Cercano Management LLC

BELLEVUE, WA · CIK 1936416 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2021 · limited liability company

Assets managed$7.3bn
Staff62 · 25 in investment roles
Main clients (by assets)Private funds 86%, High net worth individuals 8%, Companies 6%
Private funds29 (6 hedge) · $6.8bn gross assets
Websitecercanolp.com
Form ADV · 2026-09-08SEC adviser record

Legal entityCERCANO MANAGEMENT LLC (US)

$749.9m reported value -67.6% vs Q1 2026

131positions

65.3%in top 10

22 new 2 added 44 reduced 30 sold out vs Q1 2026

Options: 1 call positions ($68.3k notional), 0 put positions (— notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

J.P. Morgan Investment Management Inc. – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	UNION PAC CORP COM UNP	UNP	1,028,382	$279.7m37.30%	37.30%	Reduced -22.4k	-22,441 -2.1%
2	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	221,055	$47.0m6.27%	6.27%	Reduced -520.4k	-520,370 -70.2%
3	META PLATFORMS INC CL A META	META	79,237	$44.6m5.95%	5.95%	Reduced -71.2k	-71,217 -47.3%
4	BLACKSKY TECHNOLOGY INC CL A NEW BKSY	BKSY	932,982	$26.0m3.47%	3.47%	Reduced -311.0k	-310,994 -25.0%
5	NVIDIA CORPORATION COM NVDA	NVDA	87,813	$17.6m2.34%	2.34%	Reduced -535.9k	-535,855 -85.9%
6	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	86,935	$16.6m2.21%	2.21%	Reduced -75.1k	-75,120 -46.4%
7	DENALI THERAPEUTICS INC COM DNLI	DNLI	625,000	$16.1m2.14%	2.14%	Unchanged
8	VANGUARD INDEX FDS VALUE ETF VTV	VTV	69,120	$15.1m2.01%	2.01%	Unchanged
9	NAUTILUS BIOTECHNOLOGY INC COM NAUT	NAUT	7,172,985	$13.4m1.79%	1.79%	Unchanged
10	AMAZON COM INC COM AMZN	AMZN	55,622	$13.3m1.77%	1.77%	Reduced -232.6k	-232,571 -80.7%
11	PIMCO DYNAMIC INCOME OPRNTS COM BEN SHS PDO	PDO	783,312	$10.4m1.38%	1.38%	New
12	APPLE INC COM AAPL	AAPL	31,112	$9.0m1.20%	1.20%	Reduced -32.8k	-32,773 -51.3%
13	JAMES HARDIE INDS PLC ORD SHS JHX	JHX	338,568	$8.9m1.18%	1.18%	Added +147.9k	+147,907 77.6%
14	ISHARES INC MSCI STH KOR ETF EWY	EWY	43,201	$8.7m1.16%	1.16%	Reduced -89.6k	-89,564 -67.5%
15	SPDR SER TR PRTFLO S&P500 HI SPYD	SPYD	174,939	$8.3m1.11%	1.11%	Reduced -43.0k	-42,974 -19.7%
16	QXO INC COM NEW QXO	QXO	482,875	$8.3m1.11%	1.11%	Reduced -4.3m	-4,330,283 -90.0%
17	SELECT SECTOR SPDR TR ENERGY XLE	XLE	148,672	$7.9m1.05%	1.05%	Unchanged
18	MICRON TECHNOLOGY INC COM MU	MU	6,704	$7.7m1.03%	1.03%	New
19	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	9,660	$7.2m0.96%	0.96%	Reduced -46.1k	-46,128 -82.7%
20	MICROSOFT CORP COM MSFT	MSFT	19,163	$7.1m0.95%	0.95%	Reduced -589.2k	-589,162 -96.8%
21	ALPHABET INC CAP STK CL A GOOGL	GOOGL	18,993	$6.8m0.91%	0.91%	Reduced -69.9k	-69,911 -78.6%
22	LAM RESEARCH CORP COM NEW LRCX	LRCX	15,110	$6.5m0.87%	0.87%	Reduced -56.4k	-56,421 -78.9%
23	ELI LILLY & CO COM LLY	LLY	5,353	$6.4m0.86%	0.86%	Reduced -132.0k	-132,024 -96.1%
24	CAPITAL ONE FINL CORP COM COF	COF	31,409	$6.3m0.84%	0.84%	Reduced -142.2k	-142,219 -81.9%
25	GRAB HOLDINGS LIMITED CLASS A ORD GRAB	GRAB	1,600,000	$6.0m0.80%	0.80%	Unchanged
26	XPO INC COM XPO	XPO	29,081	$6.0m0.80%	0.80%	Reduced -727.5k	-727,455 -96.2%
27	VULCAN MATLS CO COM VMC	VMC	18,998	$5.6m0.75%	0.75%	New
28	INTERNATIONAL SEAWAYS INC COM INSW	INSW	73,147	$5.6m0.75%	0.75%	Unchanged
29	ISHARES TR RUSSELL 2000 ETF IWM	IWM	18,137	$5.4m0.73%	0.73%	Unchanged
30	ISHARES INC MSCI MEXICO ETF EWW	EWW	63,900	$4.8m0.64%	0.64%	Reduced -175.7k	-175,717 -73.3%
31	BROADCOM INC COM AVGO	AVGO	12,325	$4.7m0.62%	0.62%	Unchanged
32	ALPHABET INC CAP STK CL C GOOG	GOOG	13,160	$4.6m0.62%	0.62%	Reduced -74.6k	-74,593 -85.0%
33	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	28,280	$4.5m0.60%	0.60%	Reduced -112.6k	-112,596 -79.9%
34	DOORDASH INC CL A DASH	DASH	23,927	$4.4m0.59%	0.59%	New
35	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	120,021	$4.4m0.59%	0.59%	Unchanged
36	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	121,776	$4.2m0.56%	0.56%	Reduced -312.7k	-312,745 -72.0%
37	JAZZ PHARMACEUTICALS PLC SHS USD JAZZ	JAZZ	17,331	$4.2m0.56%	0.56%	New
38	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	117,140	$3.9m0.52%	0.52%	Unchanged
39	TPG RE FIN TR INC COM TRTX	TRTX	401,607	$3.4m0.45%	0.45%	Unchanged
40	PIMCO ETF TR INTER MUN BD ACT MUNI	MUNI	57,919	$3.0m0.41%	0.41%	Unchanged
41	BANK AMERICA CORP COM BAC	BAC	47,170	$2.7m0.36%	0.36%	Reduced -102.4k	-102,390 -68.5%
42	QUANTA SVCS INC COM PWR	PWR	3,690	$2.7m0.35%	0.35%	Reduced -29.0k	-28,975 -88.7%
43	JPMORGAN CHASE & CO COM JPM	JPM	8,022	$2.6m0.35%	0.35%	Reduced -20.4k	-20,363 -71.7%
44	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	3,636	$2.6m0.34%	0.34%	New
45	COSTCO WHSL CORP NEW COM COST	COST	2,490	$2.3m0.31%	0.31%	Reduced -8.1k	-8,138 -76.6%
46	CATERPILLAR INC COM CAT	CAT	2,180	$2.3m0.31%	0.31%	Unchanged
47	ISHARES TR MSCI INDIA ETF INDA	INDA	46,470	$2.3m0.31%	0.31%	Unchanged
48	WALMART INC COM WMT	WMT	20,219	$2.3m0.31%	0.31%	Reduced -39.0k	-39,006 -65.9%
49	APPLIED MATLS INC COM AMAT	AMAT	2,896	$2.1m0.28%	0.28%	Unchanged
50	HOME DEPOT INC COM HD	HD	5,826	$2.1m0.27%	0.27%	Reduced -17.6k	-17,618 -75.2%
51	LINDE PLC SHS LIN	LIN	3,834	$2.0m0.27%	0.27%	Reduced -32.6k	-32,589 -89.5%
52	MORGAN STANLEY COM NEW MS	MS	9,147	$1.9m0.25%	0.25%	Reduced -34.6k	-34,615 -79.1%
53	UNITED RENTALS INC COM URI	URI	1,659	$1.9m0.25%	0.25%	Reduced -5.6k	-5,620 -77.2%
54	REDDIT INC CL A RDDT	RDDT	10,270	$1.8m0.24%	0.24%	New
55	HAFNIA LTD SHS HAFN	HAFN	264,379	$1.7m0.23%	0.23%	Unchanged
56	CONSTELLATION ENERGY CORP COM CEG	CEG	6,702	$1.7m0.22%	0.22%	Reduced -86.4k	-86,383 -92.8%
57	WILLIAMS COS INC COM WMB	WMB	21,491	$1.6m0.21%	0.21%	Unchanged
58	PHILLIPS 66 COM PSX	PSX	9,396	$1.6m0.21%	0.21%	Unchanged
59	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	710	$1.4m0.19%	0.19%	New
60	SPDR SER TR S&P BIOTECH XBI	XBI	8,549	$1.4m0.18%	0.18%	New
61	MASTERCARD INCORPORATED CL A MA	MA	2,574	$1.3m0.18%	0.18%	Unchanged
62	DANAHER CORPORATION COM DHR	DHR	6,890	$1.3m0.18%	0.18%	Reduced -26.8k	-26,804 -79.5%
63	STARWOOD PPTY TR INC COM STWD	STWD	79,029	$1.3m0.17%	0.17%	Unchanged
64	TESLA INC COM TSLA	TSLA	3,048	$1.3m0.17%	0.17%	Unchanged
65	SPDR GOLD TR GOLD SHS GLD	GLD	3,341	$1.2m0.16%	0.16%	New
66	CARLYLE GROUP INC COM CG	CG	27,589	$1.2m0.15%	0.15%	New
67	EATON CORP PLC SHS ETN	ETN	2,550	$1.1m0.14%	0.14%	Unchanged
68	REPLIGEN CORP COM RGEN	RGEN	7,856	$1.1m0.14%	0.14%	New
69	TEXAS INSTRS INC COM TXN	TXN	3,563	$1.1m0.14%	0.14%	Unchanged
70	MERCK & CO INC COM MRK	MRK	7,156	$919.5k0.12%	0.12%	Unchanged
71	UNITEDHEALTH GROUP INC COM UNH	UNH	2,211	$919.0k0.12%	0.12%	Reduced -88.7k	-88,716 -97.6%
72	CINCINNATI FINL CORP COM CINF	CINF	4,896	$906.4k0.12%	0.12%	Reduced -21.9k	-21,931 -81.8%
73	LUMENTUM HLDGS INC COM LITE	LITE	976	$837.5k0.11%	0.11%	New
74	TRANE TECHNOLOGIES PLC SHS TT	TT	1,517	$745.1k0.10%	0.10%	Unchanged
75	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	1,870	$743.7k0.10%	0.10%	Added +1.2k	+1,249 201.1%
76	NETFLIX INC COM NFLX	NFLX	10,330	$737.6k0.10%	0.10%	Reduced -608.1k	-608,097 -98.3%
77	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,369	$685.0k0.09%	0.09%	Reduced -869	-869 -38.8%
78	INTEL CORP COM INTC	INTC	4,648	$649.0k0.09%	0.09%	Unchanged
79	DIAMONDBACK ENERGY INC COM FANG	FANG	3,566	$626.8k0.08%	0.08%	Unchanged
80	PROCTER AND GAMBLE CO COM PG	PG	4,272	$626.4k0.08%	0.08%	Unchanged
81	VISA INC COM CL A V	V	1,787	$613.1k0.08%	0.08%	Reduced -75.7k	-75,651 -97.7%
82	ADVANCED MICRO DEVICES INC COM AMD	AMD	948	$550.7k0.07%	0.07%	New
83	JOHNSON & JOHNSON COM JNJ	JNJ	1,925	$488.9k0.07%	0.07%	Unchanged
84	NEWMONT CORP COM NEM	NEM	5,118	$478.0k0.06%	0.06%	Unchanged
85	ILLINOIS TOOL WKS INC COM ITW	ITW	1,670	$451.7k0.06%	0.06%	Unchanged
86	ABBVIE INC COM ABBV	ABBV	1,789	$450.2k0.06%	0.06%	Unchanged
87	IRONWOOD PHARMACEUTICALS INC COM CL A IRWD	IRWD	101,378	$426.8k0.06%	0.06%	Unchanged
88	NEXTERA ENERGY INC COM NEE	NEE	4,824	$423.4k0.06%	0.06%	Unchanged
89	VENTAS INC COM VTR	VTR	4,610	$409.4k0.05%	0.05%	Unchanged
90	WELLTOWER INC COM WELL	WELL	1,736	$394.0k0.05%	0.05%	Unchanged
91	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	780	$387.4k0.05%	0.05%	Unchanged
92	HCA HEALTHCARE INC COM HCA	HCA	970	$378.2k0.05%	0.05%	Unchanged
93	S&P GLOBAL INC COM SPGI	SPGI	880	$358.4k0.05%	0.05%	Reduced -51.2k	-51,155 -98.3%
94	DELL TECHNOLOGIES INC CL C DELL	DELL	808	$348.6k0.05%	0.05%	Reduced -24.0k	-24,003 -96.7%
95	TOLL BROTHERS INC COM TOL	TOL	2,107	$347.1k0.05%	0.05%	Unchanged
96	EQT CORP COM EQT	EQT	6,518	$346.6k0.05%	0.05%	Unchanged
97	NORFOLK SOUTHN CORP COM NSC	NSC	1,069	$336.3k0.04%	0.04%	Unchanged
98	NRG ENERGY INC COM NEW NRG	NRG	2,295	$335.2k0.04%	0.04%	Unchanged
99	PHILIP MORRIS INTL INC COM PM	PM	1,847	$334.1k0.04%	0.04%	Unchanged
100	KKR & CO INC COM KKR	KKR	3,560	$326.7k0.04%	0.04%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SCHWAB CHARLES CORP SCHW	SCHW	390,217	$36.7m390.2k shares
SPDR SER TR HYMB	HYMB	1,387,825	$34.4m1.4m shares
BUILDERS FIRSTSOURCE INC BLDR	BLDR	386,254	$31.8m386.3k shares
GE VERNOVA INC GEV	GEV	33,199	$29.0m33.2k shares
INVESCO QQQ TR QQQ	QQQ	48,739	$28.1m48.7k shares
SPDR INDEX SHS FDS SPEM	SPEM	548,897	$25.7m548.9k shares
ISHARES GOLD TR IAU	IAU	254,300	$22.4m254.3k shares
BOEING CO BA	BA	107,941	$21.5m107.9k shares
TIC SOLUTIONS INC TIC	TIC	2,902,230	$19.1m2.9m shares
SHERWIN WILLIAMS CO SHW	SHW	49,183	$15.8m49.2k shares
FRANKLIN TEMPLETON ETF TR FLKR	FLKR	263,694	$10.5m263.7k shares
SPDR SER TR SHM	SHM	206,569	$9.9m206.6k shares
ISHARES TR AGG	AGG	99,128	$9.8m99.1k shares
VANGUARD INDEX FDS VNQ	VNQ	106,191	$9.4m106.2k shares
LOUISIANA PAC CORP LPX	LPX	113,924	$8.3m113.9k shares
GLOBAL X FDS COPX	COPX	104,678	$8.0m104.7k shares
ADVANCED DRAIN SYS INC DEL WMS	WMS	50,016	$6.9m50.0k shares
FRANKLIN TEMPLETON ETF TR FLJP	FLJP	146,612	$5.3m146.6k shares
MARTIN MARIETTA MATLS INC MLM	MLM	8,407	$4.9m8.4k shares
SPDR SERIES TRUST SPYM	SPYM	45,151	$3.5m45.2k shares
VANGUARD INDEX FDS VOO	VOO	3,941	$2.4m3.9k shares
CAPITAL GROUP INTERNATIONAL CGIC	CGIC	32,733	$1.1m32.7k shares
SPDR SER TR SPTI	SPTI	35,199	$1.0m35.2k shares
SELECT SECTOR SPDR TR XLC	XLC	4,267	$473.0k4.3k shares
HONEYWELL INTL INC		950	$429.5k950 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	63	$68.3k63 shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NV5 GLOBAL INC NVEE · 13G · filed 2025-01-21	NVEE	6.0%		13G	2025-01-21