CIK: 0001936416
Total reported value
$2.3B
Reporting period: 2026-03-31 · Number of holdings: 167
Cercano Management LLC disclosed 167 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.3B and a quarterly turnover rate of 33.4%.
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Cercano Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 167 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.25), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim QXO
-55.5% -$115.2M
Trim XPO
-61.1% -$117.3M
Add NFLX
+5886.7% $58.5M
Add RSP
+38.7% $39.9M
Trim MSFT
+12.1% -$69.5M
Add BLDR
+655.5% $26.5M
Showing top 141 holdings (of 167 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | UNP | Union Pacific CORP | Stock-Industrials | 11.01% | +1.15% | -6.73% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 9.72% | -1.43% | +12.08% | |
| 3 | XPO | Xpo INC | Stock-Industrials | 6.35% | -3.66% | -61.12% | |
| 4 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 6.14% | +2.27% | +38.72% | |
| 5 | LLY | Eli Lilly & Co | Stock-Healthcare | 5.46% | -0.33% | -3.56% | |
| 6 | NVDA | Nvidia CORP | Stock-Tech | 4.70% | +0.28% | -0.40% | |
| 7 | QXO | Qxo INC | Stock-Industrials | 4.04% | -3.86% | -55.50% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 3.72% | -0.05% | -0.37% | |
| 9 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.59% | — | +14.57% | |
| 10 | NFLX | Netflix INC | Stock-Comm Services | 2.57% | +2.53% | +5886.71% | |
| 11 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.58% | — | — | |
| 12 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.57% | — | — | |
| 13 | HYMB | Ss Spdr N Ice Hy Muni ETF | ETF-Other | 1.49% | — | — | |
| 14 | BLDR | Builders Firstsource INC | Stock-Industrials | 1.37% | +1.17% | +655.46% | |
| 15 | COF | Capital One Financial CORP | Stock-Financials | 1.37% | +0.50% | +83.60% | |
| 16 | BKSY | Blacksky Technology INC | Stock-Other | 1.35% | +0.47% | — | |
| 17 | GEV | GE Vernova INC | Stock-Industrials | 1.25% | +0.43% | — | |
| 18 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.21% | — | — | |
| 19 | NAUT | Nautilus Biotechnology INC | Stock-Other | 1.20% | +0.67% | — | |
| 20 | CEG | Constellation Energy | Stock-Utilities | 1.12% | -0.23% | -7.76% | |
| 21 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 1.11% | -0.03% | -14.52% | |
| 22 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.10% | — | -1.04% | |
| 23 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.09% | +0.35% | +39.87% | |
| 24 | MCO | Moody's CORP | Stock-Financials | 1.08% | -0.03% | — | |
| 25 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.06% | -0.08% | — | |
| 26 | V | Visa Inc-class A Shares | Stock-Financials | 1.01% | -0.01% | +0.52% | |
| 27 | IAU | Ishares Gold Trust | ETF-Commodities | 0.97% | -0.56% | -48.89% | |
| 28 | SPGI | S&p Global INC | Stock-Financials | 0.96% | -0.07% | — | |
| 29 | XLK | Ss Technology Select Sector | ETF-Tech | 0.93% | +0.39% | +64.61% | |
| 30 | BA | Boeing Co/the | Stock-Industrials | 0.93% | — | +18.61% | |
| 31 | XLV | Ss Health Care Select Sector | ETF-Other | 0.89% | +0.59% | +173.44% | |
| 32 | TIC | Tic Solutions INC | Stock-Other | 0.82% | -0.29% | — | |
| 33 | LIN | Linde plc | Stock-Materials | 0.78% | — | -1.31% | |
| 34 | EWW | Ishares Msci Mexico ETF | ETF-Other | 0.78% | — | — | |
| 35 | PWR | Quanta Services INC | Stock-Industrials | 0.77% | +0.24% | -1.20% | |
| 36 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.72% | — | -11.50% | |
| 37 | APO | Apollo Global Management INC | Stock-Financials | 0.71% | -0.10% | — | |
| 38 | EWY | Ishares Msci South Korea ETF | ETF-Other | 0.71% | +0.22% | — | |
| 39 | AAPL | Apple INC | Stock-Tech | 0.70% | — | -1.48% | |
| 40 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.68% | -0.13% | -25.24% | |
| 41 | LRCX | Lam Research CORP | Stock-Tech | 0.66% | +0.19% | -1.15% | |
| 42 | VTV | Vanguard Value ETF | ETF-Other | 0.59% | — | — | |
| 43 | DNLI | Denali Therapeutics INC | Stock-Other | 0.52% | — | — | |
| 44 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.46% | -0.10% | -37.99% | |
| 45 | FLKR | Franklin Ftse South Korea | ETF-Other | 0.45% | — | — | |
| 46 | SPYD | Ss Spdr P S&p 500 Hi Div ETF | ETF-Large Cap & Growth | 0.43% | — | — | |
| 47 | SHM | Ss Spdr N Ice St Muni ETF | ETF-Other | 0.43% | -0.14% | -34.26% | |
| 48 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.42% | -0.15% | -34.60% | |
| 49 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.41% | +0.41% | NEW | |
| 50 | XLE | Ss Energy Select Sector | ETF-Other | 0.40% | +0.15% | +0.46% |
Performance for Q3 2026
-1.6%
Performance Last 4 Quarters
+21.8%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 167 | $2.3B | 33 | |
| 2025-12-31 | 171 | $2.6B | 27 | |
| 2025-09-30 | 173 | $2.6B | 71 | |
| 2025-06-30 | 174 | $3.5B | 0 | |
| 2025-03-31 | 158 | $3.4B | 0 | |
| 2024-12-31 | 189 | $3.9B | 0 | |
| 2024-09-30 | 167 | $4.2B | 0 | |
| 2024-06-30 | 101 | $3.8B | 0 | |
| 2024-03-31 | 105 | $3.6B | 0 | |
| 2023-12-31 | 96 | $3.0B | 0 | |
| 2023-09-30 | 106 | $2.8B | 0 | |
| 2023-06-30 | 114 | $2.9B | 0 | |
| 2023-03-31 | 116 | $2.5B | 0 | |
| 2022-12-31 | 121 | $2.5B | 0 |
Cercano Management LLC's most significant position changes for 2026-03-31: Sold out: Palo Alto Networks INC (PANW); Sold out: Aon plc (AON); New buy: Vanguard Real Estate ETF (VNQ); New buy: Cincinnati Financial CORP (CINF); New buy: James Hardie Industries plc (JHX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NFLX | Netflix INC | +2.5% | +5886.71% | Add |
| 2 | RSP | Invesco S&p 500 Equal Weight | +2.3% | +38.72% | Add |
| 3 | BLDR | Builders Firstsource INC | +1.2% | +655.46% | Add |
| 4 | UNP | Union Pacific CORP | +1.2% | -6.73% | Trim |
| 5 | NAUT | Nautilus Biotechnology INC | +0.7% | — | Unchanged |
| 6 | XLV | Ss Health Care Select Sector | +0.6% | +173.44% | Add |
| 7 | COF | Capital One Financial CORP | +0.5% | +83.60% | Add |
| 8 | BKSY | Blacksky Technology INC | +0.5% | — | Unchanged |
| 9 | GEV | GE Vernova INC | +0.4% | — | Unchanged |
| 10 | XLK | Ss Technology Select Sector | +0.4% | +64.61% | Add |
| 11 | GOOG | Alphabet Inc-cl C | +0.4% | +39.87% | Add |
| 12 | MS | Morgan Stanley | +0.3% | +1456.26% | Add |
| 13 | NVDA | Nvidia CORP | +0.3% | -0.40% | Trim |
| 14 | PWR | Quanta Services INC | +0.2% | -1.20% | Trim |
| 15 | EWY | Ishares Msci South Korea ETF | +0.2% | — | Unchanged |
| 16 | MCD | Mcdonald's CORP | +0.2% | +1481.23% | Add |
| 17 | LRCX | Lam Research CORP | +0.2% | -1.15% | Trim |
| 18 | XLE | Ss Energy Select Sector | +0.2% | +0.46% | Add |
| 19 | V | Visa Inc-class A Shares | 0% | +0.52% | Add |
| 20 | SPEM | State Street Sp Ptf Em ETF | 0% | -14.52% | Trim |
| 21 | MCO | Moody's CORP | 0% | — | Unchanged |
| 22 | META | Meta Platforms Inc-class A | -0.1% | -0.37% | Trim |
| 23 | SPGI | S&p Global INC | -0.1% | — | Unchanged |
| 24 | UNH | Unitedhealth Group INC | -0.1% | — | Unchanged |
| 25 | DELL | Dell Technologies -c | -0.1% | -54.13% | Trim |
| 26 | APO | Apollo Global Management INC | -0.1% | — | Unchanged |
| 27 | COST | Costco Wholesale CORP | -0.1% | -37.99% | Trim |
| 28 | SHW | Sherwin-williams Co/the | -0.1% | -25.24% | Trim |
| 29 | SHM | Ss Spdr N Ice St Muni ETF | -0.1% | -34.26% | Trim |
| 30 | AGG | Ishares Core U.s. Aggregate | -0.2% | -34.60% | Trim |
| 31 | BAC | Bank Of America CORP | -0.2% | -32.38% | Trim |
| 32 | MLM | Martin Marietta Materials | -0.2% | -51.02% | Trim |
| 33 | DHR | Danaher CORP | -0.2% | -40.08% | Trim |
| 34 | CEG | Constellation Energy | -0.2% | -7.76% | Trim |
| 35 | JPM | Jpmorgan Chase & Co | -0.2% | -42.49% | Trim |
| 36 | WMS | Advanced Drainage Systems In | -0.3% | -50.10% | Trim |
| 37 | TIC | Tic Solutions INC | -0.3% | — | Unchanged |
| 38 | FLJP | Franklin Ftse Japan ETF | -0.3% | -63.26% | Trim |
| 39 | ORLY | O'reilly Automotive INC | -0.3% | -96.65% | Trim |
| 40 | LLY | Eli Lilly & Co | -0.3% | -3.56% | Trim |
| 41 | BSX | Boston Scientific CORP | -0.6% | -96.42% | Trim |
| 42 | IAU | Ishares Gold Trust | -0.6% | -48.89% | Trim |
| 43 | MSFT | Microsoft CORP | -1.4% | +12.08% | Add |
| 44 | XPO | Xpo INC | -3.7% | -61.12% | Trim |
| 45 | QXO | Qxo INC | -3.9% | -55.50% | Trim |
| 46 | PANW | Palo Alto Networks INC | — | EXIT | Sold out |
| 47 | AON | Aon plc | — | EXIT | Sold out |
| 48 | VNQ | Vanguard Real Estate ETF | — | NEW | New buy |
| 49 | CINF | Cincinnati Financial CORP | — | NEW | New buy |
| 50 | JHX | James Hardie Industries plc | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-02 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-03 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-02 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
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