# EDGAR Filing Document

**Accession Number:** 0001936416
**File Stem:** 0001104659-23-021545
**Filing Date:** 2023-2
**Character Count:** 15719
**Document Hash:** ec9aa36be6205ae73f782e130a0066d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-021545.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-021545

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cercano Management LLC
- **CENTRAL INDEX KEY:** 0001936416
- **IRS NUMBER:** 871884693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23066
- **FILM NUMBER:** 23628927

**BUSINESS ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** (425)371-7500

**MAIL ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Cercano Management LLC<br>**Address:** 1110 112th Avenue NE<br>Suite 202<br>Bellevue, WA 98004

**Form 13F File Number:** 028-23066

**CRD Number (if applicable):** 000315897

**SEC File Number (if applicable):** 150-13240

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christopher N. Orndorff<br>**Title:** President<br>**Phone:** 425-371-7500

**Signature, Place, and Date of Signing:**

/s/ Christopher N. Orndorff  Bellevue, WA  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 121

**Form 13F Information Table Value Total:** $2459732000

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 431712 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 452508 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 21088224 | 275483 | SH |  | SOLE |  | 275483 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 19159829 | 131529 | SH |  | SOLE |  | 131529 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 441150 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 50025353 | 563793 | SH |  | SOLE |  | 563793 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 423092 | 9256 | SH |  | SOLE |  | 9256 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 26156004 | 311381 | SH |  | SOLE |  | 311381 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 2394018 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1390070 | 9120 | SH |  | SOLE |  | 9120 | 0 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 4336724 | 153187 | SH |  | SOLE |  | 153187 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 37989020 | 231598 | SH |  | SOLE |  | 231598 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1179094 | 18484 | SH |  | SOLE |  | 18484 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 20255567 | 155896 | SH |  | SOLE |  | 155896 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 386610 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 4198712 | 25995 | SH |  | SOLE |  | 25995 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 1803 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| BLACKROCK CAP INVT CORP | COM | 092533108 |  | 205120 | 56663 | SH |  | SOLE |  | 56663 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | COM CL A | 09263B108 |  | 15325786 | 9951809 | SH |  | SOLE |  | 9951809 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 647550 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 295852 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 30706 | 1071 | SH |  | SOLE |  | 1071 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 133957 | 4258 | SH |  | SOLE |  | 4258 | 0 | 0 |
| BROOKFIELD REINS LTD | CL A EXCH LT VTG | G16250105 |  | 907 | 29 | SH |  | SOLE |  | 29 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 5032362 | 44980 | SH |  | SOLE |  | 44980 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 29258300 | 392255 | SH |  | SOLE |  | 392255 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 32019857 | 94426 | SH |  | SOLE |  | 94426 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 791012 | 4407 | SH |  | SOLE |  | 4407 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 37797884 | 83694 | SH |  | SOLE |  | 83694 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 20570263 | 588226 | SH |  | SOLE |  | 588226 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 657900 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 18726327 | 80804 | SH |  | SOLE |  | 80804 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 20086540 | 259919 | SH |  | SOLE |  | 259919 | 0 | 0 |
| COUSINS PPTYS INC | COM NEW | 222795502 |  | 8197754 | 324150 | SH |  | SOLE |  | 324150 | 0 | 0 |
| DBX ETF TR | TRACK USD HIGH | 233051432 |  | 51818068 | 1537172 | SH |  | SOLE |  | 1537172 | 0 | 0 |
| DCP MIDSTREAM LP | COM UT LTD PTN | 23311P100 |  | 325836 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 17381250 | 625000 | SH |  | SOLE |  | 625000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 18152146 | 160298 | SH |  | SOLE |  | 160298 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 32048324 | 226586 | SH |  | SOLE |  | 226586 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 226755 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 197638 | 1919 | SH |  | SOLE |  | 1919 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 196762 | 2867 | SH |  | SOLE |  | 2867 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 13056153 | 174992 | SH |  | SOLE |  | 174992 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 200900 | 16925 | SH |  | SOLE |  | 16925 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 898808 | 37264 | SH |  | SOLE |  | 37264 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 2419681 | 3694 | SH |  | SOLE |  | 3694 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 10872334 | 73871 | SH |  | SOLE |  | 73871 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 441200 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 16943807 | 346570 | SH |  | SOLE |  | 346570 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 540855 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 17023602 | 5286833 | SH |  | SOLE |  | 5286833 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 303240 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 |  | 7866185 | 281136 | SH |  | SOLE |  | 281136 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 290730 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 32500 | 310 | SH |  | SOLE |  | 310 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 12444265 | 419847 | SH |  | SOLE |  | 419847 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 360050 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 303224 | 9932 | SH |  | SOLE |  | 9932 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 18815284 | 198809 | SH |  | SOLE |  | 198809 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1127910 | 6385 | SH |  | SOLE |  | 6385 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 768000 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 3525313 | 224114 | SH |  | SOLE |  | 224114 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 13077515 | 138533 | SH |  | SOLE |  | 138533 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 18442954 | 1917147 | SH |  | SOLE |  | 1917147 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM C BRAVES GRP | 531229888 |  | 12752702 | 395678 | SH |  | SOLE |  | 395678 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 8022199 | 40264 | SH |  | SOLE |  | 40264 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 12582604 | 39274 | SH |  | SOLE |  | 39274 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 16204566 | 46601 | SH |  | SOLE |  | 46601 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 408875114 | 1704925 | SH |  | SOLE |  | 1704925 | 0 | 0 |
| MONTROSE ENVIRONMENTAL GROUP | COM | 615111101 |  | 10442925 | 235254 | SH |  | SOLE |  | 235254 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 47350912 | 169948 | SH |  | SOLE |  | 169948 | 0 | 0 |
| NAUTILUS BIOTECHNOLOGY INC | COM | 63909J108 |  | 12911373 | 7172985 | SH |  | SOLE |  | 7172985 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1215032 | 10384 | SH |  | SOLE |  | 10384 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 41631134 | 76302 | SH |  | SOLE |  | 76302 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 164054570 | 1239832 | SH |  | SOLE |  | 1239832 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 308661 | 12781 | SH |  | SOLE |  | 12781 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 9888373 | 296859 | SH |  | SOLE |  | 296859 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 37723077 | 44694 | SH |  | SOLE |  | 44694 | 0 | 0 |
| P10 INC | COM CL A | 69376K106 |  | 7921536 | 742412 | SH |  | SOLE |  | 742412 | 0 | 0 |
| PAYONEER GLOBAL INC | COM | 70451X104 |  | 4376000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 391710 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 |  | 63251243 | 708618 | SH |  | SOLE |  | 708618 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 71736 | 6100 | SH |  | SOLE |  | 6100 | 0 | 0 |
| PROGYNY INC | COM | 74340E103 |  | 18673241 | 599462 | SH |  | SOLE |  | 599462 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 15070197 | 133684 | SH |  | SOLE |  | 133684 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 555617 | 1983 | SH |  | SOLE |  | 1983 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 36716693 | 257661 | SH |  | SOLE |  | 257661 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 7540773 | 978051 | SH |  | SOLE |  | 978051 | 0 | 0 |
| REMITLY GLOBAL INC | COM | 75960P104 |  | 8704004 | 760175 | SH |  | SOLE |  | 760175 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 11201380 | 66159 | SH |  | SOLE |  | 66159 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 40539128 | 121034 | SH |  | SOLE |  | 121034 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 70465020 | 846325 | SH |  | SOLE |  | 846325 | 0 | 0 |
| SENTINELONE INC | CL A | 81730H109 |  | 10739086 | 736058 | SH |  | SOLE |  | 736058 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 19003725 | 80073 | SH |  | SOLE |  | 80073 | 0 | 0 |
| SIGILON THERAPEUTICS INC | COM | 82657L107 |  | 309722 | 884920 | SH |  | SOLE |  | 884920 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 1210903 | 8436 | SH |  | SOLE |  | 8436 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 78034 | 460 | SH |  | SOLE |  | 460 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 6445475 | 16854 | SH |  | SOLE |  | 16854 | 0 | 0 |
| SPDR SER TR | ICE PFD SEC ETF | 78464A292 |  | 194032 | 5912 | SH |  | SOLE |  | 5912 | 0 | 0 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 166404600 | 1848940 | SH |  | SOLE |  | 1848940 | 0 | 0 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 14428538 | 352776 | SH |  | SOLE |  | 352776 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 210043 | 11459 | SH |  | SOLE |  | 11459 | 0 | 0 |
| TORO CO | COM | 891092108 |  | 1160866 | 10255 | SH |  | SOLE |  | 10255 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 1036437 | 4607 | SH |  | SOLE |  | 4607 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 11399440 | 294331 | SH |  | SOLE |  | 294331 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 330779416 | 1597428 | SH |  | SOLE |  | 1597428 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 55236803 | 104185 | SH |  | SOLE |  | 104185 | 0 | 0 |
| UNITY BIOTECHNOLOGY INC | COM NEW | 91381U200 |  | 112992 | 41238 | SH |  | SOLE |  | 41238 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 451140 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 197000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 19766991 | 68450 | SH |  | SOLE |  | 68450 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 44463549 | 214014 | SH |  | SOLE |  | 214014 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 111320 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 10680 | 107 | SH |  | SOLE |  | 107 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 156912 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 48158 | 5080 | SH |  | SOLE |  | 5080 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 8737094 | 133289 | SH |  | SOLE |  | 133289 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 9429768 | 40067 | SH |  | SOLE |  | 40067 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 8535261 | 275331 | SH |  | SOLE |  | 275331 | 0 | 0 |
| WILLSCOT MOBIL MINI HLDNG CO | COM CL A | 971378104 |  | 18694914 | 413879 | SH |  | SOLE |  | 413879 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 20748725 | 623272 | SH |  | SOLE |  | 623272 | 0 | 0 |

---