Q2 2026 13F · SEC CIK 1696731

New Capital Management LP

Hedge fundFiled 2026-07-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $439.0M
Reported positions: 60
Top holdings a year, 3 yrs: +13.2%
Average holding period: 4.9 yrs

New Capital Management LP is a hedge fund that reported 60 positions worth $439.0M in its Q2 2026 13F, filed 2026-07-14. Its largest holdings were Dimensional U.s. Core Equity 2 (DFAC, 26.0%), Dimensional World Ex U.s. Core (DFAX, 20.2%), Berkshire Hathaway Inc Del (BRK-B, 12.2%). A portfolio copying its top holdings returned 13.2% a year over the last 3 years, against 20.4% for the S&P 500.

New Capital Management LP holdings largest 50 of 60 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

New Capital Management LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
DFACDimensional U.s. Core Equity 2	26.0%	24.5%	2,570,196	+0.5%	$114.0M
DFAXDimensional World Ex U.s. Core	20.2%	20.0%	2,410,224	+0.9%	$88.8M
BRK-BBerkshire Hathaway Inc Del	12.2%	12.7%	107,130	-0.0%	$53.6M
AAPLApple Inc	5.1%	4.8%	77,278	-0.1%	$22.4M
EBIRbb Fund Trust	3.2%	3.0%	213,409	+0.0%	$13.9M
DFSUDimensional ETF Trust	2.6%	2.5%	247,912	+0.2%	$11.6M
BINCIshares Flexible Income Active ETF	2.6%	2.8%	218,332	+1.3%	$11.4M
IUSBIshares Core Universal Usd Bond ETF	2.1%	2.2%	196,719	+1.5%	$9.1M
DFSIDimensional ETF Trust	1.8%	1.9%	179,986	-0.1%	$8.1M
IAGGiShares International Aggregate Bond Fun	1.8%	1.9%	153,832	+0.9%	$7.8M
PEPPepsico Inc	1.6%	2.0%	52,772	+0.0%	$7.1M
GOOGAlphabet Inc	1.4%	1.3%	17,896	-0.2%	$6.3M
NVDANvidia Corporation Com	1.3%	1.2%	28,473	+0.1%	$5.7M
DFGRDimensional ETF Trust	1.3%	1.2%	192,558	+1.0%	$5.6M
STIPIshares Tr	1.2%	1.3%	52,036	+1.1%	$5.3M
TFLOIshares Tr	1.1%	1.3%	98,704	-2.0%	$5.0M
JBNDJpmorgan Active Bond ETF	1.0%	1.1%	82,073	+1.1%	$4.4M
VGMSVanguard Malvern Fds	1.0%	1.1%	85,575	+1.2%	$4.4M
JPIBJpmorgan International Bond Opportunitie	0.9%	1.0%	84,820	+0.8%	$4.1M
IBITIshares Bitcoin Trust ETF	0.9%	1.2%	119,587	-1.8%	$4.0M
CEMBIshares Inc	0.9%	0.9%	84,864	+1.0%	$3.9M
GHYGIshares Inc	0.9%	0.9%	84,919	+1.1%	$3.8M
LEMBIshares Inc	0.9%	0.9%	90,597	+0.9%	$3.8M
ISHGIshares 1 3 Year Intl Trs Bd	0.9%	0.9%	50,810	+1.1%	$3.8M
IAUIshares Gold Trust	0.8%	1.0%	47,193	+6.6%	$3.6M
DFSEDimensional ETF Trust	0.8%	0.7%	67,834	-0.6%	$3.3M
MSFTMicrosoft Corp	0.7%	0.8%	8,369	+0.3%	$3.1M
LQDIshares Tr	0.6%	0.7%	25,898	+0.8%	$2.8M
VTVanguard Total World Stock Index Fund Et	0.4%	0.4%	10,542	+0.2%	$1.7M
YUMYum Brands Inc	0.3%	0.3%	8,662	+0.0%	$1.4M
GOOGLAlphabet Inc	0.3%	0.2%	3,108	+0.8%	$1.1M
KIMKimco Realty Corp	0.3%	0.2%	43,254	+0.0%	$1.1M
AMZNAmazon Com Inc Com	0.2%	0.2%	4,523	+2.2%	$1.1M
MAMastercard Inc.	0.2%	0.2%	1,875	+1.1%	$963K
METAMeta Platforms Inc Class A	0.2%	0.2%	1,683	+0.5%	$948K
ABBVAbbvie Inc	0.2%	0.2%	3,263	+0.2%	$821K
COSTCostco Whsl Corp New	0.2%	0.2%	869	+0.8%	$813K
ACWIIshares Tr	0.2%	0.2%	4,575	+0.0%	$718K
AVGOBroadcom Inc	0.1%	0.1%	1,712	-1.7%	$647K
AORIshares Tr	0.1%	0.1%	8,985	+3.0%	$624K
SPYSpdr S&p 500 ETF Tr	0.1%	0.1%	802	+0.0%	$599K
NFLXNetflix Inc Total	0.1%	0.2%	7,440	+0.8%	$531K
XOMExxon Mobil Corp	0.1%	0.1%	3,396	+1.2%	$464K
LLYLilly Eli & Co	0.1%	—	340	—	$408K
AOAiShares Core Aggressive Allocation ETF	0.1%	0.1%	3,903	+8.5%	$381K
YUMCYum China Hldgs Inc	0.1%	0.1%	8,853	+0.0%	$362K
MELIMercadolibre Inc	0.1%	0.1%	203	+0.0%	$345K
WBDWarner Bros Discovery Inc	0.1%	0.1%	12,700	+0.0%	$339K
HDHome Depot Inc Com	0.1%	—	958	—	$338K
VUSBVanguard Bd Index Fds	0.1%	0.1%	6,323	-25.1%	$315K

What New Capital Management LP bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +15.3% /yr; S&P 500 +20.1%
3 years: +13.2% /yr; S&P 500 +20.4%
5 years: +7.9% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$439.0M	60
Q1 2026	$405.7M	59
Q4 2025	$398.1M	55
Q3 2025	$381.7M	54
Q2 2025	$358.3M	56
Q1 2025	$348.5M	50
Q4 2024	$342.0M	51
Q3 2024	$354.3M	52
Q2 2024	$325.9M	54
Q1 2024	$334.9M	57
Q4 2023	$316.1M	51
Q3 2023	$288.2M	51

Questions about New Capital Management LP's portfolio

What stocks does New Capital Management LP own?

New Capital Management LP's latest 13F, for Q2 2026 and filed Jul 14, 2026, lists 60 positions worth $439.0M. The largest are Dimensional U.s. Core Equity 2 (DFAC) at 26.0%, Dimensional World Ex U.s. Core (DFAX) at 20.2%, Berkshire Hathaway Inc Del (BRK-B) at 12.2%, Apple Inc (AAPL) at 5.1% and Rbb Fund Trust (EBI) at 3.2%.

What did New Capital Management LP buy last quarter?

In Q2 2026, New Capital Management LP added iShares Core Aggressive Allocation ETF (AOA) (+8.5% shares) and Ishares Gold Trust (IAU) (+6.6% shares), compared with its Q1 2026 filing.

What did New Capital Management LP sell last quarter?

In Q2 2026, New Capital Management LP cut from its top 50 Ishares Tr (ICSH), cut from its top 50 iShares 0-3 Month Treasury Bon (SGOV) and Vanguard Bd Index Fds (VUSB) (-25.1% shares), compared with its Q1 2026 filing.

How has New Capital Management LP's portfolio performed?

A portfolio copying New Capital Management LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +13.2% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +15.3% against +20.1%. Over 5 years: +7.9% a year against +11.6%.

When is New Capital Management LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. New Capital Management LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.