New Capital Management LP

RIA/Wealth

New Capital Management LP is a RIA/Wealth based in Houston, TX led by Leonard Michael Golub, reporting $465.8M in AUM as of Q3 2025 with 69% ETF concentration, 80% concentrated in top 10 holdings, and 27% allocation to DFAC.

PartnerLeonard Michael Golub

Portfolio Value: $381.7M
Positions: 54
Top Holding: DFAC at 26.79%
Last Reported: Q3 2025

Address3355 West Alabama Street, Suite 275, Houston, TX, 77098, United States

Top Holdings

Largest long holdings in New Capital Management LP's portfolio (80.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Dimensional U.S. Core Equity 2 DFAC	ETF ETF	$102.3M	26.79%	+$253.5K Bought	— 2.7M shares	Q3 2023 Held for 2y 2m
2 Dimensional World ex U.S. Core Equity 2 DFAX	ETF ETF	$73.3M	19.21%	+$181.7K Bought	— 2.3M shares	Q3 2023 Held for 2y 2m
3 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$56.0M	14.67%	-$365.5K Sold	0.01% 111.4K shares	Q3 2023 Held for 2y 2m
4 Apple AAPL	Consumer Electronics Technology	$20.0M	5.23%	-$5.1K Sold	0.00% 78.4K shares	Q3 2023 Held for 2y 2m
5 EBI Evergreen International Balanced Income Fund EBI	Unknown Unknown	$11.7M	3.07%	—	— 213.4K shares	Q1 2025 Held for 8 months
6 Dimensional US Sustainability Core 1 DFSU	ETF ETF	$11.6M	3.04%	+$47.3K Bought	— 273.7K shares	Q3 2023 Held for 2y 2m
7 iShares Core Total USD Bond Market IUSB	ETF ETF	$8.5M	2.23%	+$1.6M Bought	— 182.6K shares	Q2 2025 Held for 5 months
8 iShares Treasury Floating Rate Bond TFLO	ETF ETF	$8.2M	2.15%	-$1.9M Sold	— 162.4K shares	Q3 2023 Held for 2y 2m
9 Dimensional International Sustainability Core 1 DFSI	ETF ETF	$7.6M	2.00%	+$34.8K Bought	— 186.6K shares	Q3 2023 Held for 2y 2m
10 PepsiCo PEP	Beverages - Non-Alcoholic Consumer Defensive	$7.4M	1.95%	+$10.1K Bought	0.00% 53.0K shares	Q3 2023 Held for 2y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in New Capital Management LP's latest filing

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Market Value

$381.7M

Prior: $358.3M

Q/Q Change

+6.54%

+$23.4M

Net Flows % of MV

+0.262%

Turnover Ratio

2.01%

New Purchases

1 stocks

$227.0K

Added To

21 stocks

+$7.9M

Sold Out Of

3 stocks

$887.2K

Reduced Holdings

21 stocks

-$6.3M

Increased Positions

Position	Shares Δ	Change
1 Dimensional Ultrashort Fixed Income DUSB	New	0 → 4.5K +$227.0K
2 Nvidia NVDA	+132.84%	14.2K → 33.1K +$3.5M
3 SPDR S&P 500 ETF Trust SPY	+47.66%	556.0 → 821.0 +$176.5K
4 iShares US & Intl High Yield Corp Bond GHYG	+22.39%	44.5K → 54.5K +$464.1K
5 iShares Core Total USD Bond Market IUSB	+22.3%	149.3K → 182.6K +$1.6M

Decreased Positions

Position	Shares Δ	Change
1 Vanguard Short-Term Bond BSV	Sold	4.5K → 0 −$355.4K
2 iShares 1-3 Year Treasury Bond SHY	Sold	4.0K → 0 −$331.4K
3 iShares Short Treasury Bond SHV	Sold	1.8K → 0 −$200.4K
4 iShares Core U.S. Aggregate Bond AGG	-80.28%	20.3K → 4.0K −$1.6M
5 DFCF Dimensional Core Fixed Income DFCF	-73.44%	31.9K → 8.5K −$1.0M