Cercano Management LLC
Reported holdings as of Q2 2026, from 15 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| UNION PAC CORP | UNP | $279.7M | 1,028,382 | +26.29pp | 15q | -2.1%-$6.1M | |
| INVESCO EXCHANGE TRADED FD T | RSP | $47.0M | 221,055 | +0.13pp | 10q | -70.2%-$110.7M | |
| META PLATFORMS INC | META | $44.6M | 79,237 | +2.24pp | 8q | -47.3%-$40.1M | |
| BLACKSKY TECHNOLOGY INC | BKSY | $26.0M | 932,982 | +2.12pp | 8q | -25.0%-$8.7M | |
| NVIDIA CORPORATION | NVDA | $17.6M | 87,813 | -2.35pp | 13q | -85.9%-$107.2M | |
| SELECT SECTOR SPDR TR | XLK | $16.6M | 86,935 | +1.28pp | 5q | -46.4%-$14.3M | |
| DENALI THERAPEUTICS INC | DNLI | $16.1M | 625,000 | +1.63pp | 15q | HELD | |
| VANGUARD INDEX FDS | VTV | $15.1M | 69,120 | +1.42pp | 8q | HELD | |
| NAUTILUS BIOTECHNOLOGY INC | NAUT | $13.4M | 7,172,985 | +0.59pp | 15q | HELD | |
| AMAZON COM INC | AMZN | $13.3M | 55,622 | -0.82pp | 15q | -80.7%-$55.4M | |
| PIMCO DYNAMIC INCOME OPRNTS | PDO | $10.4M | 783,312 | - | new | NEW | |
| APPLE INC | AAPL | $9.0M | 31,112 | +0.50pp | 15q | -51.3%-$9.5M | |
| JAMES HARDIE INDS PLC | JHX | $8.9M | 338,568 | +1.03pp | 2q | +77.6%+$3.9M | |
| ISHARES INC | EWY | $8.7M | 43,201 | +0.46pp | 5q | -67.5%-$18.1M | |
| SPDR SERIES TRUST | SPYD | $8.3M | 174,939 | +0.68pp | 7q | -19.7%-$2.1M | |
| QXO INC | QXO | $8.3M | 482,875 | -2.92pp | 8q | -90.0%-$74.8M | |
| SELECT SECTOR SPDR TR | XLE | $7.9M | 148,672 | +0.65pp | 8q | HELD | |
| MICRON TECHNOLOGY INC | MU | $7.7M | 6,704 | - | new | NEW | |
| STATE STR SPDR S&P 500 ETF T CALL | SPY | $7.3M | 9,660 | -0.60pp | 10q | -82.7%-$34.8M | |
| MICROSOFT CORP | MSFT | $7.1M | 19,163 | -8.77pp | 15q | -96.8%-$219.8M | |
| ALPHABET INC | GOOGL | $6.8M | 18,993 | -0.20pp | 15q | -78.6%-$25.0M | |
| LAM RESEARCH CORP | LRCX | $6.5M | 15,110 | +0.21pp | 7q | -78.9%-$24.4M | |
| ELI LILLY & CO | LLY | $6.4M | 5,353 | -4.60pp | 8q | -96.1%-$158.4M | |
| CAPITAL ONE FINL CORP | COF | $6.3M | 31,409 | -0.53pp | 5q | -81.9%-$28.5M | |
| GRAB HOLDINGS LIMITED | GRAB | $6.0M | 1,600,000 | +0.55pp | 3q | HELD | |
| XPO INC | XPO | $6.0M | 29,081 | -5.56pp | 15q | -96.2%-$149.3M | |
| VULCAN MATLS CO | VMC | $5.6M | 18,998 | - | new | NEW | |
| INTERNATIONAL SEAWAYS INC | INSW | $5.6M | 73,147 | +0.52pp | 3q | HELD | |
| ISHARES TR | IWM | $5.4M | 18,137 | +0.53pp | 8q | HELD | |
| ISHARES INC | EWW | $4.8M | 63,900 | -0.14pp | 5q | -73.3%-$13.2M | |
| BROADCOM INC | AVGO | $4.7M | 12,325 | +0.46pp | 8q | HELD | |
| ALPHABET INC | GOOG | $4.6M | 13,160 | -0.47pp | 15q | -85.0%-$26.4M | |
| SELECT SECTOR SPDR TR | XLV | $4.5M | 28,280 | -0.29pp | 7q | -79.9%-$17.9M | |
| DOORDASH INC | DASH | $4.4M | 23,927 | - | new | NEW | |
| ENTERPRISE PRODS PARTNERS L | EPD | $4.4M | 120,021 | +0.39pp | 15q | HELD | |
| ISHARES INC | EWZ | $4.2M | 121,776 | -0.16pp | 3q | -72.0%-$10.8M | |
| Jazz Pharmaceuticals PLC | JAZZ | $4.2M | 17,331 | - | new | NEW | |
| ISHARES BITCOIN TRUST ETF | IBIT | $3.9M | 117,140 | +0.33pp | 7q | HELD | |
| TPG RE FIN TR INC | TRTX | $3.4M | 401,607 | +0.31pp | 9q | HELD | |
| PIMCO ETF TR | MUNI | $3.0M | 57,919 | +0.28pp | 10q | HELD | |
| BANK OF AMER CORP | BAC | $2.7M | 47,170 | +0.04pp | 8q | -68.5%-$5.8M | |
| QUANTA SVCS INC | PWR | $2.7M | 3,690 | -0.42pp | 6q | -88.7%-$20.9M | |
| JPMORGAN CHASE & CO | JPM | $2.6M | 8,022 | -0.01pp | 5q | -71.7%-$6.7M | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $2.6M | 3,636 | - | new | NEW | |
| COSTCO WHOLESALE CORPORATION | COST | $2.3M | 2,490 | -0.15pp | 8q | -76.6%-$7.6M | |
| CATERPILLAR INC | CAT | $2.3M | 2,180 | +0.24pp | 8q | HELD | |
| ISHARES TR | INDA | $2.3M | 46,470 | +0.21pp | 5q | HELD | |
| WALMART INC | WMT | $2.3M | 20,219 | -0.01pp | 8q | -65.9%-$4.4M | |
| APPLIED MATLS INC | AMAT | $2.1M | 2,896 | +0.24pp | 8q | HELD | |
| HOME DEPOT INC | HD | $2.1M | 5,826 | -0.06pp | 8q | -75.1%-$6.2M | |
| LINDE PLC | LIN | $2.0M | 3,834 | -0.51pp | 3q | -89.5%-$16.9M | |
| MORGAN STANLEY | MS | $1.9M | 9,147 | -0.06pp | 8q | -79.1%-$7.2M | |
| UNITED RENTALS INC | URI | $1.9M | 1,659 | +0.02pp | 4q | -77.2%-$6.4M | |
| REDDIT INC | RDDT | $1.8M | 10,270 | - | new | NEW | |
| HAFNIA LTD | HAFN | $1.7M | 264,379 | +0.14pp | 3q | HELD | |
| CONSTELLATION ENERGY CORP | CEG | $1.7M | 6,702 | -0.90pp | 5q | -92.8%-$21.5M | |
| WILLIAMS COS INC | WMB | $1.6M | 21,491 | +0.15pp | 3q | HELD | |
| PHILLIPS 66 | PSX | $1.6M | 9,396 | +0.14pp | 3q | HELD | |
| ASML HLDG NV | ASML | $1.4M | 710 | - | new | NEW | |
| SPDR SERIES TRUST | XBI | $1.4M | 8,549 | - | new | NEW | |
| MASTERCARD INCORPORATED | MA | $1.3M | 2,574 | +0.12pp | 15q | HELD | |
| DANAHER CORP DEL | DHR | $1.3M | 6,890 | -0.10pp | 3q | -79.6%-$5.1M | |
| STARWOOD PPTY TR INC | STWD | $1.3M | 79,029 | +0.11pp | 15q | HELD | |
| TESLA INC | TSLA | $1.3M | 3,048 | +0.12pp | 8q | HELD | |
| SPDR GOLD TR | GLD | $1.2M | 3,341 | - | new | NEW | |
| CARLYLE GROUP INC | CG | $1.2M | 27,589 | - | new | NEW | |
| EATON CORP PLC | ETN | $1.1M | 2,550 | +0.11pp | 10q | HELD | |
| REPLIGEN CORP | RGEN | $1.1M | 7,856 | - | new | NEW | |
| TEXAS INSTRS INC | TXN | $1.1M | 3,563 | +0.11pp | 8q | HELD | |
| MERCK & CO INC | MRK | $919.5K | 7,156 | +0.09pp | 8q | HELD | |
| UNITEDHEALTH GROUP INC | UNH | $919.0K | 2,211 | -0.94pp | 15q | -97.6%-$36.9M | |
| CINCINNATI FINL CORP | CINF | $906.4K | 4,896 | -0.06pp | 2q | -81.7%-$4.1M | |
| LUMENTUM HLDGS INC | LITE | $837.5K | 976 | - | new | NEW | |
| TRANE TECHNOLOGIES PLC | TT | $745.1K | 1,517 | +0.07pp | 3q | HELD | |
| INTUITIVE SURGICAL INC | ISRG | $743.7K | 1,870 | +0.09pp | 8q | +201.1%+$496.7K | |
| NETFLIX INC. | NFLX | $737.6K | 10,330 | -2.47pp | 8q | -98.3%-$43.4M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $685.0K | 1,369 | +0.05pp | 8q | -38.8%-$434.8K | |
| INTEL CORP | INTC | $649.0K | 4,648 | +0.08pp | 2q | HELD | |
| DIAMONDBACK ENERGY INC | FANG | $626.8K | 3,566 | +0.05pp | 8q | HELD | |
| PROCTER & GAMBLE CO | PG | $626.4K | 4,272 | +0.06pp | 8q | HELD | |
| VISA INC | V | $613.1K | 1,787 | -0.93pp | 15q | -97.7%-$26.0M | |
| ADVANCED MICRO DEVICES INC | AMD | $550.7K | 948 | - | new | NEW | |
| JOHNSON & JOHNSON | JNJ | $488.9K | 1,925 | +0.04pp | 8q | HELD | |
| NEWMONT CORP | NEM | $478.0K | 5,118 | +0.04pp | 6q | HELD | |
| ILLINOIS TOOL WKS INC | ITW | $451.7K | 1,670 | +0.04pp | 8q | HELD | |
| ABBVIE INC | ABBV | $450.2K | 1,789 | +0.04pp | 8q | HELD | |
| IRONWOOD PHARMACEUTICALS INC | IRWD | $426.8K | 101,378 | +0.04pp | 8q | HELD | |
| NEXTERA ENERGY INC | NEE | $423.4K | 4,824 | +0.04pp | 8q | HELD | |
| Ventas Inc | VTR | $409.4K | 4,610 | +0.04pp | 8q | HELD | |
| WELLTOWER INC | WELL | $394.0K | 1,736 | +0.04pp | 7q | HELD | |
| VERTEX PHARMACEUTICALS INC | VRTX | $387.4K | 780 | +0.04pp | 15q | HELD | |
| HCA Healthcare, Inc. | HCA | $378.2K | 970 | +0.03pp | 8q | HELD | |
| S&P GLOBAL INC | SPGI | $358.4K | 880 | -0.91pp | 15q | -98.3%-$20.8M | |
| DELL TECHNOLOGIES INC | DELL | $348.6K | 808 | -0.13pp | 5q | -96.7%-$10.4M | |
| TOLL BROTHERS INC | TOL | $347.1K | 2,107 | +0.03pp | 8q | HELD | |
| EQT Corp | EQT | $346.6K | 6,518 | +0.03pp | 8q | HELD | |
| NORFOLK SOUTHN CORP | NSC | $336.3K | 1,069 | +0.03pp | 8q | HELD | |
| NRG ENERGY INC | NRG | $335.2K | 2,295 | +0.03pp | 8q | HELD | |
| PHILIP MORRIS INTL INC | PM | $334.1K | 1,847 | +0.03pp | 8q | HELD | |
| KKR & CO INC | KKR | $326.7K | 3,560 | +0.03pp | 8q | HELD | |
| EXXON MOBIL CORP | XOM | $311.7K | 2,280 | +0.01pp | 8q | -52.3%-$342.2K | |
| STARBUCKS CORP | SBUX | $304.5K | 2,980 | +0.03pp | 8q | HELD | |
| MOODYS CORP | MCO | $303.5K | 670 | -1.04pp | 15q | -98.8%-$25.7M | |
| PALANTIR TECHNOLOGIES INC | PLTR | $296.6K | 2,542 | +0.02pp | 6q | HELD | |
| O'REILLY AUTOMOTIVE INC | ORLY | $294.2K | 3,195 | +0.03pp | 8q | HELD | |
| ADOBE INC | ADBE | $289.5K | 1,412 | +0.02pp | 8q | HELD | |
| GE AEROSPACE | GE | $287.4K | 769 | +0.03pp | 4q | HELD | |
| GENERAC HLDGS INC | GNRC | $275.8K | 942 | - | new | NEW | |
| HALLIBURTON CO | HAL | $273.8K | 8,064 | +0.02pp | 3q | HELD | |
| CUMMINS INC | CMI | $272.4K | 382 | +0.03pp | 2q | HELD | |
| APOLLO GLOBAL MGMT INC | APO | $267.3K | 2,259 | -0.67pp | 8q | -98.5%-$17.2M | |
| THERMO FISHER SCIENTIFIC INC | TMO | $266.2K | 531 | +0.02pp | 8q | HELD | |
| ALLSTATE CORP | ALL | $266.0K | 1,118 | +0.03pp | 8q | HELD | |
| ONEOK, Inc. | OKE | $257.1K | 2,957 | +0.02pp | 4q | HELD | |
| TJX COS INC NEW | TJX | $251.5K | 1,660 | +0.02pp | 7q | HELD | |
| MCDONALDS CORP | MCD | $250.6K | 927 | -0.16pp | 8q | -93.7%-$3.7M | |
| LOCKHEED MARTIN CORP | LMT | $247.6K | 486 | +0.02pp | 8q | HELD | |
| PRUDENTIAL FINL INC | PRU | $237.0K | 2,196 | +0.02pp | 8q | HELD | |
| ABBOTT LABORATORIES | ABT | $236.6K | 2,607 | +0.02pp | 8q | HELD | |
| BOSTON SCIENTIFIC CORP | BSX | $235.5K | 5,517 | +0.02pp | 8q | HELD | |
| SUPER MICRO COMPUTER INC | SMCI | $233.5K | 7,960 | - | new | NEW | |
| AMGEN INC | AMGN | $224.5K | 620 | +0.02pp | 3q | HELD | |
| CVS HEALTH CORP | CVS | $222.9K | 2,155 | - | new | NEW | |
| NORTHROP GRUMMAN CORP | NOC | $222.6K | 437 | +0.02pp | 8q | HELD | |
| AGILENT TECHNOLOGIES INC | A | $221.3K | 1,666 | - | new | NEW | |
| CISCO SYS INC | CSCO | $216.1K | 1,840 | - | new | NEW | |
| HONEYWELL INTL INC | HON | $212.7K | 950 | - | new | NEW | |
| HONEYWELL AEROSPACE INC | HONA | $210.0K | 950 | - | new | NEW | |
| AT&T INC | T | $207.7K | 10,032 | +0.02pp | 10q | HELD | |
| ALTRIA GROUP INC | MO | $207.6K | 2,886 | - | new | NEW | |
| LOWES COS INC | LOW | $200.6K | 910 | +0.02pp | 15q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Transport & Logistics | $293.4M | 39.1% |
| Software & IT Services | $65.6M | 8.7% |
| Semiconductors & Electronics | $61.8M | 8.2% |
| Biotech & Pharma | $44.5M | 5.9% |
| Retail & Consumer | $21.2M | 2.8% |
| Funds & ETFs | $20.2M | 2.7% |
| Business Services | $14.9M | 2.0% |
| Industrials | $12.1M | 1.6% |
| Construction & Building | $11.9M | 1.6% |
| Banks & Lending | $11.6M | 1.5% |
| Other sectors | $63.5M | 8.5% |
| Not classified | $129.3M | 17.2% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $749.9M | 131 | 22 | 2 | 44 | 32 | 65.3% | 45 |
| Q1 2026 | $2.3B | 141 | 11 | 15 | 35 | 16 | 56.3% | 43 |
| Q4 2025 | $2.6B | 146 | 19 | 19 | 15 | 24 | 60.5% | 41 |
| Q3 2025 | $2.6B | 151 | 26 | 4 | 49 | 29 | 60.7% | 38 |
| Q2 2025 | $3.5B | 154 | 28 | 10 | 51 | 22 | 54.9% | 39 |
| Q1 2025 | $3.4B | 148 | 16 | 17 | 30 | 42 | 47.8% | 43 |
| Q4 2024 | $3.9B | 174 | 42 | 16 | 32 | 24 | 49.1% | 45 |
| Q3 2024 | $4.2B | 156 | 82 | 22 | 21 | 25 | 49.3% | 45 |
| Q2 2024 | $3.8B | 99 | 13 | 37 | 11 | 16 | 49.4% | 44 |
| Q1 2024 | $3.6B | 102 | 29 | 37 | 13 | 20 | 50.9% | 40 |
| Q4 2023 | $3.0B | 93 | 12 | 7 | 10 | 23 | 54.4% | 33 |
| Q3 2023 | $2.8B | 104 | 14 | 13 | 14 | 21 | 51.6% | 34 |
| Q2 2023 | $2.9B | 111 | 20 | 18 | 10 | 23 | 52.9% | 33 |
| Q1 2023 | $2.5B | 114 | 18 | 9 | 14 | 25 | 56.5% | 42 |
| Q4 2022 | $2.5B | 121 | 0 | 0 | 0 | 0 | 57.3% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.