Skip to main content
Livermore
Livermore
ZHEN

Cercano Management LLC

SEC CIK
0001936416
Latest filing
Aug 13, 2026

The latest 13F from Cercano Management LLC covers Q2 2026 (filed Aug 13, 2026): 131 long positions worth $749.9M. The top 10 holdings make up 65.3% of the portfolio, and the largest is Union Pacific Corp (UNP) at 37.3%. Livermore has 16 filings on Form 13F from this institution, going back to Q4 2022.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
22
Est. +$46.0M
Added
2
Est. +$4.37M
Reduced
44
Est. −$1.45B
Sold out
30
Est. −$347.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. UNPUnion Pacific Corp
    37.3%$279.7MHistory
  2. Invesco Exchange Traded FD T46137V357
    6.3%$47.0M
  3. METAMeta Platforms, Inc.
    6.0%$44.6MHistory
  4. BKSYBlackSky Technology Inc.
    3.5%$26.0MHistory
  5. NVDANVIDIA Corp
    2.3%$17.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. PDOPIMCO Dynamic Income Opportunities Fund
    +$10.4MNewHistory
  2. MUMicron Technology Inc
    +$7.74MNewHistory
  3. VMCVulcan Materials CO
    +$5.60MNewHistory
  4. DASHDoorDash, Inc.
    +$4.42MNewHistory
  5. JAZZJazz Pharmaceuticals plc
    +$4.18MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. PDOPIMCO Dynamic Income Opportunities Fund
    +1.38 pp0.0% → 1.4%History
  2. MUMicron Technology Inc
    +1.03 pp0.0% → 1.0%History
  3. JHXJames Hardie Industries plc
    +1.03 pp0.2% → 1.2%History
  4. VMCVulcan Materials CO
    +0.75 pp0.0% → 0.7%History
  5. DASHDoorDash, Inc.
    +0.59 pp0.0% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MSFTMicrosoft Corp
    −$219.8MReducedHistory
  2. LLYEli Lilly & Co
    −$158.4MReducedHistory
  3. XPOXPO, Inc.
    −$149.3MReducedHistory
  4. Invesco Exchange Traded FD T46137V357
    −$110.7MReduced
  5. NVDANVIDIA Corp
    −$107.2MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MSFTMicrosoft Corp
    −8.77 pp9.7% → 1.0%History
  2. XPOXPO, Inc.
    −5.56 pp6.4% → 0.8%History
  3. LLYEli Lilly & Co
    −4.60 pp5.5% → 0.9%History
  4. QXOQXO, Inc.
    −2.92 pp4.0% → 1.1%History
  5. NFLXNetflix Inc
    −2.47 pp2.6% → 0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$749.9M
−$1.57B (−67.6%) vs. prior quarter
Positions
131
−8 vs. prior quarter
Top 10 concentration
65.3%
Top 10 as share of value
Turnover
3.3%
Q2 2026, one quarter
Average holding period
10.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $4.18B (Q3 2024)

Q4 2022: $2.46BQ1 2023: $2.50BQ2 2023: $2.88BQ3 2023: $2.81BQ4 2023: $3.03BQ1 2024: $3.58BQ2 2024: $3.75BQ3 2024: $4.18BQ4 2024: $3.93BQ1 2025: $3.40BQ2 2025: $3.50BQ3 2025: $2.60BQ4 2025: $2.64BQ1 2026: $2.32BQ2 2026: $749.9M
Q4 2022Q2 2026
13F filings of Cercano Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026Amended131$749.9MUNPInvesco Exchange Traded FD TMETAvs. Q1 2026SEC
Q1 2026May 13, 2026139$2.32BUNPMSFTXPOvs. Q4 2025SEC
Q4 2025Feb 10, 2026145$2.64BMSFTXPOUNPvs. Q3 2025SEC
Q3 2025Nov 7, 2025148$2.60BMSFTUNPXPOvs. Q2 2025SEC
Q2 2025Aug 8, 2025148$3.50BMSFTXPOUNPvs. Q1 2025SEC
Q1 2025May 13, 2025148$3.40BMSFTUNPXPOvs. Q4 2024SEC
Q4 2024Feb 14, 2025174$3.93BMSFTXPOInvesco Exchange Traded FD Tvs. Q3 2024SEC
Q3 2024Nov 14, 2024155$4.18BMSFTXPOInvesco Exchange Traded FD Tvs. Q2 2024SEC
Q2 2024Aug 13, 202498$3.75BMSFTXPOUNPvs. Q1 2024SEC
Q1 2024May 10, 2024101$3.58BMSFTXPOUNPvs. Q4 2023SEC
Q4 2023Feb 2, 202493$3.03BMSFTUNPXPOvs. Q3 2023SEC
Q3 2023Nov 3, 2023104$2.81BMSFTXPOUNPvs. Q2 2023SEC
Q2 2023Aug 2, 2023111$2.88BMSFTUNPXPOvs. Q1 2023SEC
Q1 2023May 12, 2023114$2.50BMSFTUNPSPDR Series Trustvs. Q4 2022SEC
Q4 2022Feb 14, 2023121$2.46BMSFTUNPSPDR Series Trust–SEC

13D and 13G filings

Companies where Cercano Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Cercano Management LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
NVEENV5 Global, Inc.13G/A6.00%3.93M shares–Feb 13, 20232 filingsJan 21, 2025SEC

Latest filings

5 filings on file made by Cercano Management LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Cercano Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NVEENV5 Global, Inc.Jan 21, 20254:15 PM ET13G/A6.00%3.93M shares–Dec 31, 2024SEC
BKSYBlackSky Technology Inc.Nov 12, 202413G/AOld format–––SEC
NAUTNautilus Biotechnology, Inc.Feb 13, 202313GOld format–New–SEC
NVEENV5 Global, Inc.Feb 13, 202313GOld format–New–SEC
BKSYBlackSky Technology Inc.Feb 13, 202313GOld format–New–SEC