Cercano Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Cercano Management LLC reported 148 stock positions worth $3.4 billion. Its top holding was Microsoft (MSFT) at 10.5% of the portfolio, followed by Union Pacific (UNP, 7.4%) and Xpo (XPO, 6.8%). Compared with Q4 2024, it opened 16 new positions, sold out of 42, added to 19 and reduced 30. The biggest buy was SS Health Care Select Sector (XLV, shares +53%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −45%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$3.4B (Q1 2025)
SEC Filing
0001936416-25-000006 ↗ filed May 13, 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 Q4 2024 Q1 2025: $3.4B $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 148 stocks · $3.4B
MSFT Microsoft Corp. 10.53% 954,335 $358.2M Reduce -13.0%
UNP Union Pacific Corp. 7.42% 1,069,783 $252.7M No change
XPO Xpo Inc. 6.83% 2,159,973 $232.4M Reduce -6.2%
RSP Invesco S&P 500 Equal Weight 4.08% 800,864 $138.7M Reduce -45.4%
META Meta Platforms Inc. Class A 3.88% 229,413 $132.2M Add +0.3%
XLV SS Health Care Select Sector 3.83% 892,458 $130.3M Add +52.6%
COOP Mr Cooper Group Inc. 3.01% 855,308 $102.3M Add +8.2%
NVDA Nvidia Corp. 2.86% 899,052 $97.4M Add +34.7%
V Visa Inc. Class A 2.67% 259,580 $91.0M No change
AMZN Amazon.com Inc. 2.66% 476,494 $90.7M Reduce -32.4%
SCHW Schwab (charles) Corp. 2.61% 1,135,480 $88.9M No change
QXO Qxo Inc. 2.61% 6,564,550 $88.9M No change
MCO Moody's Corp. 2.33% 170,169 $79.2M Reduce -13.5%
SPY SS SPDR S&P 500 ETF Trust-US 2.32% 141,074 $78.9M Reduce -5.1%
UNH Unitedhealth Group Inc. 2.29% 149,044 $78.1M Add +6.6%
NVEE NV5 Global Inc. 2.22% 3,925,599 $75.6M No change
SPGI S&P Global Inc. 1.90% 127,294 $64.7M No change
UBER Uber Technologies Inc. 1.84% 859,813 $62.6M Add +0.3%
AAPL Apple Inc. 1.80% 275,799 $61.3M Add +39.7%
GOOG Alphabet Inc. Class C 1.61% 350,272 $54.7M Reduce -13.6%
APD Air Products & Chemicals Inc. 1.61% 185,296 $54.6M New
GOOGL Alphabet Inc. Class A 1.35% 296,063 $45.8M Add +12.2%
SBUX Starbucks Corp. 1.23% 425,653 $41.8M Add +43.2%
APO Apollo Global Management Inc. 1.20% 297,985 $40.8M No change
TDG Transdigm Group Inc. 1.20% 29,419 $40.7M Reduce -4.5%
NOC Northrop Grumman Corp. 1.16% 77,395 $39.6M Add +17610.5%
PANW Palo Alto Networks Inc. 1.07% 213,579 $36.4M Add +1012.2%
PWR Quanta Services Inc. 1.05% 140,119 $35.6M New
HYMB SS SPDR N Ice HY Muni ETF 1.03% 1,387,825 $35.0M Add +235.0%
XLP SS Consumer Staples Sel Sect 0.94% 393,388 $32.1M New
MLM Martin Marietta Materials 0.89% 63,669 $30.4M No change
GLD SPDR Gold Shares 0.86% 102,005 $29.4M Reduce -20.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.79% 342,407 $27.0M No change
WMS Advanced Drainage Systems Inc. 0.79% 248,372 $27.0M Reduce -3.8%
HYLB Xtrackers Usd High Yield Cor 0.75% 706,147 $25.5M Reduce -54.1%
MRSH Marsh & McLennan Cos 0.71% 99,304 $24.2M New
GRAB Grab Holdings Ltd. Class A 0.70% 5,286,833 $23.9M No change
PGR Progressive Corp. 0.63% 76,175 $21.6M Reduce -43.3%
FROG Jfrog Ltd. 0.63% 669,682 $21.4M Reduce -17.2%
KR Kroger Co. 0.61% 307,616 $20.8M New
NKE Nike Inc. Class B 0.61% 327,194 $20.8M New
FCN Fti Consulting Inc. 0.58% 119,739 $19.6M New
PDO PIMCO Dynamic Income Opport 0.56% 1,370,793 $19.0M Add +181.2%
DDOG Datadog Inc. Class A 0.55% 188,470 $18.7M Add +2.1%
OWL Blue Owl Capital Inc. 0.52% 883,285 $17.7M New
ISRG Intuitive Surgical Inc. 0.46% 31,463 $15.6M Add +4966.5%
AGG iShares Core U.S. Aggregate 0.44% 151,570 $15.0M No change
SHM SS SPDR N Ice St Muni ETF 0.44% 314,202 $15.0M New
XLE SS Energy Select Sector 0.44% 159,810 $14.9M No change
ARQT Arcutis Biotherapeutics Inc. 0.43% 928,701 $14.5M Reduce -26.0%
IBKR Interactive Brokers Gro Class A 0.42% 87,193 $14.4M No change
ROST Ross Stores Inc. 0.42% 110,593 $14.1M No change
SLV iShares Silver Trust 0.35% 388,503 $12.0M Reduce -47.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.35% 69,120 $11.9M No change
TKO Tko Group Holdings Inc. 0.34% 75,095 $11.5M No change
JAZZ Jazz Pharmaceuticals PLC 0.32% 88,389 $11.0M Reduce -21.3%
SPYD SS SPDR P S&P 500 Hi Div ETF 0.28% 217,913 $9.6M No change
BKSY Blacksky Technology Inc. 0.28% 1,243,976 $9.6M No change
DNLI Denali Therapeutics Inc. 0.25% 625,000 $8.5M No change
RELY Remitly Global Inc. 0.23% 380,087 $7.9M No change
LION Lionsgate Studios Corp. 0.22% 983,767 $7.3M No change
IWM iShares Russell 2000 ETF 0.18% 31,284 $6.2M No change
NAUT Nautilus Biotechnology Inc. 0.18% 7,172,985 $6.2M No change
ALNY Alnylam Pharmaceuticals Inc. 0.16% 20,772 $5.6M New
IBIT iShares Bitcoin Trust ETF 0.16% 117,140 $5.5M No change
MCK McKesson Corp. 0.13% 6,717 $4.5M Reduce -71.7%
EPD Enterprise Products Partners 0.12% 120,021 $4.1M No change
VOO Vanguard S&P 500 ETF 0.12% 7,883 $4.1M No change
ET Energy Transfer LP 0.11% 209,295 $3.9M No change
IAU iShares Gold Trust 0.10% 59,869 $3.5M No change
TRTX TPG Re Finance Trust Inc. 0.10% 401,607 $3.3M No change
INSW International Seaways Inc. 0.09% 96,624 $3.2M Reduce -18.9%
MUNI PIMCO Intermediate Municipal 0.09% 57,483 $3.0M No change
IYK iShares US Consumer Staples 0.07% 35,665 $2.6M New
SAND Sandstorm Gold Ltd. 0.07% 317,098 $2.4M Reduce -36.1%
AVGO Broadcom Inc. 0.06% 12,959 $2.2M Reduce -3.6%
GPOR Gulfport Energy Corp. 0.06% 11,391 $2.1M Reduce -36.1%
PSX Phillips 66 0.06% 16,290 $2.0M Reduce -58.2%
COST Costco Wholesale Corp. 0.06% 1,985 $1.9M Add +178.8%
HLMN Hillman Solutions Corp. 0.05% 197,945 $1.7M No change
PAA Plains All Amer Pipeline LP 0.05% 85,192 $1.7M No change
WU Western Union Co. 0.05% 149,869 $1.6M No change
STWD Starwood Property Trust Inc. 0.05% 79,029 $1.6M No change
MA Mastercard Inc. Class A 0.04% 2,574 $1.4M No change
NFLX Netflix Inc. 0.04% 1,332 $1.2M No change
WMT Walmart Inc. 0.04% 13,635 $1.2M No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 2,230 $1.2M Add +62.9%
SPTI SS SPDR P Int Term TSY ETF 0.03% 35,199 $1.0M New
LLY Eli Lilly & Co. 0.03% 1,105 $913K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 21,750 $908K No change
HD Home Depot Inc. 0.03% 2,430 $891K No change
TSLA Tesla Inc. 0.02% 3,048 $790K Reduce -12.8%
SPOT Spotify Technology SA 0.02% 1,347 $741K No change
PG The Procter & Gamble Co. 0.02% 4,272 $728K No change
CAT Caterpillar Inc. 0.02% 2,180 $719K No change
MRK Merck & Co. Inc. 0.02% 7,730 $694K No change
ETN Eaton Corp. PLC 0.02% 2,550 $693K No change
TXN Texas Instruments Inc. 0.02% 3,563 $640K No change
LRCX Lam Research Corp. 0.02% 8,560 $622K No change
FANG Diamondback Energy Inc. 0.02% 3,566 $570K No change
BSX Boston Scientific Corp. 0.02% 5,517 $557K Reduce -93.6%
ADBE Adobe Inc. 0.02% 1,412 $542K No change
TT Trane Technologies PLC 0.01% 1,517 $511K No change
DFS Discover Financial Services 0.01% 2,666 $455K No change
AMAT Applied Materials Inc. 0.01% 2,896 $420K No change
EEM iShares MSCI Emerging Market 0.01% 9,500 $415K No change
ITW Illinois Tool Works 0.01% 1,670 $414K No change
KKR KKR & Co. Inc. 0.01% 3,560 $412K No change
HON Honeywell International Inc. 0.01% 1,900 $402K No change
JNJ Johnson & Johnson 0.01% 2,369 $393K Add +6.1%
PM Philip Morris International 0.01% 2,424 $385K Add +31.2%
INTU Intuit Inc. 0.01% 619 $380K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 780 $378K No change
ABBV Abbvie Inc. 0.01% 1,789 $375K Reduce -98.2%
EQT Eqt Corp. 0.01% 6,518 $348K Reduce -1.9%
ABT Abbott Laboratories 0.01% 2,607 $346K No change
NEE Nextera Energy Inc. 0.01% 4,824 $342K No change
HCA HCA Healthcare Inc. 0.01% 970 $335K No change
MS Morgan Stanley 0.01% 2,812 $328K No change
VTR Ventas Inc. 0.01% 4,610 $317K No change
CME Cme Group Inc. 0.01% 1,180 $313K Reduce -9.4%
ORLY O'reilly Automotive Inc. 0.01% 213 $305K No change
MCD McDonald's Corp. 0.01% 927 $290K No change
T AT&T Inc. 0.01% 10,032 $284K No change
ACN Accenture PLC Class A 0.01% 871 $272K No change
XOM Exxon Mobil Corp. 0.01% 2,280 $271K No change
WELL Welltower Inc. 0.01% 1,736 $266K Reduce -98.6%
TMO Thermo Fisher Scientific Inc. 0.01% 531 $264K No change
NSC Norfolk Southern Corp. 0.01% 1,069 $253K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 24,359 $249K No change
PRU Prudential Financial Inc. 0.01% 2,196 $245K No change
NEM Newmont Corp. 0.01% 4,994 $241K New
CHTR Charter Communications Inc. Class A 0.01% 636 $234K No change
ALL Allstate Corp. 0.01% 1,118 $232K Reduce -16.3%
SYK Stryker Corp. 0.01% 598 $223K No change
TOL Toll Brothers Inc. 0.01% 2,107 $222K No change
FISV Fiserv Inc. 0.01% 1,000 $221K No change
NRG NRG Energy Inc. 0.01% 2,295 $219K No change
LMT Lockheed Martin Corp. 0.01% 486 $217K No change
PLTR Palantir Technologies Inc. Class A 0.01% 2,542 $215K New
KO The Coca-Cola Co. 0.01% 2,984 $214K New
LOW Lowe's Cos Inc. 0.01% 910 $212K Reduce -97.1%
HAL Halliburton Co. 0.01% 8,064 $205K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,660 $202K No change
FOXA Fox Corp. Class A 0.01% 3,539 $200K New
IRWD Ironwood Pharmaceuticals Inc. 0.00% 101,378 $149K No change
ALEC Alector Inc. 0.00% 93,633 $115K No change
UNBX Unity Biotechnology Inc. 0.00% 41,238 $43K No change

Portfolio Sells Q4 2024 → Q1 2025
RSP Invesco S&P 500 Equal Weight Reduce -45.4% 4.08% −2.47
LEN Lennar Corp. Class A Sold out 0.00% −1.37
AMZN Amazon.com Inc. Reduce -32.4% 2.66% −1.28
MSFT Microsoft Corp. Reduce -13.0% 10.53% −1.26
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.11
DELL Dell Technologies -C Sold out 0.00% −0.90
XPO Xpo Inc. Reduce -6.2% 6.83% −0.86
JPM JPMorgan Chase & Co. Sold out 0.00% −0.76
OMF Onemain Holdings Inc. Sold out 0.00% −0.73
HYLB Xtrackers Usd High Yield Cor Reduce -54.1% 0.75% −0.66
STRL Sterling Infrastructure Inc. Sold out 0.00% −0.62
MDY State Street SPDR S&P Midcap Sold out 0.00% −0.60
EMHY iShares J.P. Morgan Em High Sold out 0.00% −0.50
CHEF The Chefs' Warehouse Inc. Sold out 0.00% −0.47
WAL Western Alliance Bancorp Sold out 0.00% −0.45
ABBV Abbvie Inc. Reduce -98.2% 0.01% −0.43
DORM Dorman Products Inc. Sold out 0.00% −0.42
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.42
SPSM SS SPDR P S&P 600 Small Cap Sold out 0.00% −0.40
ZETA Zeta Global Holdings Corp. Class A Sold out 0.00% −0.39
WELL Welltower Inc. Reduce -98.6% 0.01% −0.39
KLAC KLA Corp. Sold out 0.00% −0.39
GOOG Alphabet Inc. Class C Reduce -13.6% 1.61% −0.36
EWC iShares MSCI Canada ETF Sold out 0.00% −0.30
XEMDX Western Asset Emrg MRKT DBT Sold out 0.00% −0.29
TMUS T-Mobile US Inc. Sold out 0.00% −0.26
MCK McKesson Corp. Reduce -71.7% 0.13% −0.21
LOW Lowe's Cos Inc. Reduce -97.1% 0.01% −0.19
XTN SS SPDR S&P Transport ETF Sold out 0.00% −0.19
DXCM Dexcom Inc. Sold out 0.00% −0.19
PGR Progressive Corp. Reduce -43.3% 0.63% −0.19
BSX Boston Scientific Corp. Reduce -93.6% 0.02% −0.18
SLV iShares Silver Trust Reduce -47.9% 0.35% −0.15
TBT Proshares Ultrashort 20+Y TR Sold out 0.00% −0.13
KGC Kinross Gold Corp. Sold out 0.00% −0.13
CSX CSX Corp. Sold out 0.00% −0.12
KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.12
DT Dynatrace Inc. Sold out 0.00% −0.10
KBE SS SPDR S&P Bank ETF Sold out 0.00% −0.09
NBIX Neurocrine Biosciences Inc. Sold out 0.00% −0.08
ORCL Oracle Corp. Sold out 0.00% −0.08
MTDR Matador Resources Co. Sold out 0.00% −0.08
SRLN SS Blackstone Sr Loan ETF Sold out 0.00% −0.08
OCSL Oaktree Specialty Lending Co. Sold out 0.00% −0.07
DAL Delta Air Lines Inc. Sold out 0.00% −0.07
PSX Phillips 66 Reduce -58.2% 0.06% −0.05
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.05
MCO Moody's Corp. Reduce -13.5% 2.33% −0.04
TCPC BlackRock TCP Capital Corp. Sold out 0.00% −0.03
JAZZ Jazz Pharmaceuticals PLC Reduce -21.3% 0.32% −0.03

Portfolio Buys Q4 2024 → Q1 2025
XLV SS Health Care Select Sector Add +52.6% 3.83% +1.78
APD Air Products & Chemicals Inc. New 1.61% +1.61
NOC Northrop Grumman Corp. Add +17610.5% 1.16% +1.16
COOP Mr Cooper Group Inc. Add +8.2% 3.01% +1.07
PWR Quanta Services Inc. New 1.05% +1.05
PANW Palo Alto Networks Inc. Add +1012.2% 1.07% +0.98
XLP SS Consumer Staples Sel Sect New 0.94% +0.94
HYMB SS SPDR N Ice HY Muni ETF Add +235.0% 1.03% +0.76
MRSH Marsh & McLennan Cos New 0.71% +0.71
KR Kroger Co. New 0.61% +0.61
NKE Nike Inc. Class B New 0.61% +0.61
NVDA Nvidia Corp. Add +34.7% 2.86% +0.58
FCN Fti Consulting Inc. New 0.58% +0.58
AAPL Apple Inc. Add +39.7% 1.80% +0.54
SBUX Starbucks Corp. Add +43.2% 1.23% +0.54
UBER Uber Technologies Inc. Add +0.3% 1.84% +0.52
OWL Blue Owl Capital Inc. New 0.52% +0.52
UNH Unitedhealth Group Inc. Add +6.6% 2.29% +0.49
META Meta Platforms Inc. Class A Add +0.3% 3.88% +0.47
ISRG Intuitive Surgical Inc. Add +4966.5% 0.46% +0.45
SHM SS SPDR N Ice St Muni ETF New 0.44% +0.44
PDO PIMCO Dynamic Income Opport Add +181.2% 0.56% +0.39
ALNY Alnylam Pharmaceuticals Inc. New 0.16% +0.16
IYK iShares US Consumer Staples New 0.07% +0.07
GOOGL Alphabet Inc. Class A Add +12.2% 1.35% +0.07
COST Costco Wholesale Corp. Add +178.8% 0.06% +0.04
SPTI SS SPDR P Int Term TSY ETF New 0.03% +0.03
BRK.B Berkshire Hathaway Inc. Class B Add +62.9% 0.03% +0.02
NEM Newmont Corp. New 0.01% +0.01
KO The Coca-Cola Co. New 0.01% +0.01
PLTR Palantir Technologies Inc. Class A New 0.01% +0.01
FOXA Fox Corp. Class A New 0.01% +0.01
PM Philip Morris International Add +31.2% 0.01% +0.01
JNJ Johnson & Johnson Add +6.1% 0.01% +0.00
DDOG Datadog Inc. Class A Add +2.1% 0.55% −0.12

Options Activity Q4 2024 → Q1 2025
V Visa Inc. Class A call Sold out 595 $2.7Mbefore exit
CRM Salesforce Inc. call Sold out 280 $1.7Mbefore exit
META Meta Platforms Inc. Class A call Sold out 655 $793Kbefore exit

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