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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
-2.68%
1 Year Est. Return
+30.12%
3 Year Est. Return
+102.51%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$3.4B
AUM Growth
-$527M
Cap. Flow
-$383M
Cap. Flow %
-11.27%
Top 10 Hldgs %
47.77%
Holding
193
New
16
Increased
19
Reduced
30
Closed
45

Top Buys

Rank Stock Value
1
APD icon
Air Products & Chemicals
APD
+$57.1M
2
XLV icon
State Street Health Care Select Sector SPDR ETF
XLV
+$44.7M
3
PWR icon
Quanta Services
PWR
+$40.5M
4
NOC icon
Northrop Grumman
NOC
+$36.7M
5
PANW icon
Palo Alto Networks
PANW
+$35.9M

Top Sells

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$118M
2
MSFT icon
Microsoft
MSFT
+$58.3M
3
LEN icon
Lennar Class A
LEN
+$53.9M
4
AMZN icon
Amazon
AMZN
+$49.6M
5
TSM icon
TSMC
TSM
+$43.6M

Sector Composition

Rank Sector Weight
1 Industrials 24.29%
2 Technology 20.37%
3 Financials 16.22%
4 Communication Services 7.47%
5 Consumer Discretionary 5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHEF icon
151
Chefs' Warehouse
CHEF
$4.71B
– –
-374,708
Closed -$18.5M
CRM icon
152
CALL
Salesforce
CRM
$151B
– –
-280
Closed -$1.72M
CRM icon
153
Salesforce
CRM
$151B
– –
-844
Closed -$282K
CSX icon
154
CSX Corp
CSX
$93.4B
– –
-150,870
Closed -$4.87M
DAL icon
155
Delta Air Lines
DAL
$57.5B
– –
-44,965
Closed -$2.72M
DELL icon
156
Dell
DELL
$262B
– –
-307,210
Closed -$35.4M
DORM icon
157
Dorman Products
DORM
$3.98B
– –
-126,036
Closed -$16.3M
DT icon
158
Dynatrace
DT
$12.9B
– –
-74,101
Closed -$4.03M
DXCM icon
159
DexCom
DXCM
$32.2B
– –
-95,136
Closed -$7.4M
EMD
160
Western Asset Emerging Markets Debt Fund
EMD
$609M
– –
-1,181,316
Closed -$11.4M
EMHY icon
161
iShares JPMorgan EM High Yield Bond ETF
EMHY
$620M
– –
-521,404
Closed -$19.8M
EWC icon
162
iShares MSCI Canada ETF
EWC
$6.13B
– –
-291,900
Closed -$11.8M
EXPE icon
163
Expedia Group
EXPE
$35.4B
– –
-1,158
Closed -$216K
GIS icon
164
General Mills
GIS
$19.1B
– –
-3,658
Closed -$233K
HLT icon
165
Hilton Worldwide
HLT
$72.1B
– –
-66,039
Closed -$16.3M
JPM icon
166
JPMorgan Chase
JPM
$935B
– –
-124,024
Closed -$29.7M
KBE icon
167
State Street SPDR S&P Bank ETF
KBE
$1.64B
– –
-65,601
Closed -$3.64M
KGC icon
168
Kinross Gold
KGC
$27.4B
– –
-529,101
Closed -$4.9M
KLAC icon
169
KLA
KLAC
$239B
– –
-241,210
Closed -$15.2M
KRE icon
170
State Street SPDR S&P Regional Banking ETF
KRE
$4.5B
– –
-75,718
Closed -$4.57M
LEN icon
171
Lennar Class A
LEN
$19.8B
– –
-408,660
Closed -$53.9M
LVS icon
172
Las Vegas Sands
LVS
$31.7B
– –
-4,065
Closed -$209K
LYB icon
173
LyondellBasell Industries
LYB
$20B
– –
-2,809
Closed -$209K
MDY icon
174
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.6B
– –
-41,196
Closed -$23.5M
META icon
175
CALL
Meta Platforms (Facebook)
META
$1.42T
– –
-655
Closed -$793K
4 5 6
7
8

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NDSIB
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ABI
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MFAM
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NSAM
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LFM
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BAM
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Cercano Management's Q1 2025 Portfolio in Review

As of Q1 2025, Cercano Management held 193 positions worth $3.4B, down 13% from $3.93B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Cercano Management withdrew a net $383M in Q1 2025, closing 45 positions and reducing 30 holdings. Its most notable exit was Lennar Class A, an estimated $53.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 24% of assets, up from 21% a quarter earlier, followed by Technology and Financials.

Against the trend, Cercano Management opened a new position in Air Products & Chemicals worth $54.6M.

  • Cercano Management's largest Q1 2025 buy was Air Products & Chemicals: 185,296 shares worth $54.6M.
  • Cercano Management added most to State Street Health Care Select Sector SPDR ETF in Q1 2025, an estimated $44.7M increase.
  • Cercano Management's biggest Q1 2025 reduction was Invesco S&P 500 Equal Weight ETF, cutting an estimated $118M.
  • Cercano Management fully exited Lennar Class A in Q1 2025, selling an estimated $53.9M.
  • Cercano Management's ten largest holdings make up 48% of its $3.4B portfolio in Q1 2025.
  • Cercano Management opened 16 new positions and closed 45 in Q1 2025.
  • Cercano Management's portfolio value fell 13% quarter-over-quarter to $3.4B.

Based on Cercano Management's 13F filing for Q1 2025, filed 13 May 2025.