Makena Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Makena Capital Management LLC reported 41 stock positions worth $616.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 24.9% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 7.7%) and Amazon.com (AMZN, 3.6%). Compared with Q3 2024, it opened 7 new positions, sold out of 5, added to 14 and reduced 18. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale an exit from Eastgroup Properties (EGP).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $616.5M (Q4 2024)
- SEC Filing
- 0001359262-25-000002 ↗ filed Feb 12, 2025
Holdings Value
Holdings 41 stocks · $616.5M
| VOO Vanguard S&P 500 ETF | 24.90% | 284,856 | $153.5M | New |
| IEFA iShares Core MSCI Eafe ETF | 7.73% | 677,930 | $47.7M | New |
| AMZN Amazon.com Inc. | 3.60% | 101,237 | $22.2M | Add +3.0% |
| MSFT Microsoft Corp. | 3.41% | 49,823 | $21.0M | Add +17.9% |
| IEMG iShares Core MSCI Emerging | 3.35% | 395,439 | $20.6M | New |
| GOOGL Alphabet Inc. Class A | 3.24% | 105,566 | $20.0M | Add +14.9% |
| GE General Electric filed as GE AEROSPACE | 2.65% | 97,833 | $16.3M | Add +13.2% |
| XLV SS Health Care Select Sector | 2.45% | 109,887 | $15.1M | Add +43.1% |
| SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC | 2.40% | 260,973 | $14.8M | Add +27.2% |
| V Visa Inc. Class A | 2.38% | 46,340 | $14.6M | Add +7.7% |
| LLYVK Liberty Media Corp.-Liberty-C | 2.20% | 199,147 | $13.6M | No change |
| GWRE Guidewire Software Inc. | 2.18% | 79,855 | $13.5M | Reduce -11.2% |
| EQIX Equinix Inc. | 2.08% | 13,581 | $12.8M | Reduce -18.0% |
| MCO Moody's Corp. | 1.99% | 25,954 | $12.3M | Add +17.6% |
| CPNG Coupang Inc. | 1.82% | 510,878 | $11.2M | Add +75.0% |
| SHW The Sherwin-Williams Co. | 1.80% | 32,654 | $11.1M | Add +79.2% |
| MTZ Mastec Inc. | 1.74% | 78,707 | $10.7M | Reduce -9.7% |
| CRH CRH PLC | 1.67% | 111,136 | $10.3M | Add +4.4% |
| META Meta Platforms Inc. Class A | 1.61% | 16,916 | $9.9M | Reduce -27.9% |
| BRX Brixmor Property Group Inc. | 1.60% | 354,192 | $9.9M | Reduce -17.6% |
| USFD US Foods Holding Corp. | 1.52% | 139,324 | $9.4M | Add +2.6% |
| SPGI S&P Global Inc. | 1.51% | 18,632 | $9.3M | Add +18.8% |
| WELL Welltower Inc. | 1.47% | 71,958 | $9.1M | Reduce -29.2% |
| PCOR Procore Technologies Inc. | 1.46% | 119,801 | $9.0M | Reduce -44.8% |
| PLD Prologis Inc. | 1.41% | 82,298 | $8.7M | Reduce -17.8% |
| DLR Digital Realty Trust Inc. | 1.39% | 48,385 | $8.6M | Reduce -11.1% |
| IRT Independence Realty Trust Inc. | 1.38% | 429,633 | $8.5M | Reduce -17.8% |
| CPT Camden Property Trust | 1.35% | 71,909 | $8.3M | Reduce -17.7% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 1.34% | 115,389 | $8.3M | Reduce -17.7% |
| IVT Inventrust Properties Corp. | 1.30% | 265,212 | $8.0M | Reduce -21.0% |
| SHO Sunstone Hotel Investors Inc. | 1.25% | 653,260 | $7.7M | New |
| GIL Gildan Activewear Inc. | 1.25% | 163,841 | $7.7M | Reduce -21.1% |
| TEAM Atlassian Corp. Class A | 1.21% | 30,729 | $7.5M | New |
| VTR Ventas Inc. | 1.18% | 123,542 | $7.3M | Reduce -10.1% |
| AMH American Homes 4 Rent- A | 1.14% | 188,057 | $7.0M | Reduce -23.4% |
| AMT American Tower Corp. | 1.11% | 37,222 | $6.8M | Reduce -4.1% |
| HST Host Hotels & Resorts Inc. | 1.09% | 382,565 | $6.7M | New |
| XLP SS Consumer Staples Sel Sect | 0.99% | 77,862 | $6.1M | Add +20.1% |
| COLD Americold Realty Trust Inc. | 0.96% | 277,747 | $5.9M | Reduce -13.4% |
| SNDA Sonida Senior Living Inc. | 0.69% | 185,000 | $4.3M | No change |
| RBRK Rubrik Inc. Class A | 0.19% | 18,253 | $1.2M | New |
Portfolio Sells Q3 2024 → Q4 2024
| EGP Eastgroup Properties Inc. | Sold out | 0.00% | −2.21 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −2.12 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −2.02 |
| TOST Toast Inc. Class A | Sold out | 0.00% | −1.87 |
| GWRE Guidewire Software Inc. | Reduce -11.2% | 2.18% | −1.77 |
| PCOR Procore Technologies Inc. | Reduce -44.8% | 1.46% | −1.76 |
| WELL Welltower Inc. | Reduce -29.2% | 1.47% | −1.65 |
| PLD Prologis Inc. | Reduce -17.8% | 1.41% | −1.62 |
| META Meta Platforms Inc. Class A | Reduce -27.9% | 1.61% | −1.62 |
| EQIX Equinix Inc. | Reduce -18.0% | 2.08% | −1.45 |
| BRX Brixmor Property Group Inc. | Reduce -17.6% | 1.60% | −1.28 |
| CPT Camden Property Trust | Reduce -17.7% | 1.35% | −1.24 |
| PM Philip Morris International | Sold out | 0.00% | −1.24 |
| COLD Americold Realty Trust Inc. | Reduce -13.4% | 0.96% | −1.21 |
| IRT Independence Realty Trust Inc. | Reduce -17.8% | 1.38% | −1.19 |
| VMRK Vivmark Residential | Reduce -17.7% | 1.34% | −1.16 |
| AMH American Homes 4 Rent- A | Reduce -23.4% | 1.14% | −1.12 |
| GIL Gildan Activewear Inc. | Reduce -21.1% | 1.25% | −1.10 |
| AMT American Tower Corp. | Reduce -4.1% | 1.11% | −1.06 |
| IVT Inventrust Properties Corp. | Reduce -21.0% | 1.30% | −0.99 |
| VTR Ventas Inc. | Reduce -10.1% | 1.18% | −0.94 |
| MTZ Mastec Inc. | Reduce -9.7% | 1.74% | −0.84 |
| DLR Digital Realty Trust Inc. | Reduce -11.1% | 1.39% | −0.72 |
Portfolio Buys Q3 2024 → Q4 2024
| VOO Vanguard S&P 500 ETF | New | 24.90% | +24.90 |
| IEFA iShares Core MSCI Eafe ETF | New | 7.73% | +7.73 |
| IEMG iShares Core MSCI Emerging | New | 3.35% | +3.35 |
| SHO Sunstone Hotel Investors Inc. | New | 1.25% | +1.25 |
| TEAM Atlassian Corp. Class A | New | 1.21% | +1.21 |
| HST Host Hotels & Resorts Inc. | New | 1.09% | +1.09 |
| RBRK Rubrik Inc. Class A | New | 0.19% | +0.19 |
| SHW The Sherwin-Williams Co. | Add +79.2% | 1.80% | +0.13 |
| CPNG Coupang Inc. | Add +75.0% | 1.82% | +0.10 |
| SGI Somnigroup International Inc. | Add +27.2% | 2.40% | −0.29 |
| XLP SS Consumer Staples Sel Sect | Add +20.1% | 0.99% | −0.30 |
| XLV SS Health Care Select Sector | Add +43.1% | 2.45% | −0.39 |
| GOOGL Alphabet Inc. Class A | Add +14.9% | 3.24% | −0.42 |
| SPGI S&P Global Inc. | Add +18.8% | 1.51% | −0.44 |
| V Visa Inc. Class A | Add +7.7% | 2.38% | −0.46 |
| USFD US Foods Holding Corp. | Add +2.6% | 1.52% | −0.48 |
| MCO Moody's Corp. | Add +17.6% | 1.99% | −0.52 |
| CRH CRH PLC | Add +4.4% | 1.67% | −0.70 |
| AMZN Amazon.com Inc. | Add +3.0% | 3.60% | −0.80 |
| MSFT Microsoft Corp. | Add +17.9% | 3.41% | −0.96 |
| GE General Electric | Add +13.2% | 2.65% | −1.27 |
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 |