Cercano Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Cercano Management LLC reported 145 stock positions worth $2.6 billion. Its top holding was Microsoft (MSFT) at 11.2% of the portfolio, followed by Xpo (XPO, 10.0%) and Union Pacific (UNP, 9.9%). Compared with Q3 2025, it opened 18 new positions, sold out of 21, added to 19 and reduced 15. The biggest buy was iShares Gold Trust (IAU, shares +731%) and the biggest sale an exit from Mr Cooper (COOP).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$2.6B (Q4 2025)
SEC Filing
0001062993-26-000745 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $2.6B $2.6B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $749.9M Q2 2026

Holdings 145 stocks · $2.6B
MSFT Microsoft Corp. 11.15% 542,736 $294.6M Reduce -14.8%
XPO Xpo Inc. 10.01% 1,945,996 $264.5M No change
UNP Union Pacific Corp. 9.86% 1,126,608 $260.6M Add +2.2%
QXO Qxo Inc. 7.90% 10,815,832 $208.6M Add +2.2%
LLY Eli Lilly & Co. 5.79% 142,454 $153.1M Reduce -4.6%
NVDA Nvidia Corp. 4.42% 626,158 $116.8M Add +22.0%
RSP Invesco S&P 500 Equal Weight 3.88% 534,478 $102.4M Reduce -14.4%
META Meta Platforms Inc. Class A 3.77% 151,007 $99.7M Add +14.2%
AMZN Amazon.com Inc. 2.20% 251,539 $58.1M No change
IAU iShares Gold Trust 1.53% 497,522 $40.4M Add +731.0%
SCHW Schwab (charles) Corp. 1.48% 390,217 $39.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.44% 55,788 $38.0M Add +6.9%
CEG Constellation Energy 1.35% 100,915 $35.7M No change
PANW Palo Alto Networks Inc. 1.33% 190,830 $35.2M Add +98.6%
HYMB SS SPDR N Ice HY Muni ETF 1.31% 1,387,825 $34.6M No change
SPEM State Street SP PTF Em ETF 1.14% 642,100 $30.1M Add +1889.5%
UNH Unitedhealth Group Inc. 1.14% 90,927 $30.0M Add +18.7%
QQQ Invesco QQQ Trust Series 1 1.13% 48,739 $29.9M Reduce -14.4%
TIC Tic Solutions Inc. 1.11% 2,902,230 $29.3M No change
MCO Moody's Corp. 1.11% 57,368 $29.3M No change
GOOGL Alphabet Inc. Class A 1.06% 89,837 $28.1M Add +1.5%
SPGI S&P Global Inc. 1.03% 52,035 $27.2M No change
V Visa Inc. Class A 1.02% 77,039 $27.0M No change
BKSY Blacksky Technology Inc. 0.88% 1,243,976 $23.3M No change
COF Capital One Financial Corp. 0.87% 94,570 $22.9M Add +53.1%
GEV GE Vernova Inc. 0.82% 33,199 $21.7M No change
APO Apollo Global Management Inc. 0.81% 147,599 $21.4M No change
SHW The Sherwin-Williams Co. 0.81% 65,792 $21.3M Add +14.0%
BA The Boeing Co. 0.75% 91,002 $19.8M Add +75.0%
GOOG Alphabet Inc. Class C 0.75% 62,738 $19.7M No change
AAPL Apple Inc. 0.67% 64,847 $17.6M Reduce -20.4%
EWW iShares MSCI Mexico ETF 0.63% 239,617 $16.6M No change
JPM JPMorgan Chase & Co. 0.60% 49,354 $15.9M No change
LIN Linde PLC 0.60% 36,908 $15.7M New
EWZ iShares MSCI Brazil ETF 0.59% 490,980 $15.6M New
AGG iShares Core U.S. Aggregate 0.57% 151,570 $15.1M No change
SHM SS SPDR N Ice St Muni ETF 0.57% 314,202 $15.1M No change
COST Costco Wholesale Corp. 0.56% 17,139 $14.8M Add +2307.2%
BSX Boston Scientific Corp. 0.56% 153,931 $14.7M Add +2690.1%
WMS Advanced Drainage Systems Inc. 0.55% 100,224 $14.5M No change
XLK SS Technology Select Sector 0.54% 98,448 $14.2M Reduce -32.8%
NAUT Nautilus Biotechnology Inc. 0.53% 7,172,985 $14.0M No change
PWR Quanta Services Inc. 0.53% 33,062 $14.0M No change
FLJP Franklin Ftse Japan ETF 0.52% 399,037 $13.7M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.50% 69,120 $13.2M No change
EWY iShares MSCI South Korea ETF 0.49% 132,765 $12.9M No change
DHR Danaher Corp. 0.49% 56,232 $12.9M New
LRCX Lam Research Corp. 0.47% 72,360 $12.4M Add +745.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.46% 221,184 $12.2M No change
AON Aon PLC Class A 0.41% 30,352 $10.7M New
MLM Martin Marietta Materials 0.40% 17,164 $10.7M No change
DNLI Denali Therapeutics Inc. 0.39% 625,000 $10.3M No change
SPYD SS SPDR P S&P 500 Hi Div ETF 0.36% 217,913 $9.4M No change
LPX Louisiana-Pacific Corp. 0.35% 115,410 $9.3M No change
ORLY O'reilly Automotive Inc. 0.33% 95,435 $8.7M No change
FLKR Franklin Ftse South Korea 0.32% 263,694 $8.5M No change
HD Home Depot Inc. 0.31% 23,874 $8.2M Add +882.5%
GRAB Grab Holdings Ltd. Class A 0.30% 1,600,000 $8.0M New
XLV SS Health Care Select Sector 0.30% 51,519 $8.0M Reduce -12.4%
WMT Walmart Inc. 0.29% 69,379 $7.7M Add +408.8%
COPX Global X Copper Miners ETF 0.29% 107,493 $7.7M New
DELL Dell Technologies -C 0.26% 54,087 $6.8M No change
XLE SS Energy Select Sector 0.25% 148,672 $6.6M No change
URI United Rentals Inc. 0.23% 7,458 $6.0M Add +3451.4%
IBIT iShares Bitcoin Trust ETF 0.22% 117,140 $5.8M No change
BLDR Builders Firstsource Inc. 0.20% 51,128 $5.3M Reduce -15.2%
IWM iShares Russell 2000 ETF 0.17% 18,137 $4.5M No change
AVGO Broadcom Inc. 0.17% 12,877 $4.5M No change
INSW International Seaways Inc. 0.16% 85,219 $4.1M New
EPD Enterprise Products Partners 0.15% 120,021 $3.8M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.14% 45,151 $3.6M No change
TRTX TPG Re Finance Trust Inc. 0.13% 401,607 $3.5M No change
MUNI PIMCO Intermediate Municipal 0.11% 57,919 $3.0M No change
INDA iShares MSCI India ETF 0.10% 46,470 $2.5M No change
VOO Vanguard S&P 500 ETF 0.09% 3,941 $2.5M No change
MA Mastercard Inc. Class A 0.06% 2,574 $1.5M No change
WMB Williams Cos Inc. 0.05% 23,863 $1.4M New
HAFN Hafnia Ltd. 0.05% 264,379 $1.4M New
STWD Starwood Property Trust Inc. 0.05% 79,029 $1.4M No change
TSLA Tesla Inc. 0.05% 3,048 $1.4M No change
PSX Phillips 66 0.05% 10,522 $1.4M New
CAT Caterpillar Inc. 0.05% 2,180 $1.2M No change
CGIC Cap Group Intl Core Eq filed as CAPITAL GROUP INTERNATIONAL 0.04% 32,733 $1.1M No change
SPTI SS SPDR P Int Term TSY ETF 0.04% 35,199 $1.0M No change
NFLX Netflix Inc. 0.04% 10,330 $969K No change
ETN Eaton Corp. PLC 0.03% 2,550 $812K No change
MRK Merck & Co. Inc. 0.03% 7,156 $753K No change
AMAT Applied Materials Inc. 0.03% 2,896 $744K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 1,369 $688K No change
TXN Texas Instruments Inc. 0.02% 3,563 $618K No change
PG The Procter & Gamble Co. 0.02% 4,272 $612K No change
TT Trane Technologies PLC 0.02% 1,517 $590K New
GPOR Gulfport Energy Corp. 0.02% 2,819 $586K Reduce -74.3%
FANG Diamondback Energy Inc. 0.02% 3,566 $536K No change
NEM Newmont Corp. 0.02% 5,118 $511K No change
XLC SS Comm Select Sector SPDR 0.02% 4,267 $502K No change
MS Morgan Stanley 0.02% 2,812 $499K No change
ADBE Adobe Inc. 0.02% 1,412 $494K No change
KKR KKR & Co. Inc. 0.02% 3,560 $454K No change
HCA HCA Healthcare Inc. 0.02% 970 $453K No change

Show all 145 holdings

Options reported separately and not counted above: LINDE PLC calls ($586K).

Portfolio Sells Q3 2025 → Q4 2025
COOP Mr Cooper Group Inc. Sold out 0.00% −2.31
MSFT Microsoft Corp. Reduce -14.8% 11.15% −1.54
GLD SPDR Gold Shares Sold out 0.00% −1.32
PDO PIMCO Dynamic Income Opport Sold out 0.00% −0.90
RSP Invesco S&P 500 Equal Weight Reduce -14.4% 3.88% −0.67
STX Seagate Technology Holdings Sold out 0.00% −0.58
UBER Uber Technologies Inc. Sold out 0.00% −0.50
MELI MercadoLibre Inc. Reduce -96.2% 0.02% −0.46
SLV iShares Silver Trust Sold out 0.00% −0.44
ANET Arista Networks Inc. Sold out 0.00% −0.43
WAL Western Alliance Bancorp Sold out 0.00% −0.30
DAL Delta Air Lines Inc. Sold out 0.00% −0.28
DASH DoorDash Inc. Class A Sold out 0.00% −0.27
LION Lionsgate Studios Corp. Sold out 0.00% −0.26
XLK SS Technology Select Sector Reduce -32.8% 0.54% −0.26
NOC Northrop Grumman Corp. Reduce -95.9% 0.01% −0.24
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.21
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.20
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.19
QQQ Invesco QQQ Trust Series 1 Reduce -14.4% 1.13% −0.18
JHX James Hardie Ind PLC Sold out 0.00% −0.18
ISRG Intuitive Surgical Inc. Reduce -93.3% 0.01% −0.15
AAPL Apple Inc. Reduce -20.4% 0.67% −0.13
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.11
BLDR Builders Firstsource Inc. Reduce -15.2% 0.20% −0.08
IYK iShares US Consumer Staples Sold out 0.00% −0.07
GPOR Gulfport Energy Corp. Reduce -74.3% 0.02% −0.05
SLM SLM Corp. Sold out 0.00% −0.02
XLV SS Health Care Select Sector Reduce -12.4% 0.30% −0.01
ORCL Oracle Corp. Sold out 0.00% −0.01
VZ Verizon Communications Inc. Sold out 0.00% −0.01
DOC Healthpeak Properties Inc. Sold out 0.00% −0.01
PM Philip Morris International Reduce -23.8% 0.01% −0.00
CVS CVS Health Corp. Reduce -7.8% 0.01% −0.00
EXPE Expedia Group Inc. Reduce -9.0% 0.01% +0.00
LLY Eli Lilly & Co. Reduce -4.6% 5.79% +1.41

Portfolio Buys Q3 2025 → Q4 2025
IAU iShares Gold Trust Add +731.0% 1.53% +1.36
SPEM State Street SP PTF Em ETF Add +1889.5% 1.14% +1.08
NVDA Nvidia Corp. Add +22.0% 4.42% +0.74
LIN Linde PLC New 0.60% +0.60
EWZ iShares MSCI Brazil ETF New 0.59% +0.59
PANW Palo Alto Networks Inc. Add +98.6% 1.33% +0.58
BSX Boston Scientific Corp. Add +2690.1% 0.56% +0.53
COST Costco Wholesale Corp. Add +2307.2% 0.56% +0.53
DHR Danaher Corp. New 0.49% +0.49
LRCX Lam Research Corp. Add +745.3% 0.47% +0.42
AON Aon PLC Class A New 0.41% +0.41
COF Capital One Financial Corp. Add +53.1% 0.87% +0.36
BA The Boeing Co. Add +75.0% 0.75% +0.32
GRAB Grab Holdings Ltd. Class A New 0.30% +0.30
COPX Global X Copper Miners ETF New 0.29% +0.29
HD Home Depot Inc. Add +882.5% 0.31% +0.27
WMT Walmart Inc. Add +408.8% 0.29% +0.24
GOOGL Alphabet Inc. Class A Add +1.5% 1.06% +0.24
URI United Rentals Inc. Add +3451.4% 0.23% +0.22
INSW International Seaways Inc. New 0.16% +0.16
QXO Qxo Inc. Add +2.2% 7.90% +0.14
UNH Unitedhealth Group Inc. Add +18.7% 1.14% +0.12
SPY SS SPDR S&P 500 ETF Trust-US Add +6.9% 1.44% +0.10
WMB Williams Cos Inc. New 0.05% +0.05
HAFN Hafnia Ltd. New 0.05% +0.05
PSX Phillips 66 New 0.05% +0.05
META Meta Platforms Inc. Class A Add +14.2% 3.77% +0.04
SHW The Sherwin-Williams Co. Add +14.0% 0.81% +0.04
TT Trane Technologies PLC New 0.02% +0.02
FISV Fiserv Inc. New 0.01% +0.01
CSGP Costar Group Inc. New 0.01% +0.01
HAL Halliburton Co. New 0.01% +0.01
JLL Jones Lang Lasalle Inc. New 0.01% +0.01
AMD Advanced Micro Devices New 0.01% +0.01
AMGN Amgen Inc. New 0.01% +0.01
LPLA LPL Financial Holdings Inc. New 0.01% +0.01
UNP Union Pacific Corp. Add +2.2% 9.86% −0.15

Options Activity Q3 2025 → Q4 2025
QXO INC put Sold out 24,850 $4.7Mbefore exit
XPO INC put Sold out 2,840 $3.2Mbefore exit
LINDE PLC call New 256 $586K
JOHNSON & JOHNSON call Sold out 777 $264Kbefore 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