Q3 2025 · 13F-HR
Cercano Management LLCholdings as filed
Filed 2025-11-07 · accession 0001062993-25-016553
$2.61B
Reported value
151
Positions
2025-09-30
Period end
The Brief · Cercano Management LLC · Q3 2025
AI · grounded in 13F
Cercano Management LLC established a new position in MSFT valued at $330.1M. The fund also initiated new stakes in UNP for $260.5M and XPO for $251.6M. Additional new positions include QXO at $201.8M and RSP at $118.4M. Total assets under management stand at $2.6B across 151 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 594918104 | MSFT | MICROSOFT CORP | $330.1M | 12.6% | 637,403 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $260.5M | 9.98% | 1,102,113 | Common | SOLE |
| 983793100 | XPO | XPO INC | $251.6M | 9.64% | 1,945,996 | Common | SOLE |
| 82846H405 | QXO | QXO INC | $201.8M | 7.73% | 10,585,316 | Common | SOLE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $118.4M | 4.54% | 624,081 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $114.0M | 4.37% | 149,387 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $97.2M | 3.72% | 132,289 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $95.7M | 3.67% | 513,079 | Common | SOLE |
| 62482R107 | 07WA | MR COOPER GROUP INC | $60.1M | 2.30% | 285,331 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $55.2M | 2.12% | 251,539 | Common | SOLE |
| 00510N102 | TIC | ACUREN CORP | $38.6M | 1.48% | 2,902,230 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $37.3M | 1.43% | 390,217 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $34.8M | 1.33% | 52,187 | Common | SOLE |
| 78464A284 | HYMB | SPDR SERIES TRUST | $34.6M | 1.33% | 1,387,825 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $34.2M | 1.31% | 96,309 | Common | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $34.2M | 1.31% | 56,951 | Common | SOLE |
| 21037T109 | CEG | CONSTELLATION ENERGY CORP | $33.2M | 1.27% | 100,915 | Common | SOLE |
| 615369105 | MCO | MOODYS CORP | $27.3M | 1.05% | 57,368 | Common | SOLE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $26.5M | 1.01% | 76,615 | Common | SOLE |
| 92826C839 | V | VISA INC | $26.3M | 1.01% | 77,039 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $25.3M | 0.97% | 52,035 | Common | SOLE |
| 09263B207 | BKSY | BLACKSKY TECHNOLOGY INC | $25.1M | 0.96% | 1,243,976 | Common | SOLE |
| 69355M107 | PDO | PIMCO DYNAMIC INCOME OPRNTS | $23.5M | 0.90% | 1,666,651 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $21.5M | 0.82% | 88,536 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $20.7M | 0.79% | 81,443 | Common | SOLE |
| 81369Y803 | XLK | SELECT SECTOR SPDR TR | $20.6M | 0.79% | 73,251 | Common | SOLE |
| 36828A101 | GEV | GE VERNOVA INC | $20.4M | 0.78% | 33,199 | Common | SOLE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $20.0M | 0.77% | 57,705 | Common | SOLE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC | $19.7M | 0.75% | 147,599 | Common | SOLE |
| 697435105 | PANW | PALO ALTO NETWORKS INC | $19.6M | 0.75% | 96,090 | Common | SOLE |
| 464286822 | EWW | ISHARES INC | $16.3M | 0.63% | 239,617 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $15.6M | 0.60% | 49,354 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $15.3M | 0.59% | 62,738 | Common | SOLE |
| 464287226 | AGG | ISHARES TR | $15.2M | 0.58% | 151,570 | Common | SOLE |
| 78468R739 | SHM | SPDR SERIES TRUST | $15.2M | 0.58% | 314,202 | Common | SOLE |
| G7997R103 | STX | SEAGATE TECHNOLOGY HLDNGS PL | $15.1M | 0.58% | 63,842 | Common | SOLE |
| 00790R104 | WMS | ADVANCED DRAIN SYS INC DEL | $13.9M | 0.53% | 100,224 | Common | SOLE |
| 35473P744 | FLJP | FRANKLIN TEMPLETON ETF TR | $13.8M | 0.53% | 399,037 | Common | SOLE |
| 74762E102 | QURE | QUANTA SVCS INC | $13.7M | 0.52% | 33,062 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $13.1M | 0.50% | 61,781 | Common | SOLE |
| 90353T100 | UBER | UBER TECHNOLOGIES INC | $13.1M | 0.50% | 133,997 | Common | SOLE |
| 922908744 | VTV | VANGUARD INDEX FDS | $12.9M | 0.49% | 69,120 | Common | SOLE |
| 58733R102 | MELI | MERCADOLIBRE INC | $12.3M | 0.47% | 5,262 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $11.5M | 0.44% | 270,859 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $11.4M | 0.44% | 221,184 | Common | SOLE |
| 040413205 | ANET | ARISTA NETWORKS INC | $11.3M | 0.43% | 77,364 | Common | SOLE |
| 097023105 | BA | BOEING CO | $11.2M | 0.43% | 51,990 | Common | SOLE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $10.8M | 0.41% | 17,164 | Common | SOLE |
| 464286772 | EWY | ISHARES INC | $10.6M | 0.41% | 132,765 | Common | SOLE |
| 67103H107 | ORLY | OREILLY AUTOMOTIVE INC | $10.3M | 0.39% | 95,435 | Common | SOLE |
| 546347105 | LPX | LOUISIANA PAC CORP | $10.3M | 0.39% | 115,410 | Common | SOLE |
| 78468R788 | SPYD | SPDR SERIES TRUST | $9.6M | 0.37% | 217,913 | Common | SOLE |
| 24823R105 | DNLI | DENALI THERAPEUTICS INC | $9.1M | 0.35% | 625,000 | Common | SOLE |
| 81369Y209 | XLV | SELECT SECTOR SPDR TR | $8.2M | 0.31% | 58,840 | Common | SOLE |
| 957638109 | WAL | WESTERN ALLIANCE BANCORP | $7.9M | 0.30% | 90,774 | Common | SOLE |
| 24703L202 | DELL | DELL TECHNOLOGIES INC | $7.7M | 0.29% | 54,087 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $7.6M | 0.29% | 117,140 | Common | SOLE |
| 247361702 | DAL | DELTA AIR LINES INC DEL | $7.4M | 0.28% | 129,666 | Common | SOLE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $7.3M | 0.28% | 60,300 | Common | SOLE |
| 35473P710 | FLKR | FRANKLIN TEMPLETON ETF TR | $7.1M | 0.27% | 263,694 | Common | SOLE |
| 25809K105 | DASH | DOORDASH INC | $7.0M | 0.27% | 25,807 | Common | SOLE |
| 53626N102 | LION | LIONSGATE STUDIOS CORP | $6.7M | 0.26% | 973,567 | Common | SOLE |
| 81369Y506 | XLE | SELECT SECTOR SPDR TR | $6.6M | 0.25% | 74,336 | Common | SOLE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $6.4M | 0.25% | 10,568 | Common | SOLE |
| 63909J108 | NAUT | NAUTILUS BIOTECHNOLOGY INC | $6.1M | 0.23% | 7,172,985 | Common | SOLE |
| 45841N107 | IBKR | INTERACTIVE BROKERS GROUP IN | $5.3M | 0.20% | 77,749 | Common | SOLE |
| 81369Y308 | XLP | SELECT SECTOR SPDR TR | $5.1M | 0.20% | 65,127 | Common | SOLE |
| 81369Y886 | XLU | SELECT SECTOR SPDR TR | $4.9M | 0.19% | 56,688 | Common | SOLE |
| 82846H955 | QXO | QXO INC | $4.7M | 0.18% | 24,850 | PUT | SOLE |
| G4253H101 | JHX | JAMES HARDIE INDS PLC | $4.6M | 0.17% | 237,647 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $4.4M | 0.17% | 18,137 | Common | SOLE |
| 464285204 | IAU | ISHARES GOLD TR | $4.4M | 0.17% | 59,869 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $4.2M | 0.16% | 12,877 | Common | SOLE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $4.1M | 0.16% | 9,235 | Common | SOLE |
| 293792107 | EPD | ENTERPRISE PRODS PARTNERS L | $3.8M | 0.14% | 120,021 | Common | SOLE |
| 78464A854 | SPYM | SPDR SERIES TRUST | $3.5M | 0.14% | 45,151 | Common | SOLE |
| 87266M107 | TRTX | TPG RE FIN TR INC | $3.4M | 0.13% | 401,607 | Common | SOLE |
| 983793950 | XPO | XPO INC | $3.2M | 0.12% | 2,840 | PUT | SOLE |
| 72201R866 | MUNI | PIMCO ETF TR | $3.0M | 0.12% | 57,919 | Common | SOLE |
| 80013R206 | AYS1 | SANDSTORM GOLD LTD | $2.8M | 0.11% | 226,238 | Common | SOLE |
| 46429B598 | INDA | ISHARES TR | $2.4M | 0.09% | 46,470 | Common | SOLE |
| 922908363 | VOO | VANGUARD INDEX FDS | $2.4M | 0.09% | 3,941 | Common | SOLE |
| 402635502 | GPOR | GULFPORT ENERGY CORP | $2.0M | 0.08% | 10,946 | Common | SOLE |
| 464287812 | IYK | ISHARES TR | $1.7M | 0.07% | 25,446 | Common | SOLE |
| 85571B105 | STWD | STARWOOD PPTY TR INC | $1.5M | 0.06% | 79,029 | Common | SOLE |
| 78463X509 | SPEM | SPDR INDEX SHS FDS | $1.5M | 0.06% | 32,275 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $1.5M | 0.06% | 2,574 | Common | SOLE |
| 931142103 | WMT | WALMART INC | $1.4M | 0.05% | 13,635 | Common | SOLE |
| 88160R101 | TSLA | TESLA INC | $1.4M | 0.05% | 3,048 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $1.2M | 0.05% | 1,033 | Common | SOLE |
| 512807306 | LRCX | LAM RESEARCH CORP | $1.1M | 0.04% | 8,560 | Common | SOLE |
| 149123101 | CAT | CATERPILLAR INC | $1.0M | 0.04% | 2,180 | Common | SOLE |
| 78464A672 | SPTI | SPDR SERIES TRUST | $1.0M | 0.04% | 35,199 | Common | SOLE |
| 14021T102 | CGIC | CAPITAL GROUP INTERNATIONAL | $1.0M | 0.04% | 32,733 | Common | SOLE |
| 437076102 | HD | HOME DEPOT INC | $984,612 | 0.04% | 2,430 | Common | SOLE |
| G29183103 | ETN | EATON CORP PLC | $954,338 | 0.04% | 2,550 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $688,251 | 0.03% | 1,369 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $659,049 | 0.03% | 712 | Common | SOLE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $656,393 | 0.03% | 4,272 | Common | SOLE |
| 882508104 | TXN | TEXAS INSTRS INC | $654,630 | 0.03% | 3,563 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $600,603 | 0.02% | 7,156 | Common | SOLE |
| 038222105 | AMAT | APPLIED MATLS INC | $592,927 | 0.02% | 2,896 | Common | SOLE |
| 78442P106 | SLM | SLM CORP | $553,600 | 0.02% | 20,000 | Common | SOLE |
| 101137107 | BSX | BOSTON SCIENTIFIC CORP | $538,625 | 0.02% | 5,517 | Common | SOLE |
| 25278X109 | FANG | DIAMONDBACK ENERGY INC | $510,295 | 0.02% | 3,566 | Common | SOLE |
| 81369Y852 | XLC | SELECT SECTOR SPDR TR | $505,085 | 0.02% | 4,267 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $498,083 | 0.02% | 1,412 | Common | SOLE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INC | $463,712 | 0.02% | 2,542 | Common | SOLE |
| 48251W104 | KKR | KKR & CO INC | $462,622 | 0.02% | 3,560 | Common | SOLE |
| 617446448 | MS | MORGAN STANLEY | $446,996 | 0.02% | 2,812 | Common | SOLE |
| 452308109 | ITW | ILLINOIS TOOL WKS INC | $435,469 | 0.02% | 1,670 | Common | SOLE |
| 651639106 | NEM | NEWMONT CORP | $431,499 | 0.02% | 5,118 | Common | SOLE |
| 461202103 | INTU | INTUIT | $422,721 | 0.02% | 619 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $414,225 | 0.02% | 1,789 | Common | SOLE |
| 40412C101 | HCA | HCA HEALTHCARE INC | $413,414 | 0.02% | 970 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $399,950 | 0.02% | 1,900 | Common | SOLE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $393,173 | 0.02% | 2,424 | Common | SOLE |
| 629377508 | NRG | NRG ENERGY INC | $371,675 | 0.01% | 2,295 | Common | SOLE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $364,164 | 0.01% | 4,824 | Common | SOLE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $356,934 | 0.01% | 1,925 | Common | SOLE |
| 26884L109 | EQT | EQT CORP | $354,775 | 0.01% | 6,518 | Common | SOLE |
| 002824100 | ABT | ABBOTT LABS | $349,182 | 0.01% | 2,607 | Common | SOLE |
| 92276F100 | VTR | VENTAS INC | $322,654 | 0.01% | 4,610 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHN CORP | $321,138 | 0.01% | 1,069 | Common | SOLE |
| 95040Q104 | WELL | WELLTOWER INC | $309,251 | 0.01% | 1,736 | Common | SOLE |
| 92532F100 | VRTX | VERTEX PHARMACEUTICALS INC | $305,479 | 0.01% | 780 | Common | SOLE |
| 889478103 | TOL | TOLL BROTHERS INC | $291,061 | 0.01% | 2,107 | Common | SOLE |
| 00206R102 | T | AT&T INC | $283,304 | 0.01% | 10,032 | Common | SOLE |
| 580135101 | MCD | MCDONALDS CORP | $281,706 | 0.01% | 927 | Common | SOLE |
| 30212P303 | EXPE | EXPEDIA GROUP INC | $271,035 | 0.01% | 1,268 | Common | SOLE |
| 478160904 | JNJ | JOHNSON & JOHNSON | $264,180 | 0.01% | 777 | CALL | SOLE |
| 68389X105 | ORCL | ORACLE CORP | $260,428 | 0.01% | 926 | Common | SOLE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $257,546 | 0.01% | 531 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $257,070 | 0.01% | 2,280 | Common | SOLE |
| 126650100 | CVS | CVS HEALTH CORP | $254,969 | 0.01% | 3,382 | Common | SOLE |
| 855244109 | SBUX | STARBUCKS CORP | $252,108 | 0.01% | 2,980 | Common | SOLE |
| 539830109 | LMT | LOCKHEED MARTIN CORP | $242,616 | 0.01% | 486 | Common | SOLE |
| 020002101 | ALL | ALLSTATE CORP | $239,979 | 0.01% | 1,118 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $239,936 | 0.01% | 1,660 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $231,331 | 0.01% | 769 | Common | SOLE |
| 548661107 | LOW | LOWES COS INC | $228,692 | 0.01% | 910 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $228,232 | 0.01% | 5,193 | Common | SOLE |
| 744320102 | PRU | PRUDENTIAL FINL INC | $227,813 | 0.01% | 2,196 | Common | SOLE |
| 863667101 | SYK | STRYKER CORPORATION | $221,063 | 0.01% | 598 | Common | SOLE |
| 682680103 | OKE | ONEOK INC NEW | $215,772 | 0.01% | 2,957 | Common | SOLE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $214,789 | 0.01% | 871 | Common | SOLE |
| 00846U101 | A | AGILENT TECHNOLOGIES INC | $213,831 | 0.01% | 1,666 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $202,927 | 0.01% | 3,218 | Common | SOLE |
| 911363109 | URI | UNITED RENTALS INC | $200,479 | 0.01% | 210 | Common | SOLE |
| 42250P103 | DOC | HEALTHPEAK PROPERTIES INC | $200,137 | 0.01% | 10,451 | Common | SOLE |
| 46333X108 | IRWD | IRONWOOD PHARMACEUTICALS INC | $132,805 | 0.01% | 101,378 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.