Makena Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Makena Capital Management LLC reported 24 stock positions worth $968.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 32.2% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 10.5%) and iShares Core MSCI Emerging (IEMG, 4.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 8 and reduced 13. The biggest buy was a new position in Ferguson Enterprises (FERG) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $968.5M (Q3 2025)
- SEC Filing
- 0001359262-25-000007 ↗ filed Nov 10, 2025
Holdings Value
Holdings 24 stocks · $968.5M
| VOO Vanguard S&P 500 ETF | 32.23% | 509,758 | $312.2M | Reduce -15.9% |
| IEFA iShares Core MSCI Eafe ETF | 10.52% | 1,167,110 | $101.9M | Reduce -11.8% |
| IEMG iShares Core MSCI Emerging | 4.93% | 723,846 | $47.7M | Reduce -7.2% |
| MSFT Microsoft Corp. | 3.99% | 74,517 | $38.6M | Reduce -4.7% |
| AMZN Amazon.com Inc. | 3.93% | 173,410 | $38.1M | Reduce -1.4% |
| XLV SS Health Care Select Sector | 3.38% | 235,409 | $32.8M | Add +5.0% |
| V Visa Inc. Class A | 3.33% | 94,491 | $32.3M | Add +27.6% |
| MCO Moody's Corp. | 3.28% | 66,619 | $31.7M | Add +16.5% |
| GWRE Guidewire Software Inc. | 3.27% | 137,843 | $31.7M | Add +15.3% |
| SGI Somnigroup International Inc. | 3.01% | 345,354 | $29.1M | Reduce -15.9% |
| VEEV Veeva Systems Inc. Class A | 2.68% | 87,273 | $26.0M | Add +15.4% |
| MTZ Mastec Inc. | 2.68% | 122,085 | $26.0M | Reduce -19.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.68% | 92,949 | $26.0M | Reduce -24.8% |
| GE General Electric filed as GE AEROSPACE | 2.68% | 86,136 | $25.9M | Reduce -31.8% |
| LLYVK Liberty Media Corp.-Liberty-C | 2.62% | 262,125 | $25.4M | Reduce -19.4% |
| SPGI S&P Global Inc. | 2.62% | 52,155 | $25.4M | Add +29.0% |
| USFD US Foods Holding Corp. | 2.00% | 252,675 | $19.4M | Add +8.8% |
| CPNG Coupang Inc. | 1.97% | 591,989 | $19.1M | Reduce -31.3% |
| FERG Ferguson Enterprises Inc. | 1.96% | 84,568 | $19.0M | New |
| GOOGL Alphabet Inc. Class A | 1.94% | 77,294 | $18.8M | Reduce -26.3% |
| PCOR Procore Technologies Inc. | 1.30% | 173,104 | $12.6M | Reduce -1.2% |
| XLP SS Consumer Staples Sel Sect | 1.28% | 157,643 | $12.4M | Add +9.1% |
| FLUT Flutter Entertainment PLC-Di | 1.19% | 45,344 | $11.5M | New |
| SNDA Sonida Senior Living Inc. | 0.53% | 185,000 | $5.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VOO Vanguard S&P 500 ETF | Reduce -15.9% | 32.23% | −2.25 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −1.93 |
| FWONK Liberty Media Corp. Class C | Sold out | 0.00% | −1.26 |
| CPNG Coupang Inc. | Reduce -31.3% | 1.97% | −0.62 |
| GE General Electric | Reduce -31.8% | 2.68% | −0.58 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -11.8% | 10.52% | −0.53 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -24.8% | 2.68% | −0.12 |
| LLYVK Liberty Media Corp.-Liberty-C | Reduce -19.4% | 2.62% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -1.4% | 3.93% | +0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -26.3% | 1.94% | +0.09 |
| MTZ Mastec Inc. | Reduce -19.6% | 2.68% | +0.09 |
| MSFT Microsoft Corp. | Reduce -4.7% | 3.99% | +0.09 |
| PCOR Procore Technologies Inc. | Reduce -1.2% | 1.30% | +0.10 |
| SGI Somnigroup International Inc. | Reduce -15.9% | 3.01% | +0.21 |
| IEMG iShares Core MSCI Emerging | Reduce -7.2% | 4.93% | +0.24 |
Portfolio Buys Q2 2025 → Q3 2025
| FERG Ferguson Enterprises Inc. | New | 1.96% | +1.96 |
| FLUT Flutter Entertainment PLC-Di | New | 1.19% | +1.19 |
| V Visa Inc. Class A | Add +27.6% | 3.33% | +0.70 |
| VEEV Veeva Systems Inc. Class A | Add +15.4% | 2.68% | +0.50 |
| SPGI S&P Global Inc. | Add +29.0% | 2.62% | +0.48 |
| GWRE Guidewire Software Inc. | Add +15.3% | 3.27% | +0.45 |
| MCO Moody's Corp. | Add +16.5% | 3.28% | +0.40 |
| XLV SS Health Care Select Sector | Add +5.0% | 3.38% | +0.36 |
| USFD US Foods Holding Corp. | Add +8.8% | 2.00% | +0.21 |
| XLP SS Consumer Staples Sel Sect | Add +9.1% | 1.28% | +0.10 |
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 |