Cercano Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Cercano Management LLC reported 174 stock positions worth $3.9 billion. Its top holding was Microsoft (MSFT) at 11.8% of the portfolio, followed by Xpo (XPO, 7.7%) and Invesco S&P 500 Equal Weight (RSP, 6.5%). Compared with Q3 2024, it opened 42 new positions, sold out of 23, added to 16 and reduced 32. The biggest buy was a new position in SS Health Care Select Sector (XLV) and the biggest sale Lennar Class A (LEN, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- BELLEVUE, WA
- CIK
- 0001936416
- Portfolio Value
- $3.9B (Q4 2024)
- SEC Filing
- 0001936416-25-000004 ↗ filed Feb 14, 2025
Holdings Value
Holdings 174 stocks · $3.9B
| MSFT Microsoft Corp. | 11.78% | 1,097,216 | $462.5M | Reduce -4.2% |
| XPO Xpo Inc. | 7.69% | 2,301,487 | $301.8M | Reduce -26.8% |
| RSP Invesco S&P 500 Equal Weight | 6.55% | 1,466,904 | $257.0M | Reduce -7.4% |
| UNP Union Pacific Corp. | 6.22% | 1,069,783 | $244.0M | No change |
| AMZN Amazon.com Inc. | 3.94% | 705,129 | $154.7M | Add +5.0% |
| META Meta Platforms Inc. Class A | 3.41% | 228,786 | $134.0M | Add +23.0% |
| QXO Qxo Inc. | 2.66% | 6,564,550 | $104.4M | No change |
| MCO Moody's Corp. | 2.37% | 196,746 | $93.1M | No change |
| NVDA Nvidia Corp. | 2.28% | 667,395 | $89.6M | Reduce -4.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.22% | 148,701 | $87.2M | Reduce -11.2% |
| SCHW Schwab (charles) Corp. | 2.14% | 1,135,480 | $84.0M | No change |
| V Visa Inc. Class A | 2.09% | 259,580 | $82.0M | No change |
| XLV SS Health Care Select Sector | 2.05% | 584,756 | $80.4M | New |
| GOOG Alphabet Inc. Class C | 1.97% | 405,558 | $77.2M | Reduce -6.9% |
| COOP Mr Cooper Group Inc. | 1.93% | 790,753 | $75.9M | Add +66.5% |
| NVEE NV5 Global Inc. | 1.88% | 3,925,599 | $74.0M | Reduce -22.8% |
| UNH Unitedhealth Group Inc. | 1.80% | 139,837 | $70.7M | No change |
| SPGI S&P Global Inc. | 1.62% | 127,294 | $63.4M | No change |
| HYLB Xtrackers Usd High Yield Cor | 1.41% | 1,537,172 | $55.5M | No change |
| LEN Lennar Corp. Class A | 1.37% | 395,605 | $53.9M | Reduce -44.8% |
| UBER Uber Technologies Inc. | 1.32% | 857,708 | $51.7M | No change |
| GOOGL Alphabet Inc. Class A | 1.27% | 263,885 | $50.0M | Add +66.3% |
| AAPL Apple Inc. | 1.26% | 197,395 | $49.4M | Add +12.1% |
| APO Apollo Global Management Inc. | 1.25% | 297,985 | $49.2M | Add +13091.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.11% | 220,931 | $43.6M | No change |
| TDG Transdigm Group Inc. | 0.99% | 30,789 | $39.0M | No change |
| DELL Dell Technologies -C | 0.90% | 307,210 | $35.4M | New |
| MLM Martin Marietta Materials | 0.84% | 63,669 | $32.9M | Reduce -11.8% |
| PGR Progressive Corp. | 0.82% | 134,393 | $32.2M | New |
| GLD SPDR Gold Shares | 0.79% | 128,867 | $31.2M | Reduce -18.4% |
| WMS Advanced Drainage Systems Inc. | 0.76% | 258,130 | $29.8M | New |
| JPM JPMorgan Chase & Co. | 0.76% | 124,024 | $29.7M | Add +4997.6% |
| OMF Onemain Holdings Inc. | 0.73% | 552,320 | $28.8M | Reduce -43.3% |
| SBUX Starbucks Corp. | 0.69% | 297,208 | $27.1M | Add +9873.4% |
| DDOG Datadog Inc. Class A | 0.67% | 184,589 | $26.4M | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.66% | 342,407 | $25.9M | New |
| GRAB Grab Holdings Ltd. Class A | 0.64% | 5,286,833 | $25.0M | No change |
| STRL Sterling Infrastructure Inc. | 0.62% | 144,965 | $24.4M | No change |
| FROG Jfrog Ltd. | 0.61% | 809,115 | $23.8M | Reduce -52.1% |
| MDY State Street SPDR S&P Midcap | 0.60% | 41,196 | $23.5M | New |
| EMHY iShares J.P. Morgan Em High | 0.50% | 521,404 | $19.8M | Add +23.7% |
| SLV iShares Silver Trust | 0.50% | 745,323 | $19.6M | Add +36.0% |
| CHEF The Chefs' Warehouse Inc. | 0.47% | 374,708 | $18.5M | New |
| WAL Western Alliance Bancorp | 0.45% | 212,027 | $17.7M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.45% | 1,255,365 | $17.5M | New |
| ABBV Abbvie Inc. | 0.45% | 98,372 | $17.5M | Add +5398.7% |
| ROST Ross Stores Inc. | 0.43% | 110,593 | $16.7M | New |
| DORM Dorman Products Inc. | 0.42% | 126,036 | $16.3M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.42% | 66,039 | $16.3M | Reduce -57.1% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.40% | 349,954 | $15.7M | Reduce -75.9% |
| WELL Welltower Inc. | 0.40% | 123,863 | $15.6M | New |
| ZETA Zeta Global Holdings Corp. Class A | 0.39% | 860,202 | $15.5M | New |
| IBKR Interactive Brokers Gro Class A | 0.39% | 87,193 | $15.4M | New |
| KLAC KLA Corp. | 0.39% | 24,121 | $15.2M | Reduce -36.5% |
| AGG iShares Core U.S. Aggregate | 0.37% | 151,570 | $14.7M | New |
| JAZZ Jazz Pharmaceuticals PLC | 0.35% | 112,370 | $13.8M | New |
| XLE SS Energy Select Sector | 0.35% | 159,810 | $13.7M | No change |
| MCK McKesson Corp. | 0.34% | 23,762 | $13.5M | Reduce -76.7% |
| BKSY Blacksky Technology Inc. | 0.34% | 1,243,976 | $13.4M | No change |
| DNLI Denali Therapeutics Inc. | 0.32% | 625,000 | $12.7M | No change |
| NAUT Nautilus Biotechnology Inc. | 0.31% | 7,172,985 | $12.1M | No change |
| EWC iShares MSCI Canada ETF | 0.30% | 291,900 | $11.8M | Reduce -37.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.30% | 69,120 | $11.7M | No change |
| XEMDX Western Asset Emrg MRKT DBT | 0.29% | 1,181,316 | $11.4M | New |
| TKO Tko Group Holdings Inc. | 0.27% | 75,095 | $10.7M | New |
| HYMB SS SPDR N Ice HY Muni ETF | 0.27% | 414,300 | $10.6M | No change |
| TMUS T-Mobile US Inc. | 0.26% | 47,003 | $10.4M | New |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.24% | 217,913 | $9.4M | New |
| RELY Remitly Global Inc. | 0.22% | 380,087 | $8.6M | Reduce -50.0% |
| LOW Lowe's Cos Inc. | 0.20% | 31,821 | $7.9M | Reduce -36.5% |
| BSX Boston Scientific Corp. | 0.20% | 85,822 | $7.7M | Reduce -71.2% |
| LION Lionsgate Studios Corp. | 0.19% | 983,767 | $7.5M | No change |
| XTN SS SPDR S&P Transport ETF | 0.19% | 85,434 | $7.4M | New |
| DXCM Dexcom Inc. | 0.19% | 95,136 | $7.4M | Reduce -87.6% |
| IWM iShares Russell 2000 ETF | 0.18% | 31,284 | $6.9M | No change |
| PDO PIMCO Dynamic Income Opport | 0.17% | 487,454 | $6.6M | No change |
| IBIT iShares Bitcoin Trust ETF | 0.16% | 117,140 | $6.2M | New |
| TBT Proshares Ultrashort 20+Y TR | 0.13% | 135,916 | $5.0M | New |
| KGC Kinross Gold Corp. | 0.13% | 529,101 | $4.9M | No change |
| CSX CSX Corp. | 0.12% | 150,870 | $4.9M | New |
| KRE SS SPDR S&P Regional Bank | 0.12% | 75,718 | $4.6M | New |
| PSX Phillips 66 | 0.11% | 38,959 | $4.4M | New |
| INSW International Seaways Inc. | 0.11% | 119,085 | $4.3M | No change |
| VOO Vanguard S&P 500 ETF | 0.11% | 7,883 | $4.2M | Reduce -27.9% |
| ET Energy Transfer LP | 0.10% | 209,295 | $4.1M | Reduce -52.3% |
| DT Dynatrace Inc. | 0.10% | 74,101 | $4.0M | No change |
| EPD Enterprise Products Partners | 0.10% | 120,021 | $3.8M | No change |
| KBE SS SPDR S&P Bank ETF | 0.09% | 65,601 | $3.6M | New |
| PANW Palo Alto Networks Inc. | 0.09% | 19,204 | $3.5M | New |
| TRTX TPG Re Finance Trust Inc. | 0.09% | 401,607 | $3.4M | No change |
| GPOR Gulfport Energy Corp. | 0.08% | 17,818 | $3.3M | New |
| NBIX Neurocrine Biosciences Inc. | 0.08% | 24,000 | $3.3M | New |
| ORCL Oracle Corp. | 0.08% | 19,133 | $3.2M | New |
| MTDR Matador Resources Co. | 0.08% | 56,578 | $3.2M | New |
| AVGO Broadcom Inc. | 0.08% | 13,440 | $3.1M | No change |
| SRLN SS Blackstone Sr Loan ETF | 0.08% | 71,523 | $3.0M | No change |
| MUNI PIMCO Intermediate Municipal | 0.08% | 57,483 | $3.0M | Reduce -87.0% |
| IAU iShares Gold Trust | 0.08% | 59,869 | $3.0M | New |
| SAND Sandstorm Gold Ltd. | 0.07% | 496,030 | $2.8M | New |
| OCSL Oaktree Specialty Lending Co. | 0.07% | 180,413 | $2.8M | No change |
Options reported separately and not counted above: V calls ($2.7M), CRM calls ($1.7M), META calls ($793K).
Portfolio Sells Q3 2024 → Q4 2024
| LEN Lennar Corp. Class A | Reduce -44.8% | 1.37% | −1.84 |
| DHR Danaher Corp. | Sold out | 0.00% | −1.46 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -75.9% | 0.40% | −1.18 |
| DXCM Dexcom Inc. | Reduce -87.6% | 0.19% | −1.04 |
| NVEE NV5 Global Inc. | Reduce -22.8% | 1.88% | −0.96 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.93 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.90 |
| MCK McKesson Corp. | Reduce -76.7% | 0.34% | −0.86 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.82 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.78 |
| ACGL Arch Capital Group Ltd. | Reduce -92.7% | 0.05% | −0.77 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -98.8% | 0.01% | −0.70 |
| AIG American International Group | Sold out | 0.00% | −0.64 |
| FROG Jfrog Ltd. | Reduce -52.1% | 0.61% | −0.57 |
| EWA iShares MSCI Australia ETF | Sold out | 0.00% | −0.49 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.49 |
| MUNI PIMCO Intermediate Municipal | Reduce -87.0% | 0.08% | −0.49 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.45 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.44 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -57.1% | 0.42% | −0.43 |
| MA Mastercard Inc. Class A | Reduce -93.2% | 0.03% | −0.41 |
| BSX Boston Scientific Corp. | Reduce -71.2% | 0.20% | −0.40 |
| XPO Xpo Inc. | Reduce -26.8% | 7.69% | −0.39 |
| BATRK Atlanta Braves Holdings in-C | Sold out | 0.00% | −0.38 |
| OMF Onemain Holdings Inc. | Reduce -43.3% | 0.73% | −0.36 |
| HLMN Hillman Solutions Corp. | Reduce -87.8% | 0.05% | −0.36 |
| KLAC KLA Corp. | Reduce -36.5% | 0.39% | −0.32 |
| TFIN Triumph Financial Inc. | Sold out | 0.00% | −0.25 |
| RSP Invesco S&P 500 Equal Weight | Reduce -7.4% | 6.55% | −0.24 |
| EWC iShares MSCI Canada ETF | Reduce -37.5% | 0.30% | −0.16 |
| LOW Lowe's Cos Inc. | Reduce -36.5% | 0.20% | −0.12 |
| GLD SPDR Gold Shares | Reduce -18.4% | 0.79% | −0.12 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.12 |
| HAFN Hafnia Ltd. | Sold out | 0.00% | −0.11 |
| RXRX Recursion Pharmaceuticals-A | Sold out | 0.00% | −0.11 |
| T AT&T Inc. | Reduce -95.3% | 0.01% | −0.11 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.10 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.10 |
| MLM Martin Marietta Materials | Reduce -11.8% | 0.84% | −0.09 |
| LABU DRXN DLY S&P BT BL 3X ETF-Ui | Sold out | 0.00% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.2% | 2.22% | −0.08 |
| SOXL Direx Dail Semi Bu 3X Et-Usd | Sold out | 0.00% | −0.07 |
| ET Energy Transfer LP | Reduce -52.3% | 0.10% | −0.06 |
| OUT Outfront Media Inc. | Sold out | 0.00% | −0.06 |
| VOO Vanguard S&P 500 ETF | Reduce -27.9% | 0.11% | −0.03 |
| RELY Remitly Global Inc. | Reduce -50.0% | 0.22% | −0.02 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −0.01 |
| RRC Range Resources Corp. | Sold out | 0.00% | −0.01 |
| MSFT Microsoft Corp. | Reduce -4.2% | 11.78% | −0.01 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| XLV SS Health Care Select Sector | New | 2.05% | +2.05 |
| APO Apollo Global Management Inc. | Add +13091.0% | 1.25% | +1.25 |
| AMZN Amazon.com Inc. | Add +5.0% | 3.94% | +0.95 |
| DELL Dell Technologies -C | New | 0.90% | +0.90 |
| COOP Mr Cooper Group Inc. | Add +66.5% | 1.93% | +0.89 |
| META Meta Platforms Inc. Class A | Add +23.0% | 3.41% | +0.87 |
| PGR Progressive Corp. | New | 0.82% | +0.82 |
| WMS Advanced Drainage Systems Inc. | New | 0.76% | +0.76 |
| JPM JPMorgan Chase & Co. | Add +4997.6% | 0.76% | +0.75 |
| SBUX Starbucks Corp. | Add +9873.4% | 0.69% | +0.68 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.66% | +0.66 |
| GOOGL Alphabet Inc. Class A | Add +66.3% | 1.27% | +0.64 |
| MDY State Street SPDR S&P Midcap | New | 0.60% | +0.60 |
| CHEF The Chefs' Warehouse Inc. | New | 0.47% | +0.47 |
| ARQT Arcutis Biotherapeutics Inc. | New | 0.45% | +0.45 |
| ABBV Abbvie Inc. | Add +5398.7% | 0.45% | +0.44 |
| ROST Ross Stores Inc. | New | 0.43% | +0.43 |
| DORM Dorman Products Inc. | New | 0.42% | +0.42 |
| WELL Welltower Inc. | New | 0.40% | +0.40 |
| ZETA Zeta Global Holdings Corp. Class A | New | 0.39% | +0.39 |
| IBKR Interactive Brokers Gro Class A | New | 0.39% | +0.39 |
| AGG iShares Core U.S. Aggregate | New | 0.37% | +0.37 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.35% | +0.35 |
| XEMDX Western Asset Emrg MRKT DBT | New | 0.29% | +0.29 |
| AAPL Apple Inc. | Add +12.1% | 1.26% | +0.28 |
| TKO Tko Group Holdings Inc. | New | 0.27% | +0.27 |
| TMUS T-Mobile US Inc. | New | 0.26% | +0.26 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | New | 0.24% | +0.24 |
| XTN SS SPDR S&P Transport ETF | New | 0.19% | +0.19 |
| IBIT iShares Bitcoin Trust ETF | New | 0.16% | +0.16 |
| SLV iShares Silver Trust | Add +36.0% | 0.50% | +0.13 |
| TBT Proshares Ultrashort 20+Y TR | New | 0.13% | +0.13 |
| CSX CSX Corp. | New | 0.12% | +0.12 |
| KRE SS SPDR S&P Regional Bank | New | 0.12% | +0.12 |
| PSX Phillips 66 | New | 0.11% | +0.11 |
| EMHY iShares J.P. Morgan Em High | Add +23.7% | 0.50% | +0.11 |
| KBE SS SPDR S&P Bank ETF | New | 0.09% | +0.09 |
| PANW Palo Alto Networks Inc. | New | 0.09% | +0.09 |
| GPOR Gulfport Energy Corp. | New | 0.08% | +0.08 |
| NBIX Neurocrine Biosciences Inc. | New | 0.08% | +0.08 |
| ORCL Oracle Corp. | New | 0.08% | +0.08 |
| MTDR Matador Resources Co. | New | 0.08% | +0.08 |
| IAU iShares Gold Trust | New | 0.08% | +0.08 |
| SAND Sandstorm Gold Ltd. | New | 0.07% | +0.07 |
| DAL Delta Air Lines Inc. | New | 0.07% | +0.07 |
| LRCX Lam Research Corp. | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +1.2% | 0.04% | +0.01 |
| CME Cme Group Inc. | New | 0.01% | +0.01 |
| CRM Salesforce Inc. | New | 0.01% | +0.01 |
| SPOT Spotify Technology SA | Add +28.6% | 0.02% | +0.01 |
Options Activity Q3 2024 → Q4 2024
| V Visa Inc. Class A | call | New | 595 | $2.7M |
| CRM Salesforce Inc. | call | New | 280 | $1.7M |
| ALPHABET INC | call | Sold out | 2,886 | $1.2Mbefore exit |
| META Meta Platforms Inc. Class A | call | New | 655 | $793K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 131 | $749.9M | UNP, RSP, META, BKSY, NVDA |
| Q1 2026 | 139 | $2.3B | UNP, MSFT, XPO, RSP, LLY |
| Q4 2025 | 145 | $2.6B | MSFT, XPO, UNP, QXO, LLY |
| Q3 2025 | 148 | $2.6B | MSFT, UNP, XPO, QXO, RSP |
| Q2 2025 | 148 | $3.5B | MSFT, XPO, UNP, QXO, RSP |
| Q1 2025 | 148 | $3.4B | MSFT, UNP, XPO, RSP, META |
| Q4 2024 | 174 | $3.9B | MSFT, XPO, RSP, UNP, AMZN |
| Q3 2024 | 155 | $4.2B | MSFT, XPO, RSP, UNP, LEN |
| Q2 2024 | 98 | $3.7B | MSFT, XPO, UNP, AMZN, NVEE |
| Q1 2024 | 101 | $3.6B | MSFT, XPO, UNP, NVEE, AMZN |