEC