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Livermore
Livermore
ZHEN

Cercano Management LLC

SEC CIK
0001936416
Latest filing
Aug 13, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 7, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
148
0 vs. Q2 2025
Portfolio value
$2.60B
−$902.5M (−25.8%) vs. Q2 2025
Filed
Nov 7, 2025
SEC
Holdings of Cercano Management LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
MSFTMicrosoft CorpStock637,403$330.1M12.7%−171,462−21.2%ReducedHistory
UNPUnion Pacific CorpStock1,102,113$260.5M10.0%+32,330+3.0%AddedHistory
XPOXPO, Inc.COM1,945,996$251.6M9.7%−148,845−7.1%ReducedHistory
QXOQXO, Inc.COM NEW10,585,316$201.8M7.8%−819,932−7.2%ReducedHistory
Invesco Exchange Traded FD T46137V357S&P500 EQL WGT624,081$118.4M4.6%−160,327−20.4%Reduced–
LLYEli Lilly & CoStock149,387$114.0M4.4%−24,396−14.0%ReducedHistory
METAMeta Platforms, Inc.Stock132,289$97.2M3.7%−56,182−29.8%ReducedHistory
NVDANVIDIA CorpStock513,079$95.7M3.7%−249,831−32.7%ReducedHistory
COOPMaverick Merger Sub 2, LLCCOM285,331$60.1M2.3%−74,472−20.7%ReducedHistory
AMZNAmazon Com IncStock251,539$55.2M2.1%−381,123−60.2%ReducedHistory
TICTIC Solutions, Inc.COM2,902,230$38.6M1.5%+2,902,230NewHistory
SCHWSchwab Charles CorpStock390,217$37.3M1.4%−350,050−47.3%ReducedHistory
SPYSPDR S&P 500 ETF TrustETF52,187$34.8M1.3%−7,294−12.3%ReducedHistory
SPDR Series Trust78464A284ST NUVE HIGH ETF1,387,825$34.6M1.3%00.0%Unchanged–
GLDSPDR Gold TrustETF96,309$34.2M1.3%−4,037−4.0%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF56,951$34.2M1.3%−18,115−24.1%Reduced–
CEGConstellation Energy CorpStock100,915$33.2M1.3%−43,090−29.9%ReducedHistory
MCOMoodys CorpStock57,368$27.3M1.1%−47,919−45.5%ReducedHistory
UNHUnitedHealth Group IncStock76,615$26.5M1.0%−70,893−48.1%ReducedHistory
VVisa Inc.Stock77,039$26.3M1.0%−66,142−46.2%ReducedHistory
SPGIS&P Global Inc.Stock52,035$25.3M1.0%−43,313−45.4%ReducedHistory
BKSYBlackSky Technology Inc.CL A NEW1,243,976$25.1M1.0%00.0%UnchangedHistory
PDOPIMCO Dynamic Income Opportunities FundCOM BEN SHS1,666,651$23.5M0.9%00.0%UnchangedHistory
GOOGLAlphabet Inc.Stock88,536$21.5M0.8%−35,851−28.8%ReducedHistory
AAPLApple Inc.Stock81,443$20.7M0.8%−121,764−59.9%ReducedHistory
State Street Technology Select Sector SPDR ETF81369Y803ETF73,251$20.6M0.8%+31,939+77.3%Added–
GEVGE Vernova Inc.Stock33,199$20.4M0.8%−27,721−45.5%ReducedHistory
SHWSherwin Williams CoCOM57,705$20.0M0.8%+57,705NewHistory
APOApollo Global Management, Inc.COM147,599$19.7M0.8%−124,450−45.7%ReducedHistory
PANWPalo Alto Networks IncStock96,090$19.6M0.8%−77,938−44.8%ReducedHistory
iShares Inc464286822MSCI MEXICO ETF239,617$16.3M0.6%00.0%Unchanged–
JPMJPMorgan Chase & CoStock49,354$15.6M0.6%−44,719−47.5%ReducedHistory
GOOGAlphabet Inc.Stock62,738$15.3M0.6%−42,492−40.4%ReducedHistory
iShares Core U.S. Aggregate Bond ETF464287226ETF151,570$15.2M0.6%00.0%Unchanged–
SPDR Series Trust78468R739ST NUVE TERM ETF314,202$15.2M0.6%00.0%Unchanged–
STXSeagate Technology Holdings plcORD SHS63,842$15.1M0.6%+63,842NewHistory
WMSAdvanced Drainage Systems, Inc.COM100,224$13.9M0.5%−96,561−49.1%ReducedHistory
Franklin Templeton ETF Tr35473P744FTSE JAPAN ETF399,037$13.8M0.5%+399,037New–
PWRQuanta Services, Inc.COM33,062$13.7M0.5%−75,588−69.6%ReducedHistory
COFCapital One Financial CorpStock61,781$13.1M0.5%−29,364−32.2%ReducedHistory
UBERUber Technologies, IncStock133,997$13.1M0.5%−329,428−71.1%ReducedHistory
Vanguard Morningstar Value ETF922908744ETF69,120$12.9M0.5%00.0%Unchanged–
MELIMercadolibre IncCOM5,262$12.3M0.5%−560−9.6%ReducedHistory
SLViShares Silver TrustETF270,859$11.5M0.4%00.0%UnchangedHistory
BACBank of America CorpStock221,184$11.4M0.4%−172,693−43.8%ReducedHistory
ANETArista Networks, Inc.Stock77,364$11.3M0.4%+77,364NewHistory
BABoeing CoStock51,990$11.2M0.4%+51,990NewHistory
MLMMartin Marietta Materials IncCOM17,164$10.8M0.4%−30,851−64.3%ReducedHistory
iShares Inc464286772MSCI STH KOR ETF132,765$10.6M0.4%+89,564+207.3%Added–
ORLYO Reilly Automotive IncStock95,435$10.3M0.4%−180,072−65.4%ReducedHistory
LPXLouisiana-Pacific CorpCOM115,410$10.3M0.4%+115,410NewHistory
State Street SPDR Portfolio S&P 500 High Dividend ETF78468R788ETF217,913$9.59M0.4%00.0%Unchanged–
DNLIDenali Therapeutics Inc.COM625,000$9.07M0.3%00.0%UnchangedHistory
State Street Health Care Select Sector SPDR ETF81369Y209ETF58,840$8.19M0.3%−299,728−83.6%Reduced–
WALWestern Alliance BancorporationCOM90,774$7.87M0.3%−132,555−59.4%ReducedHistory
DELLDell Technologies Inc.Stock54,087$7.67M0.3%−83,065−60.6%ReducedHistory
IBITiShares Bitcoin Trust ETFETF117,140$7.61M0.3%00.0%UnchangedHistory
DALDelta Air Lines, Inc.COM NEW129,666$7.36M0.3%−208,601−61.7%ReducedHistory
BLDRBuilders FirstSource, Inc.Stock60,300$7.31M0.3%+60,300NewHistory
Franklin Templeton ETF Tr35473P710FTSE SOUTH KOREA263,694$7.12M0.3%+263,694New–
DASHDoorDash, Inc.Stock25,807$7.02M0.3%+25,807NewHistory
LIONLionsgate Studios Corp.COM973,567$6.72M0.3%00.0%UnchangedHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF74,336$6.64M0.3%00.0%Unchanged–
NOCNorthrop Grumman CorpStock10,568$6.44M0.2%−22,552−68.1%ReducedHistory
NAUTNautilus Biotechnology, Inc.COM7,172,985$6.06M0.2%00.0%UnchangedHistory
IBKRInteractive Brokers Group, Inc.Stock77,749$5.35M0.2%−170,430−68.7%ReducedHistory
State Street Consumer Staples Select Sector SPDR ETF81369Y308ETF65,127$5.10M0.2%−216,106−76.8%Reduced–
State Street Utilities Select Sector SPDR ETF81369Y886ETF56,688$4.94M0.2%−188,113−76.8%Reduced–
JHXJames Hardie Industries plcStock237,647$4.57M0.2%+237,647NewHistory
iShares Russell 2000 ETF464287655ETF18,137$4.39M0.2%00.0%Unchanged–
IAUiShares Gold TrustETF59,869$4.36M0.2%00.0%UnchangedHistory
AVGOBroadcom Inc.Stock12,877$4.25M0.2%00.0%UnchangedHistory
ISRGIntuitive Surgical IncCOM NEW9,235$4.13M0.2%−17,599−65.6%ReducedHistory
EPDEnterprise Products Partners L.P.Stock120,021$3.75M0.1%00.0%UnchangedHistory
State Street SPDR Portfolio S&P 500 ETF78464A854ETF45,151$3.54M0.1%+45,151New–
TRTXTPG RE Finance Trust, Inc.COM401,607$3.44M0.1%00.0%UnchangedHistory
PIMCO ETF Tr72201R866INTER MUN BD ACT57,919$3.03M0.1%−19,115−24.8%Reduced–
Sandstorm Gold Ltd Com New80013R206Stock226,238$2.83M0.1%−40,197−15.1%Reduced–
iShares MSCI India ETF46429B598ETF46,470$2.42M0.1%00.0%Unchanged–
Vanguard S&P 500 ETF922908363ETF3,941$2.41M0.1%00.0%Unchanged–
GPORGulfport Energy CorpCOMMON SHARES10,946$1.98M0.1%+1,375+14.4%AddedHistory
iShares Tr464287812US CONSM STAPLES25,446$1.74M0.1%−4,521−15.1%Reduced–
STWDStarwood Property Trust, Inc.COM79,029$1.53M0.1%00.0%UnchangedHistory
SPDR Index Shs FDS78463X509ST PORT MARK ETF32,275$1.51M0.1%+32,275New–
MAMastercard IncStock2,574$1.46M0.1%00.0%UnchangedHistory
WMTWalmart Inc.Stock13,635$1.41M0.1%00.0%UnchangedHistory
TSLATesla, Inc.Stock3,048$1.36M0.1%00.0%UnchangedHistory
NFLXNetflix IncStock1,033$1.24M<0.1%00.0%UnchangedHistory
LRCXLam Research CorpStock8,560$1.15M<0.1%00.0%UnchangedHistory
CATCaterpillar IncStock2,180$1.04M<0.1%00.0%UnchangedHistory
SPDR Series Trust78464A672ST INTER ETF35,199$1.02M<0.1%00.0%Unchanged–
Capital Group International14021T102SHS32,733$1.01M<0.1%+32,733New–
HDHome Depot, Inc.Stock2,430$984.6K<0.1%00.0%UnchangedHistory
ETNEaton Corp plcStock2,550$954.3K<0.1%00.0%UnchangedHistory
BRK.BBerkshire Hathaway IncStock1,369$688.3K<0.1%00.0%UnchangedHistory
COSTCostco Wholesale CorpStock712$659.0K<0.1%00.0%UnchangedHistory
PGProcter & Gamble CoStock4,272$656.4K<0.1%00.0%UnchangedHistory
TXNTexas Instruments IncStock3,563$654.6K<0.1%00.0%UnchangedHistory
MRKMerck & Co., Inc.Stock7,156$600.6K<0.1%00.0%UnchangedHistory
AMATApplied Materials IncStock2,896$592.9K<0.1%00.0%UnchangedHistory

Options (3)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Cercano Management LLC in Q3 2025
SecurityClassPutsCalls
Qxo Inc82846H955PUT$4.65M–
Xpo Logistics Inc983793950PUT$3.15M–
Johnson & Johnson478160904CALL–$264.2K

Sold out since Q2 2025 (24)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Cercano Management LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
NVEENV5 Global, Inc.COM3,925,599$90.6M2.6%History
APDAir Products & Chemicals, Inc.Stock105,548$29.8M0.8%History
AONAon plcCL A83,237$29.7M0.8%History
DBX ETF Tr233051432XTRACK USD HIGH706,147$26.1M0.7%–
FROGJFrog LtdStock521,809$22.9M0.7%History
ALNYAlnylam Pharmaceuticals, Inc.COM56,953$18.6M0.5%History
ROSTRoss Stores, Inc.COM107,845$13.8M0.4%History
GRABGrab Holdings LtdCLASS A ORD2,643,417$13.3M0.4%History
OWLBlue Owl Capital Inc.COM CL A648,965$12.5M0.4%History
TKOTKO Group Holdings, Inc.CL A53,678$9.77M0.3%History
MCKMcKesson CorpStock6,717$4.92M0.1%History
ETEnergy Transfer LPCOM UT LTD PTN209,295$3.79M0.1%History
INSWInternational Seaways, Inc.COM90,265$3.29M0.1%History
PAAPlains All American Pipeline LPUNIT LTD PARTN85,192$1.56M<0.1%History
HAFNHafnia LtdCOMMON STOCK264,379$1.33M<0.1%History
WUWestern Union COStock149,869$1.26M<0.1%History
TTTrane Technologies plcSHS1,517$663.6K<0.1%History
iShares Tr464287234MSCI EMG MKT ETF9,500$458.3K<0.1%–
RELYRemitly Global, Inc.COM16,768$314.7K<0.1%History
CHTRCharter Communications, Inc.CL A636$260.0K<0.1%History
LPLALPL Financial Holdings Inc.COM570$213.7K<0.1%History
KOCoca Cola CoStock2,912$206.0K<0.1%History
CSCOCisco Systems, Inc.Stock2,916$202.3K<0.1%History
IBMInternational Business Machines CorpStock682$201.0K<0.1%History