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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
+5.44%
1 Year Est. Return
+30.12%
3 Year Est. Return
+102.51%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.61B
AUM Growth
-$895M
Cap. Flow
-$1.03B
Cap. Flow %
-39.57%
Top 10 Hldgs %
60.71%
Holding
180
New
26
Increased
4
Reduced
50
Closed
29

Top Buys

Rank Stock Value
1
TIC
TIC Solutions Inc
TIC
+$33.1M
2
SHW icon
Sherwin-Williams
SHW
+$20.3M
3
FLJP icon
Franklin FTSE Japan ETF
FLJP
+$13.3M
4
BA icon
Boeing
BA
+$11.7M
5
STX icon
Seagate
STX
+$10.9M

Top Sells

Rank Stock Value
1
NVEE
NV5 Global
NVEE
+$90.6M
2
MSFT icon
Microsoft
MSFT
+$87.5M
3
AMZN icon
Amazon
AMZN
+$86.3M
4
NVDA icon
NVIDIA
NVDA
+$43.5M
5
META icon
Meta Platforms (Facebook)
META
+$41.8M

Sector Composition

Rank Sector Weight
1 Industrials 33.41%
2 Technology 19.99%
3 Financials 9.71%
4 Healthcare 6.27%
5 Communication Services 5.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LPX icon
51
Louisiana-Pacific
LPX
$5.17B
$10.3M 0.39%
+115,410
New +$10.7M
SPYD icon
52
State Street SPDR Portfolio S&P 500 High Dividend ETF
SPYD
$7.62B
$9.59M 0.37%
217,913
– –
DNLI icon
53
Denali Therapeutics
DNLI
$3.7B
$9.07M 0.35%
625,000
– –
XLV icon
54
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
$8.19M 0.31%
58,840
-299,728
-84% -$40.6M
WAL icon
55
Western Alliance Bancorporation
WAL
$8.99B
$7.87M 0.3%
90,774
-132,555
-59% -$11.2M
DELL icon
56
Dell
DELL
$256B
$7.67M 0.29%
54,087
-83,065
-61% -$10.8M
IBIT icon
57
iShares Bitcoin Trust
IBIT
$47B
$7.61M 0.29%
117,140
– –
DAL icon
58
Delta Air Lines
DAL
$55.4B
$7.36M 0.28%
129,666
-208,601
-62% -$11.9M
BLDR icon
59
Builders FirstSource
BLDR
$7.99B
$7.31M 0.28%
+60,300
New +$8M
FLKR icon
60
Franklin FTSE South Korea ETF
FLKR
$1.09B
$7.12M 0.27%
+263,694
New +$6.66M
DASH icon
61
DoorDash
DASH
$80.2B
$7.02M 0.27%
+25,807
New +$6.47M
LION icon
62
Lionsgate Studios
LION
$4.03B
$6.72M 0.26%
973,567
– –
XLE icon
63
State Street Energy Select Sector SPDR ETF
XLE
$38.2B
$6.64M 0.25%
148,672
– –
NOC icon
64
Northrop Grumman
NOC
$74.1B
$6.44M 0.25%
10,568
-22,552
-68% -$12.8M
NAUT icon
65
Nautilus Biotechnolgy
NAUT
$221M
$6.06M 0.23%
7,172,985
– –
IBKR icon
66
Interactive Brokers
IBKR
$40.3B
$5.35M 0.21%
77,749
-170,430
-69% -$10.7M
XLP icon
67
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
$5.1M 0.2%
65,127
-216,106
-77% -$17.5M
XLU icon
68
State Street Utilities Select Sector SPDR ETF
XLU
$23.5B
$4.94M 0.19%
113,376
-376,226
-77% -$15.9M
QXO
69
PUT
QXO Inc
QXO
$14.9B
$4.65M 0.18%
24,850
-91,150
-79% -$1.89M
JHX icon
70
James Hardie Industries
JHX
$15B
$4.57M 0.17%
+237,647
New +$5.69M
IWM icon
71
iShares Russell 2000 ETF
IWM
$82.2B
$4.39M 0.17%
18,137
– –
IAU icon
72
iShares Gold Trust
IAU
$62.4B
$4.36M 0.17%
59,869
– –
AVGO icon
73
Broadcom
AVGO
$1.76T
$4.25M 0.16%
12,877
– –
ISRG icon
74
Intuitive Surgical
ISRG
$122B
$4.13M 0.16%
9,235
-17,599
-66% -$8.45M
EPD icon
75
Enterprise Products Partners
EPD
$82.6B
$3.75M 0.14%
120,021
– –
1 2
3
4 5

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FBIL
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NDSIB
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ABI
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Cercano Management's Q3 2025 Portfolio in Review

As of Q3 2025, Cercano Management held 180 positions worth $2.61B, down 26% from $3.5B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Cercano Management withdrew a net $1.03B in Q3 2025, closing 29 positions and reducing 50 holdings. Its most notable exit was NV5 Global, an estimated $90.6M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, up from 29% a quarter earlier, followed by Technology and Financials.

Against the trend, Cercano Management opened a new position in TIC Solutions Inc worth $38.6M.

  • Cercano Management's largest Q3 2025 buy was TIC Solutions Inc: 2,902,230 shares worth $38.6M.
  • Cercano Management added most to State Street Technology Select Sector SPDR ETF in Q3 2025, an estimated $8.46M increase.
  • Cercano Management's biggest Q3 2025 reduction was Microsoft, cutting an estimated $87.5M.
  • Cercano Management fully exited NV5 Global in Q3 2025, selling an estimated $90.6M.
  • Cercano Management's ten largest holdings make up 61% of its $2.61B portfolio in Q3 2025.
  • Cercano Management opened 26 new positions and closed 29 in Q3 2025.
  • Cercano Management's portfolio value fell 26% quarter-over-quarter to $2.61B.

Based on Cercano Management's 13F filing for Q3 2025, filed 7 Nov 2025.