Cercano Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Cercano Management LLC reported 155 stock positions worth $4.2 billion. Its top holding was Microsoft (MSFT) at 11.8% of the portfolio, followed by Xpo (XPO, 8.1%) and Invesco S&P 500 Equal Weight (RSP, 6.8%). Compared with Q2 2024, it opened 80 new positions, sold out of 23, added to 25 and reduced 21. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +305%) and the biggest sale Microsoft (MSFT, shares −14%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$4.2B (Q3 2024)
SEC Filing
0001936416-24-000017 ↗ filed Nov 14, 2024

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 $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 155 stocks · $4.2B
MSFT Microsoft Corp. 11.79% 1,145,354 $492.8M Reduce -13.6%
XPO Xpo Inc. 8.08% 3,142,027 $337.8M No change
RSP Invesco S&P 500 Equal Weight 6.79% 1,583,970 $283.8M Add +305.2%
UNP Union Pacific Corp. 6.31% 1,069,783 $263.7M Add +0.2%
LEN Lennar Corp. Class A 3.21% 716,093 $134.3M Add +168.9%
AMZN Amazon.com Inc. 2.99% 671,611 $125.1M Add +0.9%
NVEE NV5 Global Inc. 2.84% 1,271,194 $118.8M No change
META Meta Platforms Inc. Class A 2.55% 186,018 $106.5M New
QXO Qxo Inc. 2.48% 6,564,550 $103.5M New
SPY SS SPDR S&P 500 ETF Trust-US 2.30% 167,534 $96.1M Reduce -7.7%
MCO Moody's Corp. 2.23% 196,746 $93.4M Add +0.3%
NVDA Nvidia Corp. 2.04% 701,230 $85.2M Add +4.8%
UNH Unitedhealth Group Inc. 1.96% 139,837 $81.8M Add +1.6%
SCHW Schwab (charles) Corp. 1.76% 1,135,480 $73.6M Add +0.1%
GOOG Alphabet Inc. Class C 1.74% 435,519 $72.8M Reduce -10.8%
V Visa Inc. Class A 1.71% 259,580 $71.4M Add +0.5%
SPSM SS SPDR P S&P 600 Small Cap 1.58% 1,450,925 $66.0M New
SPGI S&P Global Inc. 1.57% 127,294 $65.8M Add +0.7%
UBER Uber Technologies Inc. 1.54% 857,708 $64.5M No change
DHR Danaher Corp. 1.46% 219,699 $61.1M No change
HYLB Xtrackers Usd High Yield Cor 1.36% 1,537,172 $56.8M No change
DXCM Dexcom Inc. 1.23% 765,416 $51.3M Add +236.8%
MCK McKesson Corp. 1.20% 101,790 $50.3M Add +40.7%
FROG Jfrog Ltd. 1.17% 1,688,029 $49.0M Add +5.3%
OMF Onemain Holdings Inc. 1.10% 974,344 $45.9M Add +515.9%
TDG Transdigm Group Inc. 1.05% 30,789 $43.9M Add +914.5%
COOP Mr Cooper Group Inc. 1.05% 474,952 $43.8M Reduce -10.8%
AAPL Apple Inc. 0.98% 176,043 $41.0M Reduce -57.6%
MLM Martin Marietta Materials 0.93% 72,202 $38.9M No change
BLDR Builders Firstsource Inc. 0.93% 200,111 $38.8M Add +87.2%
GLD SPDR Gold Shares 0.92% 157,989 $38.4M New
TSM Taiwan Semiconductor-SP ADR 0.92% 220,931 $38.4M New
PCVX Vaxcyte Inc. 0.90% 327,742 $37.5M Add +19.8%
HLT Hilton Worldwide Holdings Inc. 0.85% 154,002 $35.5M Reduce -12.0%
ACGL Arch Capital Group Ltd. 0.82% 307,844 $34.4M Add +3.2%
REGN Regeneron Pharmaceuticals 0.82% 32,434 $34.1M Reduce -21.8%
ASML ASML Holding NV-NY Reg SHS 0.78% 39,242 $32.7M New
VRTX Vertex Pharmaceuticals Inc. 0.70% 63,357 $29.5M Reduce -10.7%
KLAC KLA Corp. 0.70% 37,998 $29.4M Reduce -42.5%
AIG American International Group 0.64% 362,555 $26.5M Reduce -11.8%
GOOGL Alphabet Inc. Class A 0.63% 158,662 $26.3M Reduce -3.4%
BSX Boston Scientific Corp. 0.60% 298,085 $25.0M New
MUNI PIMCO Intermediate Municipal 0.56% 443,816 $23.5M Reduce -23.0%
DDOG Datadog Inc. Class A 0.51% 184,589 $21.2M Add +68.1%
STRL Sterling Infrastructure Inc. 0.50% 144,965 $21.0M New
EWA iShares MSCI Australia ETF 0.49% 757,744 $20.5M New
NAUT Nautilus Biotechnology Inc. 0.49% 7,172,985 $20.4M No change
ELF Elf Beauty Inc. 0.49% 187,346 $20.4M No change
GRAB Grab Holdings Ltd. Class A 0.48% 5,286,833 $20.1M No change
EWC iShares MSCI Canada ETF 0.46% 467,030 $19.4M New
SHW The Sherwin-Williams Co. 0.45% 49,577 $18.9M Reduce -12.4%
MA Mastercard Inc. Class A 0.45% 37,737 $18.6M Add +7.3%
CRWD CrowdStrike Holdings Inc. Class A 0.44% 65,922 $18.5M New
WAL Western Alliance Bancorp 0.44% 212,027 $18.3M Reduce -73.5%
DNLI Denali Therapeutics Inc. 0.44% 625,000 $18.2M No change
HLMN Hillman Solutions Corp. 0.41% 1,620,893 $17.1M No change
EMHY iShares J.P. Morgan Em High 0.39% 421,404 $16.4M Add +205.4%
BATRK Atlanta Braves Holdings in-C 0.38% 395,678 $15.7M No change
SLV iShares Silver Trust 0.37% 547,834 $15.6M New
XLE SS Energy Select Sector 0.34% 159,810 $14.0M New
LOW Lowe's Cos Inc. 0.32% 50,096 $13.6M Add +1.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.29% 69,120 $12.1M New
HYMB SS SPDR N Ice HY Muni ETF 0.26% 414,300 $10.9M Add +107.2%
TFIN Triumph Financial Inc. 0.25% 131,092 $10.4M Reduce -2.3%
RELY Remitly Global Inc. 0.24% 760,175 $10.2M No change
ET Energy Transfer LP 0.17% 438,495 $7.0M No change
LION Lionsgate Studios Corp. 0.17% 983,767 $7.0M No change
IWM iShares Russell 2000 ETF 0.17% 31,284 $6.9M New
PDO PIMCO Dynamic Income Opport 0.16% 487,454 $6.9M Add +85.7%
INSW International Seaways Inc. 0.15% 119,085 $6.1M No change
BKSY Blacksky Technology Inc. 0.14% 1,243,976 $5.9M No change
VOO Vanguard S&P 500 ETF 0.14% 10,935 $5.8M No change
SGOV iShares 0-3 Month Treasury B 0.12% 50,229 $5.1M Reduce -57.3%
KGC Kinross Gold Corp. 0.12% 529,101 $5.0M No change
HAFN Hafnia Ltd. 0.11% 660,948 $4.7M New
T AT&T Inc. 0.11% 213,462 $4.7M Add +4.9%
RXRX Recursion Pharmaceuticals-A 0.11% 685,018 $4.5M No change
MRVL Marvell Technology Inc. 0.10% 60,869 $4.4M Reduce -89.0%
EWG iShares MSCI Germany ETF 0.10% 122,699 $4.2M New
DT Dynatrace Inc. 0.09% 74,101 $4.0M Reduce -48.8%
LABU DRXN DLY S&P BT BL 3X ETF-Ui 0.09% 28,765 $3.7M New
EPD Enterprise Products Partners 0.08% 120,021 $3.5M No change
TRTX TPG Re Finance Trust Inc. 0.08% 401,607 $3.4M No change
SRLN SS Blackstone Sr Loan ETF 0.07% 71,523 $3.0M Reduce -87.2%
SOXL Direx Dail Semi Bu 3X Et-Usd 0.07% 80,689 $3.0M New
OCSL Oaktree Specialty Lending Co. 0.07% 180,413 $2.9M Reduce -70.1%
OUT Outfront Media Inc. 0.06% 134,499 $2.5M No change
AVGO Broadcom Inc. 0.06% 13,440 $2.3M New
WU Western Union Co. 0.04% 149,869 $1.8M No change
STWD Starwood Property Trust Inc. 0.04% 79,029 $1.6M No change
PAA Plains All Amer Pipeline LP 0.04% 85,192 $1.5M No change
TCPC BlackRock TCP Capital Corp. 0.03% 148,400 $1.2M No change
WMT Walmart Inc. 0.03% 13,635 $1.1M New
HD Home Depot Inc. 0.02% 2,430 $985K New
LLY Eli Lilly & Co. 0.02% 1,105 $979K New
NFLX Netflix Inc. 0.02% 1,332 $945K New
TSLA Tesla Inc. 0.02% 3,456 $904K New
MRK Merck & Co. Inc. 0.02% 7,730 $878K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 21,750 $863K New
CAT Caterpillar Inc. 0.02% 2,180 $853K New
ETN Eaton Corp. PLC 0.02% 2,550 $845K Reduce -79.5%
PG The Procter & Gamble Co. 0.02% 4,272 $740K New
TXN Texas Instruments Inc. 0.02% 3,563 $736K New
ADBE Adobe Inc. 0.02% 1,412 $731K New
COST Costco Wholesale Corp. 0.02% 712 $631K New
BRK.B Berkshire Hathaway Inc. Class B 0.02% 1,369 $630K New
FANG Diamondback Energy Inc. 0.01% 3,566 $615K New
NET Cloudflare Inc. Class A 0.01% 7,464 $604K New
TT Trane Technologies PLC 0.01% 1,517 $590K New
AMAT Applied Materials Inc. 0.01% 2,896 $585K New
JPM JPMorgan Chase & Co. 0.01% 2,433 $513K New
KKR KKR & Co. Inc. 0.01% 3,560 $465K New
ITW Illinois Tool Works 0.01% 1,670 $438K New
ALEC Alector Inc. 0.01% 93,633 $436K New
EEM iShares MSCI Emerging Market 0.01% 9,500 $436K No change
IRWD Ironwood Pharmaceuticals Inc. 0.01% 101,378 $418K New
NEE Nextera Energy Inc. 0.01% 4,824 $408K New
HON Honeywell International Inc. 0.01% 1,924 $398K New
HCA HCA Healthcare Inc. 0.01% 970 $394K New
SPOT Spotify Technology SA 0.01% 1,047 $386K New
INTU Intuit Inc. 0.01% 619 $384K New
DFS Discover Financial Services 0.01% 2,666 $374K New
ABBV Abbvie Inc. 0.01% 1,789 $353K New
TMO Thermo Fisher Scientific Inc. 0.01% 531 $328K New
TOL Toll Brothers Inc. 0.01% 2,107 $326K New
ACN Accenture PLC Class A 0.01% 871 $308K New
ISRG Intuitive Surgical Inc. 0.01% 621 $305K New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 22,307 $304K New
WLK Westlake Corp. 0.01% 1,978 $297K New
ABT Abbott Laboratories 0.01% 2,607 $297K New
VTR Ventas Inc. 0.01% 4,610 $296K New
MS Morgan Stanley 0.01% 2,812 $293K New
SBUX Starbucks Corp. 0.01% 2,980 $291K New
RRC Range Resources Corp. 0.01% 9,410 $289K New
LMT Lockheed Martin Corp. 0.01% 486 $284K New
MCD McDonald's Corp. 0.01% 927 $282K New
APO Apollo Global Management Inc. 0.01% 2,259 $282K New
LYB Lyondellbasell Indu Class A 0.01% 2,809 $269K New
XOM Exxon Mobil Corp. 0.01% 2,280 $267K New
PRU Prudential Financial Inc. 0.01% 2,196 $266K New
NSC Norfolk Southern Corp. 0.01% 1,069 $266K New
JNJ Johnson & Johnson 0.01% 1,588 $257K New
HAL Halliburton Co. 0.01% 8,817 $256K New
A Agilent Technologies Inc. 0.01% 1,666 $247K New
EQT Eqt Corp. 0.01% 6,749 $247K New
ORLY O'reilly Automotive Inc. 0.01% 213 $245K New
KMB Kimberly-Clark Corp. 0.01% 1,628 $232K New
NOC Northrop Grumman Corp. 0.01% 437 $231K New
PM Philip Morris International 0.01% 1,847 $224K New
SYK Stryker Corp. 0.01% 598 $216K New
ALL Allstate Corp. 0.01% 1,118 $212K New
NRG NRG Energy Inc. 0.01% 2,295 $209K New
PYPL PayPal Holdings Inc. 0.01% 2,665 $208K New
CHTR Charter Communications Inc. Class A 0.00% 636 $206K New
UNBX Unity Biotechnology Inc. 0.00% 41,238 $61K No change

Options reported separately and not counted above: ALPHABET INC calls ($1.2M).

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -13.6% 11.79% −4.01
AAPL Apple Inc. Reduce -57.6% 0.98% −1.35
CDNS Cadence Design SYS Inc. Sold out 0.00% −1.20
MDY State Street SPDR S&P Midcap Sold out 0.00% −1.20
XLK SS Technology Select Sector Sold out 0.00% −0.98
WMS Advanced Drainage Systems Inc. Sold out 0.00% −0.98
MRVL Marvell Technology Inc. Reduce -89.0% 0.10% −0.93
WAL Western Alliance Bancorp Reduce -73.5% 0.44% −0.90
KLAC KLA Corp. Reduce -42.5% 0.70% −0.75
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.72
MPWR Monolithic Power Systems Inc. Sold out 0.00% −0.69
GOOG Alphabet Inc. Class C Reduce -10.8% 1.74% −0.65
PGNY Progyny Inc. Sold out 0.00% −0.60
EWBC East West Bancorp Inc. Sold out 0.00% −0.58
SRLN SS Blackstone Sr Loan ETF Reduce -87.2% 0.07% −0.55
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.48
WDAY Workday Inc. Class A Sold out 0.00% −0.48
REGN Regeneron Pharmaceuticals Reduce -21.8% 0.82% −0.35
SPY SS SPDR S&P 500 ETF Trust-US Reduce -7.7% 2.30% −0.34
CP Canadian Pacific Kansas City Sold out 0.00% −0.34
WELL Welltower Inc. Sold out 0.00% −0.32
INVH Invitation Homes Inc. Sold out 0.00% −0.25
MUNI PIMCO Intermediate Municipal Reduce -23.0% 0.56% −0.24
OCSL Oaktree Specialty Lending Co. Reduce -70.1% 0.07% −0.23
SGOV iShares 0-3 Month Treasury B Reduce -57.3% 0.12% −0.20
IOT Samsara Inc. Class A Sold out 0.00% −0.19
VRTX Vertex Pharmaceuticals Inc. Reduce -10.7% 0.70% −0.18
AIG American International Group Reduce -11.8% 0.64% −0.18
HLT Hilton Worldwide Holdings Inc. Reduce -12.0% 0.85% −0.17
GOOGL Alphabet Inc. Class A Reduce -3.4% 0.63% −0.17
OBDC Blue Owl Capital Corp. Sold out 0.00% −0.14
SHM SS SPDR N Ice St Muni ETF Sold out 0.00% −0.14
PAYO Payoneer Global Inc. Sold out 0.00% −0.12
KBE SS SPDR S&P Bank ETF Sold out 0.00% −0.11
COOP Mr Cooper Group Inc. Reduce -10.8% 1.05% −0.11
WPM Wheaton Precious Metals Corp. Sold out 0.00% −0.10
MO Altria Group Inc. Sold out 0.00% −0.09
ETN Eaton Corp. PLC Reduce -79.5% 0.02% −0.08
DT Dynatrace Inc. Reduce -48.8% 0.09% −0.08
UUUU Energy Fuels Inc. Sold out 0.00% −0.07
TEAM Atlassian Corp. Class A Sold out 0.00% −0.06
TFIN Triumph Financial Inc. Reduce -2.3% 0.25% −0.04
BANZAI INTERNATIONAL INC Sold out 0.00% −0.00
SHW The Sherwin-Williams Co. Reduce -12.4% 0.45% +0.00

Portfolio Buys Q2 2024 → Q3 2024
RSP Invesco S&P 500 Equal Weight Add +305.2% 6.79% +5.07
META Meta Platforms Inc. Class A New 2.55% +2.55
QXO Qxo Inc. New 2.48% +2.48
LEN Lennar Corp. Class A Add +168.9% 3.21% +2.15
SPSM SS SPDR P S&P 600 Small Cap New 1.58% +1.58
TDG Transdigm Group Inc. Add +914.5% 1.05% +0.95
GLD SPDR Gold Shares New 0.92% +0.92
TSM Taiwan Semiconductor-SP ADR New 0.92% +0.92
OMF Onemain Holdings Inc. Add +515.9% 1.10% +0.89
ASML ASML Holding NV-NY Reg SHS New 0.78% +0.78
BSX Boston Scientific Corp. New 0.60% +0.60
DXCM Dexcom Inc. Add +236.8% 1.23% +0.54
BLDR Builders Firstsource Inc. Add +87.2% 0.93% +0.53
STRL Sterling Infrastructure Inc. New 0.50% +0.50
EWA iShares MSCI Australia ETF New 0.49% +0.49
EWC iShares MSCI Canada ETF New 0.46% +0.46
CRWD CrowdStrike Holdings Inc. Class A New 0.44% +0.44
SLV iShares Silver Trust New 0.37% +0.37
PCVX Vaxcyte Inc. Add +19.8% 0.90% +0.34
XLE SS Energy Select Sector New 0.34% +0.34
VTV Vanguard Mrngstr Val ETF-Aui New 0.29% +0.29
EMHY iShares J.P. Morgan Em High Add +205.4% 0.39% +0.26
IWM iShares Russell 2000 ETF New 0.17% +0.17
DDOG Datadog Inc. Class A Add +68.1% 0.51% +0.13
HYMB SS SPDR N Ice HY Muni ETF Add +107.2% 0.26% +0.12
HAFN Hafnia Ltd. New 0.11% +0.11
EWG iShares MSCI Germany ETF New 0.10% +0.10
LABU DRXN DLY S&P BT BL 3X ETF-Ui New 0.09% +0.09
UNH Unitedhealth Group Inc. Add +1.6% 1.96% +0.09
MCK McKesson Corp. Add +40.7% 1.20% +0.08
PDO PIMCO Dynamic Income Opport Add +85.7% 0.16% +0.07
SOXL Direx Dail Semi Bu 3X Et-Usd New 0.07% +0.07
SPGI S&P Global Inc. Add +0.7% 1.57% +0.07
AVGO Broadcom Inc. New 0.06% +0.06
LOW Lowe's Cos Inc. Add +1.9% 0.32% +0.04
MCO Moody's Corp. Add +0.3% 2.23% +0.03
MA Mastercard Inc. Class A Add +7.3% 0.45% +0.03
WMT Walmart Inc. New 0.03% +0.03
HD Home Depot Inc. New 0.02% +0.02
LLY Eli Lilly & Co. New 0.02% +0.02
NFLX Netflix Inc. New 0.02% +0.02
TSLA Tesla Inc. New 0.02% +0.02
MRK Merck & Co. Inc. New 0.02% +0.02
ACGL Arch Capital Group Ltd. Add +3.2% 0.82% +0.02
BAC Bank of America Corp. New 0.02% +0.02
CAT Caterpillar Inc. New 0.02% +0.02
PG The Procter & Gamble Co. New 0.02% +0.02
TXN Texas Instruments Inc. New 0.02% +0.02
ADBE Adobe Inc. New 0.02% +0.02
BRK.B Berkshire Hathaway Inc. Class B New 0.02% +0.02

Options Activity Q2 2024 → Q3 2024
APPLE INC call Sold out 550 $5.7Mbefore exit
ALPHABET INC call New 2,886 $1.2M

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