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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
IRWD icon
151
Ironwood Pharmaceuticals
IRWD
$634M
$133K 0.01%
101,378
– –
ALNY icon
152
Alnylam Pharmaceuticals
ALNY
$36.4B
– –
-56,953
Closed -$18.6M
AON icon
153
Aon
AON
$77.5B
– –
-83,237
Closed -$29.7M
APD icon
154
Air Products & Chemicals
APD
$66.1B
– –
-105,548
Closed -$29.8M
CHTR icon
155
Charter Communications
CHTR
$15.9B
– –
-636
Closed -$260K
COOP
156
PUT
DELISTED
Mr. Cooper
COOP
– –
-28,000
Closed -$1.4K
CRM icon
157
PUT
Salesforce
CRM
$142B
– –
-41,000
Closed -$9.02K
CSCO icon
158
Cisco
CSCO
$436B
– –
-2,916
Closed -$202K
CSX icon
159
CALL
CSX Corp
CSX
$93.1B
– –
-165,000
Closed -$94.9K
EEM icon
160
iShares MSCI Emerging Markets ETF
EEM
$28.1B
– –
-9,500
Closed -$458K
ET icon
161
Energy Transfer Partners
ET
$69.8B
– –
-209,295
Closed -$3.79M
FROG icon
162
JFrog
FROG
$11B
– –
-521,809
Closed -$22.9M
GOOGL icon
163
PUT
Alphabet (Google) Class A
GOOGL
$4.3T
– –
-193,500
Closed -$31.9K
GRAB icon
164
Grab
GRAB
$14.8B
– –
-2,643,417
Closed -$13.3M
HYLB icon
165
Xtrackers USD High Yield Corporate Bond ETF
HYLB
$3.54B
– –
-706,147
Closed -$26.1M
IBM icon
166
IBM
IBM
$200B
– –
-682
Closed -$201K
INSW icon
167
International Seaways
INSW
$4.38B
– –
-90,265
Closed -$3.29M
KO icon
168
Coca-Cola
KO
$353B
– –
-2,912
Closed -$206K
LPLA icon
169
LPL Financial
LPLA
$26.2B
– –
-570
Closed -$214K
MCK icon
170
McKesson
MCK
$97.3B
– –
-6,717
Closed -$4.92M
NVEE
171
DELISTED
NV5 Global
NVEE
– –
-3,925,599
Closed -$90.6M
ORLY icon
172
PUT
O'Reilly Automotive
ORLY
$70.1B
– –
-120,000
Closed -$21K
OWL icon
173
Blue Owl Capital
OWL
$6.32B
– –
-648,965
Closed -$12.5M
PAA icon
174
Plains All American Pipeline
PAA
$17.2B
– –
-85,192
Closed -$1.56M
RELY icon
175
Remitly
RELY
$5.02B
– –
-16,768
Closed -$315K
4 5 6
7
8

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BWFA
Baltimore-Washington Financial Advisors Columbia, Maryland $2.32B AUM 16.8% 1-Year Est. Return
DIA
Davidson Investment Advisors Great Falls, Montana $2.32B AUM 21.07% 1-Year Est. Return
FBIL
First Beijing Investment Ltd Hong Kong $2.32B AUM 8.06% 1-Year Est. Return
NDSIB
North Dakota State Investment Board Bismarck, North Dakota $2.31B AUM
ABI
Abrams Bison Investments Bethesda, Maryland $2.31B AUM 40.26% 1-Year Est. Return
EPM
Elm Partners Management Philadelphia, Pennsylvania $2.31B AUM 16.02% 1-Year Est. Return
MFAM
Motley Fool Asset Management Alexandria, Virginia $2.33B AUM 21.93% 1-Year Est. Return
ST
Sageworth Trust Lancaster, Pennsylvania $2.33B AUM 20.04% 1-Year Est. Return

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.