Skip to content
Disclosery

MAKENA CAPITAL MANAGEMENT LLC

Follow

13F filer, CIK 1359262, MENLO PARK, CA

MAKENA CAPITAL MANAGEMENT LLC reported $968,470,178 across 24 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-10. Its ten largest share positions make up 71.86% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001359262-25-000007

Period
2025-09-30
Reported value
$968M
Holdings
24
Top 10 weight
71.86%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FERGnew+84,568$19M
FLUTnew+45,344$11.5M
Vadded+20,440$6.98M
SPGIadded+11,711$5.7M
MCOadded+9,434$4.5M

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-96,334-$59M
SHWexited-56,023-$19.2M
IEFAreduced-155,565-$13.6M
FWONKexited-120,696-$12.6M
GEreduced-40,082-$12.1M

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, Q3 2025

Share positions as resolved from 13F-HR 0001359262-25-000007, largest first. % of portfolio is the value over $968,470,178, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 284,856 shares; 2025Q1: 749,448 shares; 2025Q2: 606,092 shares; 2025Q3: 509,758 shares 509,758$312M32.23%-96,334Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 677,930 shares; 2025Q1: 1,536,041 shares; 2025Q2: 1,322,675 shares; 2025Q3: 1,167,110 shares 1,167,110$102M10.52%-155,565Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 395,439 shares; 2025Q1: 965,274 shares; 2025Q2: 779,675 shares; 2025Q3: 723,846 shares 723,846$47.7M4.93%-55,829Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,239 shares; 2024Q4: 49,823 shares; 2025Q1: 83,385 shares; 2025Q2: 78,159 shares; 2025Q3: 74,517 shares 74,517$38.6M3.99%-3,642Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,317 shares; 2024Q4: 101,237 shares; 2025Q1: 156,808 shares; 2025Q2: 175,877 shares; 2025Q3: 173,410 shares 173,410$38.1M3.93%-2,467Timeline
XLVSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,811 shares; 2024Q4: 109,887 shares; 2025Q1: 178,487 shares; 2025Q2: 224,158 shares; 2025Q3: 235,409 shares 235,409$32.8M3.38%+11,251Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,010 shares; 2024Q4: 46,340 shares; 2025Q1: 67,589 shares; 2025Q2: 74,051 shares; 2025Q3: 94,491 shares 94,491$32.3M3.33%+20,440Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,072 shares; 2024Q4: 25,954 shares; 2025Q1: 47,665 shares; 2025Q2: 57,185 shares; 2025Q3: 66,619 shares 66,619$31.7M3.28%+9,434Timeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,967 shares; 2024Q4: 79,855 shares; 2025Q1: 128,288 shares; 2025Q2: 119,525 shares; 2025Q3: 137,843 shares 137,843$31.7M3.27%+18,318Timeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 205,205 shares; 2024Q4: 260,973 shares; 2025Q1: 413,736 shares; 2025Q2: 410,797 shares; 2025Q3: 345,354 shares 345,354$29.1M3.01%-65,443Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 75,637 shares; 2025Q3: 87,273 shares 87,273$26M2.68%+11,636Timeline
MTZMASTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,146 shares; 2024Q4: 78,707 shares; 2025Q1: 175,618 shares; 2025Q2: 151,806 shares; 2025Q3: 122,085 shares 122,085$26M2.68%-29,721Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 123,589 shares; 2025Q3: 92,949 shares 92,949$26M2.68%-30,640Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,422 shares; 2024Q4: 97,833 shares; 2025Q1: 143,846 shares; 2025Q2: 126,218 shares; 2025Q3: 86,136 shares 86,136$25.9M2.68%-40,082Timeline
LLYVKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,147 shares; 2024Q4: 199,147 shares; 2025Q1: 303,156 shares; 2025Q2: 325,246 shares; 2025Q3: 262,125 shares 262,125$25.4M2.62%-63,121Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,685 shares; 2024Q4: 18,632 shares; 2025Q1: 35,141 shares; 2025Q2: 40,444 shares; 2025Q3: 52,155 shares 52,155$25.4M2.62%+11,711Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 135,751 shares; 2024Q4: 139,324 shares; 2025Q1: 223,633 shares; 2025Q2: 232,316 shares; 2025Q3: 252,675 shares 252,675$19.4M2%+20,359Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 292,008 shares; 2024Q4: 510,878 shares; 2025Q1: 842,277 shares; 2025Q2: 861,271 shares; 2025Q3: 591,989 shares 591,989$19.1M1.97%-269,282Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 84,568 shares 84,568$19M1.96%newTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,834 shares; 2024Q4: 105,566 shares; 2025Q1: 159,988 shares; 2025Q2: 104,925 shares; 2025Q3: 77,294 shares 77,294$18.8M1.94%-27,631Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 216,899 shares; 2024Q4: 119,801 shares; 2025Q1: 128,454 shares; 2025Q2: 175,233 shares; 2025Q3: 173,104 shares 173,104$12.6M1.3%-2,129Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,860 shares; 2024Q4: 77,862 shares; 2025Q1: 123,477 shares; 2025Q2: 144,483 shares; 2025Q3: 157,643 shares 157,643$12.4M1.28%+13,160Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 45,344 shares 45,344$11.5M1.19%newTimeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 185,000 shares; 2025Q1: 185,000 shares; 2025Q2: 185,000 shares; 2025Q3: 185,000 shares 185,000$5.13M0.53%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SHWSHERWIN WILLIAMS CO56,023$19.2Mshares
FWONKLIBERTY MEDIA CORP DEL120,696$12.6Mshares

How Q3 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 0001359262-25-000007 base2025-11-10acceptance time not in the bulk data set