SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Cercano Management LLC

CIK 0001936416 · 1110 112TH AVENUE NE, SUITE 202, BELLEVUE, WA, 98004 · (425)371-7500

Reported Value
$2.5B
Q4 2022
Positions
121
Filings on Record
14
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Cercano Management LLC reported $2.5B in U.S.-listed holdings across 121 positions for Q4 2022.

Its largest position, MSFT, represents 16.6% of the portfolio.

Portfolio Metrics

Top-10 Concentration
+57.3%
share of reported value
Largest Position
+16.6%
Microsoft

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’22: $2.5BQ4 ’22Q1 ’23: $2.5BQ2 ’23: $2.9BQ2 ’23Q3 ’23: $2.8BQ4 ’23: $3.0BQ4 ’23Q1 ’24: $3.6BQ2 ’24: $3.8BQ2 ’24Q3 ’24: $4.2BQ4 ’24: $3.9BQ4 ’24Q1 ’25: $3.4BQ2 ’25: $3.5BQ2 ’25Q3 ’25: $2.6BQ4 ’25: $2.6BQ4 ’25Q1 ’26: $2.3Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.3%ETP: 13.1%REIT: 5.3%Other: 2.7%Tracking Stk: 0.5%Other: 0.1%
  • Common Stock · 78.3% · $1.9B
  • ETP · 13.1% · $323M
  • REIT · 5.3% · $130M
  • Other · 2.7% · $66M
  • Tracking Stk · 0.5% · $13M
  • Other · 0.1% · $2M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
MSFTMICROSOFT CORPNEW+1.70M1.70M+$409M$409M
UNPUNION PAC CORPNEW+1.60M1.60M+$331M$331M
SPDR SER TRNEW+1.85M1.85M+$166M$166M
NVEEUSDNV5 GLOBAL INCNEW+1.24M1.24M+$164M$164M
SCHWSCHWAB CHARLES CORPNEW+846.3K846.3K+$70M$70M
PIMCO ETF TRNEW+708.6K708.6K+$63M$63M
UNHUNITEDHEALTH GROUP INCNEW+104.2K104.2K+$55M$55M
DBX ETF TRNEW+1.54M1.54M+$52M$52M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM16.62%$409M1.70M
2UNPUNION PAC CORPhistory →COM13.45%$331M1.60M
3SPDR SER TRBLOOMBERG HIGH Y6.77%$166M1.85M
4NVEEUSDNV5 GLOBAL INChistory →COM6.67%$164M1.24M
5SCHWSCHWAB CHARLES CORPhistory →COM2.86%$70M846.3K
6PIMCO ETF TR0-5 HIGH YIELD2.57%$63M708.6K
7UNHUNITEDHEALTH GROUP INChistory →COM2.25%$55M104.2K
8DBX ETF TRTRACK USD HIGH2.11%$52M1.54M
9GOOGALPHABET INChistory →CAP STK CL C2.03%$50M563.8K
10DUTMOODYS CORPhistory →COM1.93%$47M169.9K
11VVISA INChistory →COM CL A1.81%$44M214.0K
12NOCNORTHROP GRUMMAN CORPhistory →COM1.69%$42M76.3K
13SPGIS&P GLOBAL INChistory →COM1.65%$41M121.0K
14ADIANALOG DEVICES INChistory →COM1.54%$38M231.6K
15CITCINTAS CORPhistory →COM1.54%$38M83.7K
16ORLYOREILLY AUTOMOTIVE INChistory →COM1.53%$38M44.7K
17PWRQUANTA SVCS INChistory →COM1.49%$37M257.7K
18DLTRDOLLAR TREE INChistory →COM1.30%$32M226.6K
19CHTRCHARTER COMMUNICATIONS INC Nhistory →CL A1.30%$32M94.4K
20CANADIAN PAC RY LTDCOM1.19%$29M392.3K
21AMZNAMAZON COM INChistory →COM1.06%$26M311.4K
22ATVIEURACTIVISION BLIZZARD INChistory →COM0.86%$21M275.5K
23XPOXPO INChistory →COM0.84%$21M623.3K
24CMCSACOMCAST CORP NEWhistory →CL A0.84%$21M588.2K
25AAPLAPPLE INChistory →COM0.82%$20M155.9K
26CSGPCOSTAR GROUP INChistory →COM0.82%$20M259.9K
27VRTXVERTEX PHARMACEUTICALS INChistory →COM0.80%$20M68.5K
28AREALEXANDRIA REAL ESTATE EQ INhistory →COM0.78%$19M131.5K
29SHWSHERWIN WILLIAMS COhistory →COM0.77%$19M80.1K
30ISHARES TRCORE S&P SCP ETF0.76%$19M198.8K
31CB1ACONSTELLATION BRANDS INChistory →CL A0.76%$19M80.8K
32WSCWILLSCOT MOBIL MINI HLDNG COhistory →COM CL A0.76%$19M413.9K
33PGNYPROGYNY INChistory →COM0.76%$19M599.5K
34LAURLAUREATE EDUCATION INChistory →COMMON STOCK0.75%$18M1.92M
35DC4DEXCOM INChistory →COM0.74%$18M160.3K
36DNLIDENALI THERAPEUTICS INChistory →COM0.71%$17M625.0K
37GRAB HOLDINGS LIMITEDCLASS A ORD0.69%$17M5.29M
38FTNTFORTINET INChistory →COM0.69%$17M346.6K
39MAMASTERCARD INCORPORATEDhistory →CL A0.66%$16M46.6K
40BLACKSKY TECHNOLOGY INCCOM CL A0.62%$15M9.95M
41PLDPROLOGIS INC.history →COM0.61%$15M133.7K
42SSGA ACTIVE ETF TRBLACKSTONE SENR0.59%$14M352.8K
43LAMRLAMAR ADVERTISING CO NEWhistory →CL A0.53%$13M138.5K
44EWEDWARDS LIFESCIENCES CORPhistory →COM0.53%$13M175.0K
45NAUTNAUTILUS BIOTECHNOLOGY INChistory →COM0.52%$13M7.17M
46LIBERTY MEDIA CORP DELCOM C BRAVES GRP0.52%$13M395.7K
47LULULULULEMON ATHLETICA INChistory →COM0.51%$13M39.3K
48INVHINVITATION HOMES INChistory →COM0.51%$12M419.8K
49UDRUDR INChistory →COM0.46%$11M294.3K
50RGENREPLIGEN CORPhistory →COM0.46%$11M66.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$2.3B167May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.6B171Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$2.6B173Nov 7, 202513F-HRchanges · EDGAR ↗
Q2 2025$3.5B174Aug 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.4B158May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.9B189Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$4.2B167Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.8B101Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.6B105May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.0B96Feb 2, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.8B106Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.9B114Aug 2, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.5B116May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.5B121Feb 14, 202313F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.