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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
MSFT icon
1
Microsoft
MSFT
$2.93T
$330M 12.65%
637,403
-171,462
-21% -$87.5M
UNP icon
2
Union Pacific
UNP
$179B
$261M 9.98%
1,102,113
+32,330
+3% +$7.29M
XPO icon
3
XPO
XPO
$25.2B
$252M 9.64%
1,945,996
-148,845
-7% -$19.3M
QXO
4
QXO Inc
QXO
$14.9B
$202M 7.73%
10,585,316
-819,932
-7% -$17M
RSP icon
5
Invesco S&P 500 Equal Weight ETF
RSP
$96.4B
$118M 4.54%
624,081
-160,327
-20% -$29.9M
LLY icon
6
Eli Lilly
LLY
$1.05T
$114M 4.37%
149,387
-24,396
-14% -$18.2M
META icon
7
Meta Platforms (Facebook)
META
$1.64T
$97.2M 3.72%
132,289
-56,182
-30% -$41.8M
NVDA icon
8
NVIDIA
NVDA
$4.91T
$95.7M 3.67%
513,079
-249,831
-33% -$43.5M
COOP
9
DELISTED
Mr. Cooper
COOP
$60.1M 2.3%
285,331
-74,472
-21% -$13.7M
AMZN icon
10
Amazon
AMZN
$2.66T
$55.2M 2.12%
251,539
-381,123
-60% -$86.3M
TIC
11
TIC Solutions Inc
TIC
$1.51B
$38.6M 1.48%
+2,902,230
New +$33.1M
SCHW
12
Charles Schwab
SCHW
$177B
$37.3M 1.43%
390,217
-350,050
-47% -$33.2M
SPY icon
13
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$34.8M 1.33%
52,187
-7,294
-12% -$4.68M
HYMB icon
14
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
HYMB
$3.08B
$34.6M 1.33%
1,387,825
– –
GLD icon
15
SPDR Gold Trust
GLD
$130B
$34.2M 1.31%
96,309
-4,037
-4% -$1.29M
QQQ icon
16
Invesco QQQ Trust
QQQ
$466B
$34.2M 1.31%
56,951
-18,115
-24% -$10.4M
CEG icon
17
Constellation Energy
CEG
$90.1B
$33.2M 1.27%
100,915
-43,090
-30% -$13.9M
MCO icon
18
Moody's
MCO
$89.2B
$27.3M 1.05%
57,368
-47,919
-46% -$24.2M
UNH icon
19
UnitedHealth
UNH
$387B
$26.5M 1.01%
76,615
-70,893
-48% -$21.4M
V icon
20
Visa
V
$682B
$26.3M 1.01%
77,039
-66,142
-46% -$22.9M
SPGI icon
21
S&P Global
SPGI
$133B
$25.3M 0.97%
52,035
-43,313
-45% -$23.2M
BKSY icon
22
BlackSky Technology
BKSY
$823M
$25.1M 0.96%
1,243,976
– –
PDO
23
PIMCO Dynamic Income Opportunities Fund
PDO
$1.88B
$23.5M 0.9%
1,666,651
– –
GOOGL icon
24
Alphabet (Google) Class A
GOOGL
$4.23T
$21.5M 0.82%
88,536
-35,851
-29% -$7.51M
AAPL icon
25
Apple
AAPL
$4.9T
$20.7M 0.79%
81,443
-121,764
-60% -$27.5M
1
2 3 4 5

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FBIL
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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.