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Cercano Management Portfolio holdings

AUM $2.32B
1-Year Est. Return 30.12%
This Fund
S&P 500
This Quarter Est. Return
+18.93%
1 Year Est. Return
+30.12%
3 Year Est. Return
+102.51%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$3.5B
AUM Growth
+$101M
Cap. Flow
-$272M
Cap. Flow %
-7.77%
Top 10 Hldgs %
54.95%
Holding
175
New
27
Increased
10
Reduced
52
Closed
21

Top Buys

Rank Stock Value
1
LLY icon
Eli Lilly
LLY
+$134M
2
QXO
QXO Inc
QXO
+$79.5M
3
CEG icon
Constellation Energy
CEG
+$38.1M
4
QQQ icon
Invesco QQQ Trust
QQQ
+$37.3M
5
AMZN icon
Amazon
AMZN
+$30.9M

Top Sells

Rank Stock Value
1
XLV icon
State Street Health Care Select Sector SPDR ETF
XLV
+$72.1M
2
COOP
Mr. Cooper
COOP
+$63.5M
3
MSFT icon
Microsoft
MSFT
+$63.2M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$46.6M
5
TDG icon
TransDigm Group
TDG
+$40.7M

Sector Composition

Rank Sector Weight
1 Industrials 28.73%
2 Technology 20.09%
3 Financials 13.05%
4 Healthcare 6.77%
5 Consumer Discretionary 6.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HYMB icon
26
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
HYMB
$3.08B
$34.4M 0.98%
1,387,825
– –
GEV icon
27
GE Vernova
GEV
$284B
$32.2M 0.92%
+60,920
New +$25.4M
GLD icon
28
SPDR Gold Trust
GLD
$130B
$30.6M 0.87%
100,346
-1,659
-2% -$502K
APD icon
29
Air Products & Chemicals
APD
$65.8B
$29.8M 0.85%
105,548
-79,748
-43% -$21.8M
AON icon
30
Aon
AON
$78.4B
$29.7M 0.85%
+83,237
New +$30.2M
SBUX icon
31
Starbucks
SBUX
$120B
$28.4M 0.81%
309,466
-116,187
-27% -$10.1M
JPM icon
32
JPMorgan Chase
JPM
$907B
$27.3M 0.78%
+94,073
New +$24M
MLM icon
33
Martin Marietta Materials
MLM
$33.8B
$26.4M 0.75%
48,015
-15,654
-25% -$8.27M
HYLB icon
34
Xtrackers USD High Yield Corporate Bond ETF
HYLB
$3.51B
$26.1M 0.74%
706,147
– –
BKSY icon
35
BlackSky Technology
BKSY
$823M
$25.6M 0.73%
1,243,976
– –
ORLY icon
36
O'Reilly Automotive
ORLY
$71.3B
$24.8M 0.71%
275,507
+272,312
+8,523% +$24.8M
FROG icon
37
JFrog
FROG
$10.7B
$22.9M 0.65%
521,809
-147,873
-22% -$5.62M
XLP icon
38
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
$22.8M 0.65%
281,233
-112,155
-29% -$9.1M
WMS icon
39
Advanced Drainage Systems
WMS
$11.3B
$22.6M 0.64%
196,785
-51,587
-21% -$5.78M
PDO
40
PIMCO Dynamic Income Opportunities Fund
PDO
$1.88B
$22.5M 0.64%
1,666,651
+295,858
+22% +$3.95M
GOOGL icon
41
Alphabet (Google) Class A
GOOGL
$4.23T
$21.9M 0.63%
124,387
-171,676
-58% -$28.1M
XLU icon
42
State Street Utilities Select Sector SPDR ETF
XLU
$23.5B
$20M 0.57%
489,602
-195,212
-29% -$7.78M
COF icon
43
Capital One
COF
$128B
$19.4M 0.55%
+91,145
New +$17M
GOOG icon
44
Alphabet (Google) Class C
GOOG
$4.22T
$18.7M 0.53%
105,230
-245,042
-70% -$40.5M
BAC icon
45
Bank of America
BAC
$430B
$18.6M 0.53%
393,877
+372,127
+1,711% +$15.7M
ALNY icon
46
Alnylam Pharmaceuticals
ALNY
$35.7B
$18.6M 0.53%
56,953
+36,181
+174% +$10M
WAL icon
47
Western Alliance Bancorporation
WAL
$8.99B
$17.4M 0.5%
+223,329
New +$16M
DELL icon
48
Dell
DELL
$256B
$16.8M 0.48%
+137,152
New +$14M
DAL icon
49
Delta Air Lines
DAL
$55.4B
$16.6M 0.47%
+338,267
New +$15.5M
NOC icon
50
Northrop Grumman
NOC
$74.1B
$16.6M 0.47%
33,120
-44,275
-57% -$21.8M
1
2
3 4 5

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Cercano Management's Q2 2025 Portfolio in Review

As of Q2 2025, Cercano Management held 175 positions worth $3.5B, up 3% from $3.4B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Cercano Management withdrew a net $272M in Q2 2025, closing 21 positions and reducing 52 holdings. Its most notable exit was TransDigm Group, an estimated $40.7M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 29% of assets, up from 24% a quarter earlier, followed by Technology and Financials.

Against the trend, Cercano Management opened a new position in Constellation Energy worth $46.5M.

  • Cercano Management's largest Q2 2025 buy was Constellation Energy: 144,005 shares worth $46.5M.
  • Cercano Management added most to Eli Lilly in Q2 2025, an estimated $134M increase.
  • Cercano Management's biggest Q2 2025 reduction was State Street Health Care Select Sector SPDR ETF, cutting an estimated $72.1M.
  • Cercano Management fully exited TransDigm Group in Q2 2025, selling an estimated $40.7M.
  • Cercano Management's ten largest holdings make up 55% of its $3.5B portfolio in Q2 2025.
  • Cercano Management opened 27 new positions and closed 21 in Q2 2025.
  • Cercano Management's portfolio value rose 3% quarter-over-quarter to $3.5B.

Based on Cercano Management's 13F filing for Q2 2025, filed 8 Aug 2025.