Cercano Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Cercano Management LLC reported 148 stock positions worth $3.5 billion. Its top holding was Microsoft (MSFT) at 11.5% of the portfolio, followed by Xpo (XPO, 7.5%) and Union Pacific (UNP, 7.0%). Compared with Q1 2025, it opened 22 new positions, sold out of 22, added to 10 and reduced 51. The biggest buy was Qxo (QXO, shares +74%) and the biggest sale SS Health Care Select Sector (XLV, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- BELLEVUE, WA
- CIK
- 0001936416
- Portfolio Value
- $3.5B (Q2 2025)
- SEC Filing
- 0001062993-25-013989 ↗ filed Aug 8, 2025
Holdings Value
Holdings 148 stocks · $3.5B
| MSFT Microsoft Corp. | 11.48% | 808,865 | $402.3M | Reduce -15.2% |
| XPO Xpo Inc. | 7.55% | 2,094,841 | $264.6M | Reduce -3.0% |
| UNP Union Pacific Corp. | 7.02% | 1,069,783 | $246.1M | No change |
| QXO Qxo Inc. | 7.01% | 11,405,248 | $245.7M | Add +73.7% |
| RSP Invesco S&P 500 Equal Weight | 4.07% | 784,408 | $142.6M | Reduce -2.0% |
| META Meta Platforms Inc. Class A | 3.97% | 188,471 | $139.1M | Reduce -17.9% |
| AMZN Amazon.com Inc. | 3.96% | 632,662 | $138.8M | Add +32.8% |
| LLY Eli Lilly & Co. | 3.87% | 173,783 | $135.5M | Add +15627.0% |
| NVDA Nvidia Corp. | 3.44% | 762,910 | $120.5M | Reduce -15.1% |
| NVEE NV5 Global Inc. | 2.59% | 3,925,599 | $90.6M | No change |
| SCHW Schwab (charles) Corp. | 1.93% | 740,267 | $67.5M | Reduce -34.8% |
| COOP Mr Cooper Group Inc. | 1.53% | 359,803 | $53.7M | Reduce -57.9% |
| MCO Moody's Corp. | 1.51% | 105,287 | $52.8M | Reduce -38.1% |
| V Visa Inc. Class A | 1.45% | 143,181 | $50.8M | Reduce -44.8% |
| SPGI S&P Global Inc. | 1.43% | 95,348 | $50.3M | Reduce -25.1% |
| XLV SS Health Care Select Sector | 1.38% | 358,568 | $48.3M | Reduce -59.8% |
| CEG Constellation Energy | 1.33% | 144,005 | $46.5M | New |
| UNH Unitedhealth Group Inc. | 1.31% | 147,508 | $46.0M | Reduce -1.0% |
| UBER Uber Technologies Inc. | 1.23% | 463,425 | $43.2M | Reduce -46.1% |
| AAPL Apple Inc. | 1.19% | 203,207 | $41.7M | Reduce -26.3% |
| QQQ Invesco QQQ Trust Series 1 | 1.18% | 75,066 | $41.4M | New |
| PWR Quanta Services Inc. | 1.17% | 108,650 | $41.1M | Reduce -22.5% |
| APO Apollo Global Management Inc. | 1.10% | 272,049 | $38.6M | Reduce -8.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.05% | 59,481 | $36.8M | Reduce -57.8% |
| PANW Palo Alto Networks Inc. | 1.02% | 174,028 | $35.6M | Reduce -18.5% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.98% | 1,387,825 | $34.4M | No change |
| GEV GE Vernova Inc. | 0.92% | 60,920 | $32.2M | New |
| GLD SPDR Gold Shares | 0.87% | 100,346 | $30.6M | Reduce -1.6% |
| APD Air Products & Chemicals Inc. | 0.85% | 105,548 | $29.8M | Reduce -43.0% |
| AON Aon PLC Class A | 0.85% | 83,237 | $29.7M | New |
| SBUX Starbucks Corp. | 0.81% | 309,466 | $28.4M | Reduce -27.3% |
| JPM JPMorgan Chase & Co. | 0.78% | 94,073 | $27.3M | New |
| MLM Martin Marietta Materials | 0.75% | 48,015 | $26.4M | Reduce -24.6% |
| HYLB Xtrackers Usd High Yield Cor | 0.74% | 706,147 | $26.1M | No change |
| BKSY Blacksky Technology Inc. | 0.73% | 1,243,976 | $25.6M | No change |
| ORLY O'reilly Automotive Inc. | 0.71% | 275,507 | $24.8M | Add +8523.1% |
| FROG Jfrog Ltd. | 0.65% | 521,809 | $22.9M | Reduce -22.1% |
| XLP SS Consumer Staples Sel Sect | 0.65% | 281,233 | $22.8M | Reduce -28.5% |
| WMS Advanced Drainage Systems Inc. | 0.65% | 196,785 | $22.6M | Reduce -20.8% |
| PDO PIMCO Dynamic Income Opport | 0.64% | 1,666,651 | $22.5M | Add +21.6% |
| GOOGL Alphabet Inc. Class A | 0.63% | 124,387 | $21.9M | Reduce -58.0% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.57% | 244,801 | $20.0M | Reduce -28.5% |
| COF Capital One Financial Corp. | 0.55% | 91,145 | $19.4M | New |
| GOOG Alphabet Inc. Class C | 0.53% | 105,230 | $18.7M | Reduce -70.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.53% | 393,877 | $18.6M | Add +1710.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.53% | 56,953 | $18.6M | Add +174.2% |
| WAL Western Alliance Bancorp | 0.50% | 223,329 | $17.4M | New |
| DELL Dell Technologies -C | 0.48% | 137,152 | $16.8M | New |
| DAL Delta Air Lines Inc. | 0.47% | 338,267 | $16.6M | New |
| NOC Northrop Grumman Corp. | 0.47% | 33,120 | $16.6M | Reduce -57.2% |
| MELI MercadoLibre Inc. | 0.43% | 5,822 | $15.2M | New |
| AGG iShares Core U.S. Aggregate | 0.43% | 151,570 | $15.0M | No change |
| SHM SS SPDR N Ice St Muni ETF | 0.43% | 314,202 | $15.0M | No change |
| ISRG Intuitive Surgical Inc. | 0.42% | 26,834 | $14.6M | Reduce -14.7% |
| EWW iShares MSCI Mexico ETF | 0.41% | 239,617 | $14.5M | New |
| ROST Ross Stores Inc. | 0.39% | 107,845 | $13.8M | Reduce -2.5% |
| IBKR Interactive Brokers Gro Class A | 0.39% | 248,179 | $13.8M | Reduce -28.8% |
| GRAB Grab Holdings Ltd. Class A | 0.38% | 2,643,417 | $13.3M | Reduce -50.0% |
| OWL Blue Owl Capital Inc. | 0.36% | 648,965 | $12.5M | Reduce -26.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.35% | 69,120 | $12.2M | No change |
| XLK SS Technology Select Sector | 0.30% | 41,312 | $10.5M | New |
| TKO Tko Group Holdings Inc. | 0.28% | 53,678 | $9.8M | Reduce -28.5% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.26% | 217,913 | $9.2M | No change |
| SLV iShares Silver Trust | 0.25% | 270,859 | $8.9M | Reduce -30.3% |
| DNLI Denali Therapeutics Inc. | 0.25% | 625,000 | $8.7M | No change |
| IBIT iShares Bitcoin Trust ETF | 0.20% | 117,140 | $7.2M | No change |
| XLE SS Energy Select Sector | 0.18% | 74,336 | $6.3M | Reduce -53.5% |
| LION Lionsgate Studios Corp. | 0.16% | 973,567 | $5.7M | New |
| NAUT Nautilus Biotechnology Inc. | 0.15% | 7,172,985 | $5.2M | No change |
| MCK McKesson Corp. | 0.14% | 6,717 | $4.9M | No change |
| MUNI PIMCO Intermediate Municipal | 0.11% | 77,034 | $4.0M | Add +34.0% |
| IWM iShares Russell 2000 ETF | 0.11% | 18,137 | $3.9M | Reduce -42.0% |
| ET Energy Transfer LP | 0.11% | 209,295 | $3.8M | No change |
| IAU iShares Gold Trust | 0.11% | 59,869 | $3.7M | No change |
| EPD Enterprise Products Partners | 0.11% | 120,021 | $3.7M | No change |
| AVGO Broadcom Inc. | 0.10% | 12,877 | $3.5M | Reduce -0.6% |
| INSW International Seaways Inc. | 0.09% | 90,265 | $3.3M | Reduce -6.6% |
| EWY iShares MSCI South Korea ETF | 0.09% | 43,201 | $3.1M | New |
| TRTX TPG Re Finance Trust Inc. | 0.09% | 401,607 | $3.1M | No change |
| INDA iShares MSCI India ETF | 0.07% | 46,470 | $2.6M | New |
| SAND Sandstorm Gold Ltd. | 0.07% | 266,435 | $2.5M | Reduce -16.0% |
| VOO Vanguard S&P 500 ETF | 0.06% | 3,941 | $2.2M | Reduce -50.0% |
| IYK iShares US Consumer Staples | 0.06% | 29,967 | $2.1M | Reduce -16.0% |
| GPOR Gulfport Energy Corp. | 0.05% | 9,571 | $1.9M | Reduce -16.0% |
| STWD Starwood Property Trust Inc. | 0.05% | 79,029 | $1.6M | No change |
| PAA Plains All Amer Pipeline LP | 0.04% | 85,192 | $1.6M | No change |
| MA Mastercard Inc. Class A | 0.04% | 2,574 | $1.4M | No change |
| NFLX Netflix Inc. | 0.04% | 1,033 | $1.4M | Reduce -22.4% |
| WMT Walmart Inc. | 0.04% | 13,635 | $1.3M | No change |
| HAFN Hafnia Ltd. | 0.04% | 264,379 | $1.3M | New |
| WU Western Union Co. | 0.04% | 149,869 | $1.3M | No change |
| SPTI SS SPDR P Int Term TSY ETF | 0.03% | 35,199 | $1.0M | No change |
| TSLA Tesla Inc. | 0.03% | 3,048 | $968K | No change |
| ETN Eaton Corp. PLC | 0.03% | 2,550 | $910K | No change |
| HD Home Depot Inc. | 0.03% | 2,430 | $891K | No change |
| CAT Caterpillar Inc. | 0.02% | 2,180 | $846K | No change |
| LRCX Lam Research Corp. | 0.02% | 8,560 | $833K | No change |
| TXN Texas Instruments Inc. | 0.02% | 3,563 | $740K | No change |
| COST Costco Wholesale Corp. | 0.02% | 712 | $705K | Reduce -64.1% |
| PG The Procter & Gamble Co. | 0.02% | 4,272 | $681K | No change |
Options reported separately and not counted above: QXO INC puts ($226K), CSX CORP calls ($95K), ALPHABET INC puts ($32K), OREILLY AUTOMOTIVE INC puts ($21K), SALESFORCE INC puts ($9K), MR COOPER GROUP INC puts ($1K).
Portfolio Sells Q1 2025 → Q2 2025
| XLV SS Health Care Select Sector | Reduce -59.8% | 1.38% | −2.45 |
| COOP Mr Cooper Group Inc. | Reduce -57.9% | 1.53% | −1.47 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -57.8% | 1.05% | −1.27 |
| V Visa Inc. Class A | Reduce -44.8% | 1.45% | −1.22 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −1.20 |
| GOOG Alphabet Inc. Class C | Reduce -70.0% | 0.53% | −1.08 |
| UNH Unitedhealth Group Inc. | Reduce -1.0% | 1.31% | −0.98 |
| MCO Moody's Corp. | Reduce -38.1% | 1.51% | −0.82 |
| APD Air Products & Chemicals Inc. | Reduce -43.0% | 0.85% | −0.76 |
| GOOGL Alphabet Inc. Class A | Reduce -58.0% | 0.63% | −0.72 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.71 |
| NOC Northrop Grumman Corp. | Reduce -57.2% | 0.47% | −0.69 |
| SCHW Schwab (charles) Corp. | Reduce -34.8% | 1.93% | −0.68 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.63 |
| KR Kroger Co. | Sold out | 0.00% | −0.61 |
| AAPL Apple Inc. | Reduce -26.3% | 1.19% | −0.61 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.61 |
| UBER Uber Technologies Inc. | Reduce -46.1% | 1.23% | −0.61 |
| FCN Fti Consulting Inc. | Sold out | 0.00% | −0.58 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.55 |
| SPGI S&P Global Inc. | Reduce -25.1% | 1.43% | −0.47 |
| ARQT Arcutis Biotherapeutics Inc. | Sold out | 0.00% | −0.43 |
| SBUX Starbucks Corp. | Reduce -27.3% | 0.81% | −0.42 |
| GRAB Grab Holdings Ltd. Class A | Reduce -50.0% | 0.38% | −0.32 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.32 |
| XLP SS Consumer Staples Sel Sect | Reduce -28.5% | 0.65% | −0.29 |
| XLE SS Energy Select Sector | Reduce -53.5% | 0.18% | −0.26 |
| RELY Remitly Global Inc. | Reduce -95.6% | 0.01% | −0.22 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -28.5% | 0.57% | −0.22 |
| LION Lionsgate Studios Corp. | Sold out | 0.00% | −0.22 |
| OWL Blue Owl Capital Inc. | Reduce -26.5% | 0.36% | −0.16 |
| WMS Advanced Drainage Systems Inc. | Reduce -20.8% | 0.65% | −0.15 |
| MLM Martin Marietta Materials | Reduce -24.6% | 0.75% | −0.14 |
| SLV iShares Silver Trust | Reduce -30.3% | 0.25% | −0.10 |
| APO Apollo Global Management Inc. | Reduce -8.7% | 1.10% | −0.10 |
| IWM iShares Russell 2000 ETF | Reduce -42.0% | 0.11% | −0.07 |
| PSX Phillips 66 | Sold out | 0.00% | −0.06 |
| TKO Tko Group Holdings Inc. | Reduce -28.5% | 0.28% | −0.06 |
| VOO Vanguard S&P 500 ETF | Reduce -50.0% | 0.06% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -18.5% | 1.02% | −0.05 |
| HLMN Hillman Solutions Corp. | Sold out | 0.00% | −0.05 |
| ISRG Intuitive Surgical Inc. | Reduce -14.7% | 0.42% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -64.1% | 0.02% | −0.04 |
| IBKR Interactive Brokers Gro Class A | Reduce -28.8% | 0.39% | −0.03 |
| ROST Ross Stores Inc. | Reduce -2.5% | 0.39% | −0.02 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -38.6% | 0.02% | −0.02 |
| IYK iShares US Consumer Staples | Reduce -16.0% | 0.06% | −0.01 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.01 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| QXO Qxo Inc. | Add +73.7% | 7.01% | +4.40 |
| LLY Eli Lilly & Co. | Add +15627.0% | 3.87% | +3.84 |
| CEG Constellation Energy | New | 1.33% | +1.33 |
| AMZN Amazon.com Inc. | Add +32.8% | 3.96% | +1.30 |
| QQQ Invesco QQQ Trust Series 1 | New | 1.18% | +1.18 |
| GEV GE Vernova Inc. | New | 0.92% | +0.92 |
| AON Aon PLC Class A | New | 0.85% | +0.85 |
| JPM JPMorgan Chase & Co. | New | 0.78% | +0.78 |
| ORLY O'reilly Automotive Inc. | Add +8523.1% | 0.71% | +0.70 |
| COF Capital One Financial Corp. | New | 0.55% | +0.55 |
| BAC Bank of America Corp. | Add +1710.9% | 0.53% | +0.51 |
| WAL Western Alliance Bancorp | New | 0.50% | +0.50 |
| DELL Dell Technologies -C | New | 0.48% | +0.48 |
| DAL Delta Air Lines Inc. | New | 0.47% | +0.47 |
| MELI MercadoLibre Inc. | New | 0.43% | +0.43 |
| EWW iShares MSCI Mexico ETF | New | 0.41% | +0.41 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +174.2% | 0.53% | +0.37 |
| XLK SS Technology Select Sector | New | 0.30% | +0.30 |
| LION Lionsgate Studios Corp. | New | 0.16% | +0.16 |
| EWY iShares MSCI South Korea ETF | New | 0.09% | +0.09 |
| PDO PIMCO Dynamic Income Opport | Add +21.6% | 0.64% | +0.08 |
| INDA iShares MSCI India ETF | New | 0.07% | +0.07 |
| HAFN Hafnia Ltd. | New | 0.04% | +0.04 |
| MUNI PIMCO Intermediate Municipal | Add +34.0% | 0.11% | +0.03 |
| VZ Verizon Communications Inc. | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
| XOM Exxon Mobil Corp. | Add +102.5% | 0.01% | +0.01 |
| LPLA LPL Financial Holdings Inc. | New | 0.01% | +0.01 |
| CSCO Cisco Systems Inc. | New | 0.01% | +0.01 |
| DOC Healthpeak Properties Inc. | New | 0.01% | +0.01 |
| IBM Intl Business Machines Corp. | New | 0.01% | +0.01 |
| NEM Newmont Corp. | Add +2.5% | 0.01% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| QXO INC | put | New | 116,000 | $226K |
| CSX CORP | call | New | 165,000 | $95K |
| ALPHABET INC | put | New | 193,500 | $32K |
| OREILLY AUTOMOTIVE INC | put | New | 120,000 | $21K |
| SALESFORCE INC | put | New | 41,000 | $9K |
| MR COOPER GROUP INC | put | New | 28,000 | $1K |
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 |