# EDGAR Filing Document

**Accession Number:** 0001696731
**File Stem:** 0001696731-25-000006
**Filing Date:** 2025-7
**Character Count:** 9312
**Document Hash:** 9041cef2c4d2c5ad8c9cfec669bf2b1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001696731-25-000006.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001696731-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Capital Management LP
- **CENTRAL INDEX KEY:** 0001696731

**ORGANIZATION NAME:**
- **EIN:** 841649526

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17665
- **FILM NUMBER:** 251108776

**BUSINESS ADDRESS:**
- **STREET 1:** 3355 W. ALABAMA STREET
- **STREET 2:** STE 275
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098
- **BUSINESS PHONE:** 7133886322

**MAIL ADDRESS:**
- **STREET 1:** 3355 W. ALABAMA STREET
- **STREET 2:** STE 275
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** New Capital Management LP<br>**Address:** 3355 W. ALABAMA STREET<br>STE 275<br>HOUSTON, TX 77098

**Form 13F File Number:** 028-17665

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jaycee Smalley<br>**Title:** Vice President<br>**Phone:** 7133886322

**Signature, Place, and Date of Signing:**

Jaycee Smalley  Houston, TX  07-07-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 56

**Form 13F Information Table Value Total:** $358307416

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 570596 | 3074 | SH |  | SOLE | 0 | 0 | 0 | 3074 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 499083 | 2832 | SH |  | SOLE | 0 | 0 | 0 | 2832 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 481969 | 2717 | SH |  | SOLE | 0 | 0 | 0 | 2717 |
| AMAZON COM INC | COM | 023135106 |  | 992838 | 4525 | SH |  | SOLE | 0 | 0 | 0 | 4525 |
| AON PLC | SHS CL A | G0403H108 |  | 264369 | 741 | SH |  | SOLE | 0 | 0 | 0 | 741 |
| APPLE INC | COM | 037833100 |  | 16086958 | 78408 | SH |  | SOLE | 0 | 0 | 0 | 78408 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 54458703 | 112108 | SH |  | SOLE | 0 | 16 | 0 | 112092 |
| BLACKROCK ETF TRUST II | ISHARES FLEXIBLE | 092528603 |  | 4630739 | 87637 | SH |  | SOLE | 0 | 174 | 0 | 87463 |
| BROADCOM INC | COM | 11135F101 |  | 406308 | 1474 | SH |  | SOLE | 0 | 0 | 0 | 1474 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 875353 | 884 | SH |  | SOLE | 0 | 0 | 0 | 884 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 94807656 | 2645303 | SH |  | SOLE | 0 | 3368 | 0 | 2641935 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 |  | 68461648 | 2331006 | SH |  | SOLE | 0 | 3478 | 0 | 2327528 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 1346911 | 31872 | SH |  | SOLE | 0 | 0 | 0 | 31872 |
| DIMENSIONAL ETF TRUST | INTERNATIONAL | 25434V690 |  | 7321984 | 185790 | SH |  | SOLE | 0 | 0 | 0 | 185790 |
| DIMENSIONAL ETF TRUST | EMERGING MARKETS | 25434V682 |  | 2852064 | 74936 | SH |  | SOLE | 0 | 0 | 0 | 74936 |
| DIMENSIONAL ETF TRUST | US SUSTAINABILTY | 25434V716 |  | 10697815 | 272556 | SH |  | SOLE | 0 | 0 | 0 | 272556 |
| DIMENSIONAL ETF TRUST | GLOBAL REAL EST | 25434V658 |  | 4671371 | 174110 | SH |  | SOLE | 0 | 281 | 0 | 173829 |
| ELI LILLY  CO | COM | 532457108 |  | 222946 | 286 | SH |  | SOLE | 0 | 0 | 0 | 286 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 354231 | 3286 | SH |  | SOLE | 0 | 0 | 0 | 3286 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 5785936 | 94526 | SH |  | SOLE | 0 | 122 | 0 | 94404 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 202670 | 3250 | SH |  | SOLE | 0 | 0 | 0 | 3250 |
| ISHARES INC | JP MORGAN EM ETF | 464286517 |  | 2096847 | 51915 | SH |  | SOLE | 0 | 144 | 0 | 51771 |
| ISHARES INC | JP MRG EM CRP BD | 464286251 |  | 2073155 | 45624 | SH |  | SOLE | 0 | 128 | 0 | 45496 |
| ISHARES INC | US INTL HGH YLD | 464286178 |  | 2062694 | 44541 | SH |  | SOLE | 0 | 126 | 0 | 44415 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 506846 | 9995 | SH |  | SOLE | 0 | 0 | 0 | 9995 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 10147135 | 200338 | SH |  | SOLE | 0 | 385 | 0 | 199953 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 6703104 | 65136 | SH |  | SOLE | 0 | 150 | 0 | 64986 |
| ISHARES TR | CORE 60/40 BALAN | 464289867 |  | 529995 | 8608 | SH |  | SOLE | 0 | 0 | 0 | 8608 |
| ISHARES TR | CORE 80/20 AGGRE | 464289859 |  | 290509 | 3483 | SH |  | SOLE | 0 | 0 | 0 | 3483 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 200412 | 1815 | SH |  | SOLE | 0 | 0 | 0 | 1815 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 596383 | 4638 | SH |  | SOLE | 0 | 0 | 0 | 4638 |
| ISHARES TR | 3YRTB ETF | 464288125 |  | 2074546 | 27097 | SH |  | SOLE | 0 | 76 | 0 | 27021 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2012625 | 20289 | SH |  | SOLE | 0 | 0 | 0 | 20289 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 331440 | 4000 | SH |  | SOLE | 0 | 0 | 0 | 4000 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 6901630 | 149289 | SH |  | SOLE | 0 | 420 | 0 | 148869 |
| ISHARES TR | CORE INTL AGGR | 46435G672 |  | 5284442 | 103434 | SH |  | SOLE | 0 | 241 | 0 | 103193 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 400751 | 3980 | SH |  | SOLE | 0 | 0 | 0 | 3980 |
| ISHARES U S ETF TR | SHORT DURATION B | 46431W507 |  | 246098 | 4816 | SH |  | SOLE | 0 | 0 | 0 | 4816 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 4981509 | 98293 | SH |  | SOLE | 0 | 376 | 0 | 97917 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 2048868 | 40237 | SH |  | SOLE | 0 | 0 | 0 | 40237 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 909199 | 43254 | SH |  | SOLE | 0 | 0 | 0 | 43254 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1095783 | 1950 | SH |  | SOLE | 0 | 0 | 0 | 1950 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 522726 | 200 | SH |  | SOLE | 0 | 0 | 0 | 200 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1105659 | 1498 | SH |  | SOLE | 0 | 0 | 0 | 1498 |
| MICROSOFT CORP | COM | 594918104 |  | 3677566 | 7393 | SH |  | SOLE | 0 | 0 | 0 | 7393 |
| NETFLIX INC | COM | 64110L106 |  | 988278 | 738 | SH |  | SOLE | 0 | 0 | 0 | 738 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2245697 | 14214 | SH |  | SOLE | 0 | 26 | 0 | 14188 |
| PEPSICO INC | COM | 713448108 |  | 6993005 | 52961 | SH |  | SOLE | 0 | 0 | 0 | 52961 |
| RBB FUND TRUST | LONGVIEW ADVANTG | 75526L852 |  | 10858250 | 213409 | SH |  | SOLE | 0 | 0 | 0 | 213409 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 343483 | 556 | SH |  | SOLE | 0 | 0 | 0 | 556 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 355375 | 4516 | SH |  | SOLE | 0 | 0 | 0 | 4516 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 523533 | 10499 | SH |  | SOLE | 0 | 0 | 0 | 10499 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1370238 | 10662 | SH |  | SOLE | 0 | 1388 | 0 | 9274 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 145542 | 12700 | SH |  | SOLE | 0 | 0 | 0 | 12700 |
| YUM BRANDS INC | COM | 988498101 |  | 1296141 | 8747 | SH |  | SOLE | 0 | 0 | 0 | 8747 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 395804 | 8853 | SH |  | SOLE | 0 | 0 | 0 | 8853 |

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