Skip to content
Disclosery

MAKENA CAPITAL MANAGEMENT LLC

Follow

13F filer, CIK 1359262, MENLO PARK, CA

MAKENA CAPITAL MANAGEMENT LLC reported $998,336,416 across 24 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 72.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001359262-25-000005

Period
2025-06-30
Reported value
$998M
Holdings
24
Top 10 weight
72.76%
New
2
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSMnew+123,589$28M
VEEVnew+75,637$21.8M
XLVadded+45,671$6.16M
MCOadded+9,520$4.78M
AMZNadded+19,069$4.18M

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
VOOreduced-143,356-$81.4M
IEFAreduced-213,366-$17.8M
CRHexited-156,299-$13.7M
IEMGreduced-185,599-$11.1M
GILexited-241,205-$10.7M

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, Q2 2025

Share positions as resolved from 13F-HR 0001359262-25-000005, largest first. % of portfolio is the value over $998,336,416, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 284,856 shares; 2025Q1: 749,448 shares; 2025Q2: 606,092 shares 606,092$344M34.49%-143,356Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 677,930 shares; 2025Q1: 1,536,041 shares; 2025Q2: 1,322,675 shares 1,322,675$110M11.05%-213,366Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 395,439 shares; 2025Q1: 965,274 shares; 2025Q2: 779,675 shares 779,675$46.8M4.69%-185,599Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,239 shares; 2024Q4: 49,823 shares; 2025Q1: 83,385 shares; 2025Q2: 78,159 shares 78,159$38.9M3.89%-5,226Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,317 shares; 2024Q4: 101,237 shares; 2025Q1: 156,808 shares; 2025Q2: 175,877 shares 175,877$38.6M3.86%+19,069Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,422 shares; 2024Q4: 97,833 shares; 2025Q1: 143,846 shares; 2025Q2: 126,218 shares 126,218$32.5M3.25%-17,628Timeline
XLVSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,811 shares; 2024Q4: 109,887 shares; 2025Q1: 178,487 shares; 2025Q2: 224,158 shares 224,158$30.2M3.03%+45,671Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,072 shares; 2024Q4: 25,954 shares; 2025Q1: 47,665 shares; 2025Q2: 57,185 shares 57,185$28.7M2.87%+9,520Timeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,967 shares; 2024Q4: 79,855 shares; 2025Q1: 128,288 shares; 2025Q2: 119,525 shares 119,525$28.1M2.82%-8,763Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 123,589 shares 123,589$28M2.8%newTimeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 205,205 shares; 2024Q4: 260,973 shares; 2025Q1: 413,736 shares; 2025Q2: 410,797 shares 410,797$28M2.8%-2,939Timeline
LLYVKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,147 shares; 2024Q4: 199,147 shares; 2025Q1: 303,156 shares; 2025Q2: 325,246 shares 325,246$26.4M2.64%+22,090Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,010 shares; 2024Q4: 46,340 shares; 2025Q1: 67,589 shares; 2025Q2: 74,051 shares 74,051$26.3M2.63%+6,462Timeline
MTZMASTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,146 shares; 2024Q4: 78,707 shares; 2025Q1: 175,618 shares; 2025Q2: 151,806 shares 151,806$25.9M2.59%-23,812Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 292,008 shares; 2024Q4: 510,878 shares; 2025Q1: 842,277 shares; 2025Q2: 861,271 shares 861,271$25.8M2.58%+18,994Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 75,637 shares 75,637$21.8M2.18%newTimeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,685 shares; 2024Q4: 18,632 shares; 2025Q1: 35,141 shares; 2025Q2: 40,444 shares 40,444$21.3M2.14%+5,303Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,226 shares; 2024Q4: 32,654 shares; 2025Q1: 53,204 shares; 2025Q2: 56,023 shares 56,023$19.2M1.93%+2,819Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,834 shares; 2024Q4: 105,566 shares; 2025Q1: 159,988 shares; 2025Q2: 104,925 shares 104,925$18.5M1.85%-55,063Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 135,751 shares; 2024Q4: 139,324 shares; 2025Q1: 223,633 shares; 2025Q2: 232,316 shares 232,316$17.9M1.79%+8,683Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 135,051 shares; 2025Q2: 120,696 shares 120,696$12.6M1.26%-14,355Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 216,899 shares; 2024Q4: 119,801 shares; 2025Q1: 128,454 shares; 2025Q2: 175,233 shares 175,233$12M1.2%+46,779Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,860 shares; 2024Q4: 77,862 shares; 2025Q1: 123,477 shares; 2025Q2: 144,483 shares 144,483$11.7M1.17%+21,006Timeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 185,000 shares; 2025Q1: 185,000 shares; 2025Q2: 185,000 shares 185,000$4.62M0.46%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
CRHCRH PLC156,299$13.7Mshares
GILGILDAN ACTIVEWEAR INC241,205$10.7Mshares
TEAMATLASSIAN CORPORATION45,688$9.7Mshares

How Q2 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 0001359262-25-000005 base2025-08-13acceptance time not in the bulk data set