Cercano Management LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Cercano Management LLC disclosed 145 US equity positions worth $2.6bn in its Q4 2025 13F filing. The largest position was MSFT at 11.2% of the reported book, followed by XPO and UNP. Against the Q3 2025 filing, it opened 4 new positions, added to 17 and reduced 5 among the top 50 holdings.
What did Cercano Management LLC own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | MSFT MICROSOFT CORP | Technology | 11.2% | $294.6m | 542,736 | -15% | reduced |
| 2 | XPO XPO INC | Industrials | 10.0% | $264.5m | 1,945,996 | 0% | held |
| 3 | UNP UNION PAC CORP | Industrials | 9.9% | $260.6m | 1,126,608 | 2% | added |
| 4 | QXO QXO INC | Industrials | 7.9% | $208.6m | 10,815,832 | 2% | added |
| 5 | LLY ELI LILLY & CO | Healthcare | 5.8% | $153.1m | 142,454 | -5% | reduced |
| 6 | NVDA NVIDIA CORPORATION | Technology | 4.4% | $116.8m | 626,158 | 22% | added |
| 7 | RSP INVESCO EXCHANGE TRADED FD T | 3.9% | $102.4m | 534,478 | -14% | reduced | |
| 8 | META META PLATFORMS INC | Communication Services | 3.8% | $99.7m | 151,007 | 14% | added |
| 9 | AMZN AMAZON COM INC | Consumer Cyclical | 2.2% | $58.1m | 251,539 | 0% | held |
| 10 | IAU ISHARES GOLD TR | 1.5% | $40.4m | 497,522 | 731% | added | |
| 11 | SCHW SCHWAB CHARLES CORP | Financial Services | 1.5% | $39.0m | 390,217 | 0% | held |
| 12 | SPY SPDR S&P 500 ETF TR | 1.4% | $38.0m | 55,788 | 7% | added | |
| 13 | CEG CONSTELLATION ENERGY CORP | Utilities | 1.3% | $35.7m | 100,915 | 0% | held |
| 14 | PANW PALO ALTO NETWORKS INC | Technology | 1.3% | $35.2m | 190,830 | 99% | added |
| 15 | HYMB SPDR SERIES TRUST | 1.3% | $34.6m | 1,387,825 | 0% | held | |
| 16 | SPEM SPDR INDEX SHS FDS | 1.1% | $30.1m | 642,100 | 1889% | added | |
| 17 | UNH UNITEDHEALTH GROUP INC | Healthcare | 1.1% | $30.0m | 90,927 | 19% | added |
| 18 | QQQ INVESCO QQQ TR | 1.1% | $29.9m | 48,739 | -14% | reduced | |
| 19 | TIC TIC SOLUTIONS INC | 1.1% | $29.3m | 2,902,230 | 0% | held | |
| 20 | MCO MOODYS CORP | Financial Services | 1.1% | $29.3m | 57,368 | 0% | held |
| 21 | GOOGL ALPHABET INC | Communication Services | 1.1% | $28.1m | 89,837 | 1% | added |
| 22 | SPGI S&P GLOBAL INC | Financial Services | 1.0% | $27.2m | 52,035 | 0% | held |
| 23 | V VISA INC | Financial Services | 1.0% | $27.0m | 77,039 | 0% | held |
| 24 | BKSY BLACKSKY TECHNOLOGY INC | 0.9% | $23.3m | 1,243,976 | 0% | held | |
| 25 | COF CAPITAL ONE FINL CORP | Financial Services | 0.9% | $22.9m | 94,570 | 53% | added |
| 26 | GEV GE VERNOVA INC | Industrials | 0.8% | $21.7m | 33,199 | 0% | held |
| 27 | APO APOLLO GLOBAL MGMT INC | Financial Services | 0.8% | $21.4m | 147,599 | 0% | held |
| 28 | SHW SHERWIN WILLIAMS CO | Basic Materials | 0.8% | $21.3m | 65,792 | 14% | added |
| 29 | BA BOEING CO | Industrials | 0.7% | $19.8m | 91,002 | 75% | added |
| 30 | GOOG ALPHABET INC | Communication Services | 0.7% | $19.7m | 62,738 | 0% | held |
| 31 | AAPL APPLE INC | Technology | 0.7% | $17.6m | 64,847 | -20% | reduced |
| 32 | EWW ISHARES INC | 0.6% | $16.6m | 239,617 | 0% | held | |
| 33 | JPM JPMORGAN CHASE & CO. | Financial Services | 0.6% | $15.9m | 49,354 | 0% | held |
| 34 | LIN LINDE PLC | Basic Materials | 0.6% | $15.7m | 36,908 | – | new |
| 35 | EWZ ISHARES INC | 0.6% | $15.6m | 490,980 | – | new | |
| 36 | AGG ISHARES TR | 0.6% | $15.1m | 151,570 | 0% | held | |
| 37 | SHM SPDR SERIES TRUST | 0.6% | $15.1m | 314,202 | 0% | held | |
| 38 | COST COSTCO WHSL CORP NEW | Consumer Defensive | 0.6% | $14.8m | 17,139 | 2307% | added |
| 39 | BSX BOSTON SCIENTIFIC CORP | Healthcare | 0.6% | $14.7m | 153,931 | 2690% | added |
| 40 | WMS ADVANCED DRAIN SYS INC DEL | Industrials | 0.5% | $14.5m | 100,224 | 0% | held |
| 41 | XLK SELECT SECTOR SPDR TR | 0.5% | $14.2m | 98,448 | 34% | added | |
| 42 | NAUT NAUTILUS BIOTECHNOLOGY INC | 0.5% | $14.0m | 7,172,985 | 0% | held | |
| 43 | PWR QUANTA SVCS INC | Industrials | 0.5% | $14.0m | 33,062 | 0% | held |
| 44 | FLJP FRANKLIN TEMPLETON ETF TR | 0.5% | $13.7m | 399,037 | 0% | held | |
| 45 | VTV VANGUARD INDEX FDS | 0.5% | $13.2m | 69,120 | 0% | held | |
| 46 | EWY ISHARES INC | 0.5% | $12.9m | 132,765 | 0% | held | |
| 47 | DHR DANAHER CORPORATION | Healthcare | 0.5% | $12.9m | 56,232 | – | new |
| 48 | LRCX LAM RESEARCH CORP | Technology | 0.5% | $12.4m | 72,360 | 745% | added |
| 49 | BAC BANK AMERICA CORP | Financial Services | 0.5% | $12.2m | 221,184 | 0% | held |
| 50 | AON AON PLC | Financial Services | 0.4% | $10.7m | 30,352 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.