Cercano Management LLC
Long book
$2.32B
Q1 2026
Positions
139
Top-10 weight
56%
concentration
Last quarter
+10.8%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsCercano Management LLC is a diversified fundamental manager, running a $2.32B US long book across 139 positions.
The portfolio is concentrated: the top 10 names carry 56% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: UNION PACIFIC CORP, MICROSOFT CORP, XPO INC, INVESCO S&P 500 EQUAL WEIGHT, ELI LILLY & CO.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.9%
Q2 2024
+2.1%
Q3 2024
+0.9%
Q4 2024
-5.0%
Q1 2025
+12.6%
Q2 2025
+4.1%
Q3 2025
+2.7%
Q4 2025
-0.1%
Q1 2026
+10.8%
Sector allocation
Technology 29%
Industrials 28%
Consumer discretionary 13%
Healthcare 9%
Services media 9%
Financials 8%
Utilities 2%
Materials 1%
Long book by quarter
What does Cercano Management own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| UNP UNION PACIFIC CORP | Industrials | 1.1M | $255.0M | 11.0% | -6.7% |
| MSFT MICROSOFT CORP | Technology | 608.3K | $225.2M | 9.7% | +12.1% |
| XPO XPO INC | Industrials | 756.5K | $147.2M | 6.4% | -61.1% |
| LLY ELI LILLY & CO | Healthcare | 137.4K | $126.4M | 5.5% | -3.6% |
| NVDA NVIDIA CORP | Technology | 623.7K | $108.8M | 4.7% | -0.4% |
| QXO QXO INC | Consumer discretionary | 4.8M | $93.5M | 4.0% | -55.5% |
| META META PLATFORMS INC-CLASS A | Technology | 150.5K | $86.1M | 3.7% | -0.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 288.2K | $60.0M | 2.6% | +14.6% |
| NFLX NETFLIX INC | Services media | 618.4K | $59.5M | 2.6% | +5886.7% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 390.2K | $36.7M | 1.6% | Held |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 386.3K | $31.8M | 1.4% | +655.5% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 173.6K | $31.7M | 1.4% | +83.6% |
| BKSY BLACKSKY TECHNOLOGY INC | Technology | 1.2M | $31.3M | 1.4% | Held |
| GEV GE VERNOVA INC | Industrials | 33.2K | $29.0M | 1.3% | Held |
| NAUT NAUTILUS BIOTECHNOLOGY INC | Healthcare | 7.2M | $27.8M | 1.2% | Held |
| CEG CONSTELLATION ENERGY | Utilities | 93.1K | $26.0M | 1.1% | -7.8% |
| GOOGL ALPHABET INC-CL A | Technology | 88.9K | $25.6M | 1.1% | -1.0% |
| GOOG ALPHABET INC-CL C | Technology | 87.8K | $25.2M | 1.1% | +39.9% |
| MCO MOODY'S CORP | Services media | 57.4K | $25.0M | 1.1% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 90.9K | $24.6M | 1.1% | Held |
| V VISA INC-CLASS A SHARES | Services media | 77.4K | $23.4M | 1.0% | +0.5% |
| SPGI S&P GLOBAL INC | Services media | 52.0K | $22.1M | 1.0% | Held |
| BA BOEING CO/THE | Industrials | 107.9K | $21.5M | 0.9% | +18.6% |
| TIC TIC SOLUTIONS INC | Services media | 2.9M | $19.1M | 0.8% | Held |
| LIN LINDE PLC | Materials | 36.4K | $18.1M | 0.8% | -1.3% |
| PWR QUANTA SERVICES INC | Industrials | 32.7K | $17.9M | 0.8% | -1.2% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 147.6K | $16.4M | 0.7% | Held |
| AAPL APPLE INC | Technology | 63.9K | $16.2M | 0.7% | -1.5% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 49.2K | $15.8M | 0.7% | -25.2% |
| LRCX LAM RESEARCH CORP | Industrials | 71.5K | $15.3M | 0.7% | -1.1% |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 625.0K | $12.0M | 0.5% | Held |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 10.6K | $10.6M | 0.5% | -38.0% |
| JPM JPMORGAN CHASE & CO | Financials | 28.4K | $8.3M | 0.4% | -42.5% |
| LPX LOUISIANA-PACIFIC CORP | Other | 113.9K | $8.3M | 0.4% | -1.3% |
| HD HOME DEPOT INC | Consumer discretionary | 23.4K | $7.7M | 0.3% | -1.8% |
| WMT WALMART INC | Consumer discretionary | 59.2K | $7.4M | 0.3% | -14.6% |
| BAC BANK OF AMERICA CORP | Financials | 149.6K | $7.3M | 0.3% | -32.4% |
| MS MORGAN STANLEY | Financials | 43.8K | $7.2M | 0.3% | +1456.3% |
| WMS ADVANCED DRAINAGE SYSTEMS IN | Other | 50.0K | $6.9M | 0.3% | -50.1% |
| DHR DANAHER CORP | Technology | 33.7K | $6.4M | 0.3% | -40.1% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 1.6M | $5.9M | 0.3% | Held |
| INSW INTERNATIONAL SEAWAYS INC | Industrials | 73.1K | $5.3M | 0.2% | -14.2% |
| URI UNITED RENTALS INC | Services media | 7.3K | $5.3M | 0.2% | -2.4% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 8.4K | $4.9M | 0.2% | -51.0% |
| MCD MCDONALD'S CORP | Consumer discretionary | 14.7K | $4.6M | 0.2% | +1481.2% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 120.0K | $4.5M | 0.2% | Held |
| CINF CINCINNATI FINANCIAL CORP | Financials | 26.8K | $4.2M | 0.2% | New |
| DELL DELL TECHNOLOGIES -C | Technology | 24.8K | $4.1M | 0.2% | -54.1% |
| AVGO BROADCOM INC | Technology | 12.3K | $3.8M | 0.2% | -4.3% |
| JHX JAMES HARDIE IND PLC | Industrials | 190.7K | $3.6M | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 167 | $2.32B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 171 | $2.64B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 173 | $2.61B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 174 | $3.50B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 158 | $3.40B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 189 | $3.93B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 167 | $4.18B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 101 | $3.76B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 105 | $3.60B | canonical | SEC ↗ |
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