Cercano Management LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Cercano Management LLC reported 101 stock positions worth $3.6 billion. Its top holding was Microsoft (MSFT) at 16.1% of the portfolio, followed by Xpo (XPO, 10.7%) and Union Pacific (UNP, 7.5%). Compared with Q4 2023, it opened 28 new positions, sold out of 20, added to 38 and reduced 13. The biggest buy was a new position in Invesco S&P 500 Equal Weight (RSP) and the biggest sale Union Pacific (UNP, shares −9%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$3.6B (Q1 2024)
SEC Filing
0001936416-24-000004 ↗ filed May 10, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.6B $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 Q2 2026

Holdings 101 stocks · $3.6B
MSFT Microsoft Corp. 16.10% 1,370,955 $576.8M Reduce -2.0%
XPO Xpo Inc. 10.69% 3,139,207 $383.1M Reduce -2.5%
UNP Union Pacific Corp. 7.46% 1,087,584 $267.5M Reduce -8.7%
NVEE NV5 Global Inc. 3.39% 1,239,832 $121.5M No change
AMZN Amazon.com Inc. 2.92% 579,291 $104.5M Reduce -1.1%
SCHW Schwab (charles) Corp. 2.41% 1,193,012 $86.3M Add +5.3%
MCO Moody's Corp. 2.15% 196,076 $77.1M Add +15.4%
GOOG Alphabet Inc. Class C 2.08% 488,551 $74.4M Add +5.4%
V Visa Inc. Class A 2.01% 258,188 $72.1M Add +20.6%
RSP Invesco S&P 500 Equal Weight 1.85% 390,945 $66.2M New
UBER Uber Technologies Inc. 1.84% 857,708 $66.0M New
FROG Jfrog Ltd. 1.79% 1,453,840 $64.3M Add +25.4%
NVDA Nvidia Corp. 1.68% 66,488 $60.1M Add +2.9%
UNH Unitedhealth Group Inc. 1.67% 121,138 $59.9M Add +16.3%
HYLB Xtrackers Usd High Yield Cor 1.53% 1,537,172 $54.9M No change
DHR Danaher Corp. 1.53% 219,699 $54.9M Add +8.5%
WSC Willscot Holdings Corp. 1.52% 1,169,703 $54.4M Add +75.6%
SPGI S&P Global Inc. 1.50% 126,414 $53.8M Add +4.5%
CDNS Cadence Design SYS Inc. 1.27% 145,847 $45.4M Add +2.6%
EWBC East West Bancorp Inc. 1.20% 544,807 $43.1M Add +2.6%
WAL Western Alliance Bancorp 1.13% 629,782 $40.4M Add +2.6%
COOP Mr Cooper Group Inc. 1.09% 502,618 $39.2M Add +39.1%
MRVL Marvell Technology Inc. 1.09% 549,753 $39.0M New
AAPL Apple Inc. 1.08% 224,728 $38.5M Add +44.8%
REGN Regeneron Pharmaceuticals 1.03% 38,393 $37.0M New
WST West Pharmaceutical Services 1.02% 92,398 $36.6M Add +33.0%
SHW The Sherwin-Williams Co. 0.95% 97,626 $33.9M Add +2.9%
ELF Elf Beauty Inc. 0.94% 171,012 $33.5M Add +2.9%
AIG American International Group 0.89% 408,652 $31.9M Add +2.9%
MLM Martin Marietta Materials 0.86% 50,096 $30.8M Add +17.3%
MCK McKesson Corp. 0.85% 56,827 $30.5M Add +9.9%
DXCM Dexcom Inc. 0.85% 218,407 $30.3M Add +2.5%
PGNY Progyny Inc. 0.84% 786,999 $30.0M Add +1.9%
WDAY Workday Inc. Class A 0.83% 109,138 $29.8M Add +55.0%
VRTX Vertex Pharmaceuticals Inc. 0.82% 70,533 $29.5M Add +0.4%
DT Dynatrace Inc. 0.80% 619,074 $28.7M Add +5.7%
KLAC KLA Corp. 0.78% 39,814 $27.8M New
META Meta Platforms Inc. Class A 0.75% 55,201 $26.8M New
ACGL Arch Capital Group Ltd. 0.75% 289,940 $26.8M New
IBKR Interactive Brokers Gro Class A 0.68% 218,587 $24.4M Reduce -37.9%
LEN Lennar Corp. Class A 0.68% 141,534 $24.3M New
VEEV Veeva Systems Inc. Class A 0.61% 94,086 $21.8M New
GOOGL Alphabet Inc. Class A 0.61% 144,272 $21.8M Add +2.8%
NAUT Nautilus Biotechnology Inc. 0.59% 7,172,985 $21.1M No change
CP Canadian Pacific Kansas City 0.58% 235,975 $20.8M Reduce -32.4%
SRLN SS Blackstone Sr Loan ETF 0.57% 487,176 $20.5M Add +38.1%
WMS Advanced Drainage Systems Inc. 0.57% 118,291 $20.4M New
MUNI PIMCO Intermediate Municipal 0.56% 385,000 $20.2M New
PCVX Vaxcyte Inc. 0.52% 272,151 $18.6M New
HLMN Hillman Solutions Corp. 0.48% 1,610,823 $17.1M Add +21.6%
MA Mastercard Inc. Class A 0.47% 35,163 $16.9M Reduce -24.5%
GRAB Grab Holdings Ltd. Class A 0.46% 5,286,833 $16.6M No change
SGOV iShares 0-3 Month Treasury B 0.45% 161,176 $16.2M No change
RELY Remitly Global Inc. 0.44% 760,175 $15.8M No change
PANW Palo Alto Networks Inc. 0.43% 54,546 $15.5M New
BATRK Atlanta Braves Holdings in-C 0.43% 395,678 $15.5M No change
LW Lamb Weston Holdings Inc. 0.40% 135,054 $14.4M Add +2.9%
BKSY Blacksky Technology Inc. 0.38% 9,951,809 $13.5M No change
DNLI Denali Therapeutics Inc. 0.36% 625,000 $12.8M No change
LOW Lowe's Cos Inc. 0.36% 50,094 $12.8M Add +24.4%
VIS Vanguard Industrials ETF 0.31% 45,394 $11.1M New
SPY SS SPDR S&P 500 ETF Trust-US 0.31% 21,048 $11.0M New
WELL Welltower Inc. 0.30% 115,822 $10.8M Reduce -13.1%
GLD SPDR Gold Shares 0.29% 50,460 $10.4M Add +10869.6%
ARE Alexandria Real Estate Equit 0.28% 77,157 $9.9M No change
OMF Onemain Holdings Inc. 0.28% 194,631 $9.9M Add +434.1%
PLD Prologis Inc. 0.27% 75,438 $9.8M Reduce -43.6%
INVH Invitation Homes Inc. 0.25% 256,214 $9.1M Reduce -39.0%
LAUR Laureate Education Inc. 0.25% 606,068 $8.8M Reduce -36.4%
OCSL Oaktree Specialty Lending Co. 0.24% 440,413 $8.7M New
ET Energy Transfer LP 0.19% 438,495 $6.9M Add +78.2%
RXRX Recursion Pharmaceuticals-A 0.19% 685,018 $6.8M No change
RPC Ridgepost Capital Inc. Class A filed as P10 INC 0.17% 742,412 $6.3M No change
OBDC Blue Owl Capital Corp. 0.17% 351,838 $5.9M New
MDY State Street SPDR S&P Midcap 0.16% 10,598 $5.9M New
VOO Vanguard S&P 500 ETF 0.15% 10,935 $5.3M New
SHM SS SPDR N Ice St Muni ETF 0.15% 110,000 $5.2M New
EMHY iShares J.P. Morgan Em High 0.14% 138,000 $5.2M New
HYMB SS SPDR N Ice HY Muni ETF 0.14% 200,000 $5.1M New
PRFT Perficient Inc. 0.12% 75,426 $4.2M New
ETN Eaton Corp. PLC 0.11% 12,446 $3.9M New
PAYO Payoneer Global Inc. 0.11% 800,000 $3.9M No change
T AT&T Inc. 0.10% 203,430 $3.6M New
EPD Enterprise Products Partners 0.10% 120,021 $3.5M Add +629.7%
MO Altria Group Inc. 0.09% 76,086 $3.3M Add +722.0%
INSW International Seaways Inc. 0.09% 62,267 $3.3M New
WPM Wheaton Precious Metals Corp. 0.09% 69,124 $3.3M New
KGC Kinross Gold Corp. 0.09% 529,101 $3.2M Add +43.3%
UUUU Energy Fuels Inc. 0.08% 445,104 $2.8M Add +76.7%
TEAM Atlassian Corp. Class A 0.07% 13,239 $2.6M Reduce -17.4%
DDOG Datadog Inc. Class A 0.04% 12,557 $1.6M No change
GBCI Glacier Bancorp Inc. 0.04% 37,424 $1.5M Reduce -88.2%
CVX Chevron Corp. 0.02% 4,407 $695K No change
EEM iShares MSCI Emerging Market 0.01% 9,500 $390K No change
STWD Starwood Property Trust Inc. 0.01% 11,459 $233K No change
TCPC BlackRock TCP Capital Corp. 0.01% 21,724 $227K New
BTI British American Tob-SP ADR 0.01% 7,400 $226K No change
PAA Plains All Amer Pipeline LP 0.00% 6,100 $107K No change
VOD Vodafone Group PLC-SP ADR 0.00% 11,000 $98K No change
UNBX Unity Biotechnology Inc. 0.00% 41,238 $68K No change

Show all 101 holdings

Options reported separately and not counted above: APPLE INC calls ($12.0M).

Portfolio Sells Q4 2023 → Q1 2024
UNP Union Pacific Corp. Reduce -8.7% 7.46% −2.20
CHTR Charter Communications Inc. Class A Sold out 0.00% −1.59
ADI Analog Devices Inc. Sold out 0.00% −1.52
PWR Quanta Services Inc. Sold out 0.00% −1.32
MSFT Microsoft Corp. Reduce -2.0% 16.10% −1.28
LMT Lockheed Martin Corp. Sold out 0.00% −0.97
RMBS Rambus Inc. Sold out 0.00% −0.72
FTNT Fortinet Inc. Sold out 0.00% −0.66
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.65
URBN Urban Outfitters Inc. Sold out 0.00% −0.62
LAMR Lamar Advertising Co. Class A Sold out 0.00% −0.49
GBCI Glacier Bancorp Inc. Reduce -88.2% 0.04% −0.39
UDR Udr Inc. Sold out 0.00% −0.37
CP Canadian Pacific Kansas City Reduce -32.4% 0.58% −0.33
PLD Prologis Inc. Reduce -43.6% 0.27% −0.31
IBKR Interactive Brokers Gro Class A Reduce -37.9% 0.68% −0.28
INVH Invitation Homes Inc. Reduce -39.0% 0.25% −0.22
LAUR Laureate Education Inc. Reduce -36.4% 0.25% −0.19
MA Mastercard Inc. Class A Reduce -24.5% 0.47% −0.18
EWA iShares MSCI Australia ETF Sold out 0.00% −0.17
COLD Americold Realty Trust Inc. Sold out 0.00% −0.15
QLYS Qualys Inc. Sold out 0.00% −0.12
EXR Extra Space Storage Inc. Sold out 0.00% −0.11
WELL Welltower Inc. Reduce -13.1% 0.30% −0.10
SLB SLB Ltd. Sold out 0.00% −0.08
TEAM Atlassian Corp. Class A Reduce -17.4% 0.07% −0.05
WFC Wells Fargo & Co. Sold out 0.00% −0.04
AMZN Amazon.com Inc. Reduce -1.1% 2.92% −0.02
PSA Public Storage Sold out 0.00% −0.02
DOW Dow Inc. Sold out 0.00% −0.01
BKCC BlackRock Capital Investment Sold out 0.00% −0.01
DUK Duke Energy Corp. Sold out 0.00% −0.01
XPO Xpo Inc. Reduce -2.5% 10.69% +1.38

Portfolio Buys Q4 2023 → Q1 2024
RSP Invesco S&P 500 Equal Weight New 1.85% +1.85
UBER Uber Technologies Inc. New 1.84% +1.84
MRVL Marvell Technology Inc. New 1.09% +1.09
REGN Regeneron Pharmaceuticals New 1.03% +1.03
KLAC KLA Corp. New 0.78% +0.78
META Meta Platforms Inc. Class A New 0.75% +0.75
ACGL Arch Capital Group Ltd. New 0.75% +0.75
LEN Lennar Corp. Class A New 0.68% +0.68
NVDA Nvidia Corp. Add +2.9% 1.68% +0.62
VEEV Veeva Systems Inc. Class A New 0.61% +0.61
WMS Advanced Drainage Systems Inc. New 0.57% +0.57
MUNI PIMCO Intermediate Municipal New 0.56% +0.56
WSC Willscot Holdings Corp. Add +75.6% 1.52% +0.54
PCVX Vaxcyte Inc. New 0.52% +0.52
FROG Jfrog Ltd. Add +25.4% 1.79% +0.47
PANW Palo Alto Networks Inc. New 0.43% +0.43
COOP Mr Cooper Group Inc. Add +39.1% 1.09% +0.32
VIS Vanguard Industrials ETF New 0.31% +0.31
SPY SS SPDR S&P 500 ETF Trust-US New 0.31% +0.31
GLD SPDR Gold Shares Add +10869.6% 0.29% +0.29
OCSL Oaktree Specialty Lending Co. New 0.24% +0.24
OMF Onemain Holdings Inc. Add +434.1% 0.28% +0.22
WST West Pharmaceutical Services Add +33.0% 1.02% +0.21
WDAY Workday Inc. Class A Add +55.0% 0.83% +0.19
V Visa Inc. Class A Add +20.6% 2.01% +0.17
OBDC Blue Owl Capital Corp. New 0.17% +0.17
MDY State Street SPDR S&P Midcap New 0.16% +0.16
MLM Martin Marietta Materials Add +17.3% 0.86% +0.15
VOO Vanguard S&P 500 ETF New 0.15% +0.15
SHM SS SPDR N Ice St Muni ETF New 0.15% +0.15
EMHY iShares J.P. Morgan Em High New 0.14% +0.14
HYMB SS SPDR N Ice HY Muni ETF New 0.14% +0.14
ELF Elf Beauty Inc. Add +2.9% 0.94% +0.14
PRFT Perficient Inc. New 0.12% +0.12
ETN Eaton Corp. PLC New 0.11% +0.11
T AT&T Inc. New 0.10% +0.10
INSW International Seaways Inc. New 0.09% +0.09
WPM Wheaton Precious Metals Corp. New 0.09% +0.09
AAPL Apple Inc. Add +44.8% 1.08% +0.09
SRLN SS Blackstone Sr Loan ETF Add +38.1% 0.57% +0.08
EPD Enterprise Products Partners Add +629.7% 0.10% +0.08
MO Altria Group Inc. Add +722.0% 0.09% +0.08
ET Energy Transfer LP Add +78.2% 0.19% +0.08
HLMN Hillman Solutions Corp. Add +21.6% 0.48% +0.08
MCK McKesson Corp. Add +9.9% 0.85% +0.06
LOW Lowe's Cos Inc. Add +24.4% 0.36% +0.06
UUUU Energy Fuels Inc. Add +76.7% 0.08% +0.02
KGC Kinross Gold Corp. Add +43.3% 0.09% +0.02
TCPC BlackRock TCP Capital Corp. New 0.01% +0.01
AIG American International Group Add +2.9% 0.89% +0.00

Options Activity Q4 2023 → Q1 2024
APPLE INC call New 4,968 $12.0M

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