Cercano Management LLC

CIK

1936416

Location

BELLEVUE, WA

Portfolio Value

Mid $1,888,993,133

Diversification

Diversified

Filing Date

Global Rank

#1,240 / 8,603 ▼ 102 · as of Mar 2026

Top Industry

Railroads 14.2%

3Y Alpha vs SPY

-2.4%

Period ended 3 months ago

Filed May 13, 2026 · 57d

14 quarters · since Dec 2022

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+64.4%

SPY

+76.0%

Annualised alpha

-2.7%

Max drawdown

−22.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

13.5%

+1.7 pts

Top 5

45.7%

−5.5 pts

Top 10

63.4%

−3.5 pts

HHI

572

Diversified−62

Portfolio Trend

14 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	35.7%	$673,953,649	23
Technology	20.2%	$382,060,359	13
Healthcare	10.7%	$201,441,625	16
Financial Services	9.8%	$184,563,567	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%	$15,164,320	9
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

10 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
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

112 positions · $1,888,993,133 total · 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 112 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%	13.50%
MSFT	Microsoft Corp Technology	Added	608,325	+65,589	$225,183,664	−14.2%	11.92%
XPO	XPO, Inc. Industrials	Reduced	756,536	-1,189,460	$147,184,078	−44.3%	7.79%
LLY	ELI LILLY & Co Healthcare	Reduced	137,377	-5,077	$126,355,242	−17.5%	6.69%
NVDA	Nvidia Corp Technology	Reduced	623,668	-2,490	$108,767,698	−6.9%	5.76%
QXO	QXO, Inc. Industrials	Reduced	4,813,158	-6,002,674	$93,471,528	−55.2%	4.95%
META	Meta Platforms, Inc. Communication Services	Reduced	150,454	-553	$86,079,246	−13.6%	4.56%
AMZN	Amazon Com Inc Consumer Cyclical	Added	288,193	+36,654	$60,021,955	+3.4%	3.18%
NFLX	Netflix Inc Communication Services	Added	618,427	+608,097	$59,461,755	+6039.3%	3.15%
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%	1.38%
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%
BA	Boeing Co Industrials	Added	107,941	+16,939	$21,483,497	+8.7%	1.14%
SPGI	S&P Global Inc. Financial Services	Held	52,035	0	$20,939,040	−18.6%	1.11%
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%	0.96%
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%	0.64%
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%