Institutional Manager · CIK 0001936416
Cercano Management LLC
BELLEVUE, WA · File #028-23066
Latest AUM
$2.64B
Positions
171
Top-10 Concentration
63.3%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | MR COOPER GROUP INC | 62482R107 | -285,331 | -$60.1M | $0 |
| ADD | ISHARES GOLD TR | IAU | +437,653 | +$35.5M | +$502,900 |
| EXITED | SPDR GOLD TR | 78463V107 | -96,309 | -$34.2M | $0 |
| ADD | SPDR INDEX SHS FDS | 78463X509 | +609,825 | +$28.5M | $0 |
| EXITED | PIMCO DYNAMIC INCOME OPRNTS | 69355M107 | -1,666,651 | -$23.5M | $0 |
| ADD | NVIDIA CORPORATION | NVDA | +112,107 | +$20.9M | -$38,460 |
| REDUCE | ALPHABET INC | GOOG | -65,296 | -$20.4M | +$5.4M |
| ADD | PALO ALTO NETWORKS INC | PANW | +94,740 | +$17.5M | -$1.9M |
| REDUCE | INVESCO EXCHANGE TRADED FD T | IVZ | -89,603 | -$17.2M | +$1.2M |
| NEW | LINDE PLC | LIN | +36,908 | +$15.7M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025171 pos · $2.64B
- 13F HOLDINGS REPORTQ/E Sep 2025173 pos · $2.61B
- 13F HOLDINGS REPORTQ/E Jun 2025174 pos · $3.50B
- 13F HOLDINGS REPORTQ/E Mar 2025158 pos · $3.40B
- 13F HOLDINGS REPORTQ/E Dec 2024189 pos · $3.93B
- 13F HOLDINGS REPORTQ/E Sep 2024167 pos · $4.18B
- 13F HOLDINGS REPORTQ/E Jun 2024101 pos · $3.76B
- 13F HOLDINGS REPORTQ/E Mar 2024105 pos · $3.60B
- 13F HOLDINGS REPORTQ/E Dec 2023106 pos · $2.81B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | XPO INC | XPO | 1,945,996 | $264.5M | 11.06% |
| 2 | MICROSOFT CORP | MSFT | 542,736 | $262.5M | 10.97% |
| 3 | UNION PAC CORP | UNP | 1,124,129 | $260.0M | 10.87% |
| 4 | QXO INC | QXO-PB | 10,815,832 | $208.6M | 8.72% |
| 5 | ELI LILLY & CO | LLY | 141,349 | $151.9M | 6.35% |
| 6 | NVIDIA CORPORATION | NVDA | 592,856 | $110.6M | 4.62% |
| 7 | INVESCO EXCHANGE TRADED FD T | IVZ | 534,478 | $102.4M | 4.28% |
| 8 | META PLATFORMS INC | META | 107,821 | $71.2M | 2.98% |
| 9 | AMAZON COM INC | AMZN | 184,391 | $42.6M | 1.78% |
| 10 | ISHARES GOLD TR | IAU | 497,522 | $40.4M | 1.69% |
| 11 | SCHWAB CHARLES CORP | SCHW-PJ | 390,217 | $39.0M | 1.63% |
| 12 | SPDR S&P 500 ETF TR | SPY | 55,788 | $38.0M | 1.59% |
| 13 | CONSTELLATION ENERGY CORP | CEG | 100,915 | $35.7M | 1.49% |
| 14 | PALO ALTO NETWORKS INC | PANW | 190,610 | $35.1M | 1.47% |
| 15 | SPDR SERIES TRUST | 78464A284 | 1,387,825 | $34.6M | 1.45% |
| 16 | MICROSOFT CORP | MSFT | 0 | $32.2M | 1.34% |
| 17 | SPDR INDEX SHS FDS | 78463X509 | 642,100 | $30.1M | 1.26% |
| 18 | UNITEDHEALTH GROUP INC | UNH | 90,927 | $30.0M | 1.25% |
| 19 | INVESCO QQQ TR | IVZ | 48,739 | $29.9M | 1.25% |
| 20 | TIC SOLUTIONS INC | TICAW | 2,902,230 | $29.3M | 1.23% |