Cercano Management Portfolio holdings

AUM $3.4B

This Quarter Return

-2.68%

1 Year Return

+3.3%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$3.4B

AUM Growth

-$521M (-13%)

Cap. Flow

-$383M

Cap. Flow % of AUM

-11.27%

Top 10 Holdings %Top 10 Hldgs %

47.77%

Holding

190

New

Increased

Reduced

Closed

Top Buys

1	Air Products & Chemicals APD	$54.6M
2	Health Care Select Sector SPDR Fund XLV	$44.9M
3	Northrop Grumman NOC	$39.4M
4	Quanta Services PWR	$35.6M
5	Palo Alto Networks PANW	$33.2M

Top Sells

1	Invesco S&P 500 Equal Weight ETF RSP	$115M
2	Lennar Class A LEN	$53.9M
3	Microsoft MSFT	$53.6M
4	TSMC TSM	$43.6M
5	Amazon AMZN	$43.5M

Sector Composition

1	Technology	22.99%
2	Industrials	21.68%
3	Financials	16.22%
4	Communication Services	7.47%
5	Consumer Discretionary	5%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 Northrop Grumman NOC $75.4B	$39.6M	1.16%	77,395 +76,958	+17,611%	+$39.4M
27	27 Palo Alto Networks PANW $131B	$36.4M	1.07%	213,579 +194,375	+1,012%	+$33.2M
28	28 Quanta Services PWR $59B	$35.6M	1.05%	+140,119	New	+$35.6M
29	29 SPDR Nuveen ICE High Yield Municipal Bond ETF HYMB $2.59B	$35M	1.03%	1,387,825 +973,525	+235%	+$24.6M
30	30 Consumers Staples Select Sector SPDR Fund XLP $16B	$32.1M	0.94%	+393,388	New	+$32.1M
31	31 Martin Marietta Materials MLM $33.3B	$30.4M	0.89%	63,669	–	–
32	32 SPDR Gold Trust GLD $102B	$29.4M	0.86%	102,005 -26,862	-21%	-$7.74M
33	33 Utilities Select Sector SPDR Fund XLU $19.7B	$27M	0.79%	342,407	–	–
34	34 Advanced Drainage Systems WMS $8.74B	$27M	0.79%	248,372 -9,758	-4%	-$1.06M
35	35 Xtrackers USD High Yield Corporate Bond ETF HYLB $3.93B	$25.5M	0.75%	706,147 -831,025	-54%	-$30M
36	36 Marsh & McLennan MMC $104B	$24.2M	0.71%	+99,304	New	+$24.2M
37	37 Grab GRAB $21.7B	$23.9M	0.7%	5,286,833	–	–
38	38 Progressive PGR $145B	$21.6M	0.63%	76,175 -58,218	-43%	-$16.5M
39	39 JFrog FROG $4.69B	$21.4M	0.63%	669,682 -139,433	-17%	-$4.46M
40	40 Kroger KR $47.7B	$20.8M	0.61%	+307,616	New	+$20.8M
41	41 Nike NKE $108B	$20.8M	0.61%	+327,194	New	+$20.8M
42	42 FTI Consulting FCN $5.7B	$19.6M	0.58%	+119,739	New	+$19.6M
43	PDO 43 PIMCO Dynamic Income Opportunities Fund PDO $1.7B	$19M	0.56%	1,370,793 +883,339	+181%	+$12.3M
44	44 Datadog DDOG $49.4B	$18.7M	0.55%	188,470 +3,881	+2%	+$385K
45	45 Blue Owl Capital OWL $13B	$17.7M	0.52%	+883,285	New	+$17.7M
46	46 Intuitive Surgical ISRG $185B	$15.6M	0.46%	31,463 +30,842	+4,967%	+$15.3M
47	47 iShares Core US Aggregate Bond ETF AGG $128B	$15M	0.44%	151,570	–	–
48	48 SPDR Nuveen ICE Short Term Municipal Bond ETF SHM $3.41B	$15M	0.44%	+314,202	New	+$15M
49	49 Energy Select Sector SPDR Fund XLE $27.7B	$14.9M	0.44%	159,810	–	–
50	50 Arcutis Biotherapeutics ARQT $1.85B	$14.5M	0.43%	928,701 -326,664	-26%	-$5.11M