Makena Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 10, 2026), Makena Capital Management LLC reported 26 stock positions worth $951.8 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 30.5% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 10.3%) and iShares Core MSCI Emerging (IEMG, 5.1%). Compared with Q1 2026, it opened 2 new positions, sold out of 3, added to 12 and reduced 10. The biggest buy was a new position in MercadoLibre (MELI) and the biggest sale an exit from Microsoft (MSFT).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $951.8M (Q2 2026)
- SEC Filing
- 0001359262-26-000005 ↗ filed Aug 10, 2026
Holdings Value
Holdings 26 stocks · $951.8M
| VOO Vanguard S&P 500 ETF | 30.47% | 422,234 | $290.0M | Reduce -4.6% |
| IEFA iShares Core MSCI Eafe ETF | 10.33% | 1,017,877 | $98.3M | Reduce -5.6% |
| IEMG iShares Core MSCI Emerging | 5.14% | 590,622 | $48.9M | Reduce -14.7% |
| VEEV Veeva Systems Inc. Class A | 3.77% | 202,465 | $35.9M | Add +30.4% |
| GWRE Guidewire Software Inc. | 3.66% | 282,984 | $34.8M | Add +41.0% |
| TSM Taiwan Semiconductor-SP ADR | 3.58% | 71,453 | $34.1M | Reduce -14.7% |
| XLV SS Health Care Select Sector | 3.29% | 197,201 | $31.3M | Add +13.4% |
| V Visa Inc. Class A | 3.25% | 90,249 | $31.0M | Add +0.2% |
| AMZN Amazon.com Inc. | 3.25% | 129,820 | $30.9M | Reduce -11.8% |
| MCO Moody's Corp. | 2.84% | 59,671 | $27.0M | Add +21.6% |
| LLYVK Liberty Live Holdings Class C | 2.66% | 239,774 | $25.3M | Add +4.3% |
| MTZ Mastec Inc. | 2.64% | 60,452 | $25.2M | Reduce -23.7% |
| GE General Electric filed as GE AEROSPACE | 2.64% | 67,220 | $25.1M | Add +0.7% |
| MELI MercadoLibre Inc. | 2.57% | 14,405 | $24.5M | New |
| SPGI S&P Global Inc. | 2.38% | 55,598 | $22.6M | Add +20.8% |
| CRH CRH PLC | 2.31% | 205,853 | $22.0M | Add +9.0% |
| PCOR Procore Technologies Inc. | 2.12% | 497,726 | $20.2M | Add +55.2% |
| CPNG Coupang Inc. | 2.00% | 1,096,053 | $19.0M | Add +24.2% |
| NVDA Nvidia Corp. | 1.99% | 94,728 | $19.0M | Reduce -10.8% |
| GOOGL Alphabet Inc. Class A | 1.98% | 52,622 | $18.8M | Reduce -14.4% |
| NYT New York Times Co. Class A | 1.72% | 233,848 | $16.4M | New |
| JCI Johnson Controls Internation | 1.60% | 104,115 | $15.2M | Reduce -8.1% |
| FSLR First Solar Inc. | 1.43% | 57,851 | $13.7M | No change |
| XLP SS Consumer Staples Sel Sect | 1.18% | 134,810 | $11.2M | Reduce -11.5% |
| SNDA Sonida Senior Living Inc. | 0.79% | 185,000 | $7.5M | No change |
| MDLN Medline Inc. Class A | 0.40% | 96,631 | $3.8M | Add +2.9% |
Portfolio Sells Q1 2026 → Q2 2026
| MSFT Microsoft Corp. | Sold out | 0.00% | −2.38 |
| SGI Somnigroup International Inc. | Sold out | 0.00% | −2.14 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -5.6% | 10.33% | −0.94 |
| IEMG iShares Core MSCI Emerging | Reduce -14.7% | 5.14% | −0.43 |
| MTZ Mastec Inc. | Reduce -23.7% | 2.64% | −0.30 |
| AMZN Amazon.com Inc. | Reduce -11.8% | 3.25% | −0.29 |
| XLP SS Consumer Staples Sel Sect | Reduce -11.5% | 1.18% | −0.27 |
| NVDA Nvidia Corp. | Reduce -10.8% | 1.99% | −0.15 |
| JCI Johnson Controls Internation | Reduce -8.1% | 1.60% | −0.11 |
| VOO Vanguard S&P 500 ETF | Reduce -4.6% | 30.47% | −0.08 |
| FIG Figma Inc. Class A | Sold out | 0.00% | −0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -14.4% | 1.98% | −0.07 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -14.7% | 3.58% | +0.32 |
Portfolio Buys Q1 2026 → Q2 2026
| MELI MercadoLibre Inc. | New | 2.57% | +2.57 |
| NYT New York Times Co. Class A | New | 1.72% | +1.72 |
| VEEV Veeva Systems Inc. Class A | Add +30.4% | 3.77% | +0.63 |
| GE General Electric | Add +0.7% | 2.64% | +0.45 |
| MCO Moody's Corp. | Add +21.6% | 2.84% | +0.37 |
| XLV SS Health Care Select Sector | Add +13.4% | 3.29% | +0.34 |
| GWRE Guidewire Software Inc. | Add +41.0% | 3.66% | +0.19 |
| LLYVK Liberty Live Holdings Class C | Add +4.3% | 2.66% | +0.16 |
| SPGI S&P Global Inc. | Add +20.8% | 2.38% | +0.12 |
| V Visa Inc. Class A | Add +0.2% | 3.25% | +0.11 |
| CPNG Coupang Inc. | Add +24.2% | 2.00% | +0.08 |
| CRH CRH PLC | Add +9.0% | 2.31% | +0.02 |
| PCOR Procore Technologies Inc. | Add +55.2% | 2.12% | +0.01 |
| MDLN Medline Inc. Class A | Add +2.9% | 0.40% | −0.08 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $951.8M | VOO, IEFA, IEMG, VEEV, GWRE |
| Q1 2026 | 27 | $866.1M | VOO, IEFA, IEMG, AMZN, GWRE |
| Q4 2025 | 26 | $834.5M | VOO, IEFA, IEMG, AMZN, MSFT |
| Q3 2025 | 24 | $968.5M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q2 2025 | 24 | $998.3M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q1 2025 | 25 | $968.7M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q4 2024 | 41 | $616.5M | VOO, IEFA, AMZN, MSFT, IEMG |
| Q3 2024 | 39 | $416.4M | AMZN, MSFT, GWRE, GE, GOOGL |
| Q2 2024 | 38 | $431.6M | AMZN, MSFT, GE, PCOR, GOOGL |
| Q1 2024 | 39 | $429.6M | AMZN, MSFT, GE, PCOR, V |