Q2 2026 13F · SEC CIK 1936416

Cercano Management LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $749.9M
Reported positions: 131
Top holdings a year, 3 yrs: +18.1%
Assets under management: $7.3B

Cercano Management LLC is a hedge fund that reported 131 positions worth $749.9M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Union Pac Corp (UNP, 37.3%), Invesco S&p 500 Equal Weight ETF (RSP, 6.3%), Meta Platforms Inc Class A (META, 6.0%). A portfolio copying its top holdings returned 18.1% a year over the last 3 years, against 20.4% for the S&P 500.

Cercano Management LLC holdings largest 50 of 131 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Cercano Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
UNPUnion Pac Corp	37.3%	11.0%	1,028,382	-2.1%	$279.7M
RSPInvesco S&p 500 Equal Weight ETF	6.3%	6.1%	221,055	-70.2%	$47.0M
METAMeta Platforms Inc Class A	6.0%	3.7%	79,237	-47.3%	$44.6M
BKSYBlacksky Technology Inc	3.5%	1.4%	932,982	-25.0%	$26.0M
NVDANvidia Corporation Com	2.3%	4.7%	87,813	-85.9%	$17.6M
XLKState Street Technology Select Sector Sp	2.2%	0.9%	86,935	-46.4%	$16.6M
DNLIDenali Therapeutics Inc Com	2.1%	0.5%	625,000	+0.0%	$16.1M
VTVVanguard Value ETF	2.0%	0.6%	69,120	+0.0%	$15.1M
NAUTNautilus Biotechnology Inc	1.8%	1.2%	7,172,985	+0.0%	$13.4M
AMZNAmazon Com Inc Com	1.8%	2.6%	55,622	-80.7%	$13.3M
PDOPimco Dynamic Income Oprnts	1.4%	—	783,312	—	$10.4M
AAPLApple Inc	1.2%	0.7%	31,112	-51.3%	$9.0M
JHXJames Hardie Inds PLC	1.2%	—	338,568	—	$8.9M
EWYIshares Inc	1.2%	0.7%	43,201	-67.5%	$8.7M
SPYDSpdr Series Trust	1.1%	0.4%	174,939	-19.7%	$8.3M
QXOQxo Inc	1.1%	4.0%	482,875	-90.0%	$8.3M
XLEState Street Energy Select Sector Spdr E	1.1%	0.4%	148,672	+0.0%	$7.9M
MUMicron Technology Inc	1.0%	—	6,704	—	$7.7M
SPYSpdr S&p 500 ETF Tr	1.0%	1.6%	9,660	-82.7%	$7.2M
MSFTMicrosoft Corp	1.0%	9.7%	19,163	-96.8%	$7.1M
GOOGLAlphabet Inc	0.9%	1.1%	18,993	-78.6%	$6.8M
LRCXLam Research Corp	0.9%	0.7%	15,110	-78.9%	$6.5M
LLYLilly Eli & Co	0.9%	5.5%	5,353	-96.1%	$6.4M
COFCapital One Financial Corp	0.8%	1.4%	31,409	-81.9%	$6.3M
GRABGrab Holdings Limited	0.8%	—	1,600,000	—	$6.0M
XPOXpo Inc	0.8%	6.4%	29,081	-96.2%	$6.0M
VMCVulcan Matls Co Com	0.7%	—	18,998	—	$5.6M
INSWInternational Seaways, Inc.	0.7%	—	73,147	—	$5.6M
IWMIshares	0.7%	—	18,137	—	$5.4M
EWWIshares Msci Mexico ETF	0.6%	0.8%	63,900	-73.3%	$4.8M
AVGOBroadcom Inc	0.6%	—	12,325	—	$4.7M
GOOGAlphabet Inc	0.6%	1.1%	13,160	-85.0%	$4.6M
XLVSelect Sector Spdr Tr	0.6%	0.9%	28,280	-79.9%	$4.5M
DASHDoordash Inc	0.6%	—	23,927	—	$4.4M
EPDEnterprise Prods Partners L	0.6%	—	120,021	—	$4.4M
EWZIshares Inc	0.6%	0.7%	121,776	-72.0%	$4.2M
JAZZJazz Pharmaceuticals PLC	0.6%	—	17,331	—	$4.2M
IBITIshares Bitcoin Trust ETF	0.5%	—	117,140	—	$3.9M
TRTXTpg Re Fin Tr Inc	0.4%	—	401,607	—	$3.4M
MUNIInter Mun Bd Act	0.4%	—	57,919	—	$3.0M
BACBank of Amer Corp	0.4%	—	47,170	—	$2.7M
PWRQuanta Svcs Inc Com	0.4%	0.8%	3,690	-88.7%	$2.7M
JPMJpmorgan Chase & Co	0.3%	—	8,022	—	$2.6M
MDYState Street Spdr S&p Midcap 400 ETF Tru	0.3%	—	3,636	—	$2.6M
COSTCostco Whsl Corp New	0.3%	0.5%	2,490	-76.6%	$2.3M
CATCaterpillar Inc Com	0.3%	—	2,180	—	$2.3M
INDAIshares Tr	0.3%	—	46,470	—	$2.3M
WMTWalmart Inc	0.3%	—	20,219	—	$2.3M
AMATApplied Matls Inc	0.3%	—	2,896	—	$2.1M
HDHome Depot Inc Com	0.3%	—	5,826	—	$2.1M

What Cercano Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

No position grew by more than 5%.

Reduced

MSFT Microsoft Corp-96.8% shares
XPO Xpo Inc-96.2% shares
LLY Lilly Eli & Co-96.1% shares
QXO Qxo Inc-90.0% shares
PWR Quanta Svcs Inc Com-88.7% shares
NVDA Nvidia Corporation Com-85.9% shares
GOOG Alphabet Inc-85.0% shares
SPY Spdr S&p 500 ETF Tr-82.7% shares

Left the top 50

NFLX Netflix Inc Totalwas 2.6%
SCHW Schwab Charles Corpwas 1.6%
HYMB Spdr Series Trustwas 1.5%
BLDR Builders Firstsource Incwas 1.4%
GEV Ge Vernova Incwas 1.3%
QQQ Invesco Qqq Trwas 1.2%
CEG Constellation Energy Corpwas 1.1%
SPEM State Street Spdr Portfolio Emerging Marwas 1.1%

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +18.0% /yr; S&P 500 +20.1%
3 years: +18.1% /yr; S&P 500 +20.4%
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$749.9M	131
Q1 2026	$2.3B	139
Q4 2025	$2.6B	145
Q3 2025	$2.6B	148
Q2 2025	$3.5B	148
Q1 2025	$3.4B	148
Q4 2024	$3.9B	174
Q3 2024	$4.2B	155
Q2 2024	$3.7B	98
Q1 2024	$3.6B	101
Q4 2023	$3.0B	93
Q3 2023	$2.8B	104

Questions about Cercano Management LLC's portfolio

What stocks does Cercano Management LLC own?

Cercano Management LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 131 positions worth $749.9M. The largest are Union Pac Corp (UNP) at 37.3%, Invesco S&p 500 Equal Weight ETF (RSP) at 6.3%, Meta Platforms Inc Class A (META) at 6.0%, Blacksky Technology Inc (BKSY) at 3.5% and Nvidia Corporation Com (NVDA) at 2.3%.

What did Cercano Management LLC buy last quarter?

Cercano Management LLC opened no new positions and grew none by more than 5% among its largest holdings in Q2 2026.

What did Cercano Management LLC sell last quarter?

In Q2 2026, Cercano Management LLC cut from its top 50 Netflix Inc Total (NFLX), cut from its top 50 Schwab Charles Corp (SCHW), cut from its top 50 Spdr Series Trust (HYMB), cut from its top 50 Builders Firstsource Inc (BLDR), cut from its top 50 Ge Vernova Inc (GEV), Microsoft Corp (MSFT) (-96.8% shares), Xpo Inc (XPO) (-96.2% shares) and Lilly Eli & Co (LLY) (-96.1% shares), compared with its Q1 2026 filing.

How has Cercano Management LLC's portfolio performed?

A portfolio copying Cercano Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +18.1% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +18.0% against +20.1%.

When is Cercano Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Cercano Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Cercano Management LLC manage?

Cercano Management LLC reported $7.3B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $749.9M.