Makena Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Makena Capital Management LLC reported 26 stock positions worth $834.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 30.2% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 10.0%) and iShares Core MSCI Emerging (IEMG, 4.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 6 and reduced 16. The biggest buy was a new position in CRH (CRH) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $834.5M (Q4 2025)
- SEC Filing
- 0001359262-26-000001 ↗ filed Feb 3, 2026
Holdings Value
Holdings 26 stocks · $834.5M
| VOO Vanguard S&P 500 ETF | 30.21% | 401,937 | $252.1M | Reduce -21.1% |
| IEFA iShares Core MSCI Eafe ETF | 10.02% | 934,336 | $83.6M | Reduce -19.9% |
| IEMG iShares Core MSCI Emerging | 4.66% | 578,596 | $38.9M | Reduce -20.1% |
| AMZN Amazon.com Inc. | 4.07% | 147,183 | $34.0M | Reduce -15.1% |
| MSFT Microsoft Corp. | 4.06% | 70,000 | $33.9M | Reduce -6.1% |
| XLV SS Health Care Select Sector | 3.38% | 182,397 | $28.2M | Reduce -22.5% |
| V Visa Inc. Class A | 3.38% | 80,424 | $28.2M | Reduce -14.9% |
| GWRE Guidewire Software Inc. | 3.36% | 139,315 | $28.0M | Add +1.1% |
| TSM Taiwan Semiconductor-SP ADR | 3.08% | 84,495 | $25.7M | Reduce -9.1% |
| VEEV Veeva Systems Inc. Class A | 3.04% | 113,799 | $25.4M | Add +30.4% |
| GE General Electric filed as GE AEROSPACE | 2.69% | 72,847 | $22.4M | Reduce -15.4% |
| LLYVK Liberty Live Holdings Class C | 2.69% | 269,418 | $22.4M | Add +2.8% |
| MTZ Mastec Inc. | 2.67% | 102,423 | $22.3M | Reduce -16.1% |
| MCO Moody's Corp. | 2.36% | 38,598 | $19.7M | Reduce -42.1% |
| SGI Somnigroup International Inc. | 2.34% | 218,934 | $19.5M | Reduce -36.6% |
| FERG Ferguson Enterprises Inc. | 2.32% | 87,063 | $19.4M | Add +3.0% |
| GOOGL Alphabet Inc. Class A | 2.04% | 54,435 | $17.0M | Reduce -29.6% |
| SPGI S&P Global Inc. | 2.03% | 32,469 | $17.0M | Reduce -37.8% |
| PCOR Procore Technologies Inc. | 2.03% | 232,527 | $16.9M | Add +34.3% |
| USFD US Foods Holding Corp. | 2.02% | 223,384 | $16.8M | Reduce -11.6% |
| CRH CRH PLC | 1.98% | 132,428 | $16.5M | New |
| CPNG Coupang Inc. | 1.95% | 691,386 | $16.3M | Add +16.8% |
| XLP SS Consumer Staples Sel Sect | 1.41% | 151,503 | $11.8M | Reduce -3.9% |
| FSLR First Solar Inc. | 1.36% | 43,539 | $11.4M | New |
| SNDA Sonida Senior Living Inc. | 0.72% | 185,000 | $6.0M | No change |
| FIG Figma Inc. Class A | 0.13% | 28,113 | $1.1M | New |
Portfolio Sells Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Reduce -21.1% | 30.21% | −2.03 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −1.19 |
| MCO Moody's Corp. | Reduce -42.1% | 2.36% | −0.91 |
| SGI Somnigroup International Inc. | Reduce -36.6% | 2.34% | −0.66 |
| SPGI S&P Global Inc. | Reduce -37.8% | 2.03% | −0.59 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -19.9% | 10.02% | −0.50 |
| IEMG iShares Core MSCI Emerging | Reduce -20.1% | 4.66% | −0.27 |
| MTZ Mastec Inc. | Reduce -16.1% | 2.67% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -22.5% | 3.38% | +0.00 |
| GE General Electric | Reduce -15.4% | 2.69% | +0.01 |
| USFD US Foods Holding Corp. | Reduce -11.6% | 2.02% | +0.02 |
| V Visa Inc. Class A | Reduce -14.9% | 3.38% | +0.05 |
| MSFT Microsoft Corp. | Reduce -6.1% | 4.06% | +0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -29.6% | 2.04% | +0.10 |
| XLP SS Consumer Staples Sel Sect | Reduce -3.9% | 1.41% | +0.13 |
| AMZN Amazon.com Inc. | Reduce -15.1% | 4.07% | +0.14 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -9.1% | 3.08% | +0.40 |
Portfolio Buys Q3 2025 → Q4 2025
| CRH CRH PLC | New | 1.98% | +1.98 |
| FSLR First Solar Inc. | New | 1.36% | +1.36 |
| PCOR Procore Technologies Inc. | Add +34.3% | 2.03% | +0.72 |
| FERG Ferguson Enterprises Inc. | Add +3.0% | 2.32% | +0.36 |
| VEEV Veeva Systems Inc. Class A | Add +30.4% | 3.04% | +0.36 |
| FIG Figma Inc. Class A | New | 0.13% | +0.13 |
| GWRE Guidewire Software Inc. | Add +1.1% | 3.36% | +0.08 |
| LLYVK Liberty Live Holdings Class C | Add +2.8% | 2.69% | +0.06 |
| CPNG Coupang Inc. | Add +16.8% | 1.95% | −0.01 |
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 |