Cercano Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Cercano Management LLC reported 148 stock positions worth $2.6 billion. Its top holding was Microsoft (MSFT) at 12.7% of the portfolio, followed by Union Pacific (UNP, 10.0%) and Xpo (XPO, 9.7%). Compared with Q2 2025, it opened 23 new positions, sold out of 23, added to 4 and reduced 50. The biggest buy was Union Pacific (UNP, shares +3%) and the biggest sale Amazon.com (AMZN, shares −60%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$2.6B (Q3 2025)
SEC Filing
0001062993-25-016553 ↗ filed Nov 7, 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 Q2 2025 Q3 2025: $2.6B $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 · $2.6B
MSFT Microsoft Corp. 12.69% 637,403 $330.1M Reduce -21.2%
UNP Union Pacific Corp. 10.01% 1,102,113 $260.5M Add +3.0%
XPO Xpo Inc. 9.67% 1,945,996 $251.6M Reduce -7.1%
QXO Qxo Inc. 7.75% 10,585,316 $201.8M Reduce -7.2%
RSP Invesco S&P 500 Equal Weight 4.55% 624,081 $118.4M Reduce -20.4%
LLY Eli Lilly & Co. 4.38% 149,387 $114.0M Reduce -14.0%
META Meta Platforms Inc. Class A 3.73% 132,289 $97.2M Reduce -29.8%
NVDA Nvidia Corp. 3.68% 513,079 $95.7M Reduce -32.8%
COOP Mr Cooper Group Inc. 2.31% 285,331 $60.1M Reduce -20.7%
AMZN Amazon.com Inc. 2.12% 251,539 $55.2M Reduce -60.2%
TIC Tic Solutions Inc. filed as ACUREN CORP 1.48% 2,902,230 $38.6M Reduce -35.7%
SCHW Schwab (charles) Corp. 1.43% 390,217 $37.3M Reduce -47.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.34% 52,187 $34.8M Reduce -12.3%
HYMB SS SPDR N Ice HY Muni ETF 1.33% 1,387,825 $34.6M No change
GLD SPDR Gold Shares 1.32% 96,309 $34.2M Reduce -4.0%
QQQ Invesco QQQ Trust Series 1 1.31% 56,951 $34.2M Reduce -24.1%
CEG Constellation Energy 1.28% 100,915 $33.2M Reduce -29.9%
MCO Moody's Corp. 1.05% 57,368 $27.3M Reduce -45.5%
UNH Unitedhealth Group Inc. 1.02% 76,615 $26.5M Reduce -48.1%
V Visa Inc. Class A 1.01% 77,039 $26.3M Reduce -46.2%
SPGI S&P Global Inc. 0.97% 52,035 $25.3M Reduce -45.4%
BKSY Blacksky Technology Inc. 0.96% 1,243,976 $25.1M No change
PDO PIMCO Dynamic Income Opport 0.90% 1,666,651 $23.5M No change
GOOGL Alphabet Inc. Class A 0.83% 88,536 $21.5M Reduce -28.8%
AAPL Apple Inc. 0.80% 81,443 $20.7M Reduce -59.9%
XLK SS Technology Select Sector 0.79% 73,251 $20.6M Add +77.3%
GEV GE Vernova Inc. 0.78% 33,199 $20.4M Reduce -45.5%
SHW The Sherwin-Williams Co. 0.77% 57,705 $20.0M New
APO Apollo Global Management Inc. 0.76% 147,599 $19.7M Reduce -45.8%
PANW Palo Alto Networks Inc. 0.75% 96,090 $19.6M Reduce -44.8%
EWW iShares MSCI Mexico ETF 0.63% 239,617 $16.3M No change
JPM JPMorgan Chase & Co. 0.60% 49,354 $15.6M Reduce -47.5%
GOOG Alphabet Inc. Class C 0.59% 62,738 $15.3M Reduce -40.4%
AGG iShares Core U.S. Aggregate 0.58% 151,570 $15.2M No change
SHM SS SPDR N Ice St Muni ETF 0.58% 314,202 $15.2M No change
STX Seagate Technology Holdings 0.58% 63,842 $15.1M New
WMS Advanced Drainage Systems Inc. 0.53% 100,224 $13.9M Reduce -49.1%
FLJP Franklin Ftse Japan ETF 0.53% 399,037 $13.8M New
PWR Quanta Services Inc. 0.53% 33,062 $13.7M Reduce -69.6%
COF Capital One Financial Corp. 0.50% 61,781 $13.1M Reduce -32.2%
UBER Uber Technologies Inc. 0.50% 133,997 $13.1M Reduce -71.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.50% 69,120 $12.9M No change
MELI MercadoLibre Inc. 0.47% 5,262 $12.3M Reduce -9.6%
SLV iShares Silver Trust 0.44% 270,859 $11.5M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.44% 221,184 $11.4M Reduce -43.8%
ANET Arista Networks Inc. 0.43% 77,364 $11.3M New
BA The Boeing Co. 0.43% 51,990 $11.2M New
MLM Martin Marietta Materials 0.42% 17,164 $10.8M Reduce -64.3%
EWY iShares MSCI South Korea ETF 0.41% 132,765 $10.6M Add +207.3%
ORLY O'reilly Automotive Inc. 0.40% 95,435 $10.3M Reduce -65.4%
LPX Louisiana-Pacific Corp. 0.39% 115,410 $10.3M New
SPYD SS SPDR P S&P 500 Hi Div ETF 0.37% 217,913 $9.6M No change
DNLI Denali Therapeutics Inc. 0.35% 625,000 $9.1M No change
XLV SS Health Care Select Sector 0.31% 58,840 $8.2M Reduce -83.6%
WAL Western Alliance Bancorp 0.30% 90,774 $7.9M Reduce -59.4%
DELL Dell Technologies -C 0.29% 54,087 $7.7M Reduce -60.6%
IBIT iShares Bitcoin Trust ETF 0.29% 117,140 $7.6M No change
DAL Delta Air Lines Inc. 0.28% 129,666 $7.4M Reduce -61.7%
BLDR Builders Firstsource Inc. 0.28% 60,300 $7.3M New
FLKR Franklin Ftse South Korea 0.27% 263,694 $7.1M New
DASH DoorDash Inc. Class A 0.27% 25,807 $7.0M New
LION Lionsgate Studios Corp. 0.26% 973,567 $6.7M No change
XLE SS Energy Select Sector 0.26% 74,336 $6.6M No change
NOC Northrop Grumman Corp. 0.25% 10,568 $6.4M Reduce -68.1%
NAUT Nautilus Biotechnology Inc. 0.23% 7,172,985 $6.1M No change
IBKR Interactive Brokers Gro Class A 0.21% 77,749 $5.3M Reduce -68.7%
XLP SS Consumer Staples Sel Sect 0.20% 65,127 $5.1M Reduce -76.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.19% 56,688 $4.9M Reduce -76.8%
JHX James Hardie Ind PLC 0.18% 237,647 $4.6M New
IWM iShares Russell 2000 ETF 0.17% 18,137 $4.4M No change
IAU iShares Gold Trust 0.17% 59,869 $4.4M No change
AVGO Broadcom Inc. 0.16% 12,877 $4.2M No change
ISRG Intuitive Surgical Inc. 0.16% 9,235 $4.1M Reduce -65.6%
EPD Enterprise Products Partners 0.14% 120,021 $3.8M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.14% 45,151 $3.5M New
TRTX TPG Re Finance Trust Inc. 0.13% 401,607 $3.4M No change
MUNI PIMCO Intermediate Municipal 0.12% 57,919 $3.0M Reduce -24.8%
SAND Sandstorm Gold Ltd. 0.11% 226,238 $2.8M Reduce -15.1%
INDA iShares MSCI India ETF 0.09% 46,470 $2.4M No change
VOO Vanguard S&P 500 ETF 0.09% 3,941 $2.4M No change
GPOR Gulfport Energy Corp. 0.08% 10,946 $2.0M Add +14.4%
IYK iShares US Consumer Staples 0.07% 25,446 $1.7M Reduce -15.1%
STWD Starwood Property Trust Inc. 0.06% 79,029 $1.5M No change
SPEM State Street SP PTF Em ETF 0.06% 32,275 $1.5M New
MA Mastercard Inc. Class A 0.06% 2,574 $1.5M No change
WMT Walmart Inc. 0.05% 13,635 $1.4M No change
TSLA Tesla Inc. 0.05% 3,048 $1.4M No change
NFLX Netflix Inc. 0.05% 1,033 $1.2M No change
LRCX Lam Research Corp. 0.04% 8,560 $1.1M No change
CAT Caterpillar Inc. 0.04% 2,180 $1.0M No change
SPTI SS SPDR P Int Term TSY ETF 0.04% 35,199 $1.0M No change
CGIC Cap Group Intl Core Eq filed as CAPITAL GROUP INTERNATIONAL 0.04% 32,733 $1.0M New
HD Home Depot Inc. 0.04% 2,430 $985K No change
ETN Eaton Corp. PLC 0.04% 2,550 $954K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 1,369 $688K No change
COST Costco Wholesale Corp. 0.03% 712 $659K No change
PG The Procter & Gamble Co. 0.03% 4,272 $656K No change
TXN Texas Instruments Inc. 0.03% 3,563 $655K No change
MRK Merck & Co. Inc. 0.02% 7,156 $601K No change
AMAT Applied Materials Inc. 0.02% 2,896 $593K No change
SLM SLM Corp. 0.02% 20,000 $554K New
BSX Boston Scientific Corp. 0.02% 5,517 $539K No change
FANG Diamondback Energy Inc. 0.02% 3,566 $510K No change
XLC SS Comm Select Sector SPDR 0.02% 4,267 $505K New
ADBE Adobe Inc. 0.02% 1,412 $498K No change
PLTR Palantir Technologies Inc. Class A 0.02% 2,542 $464K No change
KKR KKR & Co. Inc. 0.02% 3,560 $463K No change
MS Morgan Stanley 0.02% 2,812 $447K No change
ITW Illinois Tool Works 0.02% 1,670 $435K No change
NEM Newmont Corp. 0.02% 5,118 $431K No change
INTU Intuit Inc. 0.02% 619 $423K No change
ABBV Abbvie Inc. 0.02% 1,789 $414K No change
HCA HCA Healthcare Inc. 0.02% 970 $413K No change
HON Honeywell International Inc. 0.02% 1,900 $400K No change
PM Philip Morris International 0.02% 2,424 $393K No change
NRG NRG Energy Inc. 0.01% 2,295 $372K No change
NEE Nextera Energy Inc. 0.01% 4,824 $364K No change
JNJ Johnson & Johnson 0.01% 1,925 $357K No change
EQT Eqt Corp. 0.01% 6,518 $355K No change
ABT Abbott Laboratories 0.01% 2,607 $349K No change
VTR Ventas Inc. 0.01% 4,610 $323K No change
NSC Norfolk Southern Corp. 0.01% 1,069 $321K No change
WELL Welltower Inc. 0.01% 1,736 $309K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 780 $305K No change
TOL Toll Brothers Inc. 0.01% 2,107 $291K No change
T AT&T Inc. 0.01% 10,032 $283K No change
MCD McDonald's Corp. 0.01% 927 $282K No change
EXPE Expedia Group Inc. 0.01% 1,268 $271K New
ORCL Oracle Corp. 0.01% 926 $260K New
TMO Thermo Fisher Scientific Inc. 0.01% 531 $258K No change
XOM Exxon Mobil Corp. 0.01% 2,280 $257K Reduce -50.6%
CVS CVS Health Corp. 0.01% 3,382 $255K No change
SBUX Starbucks Corp. 0.01% 2,980 $252K Reduce -99.0%
LMT Lockheed Martin Corp. 0.01% 486 $243K No change
ALL Allstate Corp. 0.01% 1,118 $240K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,660 $240K No change
GE General Electric filed as GE AEROSPACE 0.01% 769 $231K New
LOW Lowe's Cos Inc. 0.01% 910 $229K No change
VZ Verizon Communications Inc. 0.01% 5,193 $228K Reduce -13.5%
PRU Prudential Financial Inc. 0.01% 2,196 $228K No change
SYK Stryker Corp. 0.01% 598 $221K No change
OKE Oneok Inc. 0.01% 2,957 $216K New
ACN Accenture PLC Class A 0.01% 871 $215K New
A Agilent Technologies Inc. 0.01% 1,666 $214K New
FOXA Fox Corp. Class A 0.01% 3,218 $203K New
URI United Rentals Inc. 0.01% 210 $200K New
DOC Healthpeak Properties Inc. 0.01% 10,451 $200K Reduce -10.1%
IRWD Ironwood Pharmaceuticals Inc. 0.01% 101,378 $133K No change

Options reported separately and not counted above: QXO INC puts ($4.7M), XPO INC puts ($3.2M), JOHNSON & JOHNSON calls ($264K).

Portfolio Sells Q2 2025 → Q3 2025
AMZN Amazon.com Inc. Reduce -60.2% 2.12% −1.84
TIC Tic Solutions Inc. Reduce -35.7% 1.48% −1.10
XLV SS Health Care Select Sector Reduce -83.6% 0.31% −1.06
APD Air Products & Chemicals Inc. Sold out 0.00% −0.85
AON Aon PLC Class A Sold out 0.00% −0.85
SBUX Starbucks Corp. Reduce -99.0% 0.01% −0.80
HYLB Xtrackers Usd High Yield Cor Sold out 0.00% −0.74
UBER Uber Technologies Inc. Reduce -71.1% 0.50% −0.73
FROG Jfrog Ltd. Sold out 0.00% −0.65
PWR Quanta Services Inc. Reduce -69.6% 0.53% −0.65
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.53
SCHW Schwab (charles) Corp. Reduce -47.3% 1.43% −0.50
SPGI S&P Global Inc. Reduce -45.4% 0.97% −0.46
MCO Moody's Corp. Reduce -45.5% 1.05% −0.46
XLP SS Consumer Staples Sel Sect Reduce -76.8% 0.20% −0.45
V Visa Inc. Class A Reduce -46.2% 1.01% −0.44
AAPL Apple Inc. Reduce -59.9% 0.80% −0.39
ROST Ross Stores Inc. Sold out 0.00% −0.39
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -76.8% 0.19% −0.38
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −0.38
OWL Blue Owl Capital Inc. Sold out 0.00% −0.36
APO Apollo Global Management Inc. Reduce -45.8% 0.76% −0.35
MLM Martin Marietta Materials Reduce -64.3% 0.42% −0.34
ORLY O'reilly Automotive Inc. Reduce -65.4% 0.40% −0.31
UNH Unitedhealth Group Inc. Reduce -48.1% 1.02% −0.30
TKO Tko Group Holdings Inc. Sold out 0.00% −0.28
PANW Palo Alto Networks Inc. Reduce -44.8% 0.75% −0.26
ISRG Intuitive Surgical Inc. Reduce -65.6% 0.16% −0.26
META Meta Platforms Inc. Class A Reduce -29.8% 3.73% −0.24
NOC Northrop Grumman Corp. Reduce -68.1% 0.25% −0.23
WAL Western Alliance Bancorp Reduce -59.4% 0.30% −0.19
DAL Delta Air Lines Inc. Reduce -61.7% 0.28% −0.19
IBKR Interactive Brokers Gro Class A Reduce -68.7% 0.21% −0.19
DELL Dell Technologies -C Reduce -60.6% 0.29% −0.19
JPM JPMorgan Chase & Co. Reduce -47.5% 0.60% −0.18
MCK McKesson Corp. Sold out 0.00% −0.14
GEV GE Vernova Inc. Reduce -45.5% 0.78% −0.14
WMS Advanced Drainage Systems Inc. Reduce -49.1% 0.53% −0.11
ET Energy Transfer LP Sold out 0.00% −0.11
INSW International Seaways Inc. Sold out 0.00% −0.09
BAC Bank of America Corp. Reduce -43.8% 0.44% −0.09
CEG Constellation Energy Reduce -29.9% 1.28% −0.05
COF Capital One Financial Corp. Reduce -32.2% 0.50% −0.05
PAA Plains All Amer Pipeline LP Sold out 0.00% −0.04
HAFN Hafnia Ltd. Sold out 0.00% −0.04
WU Western Union Co. Sold out 0.00% −0.04
TT Trane Technologies PLC Sold out 0.00% −0.02
EEM iShares MSCI Emerging Market Sold out 0.00% −0.01
RELY Remitly Global Inc. Sold out 0.00% −0.01
CHTR Charter Communications Inc. Class A Sold out 0.00% −0.01

Portfolio Buys Q2 2025 → Q3 2025
UNP Union Pacific Corp. Add +3.0% 10.01% +2.99
SHW The Sherwin-Williams Co. New 0.77% +0.77
STX Seagate Technology Holdings New 0.58% +0.58
FLJP Franklin Ftse Japan ETF New 0.53% +0.53
XLK SS Technology Select Sector Add +77.3% 0.79% +0.49
ANET Arista Networks Inc. New 0.43% +0.43
BA The Boeing Co. New 0.43% +0.43
LPX Louisiana-Pacific Corp. New 0.39% +0.39
EWY iShares MSCI South Korea ETF Add +207.3% 0.41% +0.32
BLDR Builders Firstsource Inc. New 0.28% +0.28
FLKR Franklin Ftse South Korea New 0.27% +0.27
DASH DoorDash Inc. Class A New 0.27% +0.27
JHX James Hardie Ind PLC New 0.18% +0.18
SPYM Ste STR SPDR PT S&P 500 ETF New 0.14% +0.14
SPEM State Street SP PTF Em ETF New 0.06% +0.06
CGIC Cap Group Intl Core Eq New 0.04% +0.04
SLM SLM Corp. New 0.02% +0.02
GPOR Gulfport Energy Corp. Add +14.4% 0.08% +0.02
XLC SS Comm Select Sector SPDR New 0.02% +0.02
EXPE Expedia Group Inc. New 0.01% +0.01
ORCL Oracle Corp. New 0.01% +0.01
GE General Electric New 0.01% +0.01
OKE Oneok Inc. New 0.01% +0.01
ACN Accenture PLC Class A New 0.01% +0.01
A Agilent Technologies Inc. New 0.01% +0.01
FOXA Fox Corp. Class A New 0.01% +0.01
URI United Rentals Inc. New 0.01% +0.01

Options Activity Q2 2025 → Q3 2025
QXO INC put Reduce -78.6% 24,850 $4.7M
XPO INC put New 2,840 $3.2M
JOHNSON & JOHNSON call New 777 $264K
CSX CORP call Sold out 165,000 $95Kbefore exit
ALPHABET INC put Sold out 193,500 $32Kbefore exit
OREILLY AUTOMOTIVE INC put Sold out 120,000 $21Kbefore exit
SALESFORCE INC put Sold out 41,000 $9Kbefore exit
MR COOPER GROUP INC put Sold out 28,000 $1Kbefore 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