Cercano Management LLC

CIK 0001936416 · Q2 2026

13F Equity AUM

$1.1B

-54.5% QoQ

Positions

146

+5 QoQ

AUM Rank

#3,297

Top 26%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,435 · Top 29%

vs S&P -2.2%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 64.3%Top 10: 71.7%Top 20: 80.3%

UNP26.5%

USB26.5%

RSP4.5%

META4.2%

BKSY2.5%

NVDA1.7%

XLK1.6%

DNLI1.5%

VTV1.4%

NAUT1.3%

Others (136)28.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services44.1%

Industrials29.1%

Technology8.3%

Communication Services6.3%

Healthcare4.7%

Other7.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 146Median: 0.11%Avg: 0.68%

0–0.5%

115(13.1%)

0.5–1%

20(13.9%)

1–3%

7(11.2%)

3–5%

2(8.7%)

5%+

2(53.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 146vs 20 funds

0%Low

146

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New34Increased4Decreased46Exited28

New Positions

USB26.5%

+1.0M

PDO1.0%

+783K

MU0.7%

+7K

VMC0.5%

+19K

DASH0.4%

+24K

JAZZ0.4%

+17K

TMUS0.3%

+402K

MDY0.2%

+4K

WEC0.2%

+20K

RDDT0.2%

+10K

Increased

SHW0.8%

+434K(+882%)

JAMES HARDIE INDS PL…0.8%

+148K(+78%)

UEO0.1%

+20K(+987%)

ISRG0.1%

+1K(+201%)

Decreased

QXO0.8%

-4,330,283(-90%)

XPO0.6%

-727,455(-96%)

NFLX0.1%

-608,097(-98%)

MSFT0.7%

-589,162(-97%)

NVDA1.7%

-535,855(-86%)

RSP4.5%

-520,370(-70%)

SCHW0.4%

-361,937(-93%)

EWZ0.4%

-312,745(-72%)

BKSY2.5%

-310,994(-25%)

AMZN1.3%

-232,571(-81%)

Exited

-1,387,825

-386,254

-33,199

-48,739

-548,897

-107,941

-2,902,230

-263,694

-206,569

-99,128

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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