Cercano Management LLC

CIK

1936416

Location

BELLEVUE, WA

Portfolio Value

Mid $1,890,977,198

Diversification

Diversified

Filing Date

Global Rank

#1,245 / 8,623 ▼ 108 · as of Mar 2026

Top Industry

Railroads 14.2%

3Y Alpha vs SPY

-2.9%

Period ended 4 months ago

Filed May 13, 2026 · 3mo

14 quarters · since Dec 2022

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+54.3%

SPY

+65.3%

Annualised alpha

-2.7%

Max drawdown

−22.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

113 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

13.5%

+1.7 pts

Top 5

45.6%

−5.5 pts

Top 10

63.4%

−3.5 pts

HHI

571

Diversified−62

Portfolio Trend

14 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	35.6%	$673,932,706	23
Technology	20.2%	$382,060,359	13
Healthcare	10.7%	$201,441,625	16
Financial Services	9.8%	$185,757,092	16
Communication Services	9.1%	$171,691,021	5
Unclassified	4.8%	$91,331,949	4
Consumer Cyclical	4.0%	$74,750,670	9
Basic Materials	2.3%	$43,167,917	6
Utilities	1.4%	$26,777,430	3
Consumer Defensive	1.0%	$18,872,968	4
Energy	0.8%	$15,975,803	10
Real Estate	0.3%	$5,217,658	4

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
NFLX	Netflix Inc	+608,097	618,427	$59,461,755
BLDR	Builders FirstSource, Inc.	+335,126	386,254	$31,800,291
COF	Capital One Financial Corp	+79,058	173,628	$31,674,955
MSFT	Microsoft Corp	+65,589	608,325	$225,183,664
MS	Morgan Stanley	+40,950	43,762	$7,201,911
AMZN	Amazon Com Inc	+36,654	288,193	$60,021,955
BA	Boeing Co	+16,939	107,941	$21,483,497
MCD	Mcdonalds Corp	+13,731	14,658	$4,555,559
XOM	ExxonMobil Holdings Corp	+2,503	4,783	$811,483
BRK-B	Berkshire Hathaway Inc	+869	2,238	$1,072,449
V	Visa Inc.	+399	77,438	$23,404,861
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
QXO	QXO, Inc.	−6,002,674	4,813,158	$93,471,528
XPO	XPO, Inc.	−1,189,460	756,536	$147,184,078
IAU	Ishares Gold Trust	−243,222	254,300	$22,419,088
BSX	Boston Scientific Corp	−148,414	5,517	$346,191
ORLY	O Reilly Automotive Inc	−92,240	3,195	$294,930
UNP	Union Pacific Corp	−75,785	1,050,823	$254,950,675
BAC	Bank Of America Corp /De/	−71,624	149,560	$7,291,049
WMS	Advanced Drainage Systems, Inc.	−50,208	50,016	$6,858,694
DELL	Dell Technologies Inc.	−29,276	24,811	$4,072,229
DHR	Danaher Corp /De/	−22,538	33,694	$6,388,382
JPM	Jpmorgan Chase & Co	−20,969	28,385	$8,349,730
SHW	Sherwin Williams Co	−16,609	49,183	$15,765,609
INSW	International Seaways, Inc.	−12,072	73,147	$5,330,953
WMT	Walmart Inc.	−10,154	59,225	$7,360,482
MLM	Martin Marietta Materials Inc	−8,757	8,407	$4,949,031
CEG	Constellation Energy Corp	−7,830	93,085	$25,993,986
COST	Costco Wholesale Corp /New	−6,511	10,628	$10,590,057
LLY	ELI LILLY & Co	−5,077	137,377	$126,355,242
NVDA	Nvidia Corp	−2,490	623,668	$108,767,698
WMB	Williams Companies, Inc.	−2,372	21,491	$1,564,114
LPX	Louisiana-Pacific Corp	−1,486	113,924	$8,287,971
PSX	Phillips 66	−1,126	9,396	$1,711,763
AAPL	Apple Inc.	−962	63,885	$16,213,373
GOOGL	Alphabet Inc.	−933	88,904	$25,565,234
LRCX	Lam Research Corp	−829	71,531	$15,283,312
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
CINF	Cincinnati Financial Corp	26,827	$4,221,228
JHX	James Hardie Industries plc	190,661	$3,611,119
CVX	Chevron Corp	1,518	$314,074
DIS	Walt Disney Co	3,050	$293,959
WLK	Westlake Corp	1,978	$231,069
CMI	Cummins Inc	382	$205,523
INTC	Intel Corp	4,648	$205,116
CME	Cme Group Inc.	683	$201,724
No positions match the current search.

Sold Out

Positions the filer fully exited

15 positions

Ticker	Company	Shares	Value
PANW	Palo Alto Networks Inc	190,830	$35,150,886
AON	Aon plc	30,352	$10,710,613
GPOR	Gulfport Energy Corp	2,819	$586,323
MELI	Mercadolibre Inc	199	$400,837
EXPE	Expedia Group, Inc.	1,154	$326,939
FISV	Fiserv Inc	4,367	$293,331
CVS	CVS HEALTH Corp	3,119	$247,523
CSGP	Costar Group, Inc.	3,637	$244,551
FOXA	Fox Corp	3,218	$235,139
ACN	Accenture plc	871	$233,689
A	Agilent Technologies, Inc.	1,666	$226,692
JLL	Jones Lang Lasalle Inc	630	$211,976
SYK	Stryker Corp	598	$210,179
LPLA	LPL Financial Holdings Inc.	570	$203,586
AMD	Advanced Micro Devices Inc	948	$203,023
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

113 tracked positions · $1,890,977,198 total · filing declares 167 positions · $2,316,289,876 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 113 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
UNP	Union Pacific Corp Industrials	Reduced	1,050,823	-75,785	$254,950,675	−2.2%	13.48%
MSFT	Microsoft Corp Technology	Added	608,325	+65,589	$225,183,664	−14.2%	11.91%
XPO	XPO, Inc. Industrials	Reduced	756,536	-1,189,460	$147,184,078	−44.3%	7.78%
LLY	ELI LILLY & Co Healthcare	Reduced	137,377	-5,077	$126,355,242	−17.5%	6.68%
NVDA	Nvidia Corp Technology	Reduced	623,668	-2,490	$108,767,698	−6.9%	5.75%
QXO	QXO, Inc. Industrials	Reduced	4,813,158	-6,002,674	$93,471,528	−55.2%	4.94%
META	Meta Platforms, Inc. Communication Services	Reduced	150,454	-553	$86,079,246	−13.6%	4.55%
AMZN	Amazon Com Inc Consumer Cyclical	Added	288,193	+36,654	$60,021,955	+3.4%	3.17%
NFLX	Netflix Inc Communication Services	Added	618,427	+608,097	$59,461,755	+6039.3%	3.14%
SCHW	Schwab Charles Corp Financial Services	Held	390,217	0	$36,672,593	−5.9%	1.94%
SPY	Spdr S&P 500 ETF Trust	Held	55,788	0	$36,281,167	−4.6%	1.92%
BLDR	Builders FirstSource, Inc. Industrials	Added	386,254	+335,126	$31,800,291	+504.5%	1.68%
COF	Capital One Financial Corp Financial Services	Added	173,628	+79,058	$31,674,955	+38.2%	1.68%
BKSY	BlackSky Technology Inc. Industrials	Held	1,243,976	0	$31,298,436	+34.2%	1.66%
GEV	GE Vernova Inc. Industrials	Held	33,199	0	$28,979,407	+33.6%	1.53%
QQQ	Invesco Qqq Trust, Series 1	Held	48,739	0	$28,131,176	−6.0%	1.49%
NAUT	Nautilus Biotechnology, Inc. Healthcare	Held	7,172,985	0	$27,831,181	+99.0%	1.47%
CEG	Constellation Energy Corp Utilities	Reduced	93,085	-7,830	$25,993,986	−27.1%	1.37%
GOOGL	Alphabet Inc. Communication Services	Reduced	88,904	-933	$25,565,234	−9.1%	1.35%
MCO	Moodys Corp /De/ Financial Services	Held	57,368	0	$25,026,790	−14.6%	1.32%
UNH	Unitedhealth Group Inc Healthcare	Held	90,927	0	$24,603,936	−18.0%	1.30%
V	Visa Inc. Financial Services	Added	77,438	+399	$23,404,861	−13.4%	1.24%
IAU	Ishares Gold Trust	Reduced	254,300	-243,222	$22,419,088	−44.5%	1.19%
SPGI	S&P Global Inc. Financial Services	Held	52,035	0	$22,132,565	−18.6%	1.17%
BA	Boeing Co Industrials	Added	107,941	+16,939	$21,483,497	+8.7%	1.14%
TIC	TIC Solutions, Inc. Industrials	Held	2,902,230	0	$19,096,673	−34.9%	1.01%
LIN	Linde PLC Basic Materials	Reduced	36,423	-485	$18,057,066	+14.7%	0.95%
PWR	Quanta Services, Inc. Industrials	Reduced	32,665	-397	$17,933,738	+28.5%	0.95%
APO	Apollo Global Management, Inc. Financial Services	Held	147,599	0	$16,445,480	−23.0%	0.87%
AAPL	Apple Inc. Technology	Reduced	63,885	-962	$16,213,373	−8.0%	0.86%
SHW	Sherwin Williams Co Basic Materials	Reduced	49,183	-16,609	$15,765,609	−26.0%	0.83%
LRCX	Lam Research Corp Technology	Reduced	71,531	-829	$15,283,312	+23.4%	0.81%
DNLI	Denali Therapeutics Inc. Healthcare	Held	625,000	0	$12,000,000	+16.3%	0.63%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	10,628	-6,511	$10,590,057	−28.3%	0.56%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	28,385	-20,969	$8,349,730	−47.5%	0.44%
LPX	Louisiana-Pacific Corp Industrials	Reduced	113,924	-1,486	$8,287,971	−11.1%	0.44%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	23,444	-430	$7,710,496	−6.1%	0.41%
WMT	Walmart Inc. Consumer Defensive	Reduced	59,225	-10,154	$7,360,482	−4.8%	0.39%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	149,560	-71,624	$7,291,049	−40.1%	0.39%
MS	Morgan Stanley Financial Services	Added	43,762	+40,950	$7,201,911	+1342.7%	0.38%
WMS	Advanced Drainage Systems, Inc. Industrials	Reduced	50,016	-50,208	$6,858,694	−52.7%	0.36%
DHR	Danaher Corp /De/ Healthcare	Reduced	33,694	-22,538	$6,388,382	−50.4%	0.34%
GRAB	Grab Holdings Ltd Technology	Held	1,600,000	0	$5,856,000	−26.7%	0.31%
INSW	International Seaways, Inc. Energy	Reduced	73,147	-12,072	$5,330,953	+28.8%	0.28%
URI	United Rentals, Inc. Industrials	Reduced	7,279	-179	$5,303,187	−12.1%	0.28%
MLM	Martin Marietta Materials Inc Basic Materials	Reduced	8,407	-8,757	$4,949,031	−53.7%	0.26%
MCD	Mcdonalds Corp Consumer Cyclical	Added	14,658	+13,731	$4,555,559	+1507.9%	0.24%
EPD	Enterprise Products Partners L.P. Energy	Held	120,021	0	$4,541,594	+18.0%	0.24%
IBIT	iShares Bitcoin Trust ETF	Held	117,140	0	$4,500,518	−22.6%	0.24%
CINF	Cincinnati Financial Corp Financial Services	NEW	26,827	NEW	$4,221,228	NEW	0.22%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.