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

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 $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 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
DAL Delta Air Lines Inc. 0.07% 44,965 $2.7M New
ACGL Arch Capital Group Ltd. 0.05% 22,500 $2.1M Reduce -92.7%
HLMN Hillman Solutions Corp. 0.05% 197,945 $1.9M Reduce -87.8%
WU Western Union Co. 0.04% 149,869 $1.6M No change
STWD Starwood Property Trust Inc. 0.04% 79,029 $1.5M No change
PAA Plains All Amer Pipeline LP 0.04% 85,192 $1.5M No change
TSLA Tesla Inc. 0.04% 3,497 $1.4M Add +1.2%
MA Mastercard Inc. Class A 0.03% 2,574 $1.4M Reduce -93.2%
TCPC BlackRock TCP Capital Corp. 0.03% 148,400 $1.3M No change
WMT Walmart Inc. 0.03% 13,635 $1.2M No change
NFLX Netflix Inc. 0.03% 1,332 $1.2M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 21,750 $956K No change
HD Home Depot Inc. 0.02% 2,430 $945K No change
LLY Eli Lilly & Co. 0.02% 1,105 $853K No change
ETN Eaton Corp. PLC 0.02% 2,550 $846K No change
CAT Caterpillar Inc. 0.02% 2,180 $791K No change
MRK Merck & Co. Inc. 0.02% 7,730 $769K No change
PG The Procter & Gamble Co. 0.02% 4,272 $716K No change
TXN Texas Instruments Inc. 0.02% 3,563 $668K No change
COST Costco Wholesale Corp. 0.02% 712 $652K No change
ADBE Adobe Inc. 0.02% 1,412 $628K No change
BRK.B Berkshire Hathaway Inc. Class B 0.02% 1,369 $621K No change
LRCX Lam Research Corp. 0.02% 8,560 $618K New
SPOT Spotify Technology SA 0.02% 1,347 $603K Add +28.6%
FANG Diamondback Energy Inc. 0.01% 3,566 $584K No change
TT Trane Technologies PLC 0.01% 1,517 $560K No change
KKR KKR & Co. Inc. 0.01% 3,560 $527K No change
AMAT Applied Materials Inc. 0.01% 2,896 $471K No change
DFS Discover Financial Services 0.01% 2,666 $462K No change
IRWD Ironwood Pharmaceuticals Inc. 0.01% 101,378 $449K No change
HON Honeywell International Inc. 0.01% 1,900 $429K Reduce -1.3%
ITW Illinois Tool Works 0.01% 1,670 $423K No change
EEM iShares MSCI Emerging Market 0.01% 9,500 $397K No change
INTU Intuit Inc. 0.01% 619 $389K No change
MS Morgan Stanley 0.01% 2,812 $354K No change
NEE Nextera Energy Inc. 0.01% 4,824 $346K No change
ISRG Intuitive Surgical Inc. 0.01% 621 $324K No change
JNJ Johnson & Johnson 0.01% 2,233 $323K Add +40.6%
VRTX Vertex Pharmaceuticals Inc. 0.01% 780 $314K Reduce -98.8%
EQT Eqt Corp. 0.01% 6,646 $306K Reduce -1.5%
ACN Accenture PLC Class A 0.01% 871 $306K No change
CME Cme Group Inc. 0.01% 1,303 $303K New
ABT Abbott Laboratories 0.01% 2,607 $295K No change
HCA HCA Healthcare Inc. 0.01% 970 $291K No change
CRM Salesforce Inc. 0.01% 844 $282K New
TMO Thermo Fisher Scientific Inc. 0.01% 531 $276K No change
VTR Ventas Inc. 0.01% 4,610 $271K No change
MCD McDonald's Corp. 0.01% 927 $269K No change
TOL Toll Brothers Inc. 0.01% 2,107 $265K No change
PRU Prudential Financial Inc. 0.01% 2,196 $260K No change
ALL Allstate Corp. 0.01% 1,335 $257K Add +19.4%
ORLY O'reilly Automotive Inc. 0.01% 213 $253K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 24,359 $252K Add +9.2%
NSC Norfolk Southern Corp. 0.01% 1,069 $251K No change
XOM Exxon Mobil Corp. 0.01% 2,280 $245K No change
LMT Lockheed Martin Corp. 0.01% 486 $236K No change
GIS General Mills Inc. 0.01% 3,658 $233K New
T AT&T Inc. 0.01% 10,032 $228K Reduce -95.3%
PYPL PayPal Holdings Inc. 0.01% 2,665 $227K No change
WLK Westlake Corp. 0.01% 1,978 $227K No change
A Agilent Technologies Inc. 0.01% 1,666 $224K No change
PM Philip Morris International 0.01% 1,847 $222K No change
HAL Halliburton Co. 0.01% 8,064 $219K Reduce -8.5%
CHTR Charter Communications Inc. Class A 0.01% 636 $218K No change
EXPE Expedia Group Inc. 0.01% 1,158 $216K New
SYK Stryker Corp. 0.01% 598 $215K No change
LVS Las Vegas Sands Corp. 0.01% 4,065 $209K New
LYB Lyondellbasell Indu Class A 0.01% 2,809 $209K No change
NRG NRG Energy Inc. 0.01% 2,295 $207K No change
FISV Fiserv Inc. 0.01% 1,000 $205K New
NOC Northrop Grumman Corp. 0.01% 437 $205K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,660 $201K New
ALEC Alector Inc. 0.00% 93,633 $177K No change
UNBX Unity Biotechnology Inc. 0.00% 41,238 $40K 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

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