# Cercano Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1936416. Source: https://holderbook.com/funds/1936416-cercano-management-llc/

- Reported value: $1.8B
- Positions: 146
- Weight of the ten largest: 68.2%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $559.4M | 2,056,764 | 31.3% | 15 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $279.7M | 1,028,382 | 15.6% | 1 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $94.1M | 442,110 | 5.3% | 10 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $89.3M | 158,474 | 5.0% | 8 |
| BLACKSKY TECHNOLOGY INC | [BKSY](https://holderbook.com/stocks/BKSY/) | $52.1M | 1,865,964 | 2.9% | 8 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $35.1M | 175,626 | 2.0% | 13 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $32.1M | 1,250,000 | 1.8% | 15 |
| NAUTILUS BIOTECHNOLOGY INC | [NAUT](https://holderbook.com/stocks/NAUT/) | $26.8M | 14,345,970 | 1.5% | 15 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $26.5M | 111,244 | 1.5% | 15 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $24.5M | 235,607 | 1.4% | 8 |
| PIMCO DYNAMIC INCOME OPRNTS | [PDO](https://holderbook.com/stocks/PDO/) | $20.7M | 1,566,624 | 1.2% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $18.0M | 62,224 | 1.0% | 15 |
| JAMES HARDIE INDS PLC | [JHX](https://holderbook.com/stocks/JHX/) | $17.7M | 677,136 | 1.0% | 2 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $17.4M | 86,402 | 1.0% | 5 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $16.6M | 86,935 | 0.9% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $15.5M | 13,408 | 0.9% | 1 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $15.5M | 73,730 | 0.9% | 8 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $15.1M | 69,120 | 0.8% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $14.9M | 25,867 | 0.8% | 15 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $14.6M | 19,320 | 0.8% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $13.6M | 37,986 | 0.8% | 15 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $13.1M | 30,220 | 0.7% | 7 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $12.8M | 10,706 | 0.7% | 8 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $12.6M | 62,818 | 0.7% | 5 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $12.4M | 176,952 | 0.7% | 7 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $12.1M | 3,200,000 | 0.7% | 3 |
| XPO INC | [XPO](https://holderbook.com/stocks/XPO/) | $11.9M | 58,162 | 0.7% | 15 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $11.2M | 37,996 | 0.6% | 1 |
| INTERNATIONAL SEAWAYS INC | [INSW](https://holderbook.com/stocks/INSW/) | $11.2M | 146,294 | 0.6% | 3 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $10.9M | 178,575 | 0.6% | 1 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $10.9M | 36,274 | 0.6% | 8 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $9.6M | 127,800 | 0.5% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $9.3M | 24,650 | 0.5% | 8 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $9.3M | 26,320 | 0.5% | 15 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $8.8M | 47,854 | 0.5% | 1 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $8.8M | 240,042 | 0.5% | 15 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $8.4M | 243,552 | 0.5% | 3 |
| JAZZ PHARMACEUTICALS PLC | [JAZZ](https://holderbook.com/stocks/JAZZ/) | $8.4M | 34,662 | 0.5% | 1 |
| SPDR SERIES TRUST | [SPYD](https://holderbook.com/stocks/SPYD/) | $8.3M | 174,939 | 0.5% | 7 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $8.3M | 482,875 | 0.5% | 4 |
| QXO INC | [QXO](https://holderbook.com/stocks/QXO/) | $8.3M | 482,875 | 0.5% | 8 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $7.8M | 234,280 | 0.4% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $6.2M | 20,785 | 0.3% | 15 |
| PIMCO ETF TR | [MUNI](https://holderbook.com/stocks/MUNI/) | $6.1M | 115,838 | 0.3% | 10 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $5.4M | 94,340 | 0.3% | 8 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $5.4M | 7,380 | 0.3% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.3M | 16,044 | 0.3% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.7M | 4,980 | 0.3% | 8 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $4.6M | 4,360 | 0.3% | 8 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $4.6M | 92,940 | 0.3% | 5 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $4.6M | 40,438 | 0.3% | 8 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $4.5M | 28,280 | 0.3% | 15 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $4.2M | 5,792 | 0.2% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $4.1M | 11,652 | 0.2% | 8 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $4.0M | 7,668 | 0.2% | 3 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $3.9M | 12,185 | 0.2% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $3.8M | 18,294 | 0.2% | 8 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $3.8M | 3,318 | 0.2% | 4 |
| REDDIT INC | [RDDT](https://holderbook.com/stocks/RDDT/) | $3.6M | 20,540 | 0.2% | 1 |
| HAFNIA LTD | [HAFN](https://holderbook.com/stocks/HAFN/) | $3.5M | 528,758 | 0.2% | 3 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $3.4M | 401,607 | 0.2% | 1 |
| TPG RE FIN TR INC | [TRTX](https://holderbook.com/stocks/TRTX/) | $3.4M | 401,607 | 0.2% | 9 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $3.3M | 13,404 | 0.2% | 5 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $3.2M | 42,982 | 0.2% | 3 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $3.2M | 18,792 | 0.2% | 3 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $2.8M | 1,420 | 0.2% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $2.6M | 5,148 | 0.1% | 15 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $2.6M | 13,780 | 0.1% | 3 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $2.6M | 11,890 | 0.1% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $2.3M | 6,611 | 0.1% | 8 |
| CARLYLE GROUP INC | [CG](https://holderbook.com/stocks/CG/) | $2.3M | 55,178 | 0.1% | 1 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $2.3M | 20,219 | 0.1% | 1 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $2.2M | 5,100 | 0.1% | 10 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $2.1M | 15,712 | 0.1% | 1 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.8M | 14,312 | 0.1% | 8 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $1.8M | 9,792 | 0.1% | 2 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $1.7M | 1,952 | 0.1% | 1 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $1.6M | 82,009 | 0.1% | 8 |
| WESTLAKE CORPORATION | [WLK](https://holderbook.com/stocks/WLK/) | $1.6M | 21,491 | 0.1% | 2 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $1.5M | 3,034 | 0.1% | 3 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $1.5M | 3,740 | 0.1% | 8 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $1.5M | 20,660 | 0.1% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.4M | 2,738 | 0.1% | 8 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $1.3M | 4,094 | 0.1% | 8 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.3M | 9,296 | 0.1% | 2 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $1.3M | 79,029 | 0.1% | 15 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $1.3M | 3,048 | 0.1% | 1 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $1.3M | 7,132 | 0.1% | 8 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.3M | 8,544 | 0.1% | 8 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $1.1M | 1,896 | 0.1% | 1 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $977.8K | 3,850 | 0.1% | 8 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $956.0K | 10,236 | 0.1% | 6 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $919.0K | 2,211 | 0.1% | 15 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $903.4K | 3,340 | 0.1% | 8 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $900.4K | 3,578 | 0.1% | 8 |
| IRONWOOD PHARMACEUTICALS INC | [IRWD](https://holderbook.com/stocks/IRWD/) | $853.6K | 202,756 | 0.0% | 8 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $846.8K | 9,648 | 0.0% | 8 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $756.4K | 1,940 | 0.0% | 8 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $716.8K | 1,760 | 0.0% | 15 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $697.2K | 1,616 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.6% | +14.8% | -5.2% | 100% |
| Q1 2026 | +0.0% | -4.6% | +4.7% | 99% |
| Q4 2025 | +3.6% | +2.4% | +1.3% | 100% |
| Q3 2025 | +4.4% | +7.8% | -3.4% | 97% |
| Q2 2025 | +12.9% | +10.5% | +2.5% | 100% |
| Q1 2025 | -4.6% | -4.6% | -0.0% | 100% |
| Q4 2024 | -0.0% | +2.1% | -2.2% | 100% |
| Q3 2024 | +2.1% | +5.4% | -3.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.8B | 146 |
| Q1 2026 | $2.3B | 141 |
| Q4 2025 | $2.6B | 146 |
| Q3 2025 | $2.6B | 151 |
| Q2 2025 | $3.5B | 154 |
| Q1 2025 | $3.4B | 148 |
| Q4 2024 | $3.9B | 174 |
| Q3 2024 | $4.2B | 156 |
| Q2 2024 | $3.8B | 99 |
| Q1 2024 | $3.6B | 102 |
| Q4 2023 | $3.0B | 93 |
| Q3 2023 | $2.8B | 104 |