New Capital Management LP

HOUSTON, TX

$439m in 60 US stocks at the end of 30 June 2026. The top 10 are 77.6% of the money. It changed about 2.8% of the portfolio this quarter.

Value

$439m

Stocks

Top 10 share

77.6%

Turnover

2.8%

What changed this quarter

New

Bought for the first time this quarter.

Ishares TRIWB
<0.1% of the fund
Ishares TRIWF
<0.1% of the fund

Added

Bought more of a stock they already held.

Ishares Gold TRIAU
0.8% of the fund
+7%
Amazon.comAMZN
0.2% of the fund
+2%
Ishares TRAOR
0.1% of the fund
+3%
Eli LillyLLY
<0.1% of the fund
+4%
Ishares TRAOA
<0.1% of the fund
+9%

Cut

Sold some of their stake.

Vanguard BD Index FDSVUSB
<0.1% of the fund
-25%
Ishares TRICSH
<0.1% of the fund
-26%
Ishares TRSGOV
<0.1% of the fund
-34%

Sold out

Sold their entire stake.

Ishares U S ETF TRNEAR
-100%

Holdings

Dimensional ETF TrustDFAC
Share
26.0%
Value
$114m
Shares
2,570,196
Held
Dimensional ETF TrustDFAX
Share
20.2%
Value
$89m
Shares
2,410,224
Held
Berkshire HathawayBRK-B
Share
12.2%
Value
$54m
Shares
107,130
Held
AppleAAPL
Share
5.1%
Value
$22m
Shares
77,278
Held
RBB Fund TrustEBI
Share
3.2%
Value
$14m
Shares
213,409
Held
Dimensional ETF TrustDFSU
Share
2.6%
Value
$12m
Shares
247,912
Held
Blackrock ETF Trust IIBINC
Share
2.6%
Value
$11m
Shares
218,332
Held
Ishares TRIUSB
Share
2.1%
Value
$9m
Shares
196,719
Held
Dimensional ETF TrustDFSI
Share
1.8%
Value
$8m
Shares
179,986
Held
Ishares TRIAGG
Share
1.8%
Value
$8m
Shares
153,832
Held
PepsiCoPEP
Share
1.6%
Value
$7m
Shares
52,772
Held
AlphabetGOOG
Share
1.4%
Value
$6m
Shares
17,896
Held
NvidiaNVDA
Share
1.3%
Value
$6m
Shares
28,473
Held
Dimensional ETF TrustDFGR
Share
1.3%
Value
$6m
Shares
192,558
Held
Ishares TRSTIP
Share
1.2%
Value
$5m
Shares
52,036
Held
Ishares TRTFLO
Share
1.1%
Value
$5m
Shares
98,704
Held
J P Morgan Exchange Traded FJBND
Share
1.0%
Value
$4m
Shares
82,073
Held
Vanguard Malvern FDSVGMS
Share
1.0%
Value
$4m
Shares
85,575
Held
J P Morgan Exchange Traded FJPIB
Share
0.9%
Value
$4m
Shares
84,820
Held
Ishares Bitcoin Trust ETFIBIT
Share
0.9%
Value
$4m
Shares
119,587
Held
IsharesCEMB
Share
0.9%
Value
$4m
Shares
84,864
Held
IsharesGHYG
Share
0.9%
Value
$4m
Shares
84,919
Held
IsharesLEMB
Share
0.9%
Value
$4m
Shares
90,597
Held
Ishares TRISHG
Share
0.9%
Value
$4m
Shares
50,810
Held
Ishares Gold TRIAU
Share
0.8%
Value
$4m
Shares
47,193
+7%
Dimensional ETF TrustDFSE
Share
0.8%
Value
$3m
Shares
67,834
Held
MicrosoftMSFT
Share
0.7%
Value
$3m
Shares
8,369
Held
Ishares TRLQD
Share
0.6%
Value
$3m
Shares
25,898
Held
Vanguard Intl Equity Index FVT
Share
0.4%
Value
$2m
Shares
10,542
Held
YUM BrandsYUM
Share
0.3%
Value
$1m
Shares
8,662
Held
AlphabetGOOGL
Share
0.3%
Value
$1m
Shares
3,108
Held
Kimco RealtyKIM
Share
0.2%
Value
$1m
Shares
43,254
Held
Amazon.comAMZN
Share
0.2%
Value
$1m
Shares
4,523
+2%
MastercardMA
Share
0.2%
Value
$963,074
Shares
1,875
Held
Meta PlatformsMETA
Share
0.2%
Value
$948,104
Shares
1,683
Held
AbbVieABBV
Share
0.2%
Value
$821,175
Shares
3,263
Held
Costco WholesaleCOST
Share
0.2%
Value
$813,156
Shares
869
Held
Ishares TRACWI
Share
0.2%
Value
$718,060
Shares
4,575
Held
BroadcomAVGO
Share
0.1%
Value
$646,730
Shares
1,712
Held
Ishares TRAOR
Share
0.1%
Value
$624,451
Shares
8,985
+3%
State STR Spdr S&P 500 ETF TSPY
Share
0.1%
Value
$598,859
Shares
802
Held
NetflixNFLX
Share
0.1%
Value
$531,216
Shares
7,440
Held
ExxonMobil HoldingsXOM
Share
0.1%
Value
$464,278
Shares
3,396
Held
Eli LillyLLY
Share
<0.1%
Value
$408,016
Shares
340
+4%
Ishares TRAOA
Share
<0.1%
Value
$380,908
Shares
3,903
+9%
Yum China HoldingsYUMC
Share
<0.1%
Value
$361,810
Shares
8,853
Held
MercadoLibreMELI
Share
<0.1%
Value
$344,570
Shares
203
Held
Warner Bros. DiscoveryWBD
Share
<0.1%
Value
$338,582
Shares
12,700
Held
Home DepotHD
Share
<0.1%
Value
$337,693
Shares
958
Held
Vanguard BD Index FDSVUSB
Share
<0.1%
Value
$314,759
Shares
6,323
-25%
Ishares TRICSH
Share
<0.1%
Value
$306,869
Shares
6,067
-26%
CumminsCMI
Share
<0.1%
Value
$266,908
Shares
374
Held
J P Morgan Exchange Traded FJMST
Share
<0.1%
Value
$255,153
Shares
5,003
Held
Ishares TRIWB
Share
<0.1%
Value
$254,709
Shares
622
New
Dimensional ETF TrustDFCF
Share
<0.1%
Value
$242,876
Shares
5,754
Held
Bristow GroupVTOL
Share
<0.1%
Value
$238,656
Shares
5,776
Held
AonAON
Share
<0.1%
Value
$234,514
Shares
707
Held
Ishares TRSGOV
Share
<0.1%
Value
$210,602
Shares
2,092
-34%
Ishares TRAGG
Share
<0.1%
Value
$209,584
Shares
2,117
Held
Ishares TRIWF
Share
<0.1%
Value
$201,155
Shares
1,620
New

Company	Share of fund	Value	Shares	Change
Dimensional ETF TrustDFAC	26.0%	$114m	2,570,196	Held
Dimensional ETF TrustDFAX	20.2%	$89m	2,410,224	Held
Berkshire HathawayBRK-B	12.2%	$54m	107,130	Held
AppleAAPL	5.1%	$22m	77,278	Held
RBB Fund TrustEBI	3.2%	$14m	213,409	Held
Dimensional ETF TrustDFSU	2.6%	$12m	247,912	Held
Blackrock ETF Trust IIBINC	2.6%	$11m	218,332	Held
Ishares TRIUSB	2.1%	$9m	196,719	Held
Dimensional ETF TrustDFSI	1.8%	$8m	179,986	Held
Ishares TRIAGG	1.8%	$8m	153,832	Held
PepsiCoPEP	1.6%	$7m	52,772	Held
AlphabetGOOG	1.4%	$6m	17,896	Held
NvidiaNVDA	1.3%	$6m	28,473	Held
Dimensional ETF TrustDFGR	1.3%	$6m	192,558	Held
Ishares TRSTIP	1.2%	$5m	52,036	Held
Ishares TRTFLO	1.1%	$5m	98,704	Held
J P Morgan Exchange Traded FJBND	1.0%	$4m	82,073	Held
Vanguard Malvern FDSVGMS	1.0%	$4m	85,575	Held
J P Morgan Exchange Traded FJPIB	0.9%	$4m	84,820	Held
Ishares Bitcoin Trust ETFIBIT	0.9%	$4m	119,587	Held
IsharesCEMB	0.9%	$4m	84,864	Held
IsharesGHYG	0.9%	$4m	84,919	Held
IsharesLEMB	0.9%	$4m	90,597	Held
Ishares TRISHG	0.9%	$4m	50,810	Held
Ishares Gold TRIAU	0.8%	$4m	47,193	+7%
Dimensional ETF TrustDFSE	0.8%	$3m	67,834	Held
MicrosoftMSFT	0.7%	$3m	8,369	Held
Ishares TRLQD	0.6%	$3m	25,898	Held
Vanguard Intl Equity Index FVT	0.4%	$2m	10,542	Held
YUM BrandsYUM	0.3%	$1m	8,662	Held
AlphabetGOOGL	0.3%	$1m	3,108	Held
Kimco RealtyKIM	0.2%	$1m	43,254	Held
Amazon.comAMZN	0.2%	$1m	4,523	+2%
MastercardMA	0.2%	$963,074	1,875	Held
Meta PlatformsMETA	0.2%	$948,104	1,683	Held
AbbVieABBV	0.2%	$821,175	3,263	Held
Costco WholesaleCOST	0.2%	$813,156	869	Held
Ishares TRACWI	0.2%	$718,060	4,575	Held
BroadcomAVGO	0.1%	$646,730	1,712	Held
Ishares TRAOR	0.1%	$624,451	8,985	+3%
State STR Spdr S&P 500 ETF TSPY	0.1%	$598,859	802	Held
NetflixNFLX	0.1%	$531,216	7,440	Held
ExxonMobil HoldingsXOM	0.1%	$464,278	3,396	Held
Eli LillyLLY	<0.1%	$408,016	340	+4%
Ishares TRAOA	<0.1%	$380,908	3,903	+9%
Yum China HoldingsYUMC	<0.1%	$361,810	8,853	Held
MercadoLibreMELI	<0.1%	$344,570	203	Held
Warner Bros. DiscoveryWBD	<0.1%	$338,582	12,700	Held
Home DepotHD	<0.1%	$337,693	958	Held
Vanguard BD Index FDSVUSB	<0.1%	$314,759	6,323	-25%
Ishares TRICSH	<0.1%	$306,869	6,067	-26%
CumminsCMI	<0.1%	$266,908	374	Held
J P Morgan Exchange Traded FJMST	<0.1%	$255,153	5,003	Held
Ishares TRIWB	<0.1%	$254,709	622	New
Dimensional ETF TrustDFCF	<0.1%	$242,876	5,754	Held
Bristow GroupVTOL	<0.1%	$238,656	5,776	Held
AonAON	<0.1%	$234,514	707	Held
Ishares TRSGOV	<0.1%	$210,602	2,092	-34%
Ishares TRAGG	<0.1%	$209,584	2,117	Held
Ishares TRIWF	<0.1%	$201,155	1,620	New

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 22.5% since 30 June 2025.

Where the money is

Financial services12.5%

Technology7.3%

Media & telecom2.1%

Everyday goods1.8%

Retail & consumer0.7%

Health care0.3%

Real estate0.2%

Industrials0.1%

Energy0.1%

Other74.8%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.