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MAKENA CAPITAL MANAGEMENT LLC

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13F filer, CIK 1359262, MENLO PARK, CA

MAKENA CAPITAL MANAGEMENT LLC reported $968,707,136 across 25 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-13. Its ten largest share positions make up 76.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001359262-25-000003

Period
2025-03-31
Reported value
$969M
Holdings
25
Top 10 weight
76.7%
New
1
Sold out
17

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VOOadded+464,592$239M
IEFAadded+858,111$64.9M
IEMGadded+569,835$30.8M
MSFTadded+33,562$12.6M
FWONKnew+135,051$12.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
EQIXexited-13,581-$12.8M
METAexited-16,916-$9.9M
BRXexited-354,192-$9.86M
WELLexited-71,958-$9.07M
PLDexited-82,298-$8.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001359262-25-000003, largest first. % of portfolio is the value over $968,707,136, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 284,856 shares; 2025Q1: 749,448 shares 749,448$385M39.76%+464,592Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 677,930 shares; 2025Q1: 1,536,041 shares 1,536,041$116M12%+858,111Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 395,439 shares; 2025Q1: 965,274 shares 965,274$52.1M5.38%+569,835Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,239 shares; 2024Q4: 49,823 shares; 2025Q1: 83,385 shares 83,385$31.3M3.23%+33,562Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,317 shares; 2024Q4: 101,237 shares; 2025Q1: 156,808 shares 156,808$29.8M3.08%+55,571Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,422 shares; 2024Q4: 97,833 shares; 2025Q1: 143,846 shares 143,846$28.8M2.97%+46,013Timeline
XLVSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,811 shares; 2024Q4: 109,887 shares; 2025Q1: 178,487 shares 178,487$26.1M2.69%+68,600Timeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 205,205 shares; 2024Q4: 260,973 shares; 2025Q1: 413,736 shares 413,736$24.8M2.56%+152,763Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,834 shares; 2024Q4: 105,566 shares; 2025Q1: 159,988 shares 159,988$24.7M2.55%+54,422Timeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,967 shares; 2024Q4: 79,855 shares; 2025Q1: 128,288 shares 128,288$24M2.48%+48,433Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,010 shares; 2024Q4: 46,340 shares; 2025Q1: 67,589 shares 67,589$23.7M2.45%+21,249Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,072 shares; 2024Q4: 25,954 shares; 2025Q1: 47,665 shares 47,665$22.2M2.29%+21,711Timeline
LLYVKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,147 shares; 2024Q4: 199,147 shares; 2025Q1: 303,156 shares 303,156$20.7M2.13%+104,009Timeline
MTZMASTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,146 shares; 2024Q4: 78,707 shares; 2025Q1: 175,618 shares 175,618$20.5M2.12%+96,911Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,226 shares; 2024Q4: 32,654 shares; 2025Q1: 53,204 shares 53,204$18.6M1.92%+20,550Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 292,008 shares; 2024Q4: 510,878 shares; 2025Q1: 842,277 shares 842,277$18.5M1.91%+331,399Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,685 shares; 2024Q4: 18,632 shares; 2025Q1: 35,141 shares 35,141$17.9M1.84%+16,509Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 135,751 shares; 2024Q4: 139,324 shares; 2025Q1: 223,633 shares 223,633$14.6M1.51%+84,309Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,482 shares; 2024Q4: 111,136 shares; 2025Q1: 156,299 shares 156,299$13.7M1.42%+45,163Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 135,051 shares 135,051$12.2M1.25%newTimeline
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 207,633 shares; 2024Q4: 163,841 shares; 2025Q1: 241,205 shares 241,205$10.7M1.1%+77,364Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,860 shares; 2024Q4: 77,862 shares; 2025Q1: 123,477 shares 123,477$10.1M1.04%+45,615Timeline
TEAMATLASSIAN CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 30,729 shares; 2025Q1: 45,688 shares 45,688$9.7M1%+14,959Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 216,899 shares; 2024Q4: 119,801 shares; 2025Q1: 128,454 shares 128,454$8.48M0.88%+8,653Timeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 185,000 shares; 2025Q1: 185,000 shares 185,000$4.31M0.44%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EQIXEQUINIX INC13,581$12.8Mshares
METAMETA PLATFORMS INC16,916$9.9Mshares
BRXBRIXMOR PPTY GROUP INC354,192$9.86Mshares
WELLWELLTOWER INC71,958$9.07Mshares
PLDPROLOGIS INC.82,298$8.7Mshares
DLRDIGITAL RLTY TR INC48,385$8.58Mshares
IRTINDEPENDENCE RLTY TR INC429,633$8.52Mshares
CPTCAMDEN PPTY TR71,909$8.34Mshares
VMRKVIVMARK RESIDENTIAL115,389$8.28Mshares
IVTINVENTRUST PPTYS CORP265,212$7.99Mshares
SHOSUNSTONE HOTEL INVS INC NEW653,260$7.73Mshares
VTRVENTAS INC123,542$7.28Mshares
AMHAMERICAN HOMES 4 RENT188,057$7.04Mshares
AMTAMERICAN TOWER CORP37,222$6.83Mshares
HSTHOST HOTELS & RESORTS INC382,565$6.7Mshares
COLDAMERICOLD REALTY TRUST INC277,747$5.94Mshares
RBRKRUBRIK INC.18,253$1.19Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001359262-25-000003 base2025-05-13acceptance time not in the bulk data set