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

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 Q1 2025 Q2 2025: $3.5B $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 · $3.5B
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
BRK.B Berkshire Hathaway Inc. Class B 0.02% 1,369 $665K Reduce -38.6%
TT Trane Technologies PLC 0.02% 1,517 $664K No change
BSX Boston Scientific Corp. 0.02% 5,517 $593K No change
MRK Merck & Co. Inc. 0.02% 7,156 $566K Reduce -7.4%
ADBE Adobe Inc. 0.02% 1,412 $546K No change
AMAT Applied Materials Inc. 0.02% 2,896 $530K No change
XOM Exxon Mobil Corp. 0.01% 4,616 $498K Add +102.5%
FANG Diamondback Energy Inc. 0.01% 3,566 $490K No change
INTU Intuit Inc. 0.01% 619 $488K No change
KKR KKR & Co. Inc. 0.01% 3,560 $474K No change
EEM iShares MSCI Emerging Market 0.01% 9,500 $458K No change
HON Honeywell International Inc. 0.01% 1,900 $442K No change
PM Philip Morris International 0.01% 2,424 $441K No change
ITW Illinois Tool Works 0.01% 1,670 $413K No change
MS Morgan Stanley 0.01% 2,812 $396K No change
EQT Eqt Corp. 0.01% 6,518 $380K No change
HCA HCA Healthcare Inc. 0.01% 970 $372K No change
NRG NRG Energy Inc. 0.01% 2,295 $369K No change
ABT Abbott Laboratories 0.01% 2,607 $355K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 780 $347K No change
PLTR Palantir Technologies Inc. Class A 0.01% 2,542 $347K No change
NEE Nextera Energy Inc. 0.01% 4,824 $335K No change
ABBV Abbvie Inc. 0.01% 1,789 $332K No change
RELY Remitly Global Inc. 0.01% 16,768 $315K Reduce -95.6%
NEM Newmont Corp. 0.01% 5,118 $298K Add +2.5%
JNJ Johnson & Johnson 0.01% 1,925 $294K Reduce -18.7%
VTR Ventas Inc. 0.01% 4,610 $291K No change
T AT&T Inc. 0.01% 10,032 $290K No change
NSC Norfolk Southern Corp. 0.01% 1,069 $274K No change
MCD McDonald's Corp. 0.01% 927 $271K No change
WELL Welltower Inc. 0.01% 1,736 $267K No change
CHTR Charter Communications Inc. Class A 0.01% 636 $260K No change
VZ Verizon Communications Inc. 0.01% 6,005 $260K New
TOL Toll Brothers Inc. 0.01% 2,107 $240K No change
SYK Stryker Corp. 0.01% 598 $237K No change
PRU Prudential Financial Inc. 0.01% 2,196 $236K No change
CVS CVS Health Corp. 0.01% 3,382 $233K New
LMT Lockheed Martin Corp. 0.01% 486 $225K No change
ALL Allstate Corp. 0.01% 1,118 $225K No change
TMO Thermo Fisher Scientific Inc. 0.01% 531 $215K No change
LPLA LPL Financial Holdings Inc. 0.01% 570 $214K New
KO The Coca-Cola Co. 0.01% 2,912 $206K Reduce -2.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,660 $205K No change
DOC Healthpeak Properties Inc. 0.01% 11,628 $204K New
CSCO Cisco Systems Inc. 0.01% 2,916 $202K New
LOW Lowe's Cos Inc. 0.01% 910 $202K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 682 $201K New
IRWD Ironwood Pharmaceuticals Inc. 0.00% 101,378 $73K 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

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