Cercano Management LLC
SEC Form 13F institutional filer · CIK 0001936416
13F-HR · 104 reported holdings · 2026-03-31
SEC-registered institutional investment manager.
Reported long-US-equity value
$1.75B
Top-10 concentration
65.0%
Cercano Management LLC — $1.75B AUM allocation strategy
Cercano Management LLC files SEC Form 13F and reports $1.75B of long US equity value across 104 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 19.1%, followed by Industrials 18.0% and Financials 14.8%.
The top 10 holdings account for 65% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
Cercano Management LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$1.75B
total across 104 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
65% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$NFLX +608K sh · +$58.5M+$BLDR +335K sh · +$26.5M+$IVZ +207K sh · +$39.9M
Biggest trims (shares)
−$BEN −252K sh · −$6.38M−$BSX −148K sh · −$14.3M−$ORLY −92.2K sh · −$8.41M
Exited to nil (held last quarter, gone now)
$PANW ($35.2M last qtr)$AON ($10.7M last qtr)$EXPE ($327K last qtr)$FISV ($293K last qtr)$CVS ($248K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Rail Transportation14.6%—
- Systems Software12.9%—
- Asset Management & Custody Banks8.1%—
- Interactive Media & Services7.8%—
- Pharmaceuticals7.2%—
- Semiconductors6.2%—
- Broadline Retail3.5%—
- Movies & Entertainment3.4%—
- Other holdings36.3%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
9 of 9 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $UNP | Union Pacific Corporation | 1.05M | $255M | -75.8K | 14.6% |
| $MSFT | Microsoft Corporation | 608K | $225M | +65.6K | 12.9% |
| $IVZ | Invesco Ltd | 741K | $142M | +207K | 8.1% |
| $LLY | Eli Lilly and Company | 137K | $126M | -5.08K | 7.2% |
| $NVDA | NVIDIA Corporation | 624K | $109M | -2.49K | 6.2% |
| $META | Meta Platforms Inc | 150K | $86.1M | -553 | 4.9% |
| $AMZN | Amazon.com Inc | 288K | $60M | +36.7K | 3.4% |
| $NFLX | Netflix Inc | 618K | $59.5M | +608K | 3.4% |
| $SCHW | Charles Schwab Corporation | 390K | $36.7M | +0 | 2.1% |
…and 95 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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