Makena Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Makena Capital Management LLC reported 27 stock positions worth $866.1 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, 11.3%) and iShares Core MSCI Emerging (IEMG, 5.6%). Compared with Q4 2025, it opened 3 new positions, sold out of 2, added to 15 and reduced 6. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Ferguson Enterprises (FERG).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $866.1M (Q1 2026)
- SEC Filing
- 0001359262-26-000004 ↗ filed May 11, 2026
Holdings Value
Holdings 27 stocks · $866.1M
| VOO Vanguard S&P 500 ETF | 30.55% | 442,737 | $264.6M | Add +10.2% |
| IEFA iShares Core MSCI Eafe ETF | 11.27% | 1,077,876 | $97.6M | Add +15.4% |
| IEMG iShares Core MSCI Emerging | 5.57% | 692,123 | $48.3M | Add +19.6% |
| AMZN Amazon.com Inc. | 3.54% | 147,183 | $30.7M | No change |
| GWRE Guidewire Software Inc. | 3.46% | 200,643 | $30.0M | Add +44.0% |
| TSM Taiwan Semiconductor-SP ADR | 3.27% | 83,726 | $28.3M | Reduce -0.9% |
| VEEV Veeva Systems Inc. Class A | 3.15% | 155,298 | $27.3M | Add +36.5% |
| V Visa Inc. Class A | 3.14% | 90,061 | $27.2M | Add +12.0% |
| XLV SS Health Care Select Sector | 2.94% | 173,873 | $25.5M | Reduce -4.7% |
| MTZ Mastec Inc. | 2.94% | 79,225 | $25.5M | Reduce -22.6% |
| LLYVK Liberty Live Holdings Class C | 2.50% | 229,851 | $21.6M | Reduce -14.7% |
| MCO Moody's Corp. | 2.47% | 49,058 | $21.4M | Add +27.1% |
| MSFT Microsoft Corp. | 2.38% | 55,744 | $20.6M | Reduce -20.4% |
| CRH CRH PLC | 2.29% | 188,799 | $19.8M | Add +42.6% |
| SPGI S&P Global Inc. | 2.26% | 46,029 | $19.6M | Add +41.8% |
| GE General Electric filed as GE AEROSPACE | 2.19% | 66,763 | $18.9M | Reduce -8.3% |
| SGI Somnigroup International Inc. | 2.14% | 251,222 | $18.6M | Add +14.8% |
| NVDA Nvidia Corp. | 2.14% | 106,176 | $18.5M | New |
| PCOR Procore Technologies Inc. | 2.11% | 320,681 | $18.3M | Add +37.9% |
| GOOGL Alphabet Inc. Class A | 2.04% | 61,488 | $17.7M | Add +13.0% |
| CPNG Coupang Inc. | 1.92% | 882,766 | $16.7M | Add +27.7% |
| JCI Johnson Controls Internation | 1.71% | 113,237 | $14.8M | New |
| XLP SS Consumer Staples Sel Sect | 1.44% | 152,348 | $12.5M | Add +0.6% |
| FSLR First Solar Inc. | 1.32% | 57,851 | $11.4M | Add +32.9% |
| SNDA Sonida Senior Living Inc. | 0.69% | 185,000 | $6.0M | No change |
| MDLN Medline Inc. Class A | 0.48% | 93,949 | $4.2M | New |
| FIG Figma Inc. Class A | 0.07% | 28,113 | $594K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −2.32 |
| USFD US Foods Holding Corp. | Sold out | 0.00% | −2.02 |
| MSFT Microsoft Corp. | Reduce -20.4% | 2.38% | −1.67 |
| GE General Electric | Reduce -8.3% | 2.19% | −0.50 |
| XLV SS Health Care Select Sector | Reduce -4.7% | 2.94% | −0.44 |
| LLYVK Liberty Live Holdings Class C | Reduce -14.7% | 2.50% | −0.19 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.9% | 3.27% | +0.19 |
| MTZ Mastec Inc. | Reduce -22.6% | 2.94% | +0.28 |
Portfolio Buys Q4 2025 → Q1 2026
| NVDA Nvidia Corp. | New | 2.14% | +2.14 |
| JCI Johnson Controls Internation | New | 1.71% | +1.71 |
| IEFA iShares Core MSCI Eafe ETF | Add +15.4% | 11.27% | +1.25 |
| IEMG iShares Core MSCI Emerging | Add +19.6% | 5.57% | +0.91 |
| MDLN Medline Inc. Class A | New | 0.48% | +0.48 |
| VOO Vanguard S&P 500 ETF | Add +10.2% | 30.55% | +0.34 |
| CRH CRH PLC | Add +42.6% | 2.29% | +0.31 |
| SPGI S&P Global Inc. | Add +41.8% | 2.26% | +0.23 |
| GWRE Guidewire Software Inc. | Add +44.0% | 3.46% | +0.11 |
| MCO Moody's Corp. | Add +27.1% | 2.47% | +0.11 |
| VEEV Veeva Systems Inc. Class A | Add +36.5% | 3.15% | +0.11 |
| PCOR Procore Technologies Inc. | Add +37.9% | 2.11% | +0.08 |
| XLP SS Consumer Staples Sel Sect | Add +0.6% | 1.44% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +13.0% | 2.04% | −0.00 |
| CPNG Coupang Inc. | Add +27.7% | 1.92% | −0.03 |
| FSLR First Solar Inc. | Add +32.9% | 1.32% | −0.05 |
| SGI Somnigroup International Inc. | Add +14.8% | 2.14% | −0.20 |
| V Visa Inc. Class A | Add +12.0% | 3.14% | −0.24 |
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 |