Cercano Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Cercano Management LLC reported 98 stock positions worth $3.7 billion. Its top holding was Microsoft (MSFT) at 15.8% of the portfolio, followed by Xpo (XPO, 8.9%) and Union Pacific (UNP, 6.4%). Compared with Q1 2024, it opened 13 new positions, sold out of 16, added to 39 and reduced 11. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +763%) and the biggest sale an exit from Willscot (WSC).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$3.7B (Q2 2024)
SEC Filing
0001936416-24-000009 ↗ filed Aug 13, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.6B Q1 2024 Q2 2024: $3.7B $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 98 stocks · $3.7B
MSFT Microsoft Corp. 15.79% 1,325,031 $592.2M Reduce -3.4%
XPO Xpo Inc. 8.89% 3,142,027 $333.5M Add +0.1%
UNP Union Pacific Corp. 6.44% 1,067,304 $241.5M Reduce -1.9%
AMZN Amazon.com Inc. 3.43% 665,357 $128.6M Add +14.9%
NVEE NV5 Global Inc. 3.15% 1,271,194 $118.2M Add +2.5%
SPY SS SPDR S&P 500 ETF Trust-US 2.64% 181,566 $99.1M Add +762.6%
GOOG Alphabet Inc. Class C 2.39% 488,551 $89.6M No change
AAPL Apple Inc. 2.33% 414,808 $87.4M Add +84.6%
SCHW Schwab (charles) Corp. 2.23% 1,134,760 $83.6M Reduce -4.9%
NVDA Nvidia Corp. 2.20% 668,900 $82.6M Add +0.6%
MCO Moody's Corp. 2.20% 196,076 $82.5M No change
UNH Unitedhealth Group Inc. 1.87% 137,626 $70.1M Add +13.6%
V Visa Inc. Class A 1.81% 258,188 $67.8M No change
RSP Invesco S&P 500 Equal Weight 1.71% 390,945 $64.2M No change
UBER Uber Technologies Inc. 1.66% 857,708 $62.3M No change
FROG Jfrog Ltd. 1.61% 1,603,749 $60.2M Add +10.3%
SPGI S&P Global Inc. 1.50% 126,414 $56.4M No change
DHR Danaher Corp. 1.46% 219,699 $54.9M No change
HYLB Xtrackers Usd High Yield Cor 1.45% 1,537,172 $54.5M No change
KLAC KLA Corp. 1.45% 66,059 $54.5M Add +65.9%
WAL Western Alliance Bancorp 1.34% 798,987 $50.2M Add +26.9%
CDNS Cadence Design SYS Inc. 1.20% 146,636 $45.1M Add +0.5%
MDY State Street SPDR S&P Midcap 1.20% 83,934 $45.0M Add +692.0%
REGN Regeneron Pharmaceuticals 1.16% 41,489 $43.6M Add +8.1%
COOP Mr Cooper Group Inc. 1.15% 532,314 $43.2M Add +5.9%
MCK McKesson Corp. 1.13% 72,335 $42.2M Add +27.3%
LEN Lennar Corp. Class A 1.06% 266,345 $39.9M Add +88.2%
ELF Elf Beauty Inc. 1.05% 187,346 $39.5M Add +9.6%
MLM Martin Marietta Materials 1.04% 72,202 $39.1M Add +44.1%
MRVL Marvell Technology Inc. 1.03% 552,708 $38.6M Add +0.5%
HLT Hilton Worldwide Holdings Inc. 1.02% 174,953 $38.2M New
XLK SS Technology Select Sector 0.98% 163,086 $36.9M New
WMS Advanced Drainage Systems Inc. 0.98% 228,680 $36.7M Add +93.3%
VRTX Vertex Pharmaceuticals Inc. 0.89% 70,959 $33.3M Add +0.6%
AIG American International Group 0.81% 411,122 $30.5M Add +0.6%
ACGL Arch Capital Group Ltd. 0.80% 298,380 $30.1M Add +2.9%
MUNI PIMCO Intermediate Municipal 0.80% 576,296 $30.0M Add +49.7%
GOOGL Alphabet Inc. Class A 0.80% 164,188 $29.9M Add +13.8%
IBKR Interactive Brokers Gro Class A 0.72% 219,925 $27.0M Add +0.6%
MPWR Monolithic Power Systems Inc. 0.69% 31,379 $25.8M New
DXCM Dexcom Inc. 0.69% 227,250 $25.8M Add +4.0%
SRLN SS Blackstone Sr Loan ETF 0.62% 558,699 $23.4M Add +14.7%
PGNY Progyny Inc. 0.60% 791,375 $22.6M Add +0.6%
EWBC East West Bancorp Inc. 0.58% 294,814 $21.6M Reduce -45.9%
PCVX Vaxcyte Inc. 0.55% 273,608 $20.7M Add +0.5%
GRAB Grab Holdings Ltd. Class A 0.50% 5,286,833 $18.8M No change
VEEV Veeva Systems Inc. Class A 0.48% 99,167 $18.1M Add +5.4%
WDAY Workday Inc. Class A 0.48% 80,996 $18.1M Reduce -25.8%
SHW The Sherwin-Williams Co. 0.45% 56,570 $16.9M Reduce -42.0%
NAUT Nautilus Biotechnology Inc. 0.45% 7,172,985 $16.8M No change
BATRK Atlanta Braves Holdings in-C 0.42% 395,678 $15.6M No change
MA Mastercard Inc. Class A 0.41% 35,163 $15.5M No change
BLDR Builders Firstsource Inc. 0.39% 106,921 $14.8M New
DNLI Denali Therapeutics Inc. 0.39% 625,000 $14.5M No change
HLMN Hillman Solutions Corp. 0.38% 1,620,893 $14.3M Add +0.6%
DDOG Datadog Inc. Class A 0.38% 109,789 $14.2M Add +774.3%
CP Canadian Pacific Kansas City 0.34% 161,892 $12.7M Reduce -31.4%
WELL Welltower Inc. 0.32% 115,822 $12.1M No change
SGOV iShares 0-3 Month Treasury B 0.32% 117,755 $11.9M Reduce -26.9%
OCSL Oaktree Specialty Lending Co. 0.30% 603,189 $11.3M Add +37.0%
TFIN Triumph Financial Inc. 0.29% 134,176 $11.0M New
LOW Lowe's Cos Inc. 0.29% 49,186 $10.8M Reduce -1.8%
BKSY Blacksky Technology Inc. 0.28% 9,951,809 $10.6M No change
RELY Remitly Global Inc. 0.25% 760,175 $9.2M No change
INVH Invitation Homes Inc. 0.25% 256,214 $9.2M No change
LION Lionsgate Studios Corp. 0.21% 983,767 $7.9M New
OMF Onemain Holdings Inc. 0.20% 158,187 $7.7M Reduce -18.7%
ET Energy Transfer LP 0.19% 438,495 $7.1M No change
INSW International Seaways Inc. 0.19% 119,085 $7.0M Add +91.3%
IOT Samsara Inc. Class A 0.19% 206,885 $7.0M New
DT Dynatrace Inc. 0.17% 144,783 $6.5M Reduce -76.6%
VOO Vanguard S&P 500 ETF 0.15% 10,935 $5.5M No change
OBDC Blue Owl Capital Corp. 0.14% 352,975 $5.4M Add +0.3%
SHM SS SPDR N Ice St Muni ETF 0.14% 110,000 $5.2M No change
RXRX Recursion Pharmaceuticals-A 0.14% 685,018 $5.1M No change
EMHY iShares J.P. Morgan Em High 0.14% 138,000 $5.1M No change
HYMB SS SPDR N Ice HY Muni ETF 0.14% 200,000 $5.1M No change
PAYO Payoneer Global Inc. 0.12% 800,000 $4.4M No change
KGC Kinross Gold Corp. 0.12% 529,101 $4.4M No change
KBE SS SPDR S&P Bank ETF 0.11% 90,000 $4.2M New
ETN Eaton Corp. PLC 0.10% 12,446 $3.9M No change
T AT&T Inc. 0.10% 203,430 $3.9M No change
TDG Transdigm Group Inc. 0.10% 3,035 $3.9M New
WPM Wheaton Precious Metals Corp. 0.10% 69,124 $3.6M No change
PDO PIMCO Dynamic Income Opport 0.09% 262,566 $3.5M New
EPD Enterprise Products Partners 0.09% 120,021 $3.5M No change
TRTX TPG Re Finance Trust Inc. 0.09% 401,607 $3.5M New
MO Altria Group Inc. 0.09% 76,086 $3.5M No change
UUUU Energy Fuels Inc. 0.07% 445,104 $2.7M No change
TEAM Atlassian Corp. Class A 0.06% 13,239 $2.3M No change
OUT Outfront Media Inc. 0.05% 134,499 $1.9M New
WU Western Union Co. 0.05% 149,869 $1.8M New
TCPC BlackRock TCP Capital Corp. 0.04% 148,400 $1.6M Add +583.1%
PAA Plains All Amer Pipeline LP 0.04% 85,192 $1.5M Add +1296.6%
STWD Starwood Property Trust Inc. 0.04% 79,029 $1.5M Add +589.7%
EEM iShares MSCI Emerging Market 0.01% 9,500 $405K No change
UNBX Unity Biotechnology Inc. 0.00% 41,238 $56K No change
BANZAI INTERNATIONAL INC 0.00% 105,412 $18K No change

Options reported separately and not counted above: APPLE INC calls ($5.7M).

Portfolio Sells Q1 2024 → Q2 2024
WSC Willscot Holdings Corp. Sold out 0.00% −1.52
UNP Union Pacific Corp. Reduce -1.9% 6.44% −1.02
WST West Pharmaceutical Services Sold out 0.00% −1.02
META Meta Platforms Inc. Class A Sold out 0.00% −0.75
DT Dynatrace Inc. Reduce -76.6% 0.17% −0.63
EWBC East West Bancorp Inc. Reduce -45.9% 0.58% −0.63
SHW The Sherwin-Williams Co. Reduce -42.0% 0.45% −0.50
PANW Palo Alto Networks Inc. Sold out 0.00% −0.43
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.40
WDAY Workday Inc. Class A Reduce -25.8% 0.48% −0.35
VIS Vanguard Industrials ETF Sold out 0.00% −0.31
MSFT Microsoft Corp. Reduce -3.4% 15.79% −0.30
GLD SPDR Gold Shares Sold out 0.00% −0.29
ARE Alexandria Real Estate Equit Sold out 0.00% −0.28
PLD Prologis Inc. Sold out 0.00% −0.27
LAUR Laureate Education Inc. Sold out 0.00% −0.25
CP Canadian Pacific Kansas City Reduce -31.4% 0.34% −0.24
SCHW Schwab (charles) Corp. Reduce -4.9% 2.23% −0.18
RPC Ridgepost Capital Inc. Class A Sold out 0.00% −0.17
SGOV iShares 0-3 Month Treasury B Reduce -26.9% 0.32% −0.14
PRFT Perficient Inc. Sold out 0.00% −0.12
OMF Onemain Holdings Inc. Reduce -18.7% 0.20% −0.07
LOW Lowe's Cos Inc. Reduce -1.8% 0.29% −0.07
GBCI Glacier Bancorp Inc. Sold out 0.00% −0.04
CVX Chevron Corp. Sold out 0.00% −0.02
BTI British American Tob-SP ADR Sold out 0.00% −0.01
VOD Vodafone Group PLC-SP ADR Sold out 0.00% −0.00

Portfolio Buys Q1 2024 → Q2 2024
SPY SS SPDR S&P 500 ETF Trust-US Add +762.6% 2.64% +2.34
AAPL Apple Inc. Add +84.6% 2.33% +1.25
MDY State Street SPDR S&P Midcap Add +692.0% 1.20% +1.03
HLT Hilton Worldwide Holdings Inc. New 1.02% +1.02
XLK SS Technology Select Sector New 0.98% +0.98
MPWR Monolithic Power Systems Inc. New 0.69% +0.69
KLAC KLA Corp. Add +65.9% 1.45% +0.68
NVDA Nvidia Corp. Add +0.6% 2.20% +0.53
AMZN Amazon.com Inc. Add +14.9% 3.43% +0.51
WMS Advanced Drainage Systems Inc. Add +93.3% 0.98% +0.41
BLDR Builders Firstsource Inc. New 0.39% +0.39
LEN Lennar Corp. Class A Add +88.2% 1.06% +0.39
DDOG Datadog Inc. Class A Add +774.3% 0.38% +0.34
TFIN Triumph Financial Inc. New 0.29% +0.29
MCK McKesson Corp. Add +27.3% 1.13% +0.28
MUNI PIMCO Intermediate Municipal Add +49.7% 0.80% +0.24
LION Lionsgate Studios Corp. New 0.21% +0.21
WAL Western Alliance Bancorp Add +26.9% 1.34% +0.21
UNH Unitedhealth Group Inc. Add +13.6% 1.87% +0.20
GOOGL Alphabet Inc. Class A Add +13.8% 0.80% +0.19
IOT Samsara Inc. Class A New 0.19% +0.19
MLM Martin Marietta Materials Add +44.1% 1.04% +0.18
REGN Regeneron Pharmaceuticals Add +8.1% 1.16% +0.13
ELF Elf Beauty Inc. Add +9.6% 1.05% +0.12
KBE SS SPDR S&P Bank ETF New 0.11% +0.11
TDG Transdigm Group Inc. New 0.10% +0.10
INSW International Seaways Inc. Add +91.3% 0.19% +0.10
PDO PIMCO Dynamic Income Opport New 0.09% +0.09
TRTX TPG Re Finance Trust Inc. New 0.09% +0.09
VRTX Vertex Pharmaceuticals Inc. Add +0.6% 0.89% +0.06
OCSL Oaktree Specialty Lending Co. Add +37.0% 0.30% +0.06
COOP Mr Cooper Group Inc. Add +5.9% 1.15% +0.06
ACGL Arch Capital Group Ltd. Add +2.9% 0.80% +0.05
OUT Outfront Media Inc. New 0.05% +0.05
SRLN SS Blackstone Sr Loan ETF Add +14.7% 0.62% +0.05
WU Western Union Co. New 0.05% +0.05
IBKR Interactive Brokers Gro Class A Add +0.6% 0.72% +0.04
PAA Plains All Amer Pipeline LP Add +1296.6% 0.04% +0.04
TCPC BlackRock TCP Capital Corp. Add +583.1% 0.04% +0.04
STWD Starwood Property Trust Inc. Add +589.7% 0.04% +0.03
PCVX Vaxcyte Inc. Add +0.5% 0.55% +0.03
OBDC Blue Owl Capital Corp. Add +0.3% 0.14% −0.02
MRVL Marvell Technology Inc. Add +0.5% 1.03% −0.06
CDNS Cadence Design SYS Inc. Add +0.5% 1.20% −0.06
AIG American International Group Add +0.6% 0.81% −0.08
HLMN Hillman Solutions Corp. Add +0.6% 0.38% −0.10
VEEV Veeva Systems Inc. Class A Add +5.4% 0.48% −0.12
DXCM Dexcom Inc. Add +4.0% 0.69% −0.16
FROG Jfrog Ltd. Add +10.3% 1.61% −0.19
PGNY Progyny Inc. Add +0.6% 0.60% −0.23

Options Activity Q1 2024 → Q2 2024
APPLE INC call Reduce -88.9% 550 $5.7M

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