Cercano Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Cercano Management LLC reported 131 stock positions worth $749.9 million. Its top holding was Union Pacific (UNP) at 37.3% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 6.3%) and Meta Platforms Class A (META, 6.0%). Compared with Q1 2026, it opened 20 new positions, sold out of 29, added to 2 and reduced 44. The biggest buy was a new position in PIMCO Dynamic Income Opport (PDO) and the biggest sale Microsoft (MSFT, shares −97%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$749.9M (Q2 2026)
SEC Filing
0001062993-26-004352 ↗ filed Aug 14, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.6B Q1 2024 Q2 2024: $3.7B Q2 2024 Q3 2024: $4.2B Q3 2024 Q4 2024: $3.9B Q4 2024 Q1 2025: $3.4B Q1 2025 Q2 2025: $3.5B Q2 2025 Q3 2025: $2.6B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $749.9M $749.9M Q2 2026

Holdings 131 stocks · $749.9M
UNP Union Pacific Corp. 37.30% 1,028,382 $279.7M Reduce -2.1%
RSP Invesco S&P 500 Equal Weight 6.27% 221,055 $47.0M Reduce -70.2%
META Meta Platforms Inc. Class A 5.95% 79,237 $44.6M Reduce -47.3%
BKSY Blacksky Technology Inc. 3.47% 932,982 $26.0M Reduce -25.0%
NVDA Nvidia Corp. 2.34% 87,813 $17.6M Reduce -85.9%
XLK SS Technology Select Sector 2.21% 86,935 $16.6M Reduce -46.4%
DNLI Denali Therapeutics Inc. 2.14% 625,000 $16.1M No change
VTV Vanguard Mrngstr Val ETF-Aui 2.01% 69,120 $15.1M No change
NAUT Nautilus Biotechnology Inc. 1.79% 7,172,985 $13.4M No change
AMZN Amazon.com Inc. 1.77% 55,622 $13.3M Reduce -80.7%
PDO PIMCO Dynamic Income Opport 1.38% 783,312 $10.4M New
AAPL Apple Inc. 1.20% 31,112 $9.0M Reduce -51.3%
JHX James Hardie Ind PLC 1.18% 338,568 $8.9M Add +77.6%
EWY iShares MSCI South Korea ETF 1.16% 43,201 $8.7M Reduce -67.5%
SPYD SS SPDR P S&P 500 Hi Div ETF 1.11% 174,939 $8.3M Reduce -19.7%
QXO Qxo Inc. 1.11% 482,875 $8.3M Reduce -90.0%
XLE SS Energy Select Sector 1.05% 148,672 $7.9M No change
MU Micron Technology Inc. 1.03% 6,704 $7.7M New
SPY SS SPDR S&P 500 ETF Trust-US 0.96% 9,660 $7.2M Reduce -82.7%
MSFT Microsoft Corp. 0.95% 19,163 $7.1M Reduce -96.8%
GOOGL Alphabet Inc. Class A 0.91% 18,993 $6.8M Reduce -78.6%
LRCX Lam Research Corp. 0.87% 15,110 $6.5M Reduce -78.9%
LLY Eli Lilly & Co. 0.86% 5,353 $6.4M Reduce -96.1%
COF Capital One Financial Corp. 0.84% 31,409 $6.3M Reduce -81.9%
GRAB Grab Holdings Ltd. Class A 0.80% 1,600,000 $6.0M No change
XPO Xpo Inc. 0.80% 29,081 $6.0M Reduce -96.2%
VMC Vulcan Materials Co. 0.75% 18,998 $5.6M New
INSW International Seaways Inc. 0.75% 73,147 $5.6M No change
IWM iShares Russell 2000 ETF 0.73% 18,137 $5.4M No change
EWW iShares MSCI Mexico ETF 0.64% 63,900 $4.8M Reduce -73.3%
AVGO Broadcom Inc. 0.62% 12,325 $4.7M No change
GOOG Alphabet Inc. Class C 0.62% 13,160 $4.6M Reduce -85.0%
XLV SS Health Care Select Sector 0.60% 28,280 $4.5M Reduce -79.9%
DASH DoorDash Inc. Class A 0.59% 23,927 $4.4M New
EPD Enterprise Products Partners 0.59% 120,021 $4.4M No change
EWZ iShares MSCI Brazil ETF 0.56% 121,776 $4.2M Reduce -72.0%
JAZZ Jazz Pharmaceuticals PLC 0.56% 17,331 $4.2M New
IBIT iShares Bitcoin Trust ETF 0.52% 117,140 $3.9M No change
TRTX TPG Re Finance Trust Inc. 0.45% 401,607 $3.4M No change
MUNI PIMCO Intermediate Municipal 0.41% 57,919 $3.0M No change
BAC Bank of America Corp. 0.36% 47,170 $2.7M Reduce -68.5%
PWR Quanta Services Inc. 0.35% 3,690 $2.7M Reduce -88.7%
JPM JPMorgan Chase & Co. 0.35% 8,022 $2.6M Reduce -71.7%
MDY State Street SPDR S&P Midcap 0.34% 3,636 $2.6M New
COST Costco Wholesale Corp. 0.31% 2,490 $2.3M Reduce -76.6%
CAT Caterpillar Inc. 0.31% 2,180 $2.3M No change
INDA iShares MSCI India ETF 0.31% 46,470 $2.3M No change
WMT Walmart Inc. 0.31% 20,219 $2.3M Reduce -65.9%
AMAT Applied Materials Inc. 0.28% 2,896 $2.1M No change
HD Home Depot Inc. 0.27% 5,826 $2.1M Reduce -75.2%
LIN Linde PLC 0.27% 3,834 $2.0M Reduce -89.5%
MS Morgan Stanley 0.26% 9,147 $1.9M Reduce -79.1%
URI United Rentals Inc. 0.25% 1,659 $1.9M Reduce -77.2%
RDDT Reddit Inc. Class A 0.24% 10,270 $1.8M New
HAFN Hafnia Ltd. 0.23% 264,379 $1.7M No change
CEG Constellation Energy 0.22% 6,702 $1.7M Reduce -92.8%
WMB Williams Cos Inc. 0.21% 21,491 $1.6M No change
PSX Phillips 66 0.21% 9,396 $1.6M No change
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.19% 710 $1.4M New
XBI SS SPDR S&P Biotech ETF 0.18% 8,549 $1.4M New
MA Mastercard Inc. Class A 0.18% 2,574 $1.3M No change
DHR Danaher Corp. 0.17% 6,890 $1.3M Reduce -79.5%
STWD Starwood Property Trust Inc. 0.17% 79,029 $1.3M No change
TSLA Tesla Inc. 0.17% 3,048 $1.3M No change
GLD SPDR Gold Shares 0.16% 3,341 $1.2M New
CG The Carlyle Group Inc. 0.15% 27,589 $1.2M New
ETN Eaton Corp. PLC 0.14% 2,550 $1.1M No change
RGEN Repligen Corp. 0.14% 7,856 $1.1M New
TXN Texas Instruments Inc. 0.14% 3,563 $1.1M No change
MRK Merck & Co. Inc. 0.12% 7,156 $920K No change
UNH Unitedhealth Group Inc. 0.12% 2,211 $919K Reduce -97.6%
CINF Cincinnati Financial Corp. 0.12% 4,896 $906K Reduce -81.8%
LITE Lumentum Holdings Inc. 0.11% 976 $837K New
TT Trane Technologies PLC 0.10% 1,517 $745K No change
ISRG Intuitive Surgical Inc. 0.10% 1,870 $744K Add +201.1%
NFLX Netflix Inc. 0.10% 10,330 $738K Reduce -98.3%
BRK.B Berkshire Hathaway Inc. Class B 0.09% 1,369 $685K Reduce -38.8%
INTC Intel Corp. 0.09% 4,648 $649K No change
FANG Diamondback Energy Inc. 0.08% 3,566 $627K No change
PG The Procter & Gamble Co. 0.08% 4,272 $626K No change
V Visa Inc. Class A 0.08% 1,787 $613K Reduce -97.7%
AMD Advanced Micro Devices 0.07% 948 $551K New
JNJ Johnson & Johnson 0.07% 1,925 $489K No change
NEM Newmont Corp. 0.06% 5,118 $478K No change
ITW Illinois Tool Works 0.06% 1,670 $452K No change
ABBV Abbvie Inc. 0.06% 1,789 $450K No change
IRWD Ironwood Pharmaceuticals Inc. 0.06% 101,378 $427K No change
NEE Nextera Energy Inc. 0.06% 4,824 $423K No change
VTR Ventas Inc. 0.05% 4,610 $409K No change
WELL Welltower Inc. 0.05% 1,736 $394K No change
VRTX Vertex Pharmaceuticals Inc. 0.05% 780 $387K No change
HCA HCA Healthcare Inc. 0.05% 970 $378K No change
SPGI S&P Global Inc. 0.05% 880 $358K Reduce -98.3%
DELL Dell Technologies -C 0.05% 808 $349K Reduce -96.7%
TOL Toll Brothers Inc. 0.05% 2,107 $347K No change
EQT Eqt Corp. 0.05% 6,518 $347K No change
NSC Norfolk Southern Corp. 0.04% 1,069 $336K No change
NRG NRG Energy Inc. 0.04% 2,295 $335K No change
PM Philip Morris International 0.04% 1,847 $334K No change
KKR KKR & Co. Inc. 0.04% 3,560 $327K No change

Show all 131 holdings

Options reported separately and not counted above: SPY calls ($68K).

Portfolio Sells Q1 2026 → Q2 2026
MSFT Microsoft Corp. Reduce -96.8% 0.95% −8.77
XPO Xpo Inc. Reduce -96.2% 0.80% −5.56
LLY Eli Lilly & Co. Reduce -96.1% 0.86% −4.60
QXO Qxo Inc. Reduce -90.0% 1.11% −2.92
NFLX Netflix Inc. Reduce -98.3% 0.10% −2.47
NVDA Nvidia Corp. Reduce -85.9% 2.34% −2.35
SCHW Schwab (charles) Corp. Sold out 0.00% −1.58
HYMB SS SPDR N Ice HY Muni ETF Sold out 0.00% −1.49
BLDR Builders Firstsource Inc. Sold out 0.00% −1.37
GEV GE Vernova Inc. Sold out 0.00% −1.25
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −1.21
SPEM State Street SP PTF Em ETF Sold out 0.00% −1.11
MCO Moody's Corp. Reduce -98.8% 0.04% −1.04
IAU iShares Gold Trust Sold out 0.00% −0.97
UNH Unitedhealth Group Inc. Reduce -97.6% 0.12% −0.94
V Visa Inc. Class A Reduce -97.7% 0.08% −0.93
BA The Boeing Co. Sold out 0.00% −0.93
SPGI S&P Global Inc. Reduce -98.3% 0.05% −0.91
CEG Constellation Energy Reduce -92.8% 0.22% −0.90
TIC Tic Solutions Inc. Sold out 0.00% −0.82
AMZN Amazon.com Inc. Reduce -80.7% 1.77% −0.82
SHW The Sherwin-Williams Co. Sold out 0.00% −0.68
APO Apollo Global Management Inc. Reduce -98.5% 0.04% −0.67
SPY SS SPDR S&P 500 ETF Trust-US Reduce -82.7% 0.96% −0.60
COF Capital One Financial Corp. Reduce -81.9% 0.84% −0.53
LIN Linde PLC Reduce -89.5% 0.27% −0.51
GOOG Alphabet Inc. Class C Reduce -85.0% 0.62% −0.47
FLKR Franklin Ftse South Korea Sold out 0.00% −0.45
SHM SS SPDR N Ice St Muni ETF Sold out 0.00% −0.43
AGG iShares Core U.S. Aggregate Sold out 0.00% −0.42
PWR Quanta Services Inc. Reduce -88.7% 0.35% −0.42
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.41
LPX Louisiana-Pacific Corp. Sold out 0.00% −0.36
COPX Global X Copper Miners ETF Sold out 0.00% −0.35
WMS Advanced Drainage Systems Inc. Sold out 0.00% −0.30
XLV SS Health Care Select Sector Reduce -79.9% 0.60% −0.29
FLJP Franklin Ftse Japan ETF Sold out 0.00% −0.23
MLM Martin Marietta Materials Sold out 0.00% −0.21
GOOGL Alphabet Inc. Class A Reduce -78.6% 0.91% −0.20
MCD McDonald's Corp. Reduce -93.7% 0.03% −0.16
EWZ iShares MSCI Brazil ETF Reduce -72.0% 0.56% −0.16
SPYM Ste STR SPDR PT S&P 500 ETF Sold out 0.00% −0.15
COST Costco Wholesale Corp. Reduce -76.6% 0.31% −0.15
EWW iShares MSCI Mexico ETF Reduce -73.3% 0.64% −0.14
DELL Dell Technologies -C Reduce -96.7% 0.05% −0.13
VOO Vanguard S&P 500 ETF Sold out 0.00% −0.10
DHR Danaher Corp. Reduce -79.5% 0.17% −0.10
CINF Cincinnati Financial Corp. Reduce -81.8% 0.12% −0.06
HD Home Depot Inc. Reduce -75.2% 0.27% −0.06
MS Morgan Stanley Reduce -79.1% 0.26% −0.06

Portfolio Buys Q1 2026 → Q2 2026
PDO PIMCO Dynamic Income Opport New 1.38% +1.38
MU Micron Technology Inc. New 1.03% +1.03
JHX James Hardie Ind PLC Add +77.6% 1.18% +1.03
VMC Vulcan Materials Co. New 0.75% +0.75
DASH DoorDash Inc. Class A New 0.59% +0.59
JAZZ Jazz Pharmaceuticals PLC New 0.56% +0.56
MDY State Street SPDR S&P Midcap New 0.34% +0.34
RDDT Reddit Inc. Class A New 0.24% +0.24
ASML ASML Holding NV-NY Reg SHS New 0.19% +0.19
XBI SS SPDR S&P Biotech ETF New 0.18% +0.18
GLD SPDR Gold Shares New 0.16% +0.16
CG The Carlyle Group Inc. New 0.15% +0.15
RGEN Repligen Corp. New 0.14% +0.14
LITE Lumentum Holdings Inc. New 0.11% +0.11
ISRG Intuitive Surgical Inc. Add +201.1% 0.10% +0.09
AMD Advanced Micro Devices New 0.07% +0.07
GNRC Generac Holdings Inc. New 0.04% +0.04
SMCI Super Micro Computer Inc. New 0.03% +0.03
CVS CVS Health Corp. New 0.03% +0.03
A Agilent Technologies Inc. New 0.03% +0.03
CSCO Cisco Systems Inc. New 0.03% +0.03
MO Altria Group Inc. New 0.03% +0.03

Options Activity Q1 2026 → Q2 2026
VULCAN MATLS CO call Sold out 378 $429Kbefore exit
AMAZON COM INC call Sold out 148 $216Kbefore exit
XLE SS Energy Select Sector call Sold out 691 $168Kbefore exit
SPY SS SPDR S&P 500 ETF Trust-US call New 63 $68K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 131$749.9MUNP, RSP, META, BKSY, NVDA
Q1 2026 139$2.3BUNP, MSFT, XPO, RSP, LLY
Q4 2025 145$2.6BMSFT, XPO, UNP, QXO, LLY
Q3 2025 148$2.6BMSFT, UNP, XPO, QXO, RSP
Q2 2025 148$3.5BMSFT, XPO, UNP, QXO, RSP
Q1 2025 148$3.4BMSFT, UNP, XPO, RSP, META
Q4 2024 174$3.9BMSFT, XPO, RSP, UNP, AMZN
Q3 2024 155$4.2BMSFT, XPO, RSP, UNP, LEN
Q2 2024 98$3.7BMSFT, XPO, UNP, AMZN, NVEE
Q1 2024 101$3.6BMSFT, XPO, UNP, NVEE, AMZN