# MAKENA CAPITAL MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1359262. Source: https://holderbook.com/funds/1359262-makena-capital-management-llc/

- Reported value: $951.8M
- Positions: 26
- Weight of the ten largest: 69.6%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $290.0M | 422,234 | 30.5% | 7 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $98.3M | 1,017,877 | 10.3% | 7 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $48.9M | 590,622 | 5.1% | 7 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $35.9M | 202,465 | 3.8% | 5 |
| GUIDEWIRE SOFTWARE INC | [GWRE](https://holderbook.com/stocks/GWRE/) | $34.8M | 282,984 | 3.7% | 9 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $34.1M | 71,453 | 3.6% | 5 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $31.3M | 197,201 | 3.3% | 9 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $31.0M | 90,249 | 3.3% | 15 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $30.9M | 129,820 | 3.3% | 27 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $27.0M | 59,671 | 2.8% | 11 |
| LIBERTY LIVE HOLDINGS INC | [LLYVK](https://holderbook.com/stocks/LLYVK/) | $25.3M | 239,774 | 2.7% | 3 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $25.2M | 60,452 | 2.6% | 9 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $25.1M | 67,220 | 2.6% | 12 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $24.5M | 14,405 | 2.6% | 1 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $22.6M | 55,598 | 2.4% | 11 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $22.0M | 205,853 | 2.3% | 3 |
| PROCORE TECHNOLOGIES INC | [PCOR](https://holderbook.com/stocks/PCOR/) | $20.2M | 497,726 | 2.1% | 12 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $19.0M | 1,096,053 | 2.0% | 8 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $19.0M | 94,728 | 2.0% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $18.8M | 52,622 | 2.0% | 27 |
| NEW YORK TIMES CO MTN BE | [NYT](https://holderbook.com/stocks/NYT/) | $16.4M | 233,848 | 1.7% | 1 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $15.2M | 104,115 | 1.6% | 2 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $13.7M | 57,851 | 1.4% | 3 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $11.2M | 134,810 | 1.2% | 23 |
| SONIDA SENIOR LIVING INC | [SNDA](https://holderbook.com/stocks/SNDA/) | $7.5M | 185,000 | 0.8% | 8 |
| MEDLINE INC | [MDLN](https://holderbook.com/stocks/MDLN/) | $3.8M | 96,631 | 0.4% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.0% | +14.8% | -3.8% | 100% |
| Q1 2026 | -5.1% | -4.6% | -0.4% | 100% |
| Q4 2025 | +0.9% | +2.4% | -1.4% | 100% |
| Q3 2025 | +7.5% | +7.8% | -0.3% | 100% |
| Q2 2025 | +12.5% | +10.5% | +2.1% | 100% |
| Q1 2025 | -1.4% | -4.6% | +3.1% | 100% |
| Q4 2024 | +0.2% | +2.1% | -2.0% | 100% |
| Q3 2024 | +9.1% | +5.4% | +3.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $951.8M | 26 |
| Q1 2026 | $866.1M | 27 |
| Q4 2025 | $834.5M | 26 |
| Q3 2025 | $968.5M | 24 |
| Q2 2025 | $998.3M | 24 |
| Q1 2025 | $968.7M | 25 |
| Q4 2024 | $616.5M | 41 |
| Q3 2024 | $416.4M | 39 |
| Q2 2024 | $431.6M | 38 |
| Q1 2024 | $429.6M | 39 |
| Q4 2023 | $441.5M | 41 |
| Q3 2023 | $467.1M | 40 |