Cercano Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Cercano Management LLC reported 139 stock positions worth $2.3 billion. Its top holding was Union Pacific (UNP) at 11.0% of the portfolio, followed by Microsoft (MSFT, 9.7%) and Xpo (XPO, 6.4%). Compared with Q4 2025, it opened 9 new positions, sold out of 15, added to 15 and reduced 37. The biggest buy was Netflix (NFLX, shares +5887%) and the biggest sale Qxo (QXO, shares −56%).

Most Recent 13F
Q2 2026
Location
BELLEVUE, WA
CIK
0001936416
Portfolio Value
$2.3B (Q1 2026)
SEC Filing
0001062993-26-002563 ↗ filed May 13, 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 Q4 2025 Q1 2026: $2.3B $2.3B Q1 2026 Q2 2026: $749.9M Q2 2026

Holdings 139 stocks · $2.3B
UNP Union Pacific Corp. 11.01% 1,050,823 $255.0M Reduce -6.7%
MSFT Microsoft Corp. 9.73% 608,325 $225.2M Add +12.1%
XPO Xpo Inc. 6.36% 756,536 $147.2M Reduce -61.1%
RSP Invesco S&P 500 Equal Weight 6.15% 741,425 $142.3M Add +38.7%
LLY Eli Lilly & Co. 5.46% 137,377 $126.4M Reduce -3.6%
NVDA Nvidia Corp. 4.70% 623,668 $108.8M Reduce -0.4%
QXO Qxo Inc. 4.04% 4,813,158 $93.5M Reduce -55.5%
META Meta Platforms Inc. Class A 3.72% 150,454 $86.1M Reduce -0.4%
AMZN Amazon.com Inc. 2.59% 288,193 $60.0M Add +14.6%
NFLX Netflix Inc. 2.57% 618,427 $59.5M Add +5886.7%
SCHW Schwab (charles) Corp. 1.58% 390,217 $36.7M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.57% 55,788 $36.3M No change
HYMB SS SPDR N Ice HY Muni ETF 1.49% 1,387,825 $34.4M No change
BLDR Builders Firstsource Inc. 1.37% 386,254 $31.8M Add +655.5%
COF Capital One Financial Corp. 1.37% 173,628 $31.7M Add +83.6%
BKSY Blacksky Technology Inc. 1.35% 1,243,976 $31.3M No change
GEV GE Vernova Inc. 1.25% 33,199 $29.0M No change
QQQ Invesco QQQ Trust Series 1 1.21% 48,739 $28.1M No change
NAUT Nautilus Biotechnology Inc. 1.20% 7,172,985 $27.8M No change
CEG Constellation Energy 1.12% 93,085 $26.0M Reduce -7.8%
SPEM State Street SP PTF Em ETF 1.11% 548,897 $25.7M Reduce -14.5%
GOOGL Alphabet Inc. Class A 1.10% 88,904 $25.6M Reduce -1.0%
GOOG Alphabet Inc. Class C 1.09% 87,753 $25.2M Add +39.9%
MCO Moody's Corp. 1.08% 57,368 $25.0M No change
UNH Unitedhealth Group Inc. 1.06% 90,927 $24.6M No change
V Visa Inc. Class A 1.01% 77,438 $23.4M Add +0.5%
IAU iShares Gold Trust 0.97% 254,300 $22.4M Reduce -48.9%
SPGI S&P Global Inc. 0.96% 52,035 $22.1M No change
XLK SS Technology Select Sector 0.93% 162,055 $21.5M Add +64.6%
BA The Boeing Co. 0.93% 107,941 $21.5M Add +18.6%
XLV SS Health Care Select Sector 0.89% 140,876 $20.7M Add +173.4%
TIC Tic Solutions Inc. 0.82% 2,902,230 $19.1M No change
LIN Linde PLC 0.78% 36,423 $18.1M Reduce -1.3%
EWW iShares MSCI Mexico ETF 0.78% 239,617 $18.0M No change
PWR Quanta Services Inc. 0.77% 32,665 $17.9M Reduce -1.2%
EWZ iShares MSCI Brazil ETF 0.72% 434,521 $16.7M Reduce -11.5%
APO Apollo Global Management Inc. 0.71% 147,599 $16.4M No change
EWY iShares MSCI South Korea ETF 0.71% 132,765 $16.3M No change
AAPL Apple Inc. 0.70% 63,885 $16.2M Reduce -1.5%
SHW The Sherwin-Williams Co. 0.68% 49,183 $15.8M Reduce -25.2%
LRCX Lam Research Corp. 0.66% 71,531 $15.3M Reduce -1.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.59% 69,120 $13.6M No change
DNLI Denali Therapeutics Inc. 0.52% 625,000 $12.0M No change
COST Costco Wholesale Corp. 0.46% 10,628 $10.6M Reduce -38.0%
FLKR Franklin Ftse South Korea 0.45% 263,694 $10.5M No change
SPYD SS SPDR P S&P 500 Hi Div ETF 0.43% 217,913 $9.9M No change
SHM SS SPDR N Ice St Muni ETF 0.43% 206,569 $9.9M Reduce -34.3%
AGG iShares Core U.S. Aggregate 0.42% 99,128 $9.8M Reduce -34.6%
VNQ Vanguard Real Estate ETF 0.41% 106,191 $9.4M New
XLE SS Energy Select Sector 0.39% 148,672 $9.1M No change
JPM JPMorgan Chase & Co. 0.36% 28,385 $8.3M Reduce -42.5%
LPX Louisiana-Pacific Corp. 0.36% 113,924 $8.3M Reduce -1.3%
COPX Global X Copper Miners ETF 0.35% 104,678 $8.0M Reduce -2.6%
HD Home Depot Inc. 0.33% 23,444 $7.7M Reduce -1.8%
WMT Walmart Inc. 0.32% 59,225 $7.4M Reduce -14.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.31% 149,560 $7.3M Reduce -32.4%
MS Morgan Stanley 0.31% 43,762 $7.2M Add +1456.3%
WMS Advanced Drainage Systems Inc. 0.30% 50,016 $6.9M Reduce -50.1%
DHR Danaher Corp. 0.28% 33,694 $6.4M Reduce -40.1%
GRAB Grab Holdings Ltd. Class A 0.25% 1,600,000 $5.9M No change
INSW International Seaways Inc. 0.23% 73,147 $5.3M Reduce -14.2%
FLJP Franklin Ftse Japan ETF 0.23% 146,612 $5.3M Reduce -63.3%
URI United Rentals Inc. 0.23% 7,279 $5.3M Reduce -2.4%
MLM Martin Marietta Materials 0.21% 8,407 $4.9M Reduce -51.0%
MCD McDonald's Corp. 0.20% 14,658 $4.6M Add +1481.2%
EPD Enterprise Products Partners 0.20% 120,021 $4.5M No change
IBIT iShares Bitcoin Trust ETF 0.19% 117,140 $4.5M No change
IWM iShares Russell 2000 ETF 0.19% 18,137 $4.5M No change
CINF Cincinnati Financial Corp. 0.18% 26,827 $4.2M New
DELL Dell Technologies -C 0.18% 24,811 $4.1M Reduce -54.1%
AVGO Broadcom Inc. 0.16% 12,325 $3.8M Reduce -4.3%
JHX James Hardie Ind PLC 0.16% 190,661 $3.6M New
SPYM Ste STR SPDR PT S&P 500 ETF 0.15% 45,151 $3.5M No change
TRTX TPG Re Finance Trust Inc. 0.14% 401,607 $3.1M No change
MUNI PIMCO Intermediate Municipal 0.13% 57,919 $3.0M No change
VOO Vanguard S&P 500 ETF 0.10% 3,941 $2.4M No change
INDA iShares MSCI India ETF 0.09% 46,470 $2.2M No change
HAFN Hafnia Ltd. 0.09% 264,379 $2.0M No change
PSX Phillips 66 0.07% 9,396 $1.7M Reduce -10.7%
WMB Williams Cos Inc. 0.07% 21,491 $1.6M Reduce -9.9%
CAT Caterpillar Inc. 0.07% 2,180 $1.5M No change
STWD Starwood Property Trust Inc. 0.06% 79,029 $1.4M No change
MA Mastercard Inc. Class A 0.06% 2,574 $1.3M No change
TSLA Tesla Inc. 0.05% 3,048 $1.1M No change
CGIC Cap Group Intl Core Eq filed as CAPITAL GROUP INTERNATIONAL 0.05% 32,733 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.05% 2,238 $1.1M Add +63.5%
SPTI SS SPDR P Int Term TSY ETF 0.04% 35,199 $1.0M No change
AMAT Applied Materials Inc. 0.04% 2,896 $990K No change
ETN Eaton Corp. PLC 0.04% 2,550 $912K No change
MRK Merck & Co. Inc. 0.04% 7,156 $861K No change
XOM Exxon Mobil Corp. 0.04% 4,783 $811K Add +109.8%
FANG Diamondback Energy Inc. 0.03% 3,566 $705K No change
TXN Texas Instruments Inc. 0.03% 3,563 $692K No change
TT Trane Technologies PLC 0.03% 1,517 $632K No change
PG The Procter & Gamble Co. 0.03% 4,272 $617K No change
NEM Newmont Corp. 0.02% 5,118 $554K No change
XLC SS Comm Select Sector SPDR 0.02% 4,267 $473K No change
JNJ Johnson & Johnson 0.02% 1,925 $471K No change
HCA HCA Healthcare Inc. 0.02% 970 $459K No change
NEE Nextera Energy Inc. 0.02% 4,824 $448K No change

Show all 139 holdings

Options reported separately and not counted above: VULCAN MATLS CO calls ($429K), AMAZON COM INC calls ($216K), XLE calls ($168K).

Portfolio Sells Q4 2025 → Q1 2026
QXO Qxo Inc. Reduce -55.5% 4.04% −3.86
XPO Xpo Inc. Reduce -61.1% 6.36% −3.65
PANW Palo Alto Networks Inc. Sold out 0.00% −1.33
IAU iShares Gold Trust Reduce -48.9% 0.97% −0.56
BSX Boston Scientific Corp. Reduce -96.4% 0.01% −0.54
AON Aon PLC Class A Sold out 0.00% −0.41
LLY Eli Lilly & Co. Reduce -3.6% 5.46% −0.34
ORLY O'reilly Automotive Inc. Reduce -96.7% 0.01% −0.32
FLJP Franklin Ftse Japan ETF Reduce -63.3% 0.23% −0.29
WMS Advanced Drainage Systems Inc. Reduce -50.1% 0.30% −0.25
JPM JPMorgan Chase & Co. Reduce -42.5% 0.36% −0.24
CEG Constellation Energy Reduce -7.8% 1.12% −0.23
DHR Danaher Corp. Reduce -40.1% 0.28% −0.21
MLM Martin Marietta Materials Reduce -51.0% 0.21% −0.19
AGG iShares Core U.S. Aggregate Reduce -34.6% 0.42% −0.15
BAC Bank of America Corp. Reduce -32.4% 0.31% −0.15
SHM SS SPDR N Ice St Muni ETF Reduce -34.3% 0.43% −0.14
SHW The Sherwin-Williams Co. Reduce -25.2% 0.68% −0.13
COST Costco Wholesale Corp. Reduce -38.0% 0.46% −0.10
DELL Dell Technologies -C Reduce -54.1% 0.18% −0.08
META Meta Platforms Inc. Class A Reduce -0.4% 3.72% −0.06
SPEM State Street SP PTF Em ETF Reduce -14.5% 1.11% −0.03
GPOR Gulfport Energy Corp. Sold out 0.00% −0.02
MELI MercadoLibre Inc. Sold out 0.00% −0.02
EXPE Expedia Group Inc. Sold out 0.00% −0.01
FISV Fiserv Inc. Sold out 0.00% −0.01
CVS CVS Health Corp. Sold out 0.00% −0.01
CSGP Costar Group Inc. Sold out 0.00% −0.01
FOXA Fox Corp. Class A Sold out 0.00% −0.01
ACN Accenture PLC Class A Sold out 0.00% −0.01
A Agilent Technologies Inc. Sold out 0.00% −0.01
JLL Jones Lang Lasalle Inc. Sold out 0.00% −0.01
SYK Stryker Corp. Sold out 0.00% −0.01
AMD Advanced Micro Devices Sold out 0.00% −0.01
LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.01
AVGO Broadcom Inc. Reduce -4.3% 0.16% −0.00
URI United Rentals Inc. Reduce -2.4% 0.23% +0.00
LPX Louisiana-Pacific Corp. Reduce -1.3% 0.36% +0.01
WMB Williams Cos Inc. Reduce -9.9% 0.07% +0.01
HD Home Depot Inc. Reduce -1.8% 0.33% +0.02
PSX Phillips 66 Reduce -10.7% 0.07% +0.02
WMT Walmart Inc. Reduce -14.6% 0.32% +0.03
AAPL Apple Inc. Reduce -1.5% 0.70% +0.03
GOOGL Alphabet Inc. Class A Reduce -1.0% 1.10% +0.04
COPX Global X Copper Miners ETF Reduce -2.6% 0.35% +0.05
INSW International Seaways Inc. Reduce -14.2% 0.23% +0.07
EWZ iShares MSCI Brazil ETF Reduce -11.5% 0.72% +0.13
LIN Linde PLC Reduce -1.3% 0.78% +0.18
LRCX Lam Research Corp. Reduce -1.1% 0.66% +0.19
PWR Quanta Services Inc. Reduce -1.2% 0.77% +0.25

Portfolio Buys Q4 2025 → Q1 2026
NFLX Netflix Inc. Add +5886.7% 2.57% +2.53
RSP Invesco S&P 500 Equal Weight Add +38.7% 6.15% +2.27
BLDR Builders Firstsource Inc. Add +655.5% 1.37% +1.17
XLV SS Health Care Select Sector Add +173.4% 0.89% +0.59
COF Capital One Financial Corp. Add +83.6% 1.37% +0.50
VNQ Vanguard Real Estate ETF New 0.41% +0.41
AMZN Amazon.com Inc. Add +14.6% 2.59% +0.39
XLK SS Technology Select Sector Add +64.6% 0.93% +0.39
GOOG Alphabet Inc. Class C Add +39.9% 1.09% +0.34
MS Morgan Stanley Add +1456.3% 0.31% +0.29
MCD McDonald's Corp. Add +1481.2% 0.20% +0.19
CINF Cincinnati Financial Corp. New 0.18% +0.18
BA The Boeing Co. Add +18.6% 0.93% +0.18
JHX James Hardie Ind PLC New 0.16% +0.16
XOM Exxon Mobil Corp. Add +109.8% 0.04% +0.02
BRK.B Berkshire Hathaway Inc. Class B Add +63.5% 0.05% +0.02
CVX Chevron Corp. New 0.01% +0.01
DIS The Walt Disney Co. New 0.01% +0.01
WLK Westlake Corp. New 0.01% +0.01
CMI Cummins Inc. New 0.01% +0.01
INTC Intel Corp. New 0.01% +0.01
CME Cme Group Inc. New 0.01% +0.01
V Visa Inc. Class A Add +0.5% 1.01% −0.01
MSFT Microsoft Corp. Add +12.1% 9.73% −1.43

Options Activity Q4 2025 → Q1 2026
LINDE PLC call Sold out 256 $586Kbefore exit
VULCAN MATLS CO call New 378 $429K
AMAZON COM INC call New 148 $216K
XLE SS Energy Select Sector call New 691 $168K

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