New Capital Management LP's Q4 2025 13F: 2 new positions, 1 exit

Form 13F-HR for the quarter ended Dec 31, 2025 · filed Jan 20, 2026 · 55 reported positions · accession 0001696731-26-000001

View the filing on SEC.gov

What changed this quarter

Activity Security Weight before Weight now Change Shares Shares %
Increased BLACKROCK ETF TRUST II (BINC) 1.2% 2.7% +1.5 pts +119K sh +140%
New VANGUARD MALVERN FDS (VGMS) — 1.3% +1.3 pts +101K sh new
New J P MORGAN EXCHANGE TRADED F (JBND) — 1.3% +1.3 pts +95,816 sh new
Reduced J P MORGAN EXCHANGE TRADED F (JPST) 1.3% 0.1% −1.2 pts −91,110 sh −93%
Increased ALPHABET INC (GOOG) 0.2% 1.3% +1.2 pts +14,301 sh +526%
Reduced ISHARES TR (TFLO) 2.2% 1.3% −0.9 pts −60,870 sh −37%
Reduced BERKSHIRE HATHAWAY INC DEL (BRK-B) 14.7% 13.6% −1.1 pts −3,772 sh −3%
Reduced NVIDIA CORPORATION (NVDA) 1.6% 1.3% −0.3 pts −4,803 sh −15%
Increased DIMENSIONAL ETF TRUST (DFAX) 19.2% 19.3% +0.1 pts +15,241 sh +1%
Increased DIMENSIONAL ETF TRUST (DFAC) 26.8% 26.5% −0.3 pts +8,985 sh 0%
Reduced DIMENSIONAL ETF TRUST (DFSU) 3.0% 2.9% −0.1 pts −7,353 sh −3%
Exited DIMENSIONAL ETF TRUST (DUSB) 0.1% — −0.1 pts −4,470 sh −100%
Reduced DIMENSIONAL ETF TRUST (DFGR) 1.1% 1.0% −0.1 pts −8,371 sh −5%
Reduced DIMENSIONAL ETF TRUST (DFSI) 2.0% 2.0% 0.0 pts −4,693 sh −3%
Reduced J P MORGAN EXCHANGE TRADED F (JMST) 0.5% 0.4% −0.1 pts −3,828 sh −10%
Reduced ISHARES TR (AGG) 0.1% 0.1% −0.1 pts −1,885 sh −47%
Reduced ISHARES TR (IAGG) 1.3% 1.2% −0.1 pts −2,756 sh −3%
Increased ISHARES TR (IUSB) 2.2% 2.2% −0.1 pts +2,662 sh +1%
Reduced ISHARES TR (STIP) 1.7% 1.6% −0.1 pts −1,206 sh −2%
Reduced DIMENSIONAL ETF TRUST (DFCF) 0.1% 0.1% 0.0 pts −2,711 sh −32%
Increased ISHARES BITCOIN TRUST ETF (IBIT) 1.6% 1.2% −0.4 pts +1,917 sh +2%
Reduced APPLE INC (AAPL) 5.2% 5.3% +0.1 pts −274 sh 0%
Reduced ISHARES TR (SGOV) 0.1% 0.1% 0.0 pts −439 sh −12%
Increased ISHARES TR (ISHG) 0.7% 0.6% 0.0 pts +522 sh +2%
Increased ISHARES INC (GHYG) 0.7% 0.6% 0.0 pts +678 sh +1%
Reduced ISHARES TR (ICSH) 0.1% 0.1% 0.0 pts −576 sh −6%
Reduced VANGUARD BD INDEX FDS (VUSB) 0.1% 0.1% 0.0 pts −502 sh −5%
Reduced DIMENSIONAL ETF TRUST (DFSE) 0.8% 0.8% 0.0 pts −568 sh −1%
Increased ISHARES INC (CEMB) 0.7% 0.6% 0.0 pts +420 sh +1%
Reduced COSTCO WHSL CORP NEW (COST) 0.2% 0.2% 0.0 pts −22 sh −2%
Reduced EXXON MOBIL CORP (XOM) 0.1% 0.1% 0.0 pts −116 sh −3%
Reduced SPDR S&P 500 ETF TR (SPY) 0.1% 0.1% 0.0 pts −19 sh −2%
Increased ISHARES TR (AOA) 0.1% 0.1% 0.0 pts +124 sh +4%
Increased ISHARES INC (LEMB) 0.7% 0.7% 0.0 pts +202 sh 0%
Reduced ISHARES U S ETF TR (NEAR) 0.1% 0.1% 0.0 pts −148 sh −3%
Increased ISHARES TR (AOR) 0.1% 0.1% 0.0 pts +81 sh +1%
Reduced VANGUARD INTL EQUITY INDEX F (VT) 0.4% 0.4% 0.0 pts −29 sh 0%
Reduced ABBVIE INC (ABBV) 0.2% 0.2% 0.0 pts −10 sh 0%
Increased BROADCOM INC (AVGO) 0.2% 0.2% 0.0 pts +1 sh 0%

Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled

Top 10 positions — 79.4% of the equity book

Changes in the top 10 this quarter: BINC entered · TFLO left

# Security Weight before Weight now
1 DIMENSIONAL ETF TRUST (DFAC) 26.8% 26.5%
2 DIMENSIONAL ETF TRUST (DFAX) 19.2% 19.3%
3 BERKSHIRE HATHAWAY INC DEL (BRK-B) 14.7% 13.6%
4 APPLE INC (AAPL) 5.2% 5.3%
5 RBB FUND TRUST (EBI) 3.1% 3.0%
6 DIMENSIONAL ETF TRUST (DFSU) 3.0% 2.9%
7 BLACKROCK ETF TRUST II (BINC) 1.2% 2.7% Entered the top 10
8 ISHARES TR (IUSB) 2.2% 2.2%
9 DIMENSIONAL ETF TRUST (DFSI) 2.0% 2.0%
10 PEPSICO INC (PEP) 2.0% 1.9%
— ISHARES TR (TFLO) 2.2% 1.3% Left the top 10

Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).