Makena Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Makena Capital Management LLC reported 25 stock positions worth $968.7 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 39.8% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.0%) and iShares Core MSCI Emerging (IEMG, 5.4%). Compared with Q4 2024, it opened 1 new position, sold out of 17 and added to 23. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +163%) and the biggest sale an exit from Equinix (EQIX).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $968.7M (Q1 2025)
- SEC Filing
- 0001359262-25-000003 ↗ filed May 13, 2025
Holdings Value
Holdings 25 stocks · $968.7M
| VOO Vanguard S&P 500 ETF | 39.76% | 749,448 | $385.1M | Add +163.1% |
| IEFA iShares Core MSCI Eafe ETF | 12.00% | 1,536,041 | $116.2M | Add +126.6% |
| IEMG iShares Core MSCI Emerging | 5.38% | 965,274 | $52.1M | Add +144.1% |
| MSFT Microsoft Corp. | 3.23% | 83,385 | $31.3M | Add +67.4% |
| AMZN Amazon.com Inc. | 3.08% | 156,808 | $29.8M | Add +54.9% |
| GE General Electric filed as GE AEROSPACE | 2.97% | 143,846 | $28.8M | Add +47.0% |
| XLV SS Health Care Select Sector | 2.69% | 178,487 | $26.1M | Add +62.4% |
| SGI Somnigroup International Inc. | 2.56% | 413,736 | $24.8M | Add +58.5% |
| GOOGL Alphabet Inc. Class A | 2.55% | 159,988 | $24.7M | Add +51.5% |
| GWRE Guidewire Software Inc. | 2.48% | 128,288 | $24.0M | Add +60.6% |
| V Visa Inc. Class A | 2.45% | 67,589 | $23.7M | Add +45.9% |
| MCO Moody's Corp. | 2.29% | 47,665 | $22.2M | Add +83.7% |
| LLYVK Liberty Media Corp.-Liberty-C | 2.13% | 303,156 | $20.7M | Add +52.2% |
| MTZ Mastec Inc. | 2.12% | 175,618 | $20.5M | Add +123.1% |
| SHW The Sherwin-Williams Co. | 1.92% | 53,204 | $18.6M | Add +62.9% |
| CPNG Coupang Inc. | 1.91% | 842,277 | $18.5M | Add +64.9% |
| SPGI S&P Global Inc. | 1.84% | 35,141 | $17.9M | Add +88.6% |
| USFD US Foods Holding Corp. | 1.51% | 223,633 | $14.6M | Add +60.5% |
| CRH CRH PLC | 1.42% | 156,299 | $13.7M | Add +40.6% |
| FWONK Liberty Media Corp. Class C | 1.25% | 135,051 | $12.2M | New |
| GIL Gildan Activewear Inc. | 1.10% | 241,205 | $10.7M | Add +47.2% |
| XLP SS Consumer Staples Sel Sect | 1.04% | 123,477 | $10.1M | Add +58.6% |
| TEAM Atlassian Corp. Class A | 1.00% | 45,688 | $9.7M | Add +48.7% |
| PCOR Procore Technologies Inc. | 0.88% | 128,454 | $8.5M | Add +7.2% |
| SNDA Sonida Senior Living Inc. | 0.44% | 185,000 | $4.3M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| EQIX Equinix Inc. | Sold out | 0.00% | −2.08 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.61 |
| BRX Brixmor Property Group Inc. | Sold out | 0.00% | −1.60 |
| WELL Welltower Inc. | Sold out | 0.00% | −1.47 |
| PLD Prologis Inc. | Sold out | 0.00% | −1.41 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −1.39 |
| IRT Independence Realty Trust Inc. | Sold out | 0.00% | −1.38 |
| CPT Camden Property Trust | Sold out | 0.00% | −1.35 |
| VMRK Vivmark Residential | Sold out | 0.00% | −1.34 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −1.30 |
| SHO Sunstone Hotel Investors Inc. | Sold out | 0.00% | −1.25 |
| VTR Ventas Inc. | Sold out | 0.00% | −1.18 |
| AMH American Homes 4 Rent- A | Sold out | 0.00% | −1.14 |
| AMT American Tower Corp. | Sold out | 0.00% | −1.11 |
| HST Host Hotels & Resorts Inc. | Sold out | 0.00% | −1.09 |
| COLD Americold Realty Trust Inc. | Sold out | 0.00% | −0.96 |
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −0.19 |
Portfolio Buys Q4 2024 → Q1 2025
| VOO Vanguard S&P 500 ETF | Add +163.1% | 39.76% | +14.86 |
| IEFA iShares Core MSCI Eafe ETF | Add +126.6% | 12.00% | +4.26 |
| IEMG iShares Core MSCI Emerging | Add +144.1% | 5.38% | +2.03 |
| FWONK Liberty Media Corp. Class C | New | 1.25% | +1.25 |
| MTZ Mastec Inc. | Add +123.1% | 2.12% | +0.38 |
| SPGI S&P Global Inc. | Add +88.6% | 1.84% | +0.34 |
| GE General Electric | Add +47.0% | 2.97% | +0.33 |
| MCO Moody's Corp. | Add +83.7% | 2.29% | +0.30 |
| GWRE Guidewire Software Inc. | Add +60.6% | 2.48% | +0.30 |
| XLV SS Health Care Select Sector | Add +62.4% | 2.69% | +0.24 |
| SGI Somnigroup International Inc. | Add +58.5% | 2.56% | +0.16 |
| SHW The Sherwin-Williams Co. | Add +62.9% | 1.92% | +0.12 |
| CPNG Coupang Inc. | Add +64.9% | 1.91% | +0.09 |
| V Visa Inc. Class A | Add +45.9% | 2.45% | +0.07 |
| XLP SS Consumer Staples Sel Sect | Add +58.6% | 1.04% | +0.05 |
| USFD US Foods Holding Corp. | Add +60.5% | 1.51% | −0.01 |
| LLYVK Liberty Media Corp.-Liberty-C | Add +52.2% | 2.13% | −0.07 |
| GIL Gildan Activewear Inc. | Add +47.2% | 1.10% | −0.15 |
| MSFT Microsoft Corp. | Add +67.4% | 3.23% | −0.18 |
| TEAM Atlassian Corp. Class A | Add +48.7% | 1.00% | −0.21 |
| CRH CRH PLC | Add +40.6% | 1.42% | −0.25 |
| AMZN Amazon.com Inc. | Add +54.9% | 3.08% | −0.52 |
| PCOR Procore Technologies Inc. | Add +7.2% | 0.88% | −0.58 |
| GOOGL Alphabet Inc. Class A | Add +51.5% | 2.55% | −0.69 |
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 |