ETF Stake Growth
Next Level Private Amplifies Key ETF Holdings, Elevating Positions in Major Funds
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Key Points
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Next Level Private LLC’s Franklin Income Focus ETF (INCM) stake sits as its 9th-largest holding, accounting for roughly 2.6% of its portfolio with 395,468 shares valued at about $11.37 million after purchasing 84,939 shares in the quarter.
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Next Level’s First Trust AIRR stake totals 222,741 shares, ranking as its 3rd-largest holding and representing roughly 5.6% of its portfolio, with a disclosed value of about $24.675 million.
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Northwestern Mutual Wealth Management Co. expanded its AIRR position dramatically in the fourth quarter to 10,587,899 shares, worth about $1.041 billion, reflecting a massive uptick in AIRR interest among large institutional investors.
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BNY Mellon Dynamic Value ETF (BKDV) is a relatively new ETF, launched on November 1, 2024, and is actively managed with a value orientation; BKDV opened around $33.42 and trades within a 12-month range of $26.07 to $33.88, with a market cap near $1.42 billion.
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Putnam Focused Large Cap Growth ETF (PGRO) holdings for Next Level rose to 206,268 shares, about 1.9% of its portfolio, ranking as the 14th-largest position and valued at roughly $8.31 million.
Next Level Private LLC went on an aggressive ETF-buying spree in the first quarter of 2026, dramatically expanding stakes across four funds. The Harrison, New York-based wealth manager boosted its position in the Putnam Focused Large Cap Growth ETF (PGRO) by 147.8%, nearly tripling its holdings to 206,268 shares, according to Watchlist News.
The moves came alongside a broader wave of institutional interest in thematic and actively managed ETFs. Firms large and small are shifting away from plain-vanilla index funds, betting instead on specific corners of the market like US industrial reshoring and income generation.
Next Level Doubles Down on Growth and Income ETFs
Next Level Private's biggest move was in PGRO, where it added enough shares to rank the fund as its 14th-largest holding, worth roughly $8.31 million or about 1.9% of its portfolio, per Ticker Report. The firm also raised its stake in the Franklin Income Focus ETF (INCM) by 27.4%, purchasing 84,939 shares in the quarter. That brought its total to 395,468 shares, valued at about $11.37 million.
INCM now ranks as Next Level's 9th-largest holding, making up roughly 2.6% of its total portfolio. The fund offers a diversified income stream, which has attracted advisors seeking alternatives to traditional bonds in a volatile rate environment.
AIRR Becomes Next Level's Third-Largest Holding
Next Level also increased its stake in the First Trust RBA American Industrial Renaissance ETF (AIRR) by 10.1%, adding 20,456 shares to reach a total of 222,741, according to Ticker Report. The position is now worth about $24.675 million and sits as the firm's 3rd-largest holding, accounting for 5.6% of its portfolio.
AIRR focuses on small and mid-cap US companies in industrial and manufacturing sectors. The fund's sub-advisor, Richard Bernstein Advisors, has called the return of US manufacturing a "decade-long secular trend." Boutique firm SageGuard Financial Group also jumped in, adding 26,076 AIRR shares in the same quarter, per Watchlist News.
Northwestern Mutual's Billion-Dollar AIRR Bet Set the Stage
The surge in smaller firms buying AIRR did not happen in a vacuum. In the fourth quarter of 2025, Northwestern Mutual Wealth Management Co. acquired 10,587,899 shares of AIRR, a position worth roughly $1.041 billion. That massive move gave smaller wealth managers a strong signal that institutional money was backing the reshoring theme.
Analysts note that when a large institution takes a billion-dollar stake in a thematic ETF, it often triggers a cascade effect. Smaller advisors feel more confident making the fund a top holding. That pattern appears to be playing out clearly in AIRR, with multiple firms piling in across consecutive quarters.
New BNY Mellon Value ETF Attracts Early Institutional Interest
Next Level also raised its stake in the BNY Mellon Dynamic Value ETF (BKDV) by 83.5%, bringing its total to 82,305 shares. BKDV is a newly launched, actively managed fund that debuted on November 1, 2024. It trades in a 12-month range of $26.07 to $33.88 and carries a market cap of roughly $1.42 billion.
BKDV uses a value-oriented strategy, meaning it targets stocks that appear underpriced relative to their fundamentals. Critics of active ETFs argue that higher fees will eat into returns over time. But for firms like Next Level, actively managed funds offer a shot at outperforming the broader market — something a plain index fund cannot do by design.
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