Skip to content
Disclosery

MAKENA CAPITAL MANAGEMENT LLC

Follow

13F filer, CIK 1359262, MENLO PARK, CA

MAKENA CAPITAL MANAGEMENT LLC reported $834,450,029 across 26 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-03. Its ten largest share positions make up 69.25% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001359262-26-000001

Period
2025-12-31
Reported value
$834M
Holdings
26
Top 10 weight
69.25%
New
4
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LLYVKnew+269,418$22.4M
CRHnew+132,428$16.5M
FSLRnew+43,539$11.4M
VEEVadded+26,526$5.92M
PCORadded+59,423$4.32M

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-107,821-$67.6M
LLYVKexited-262,125-$25.4M
IEFAreduced-232,774-$20.8M
MCOreduced-28,021-$14.3M
FLUTexited-45,344-$11.5M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001359262-26-000001, largest first. % of portfolio is the value over $834,450,029, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 284,856 shares; 2025Q1: 749,448 shares; 2025Q2: 606,092 shares; 2025Q3: 509,758 shares; 2025Q4: 401,937 shares 401,937$252M30.21%-107,821Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 934,336 shares 934,336$83.6M10.02%-232,774Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 395,439 shares; 2025Q1: 965,274 shares; 2025Q2: 779,675 shares; 2025Q3: 723,846 shares; 2025Q4: 578,596 shares 578,596$38.9M4.66%-145,250Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,317 shares; 2024Q4: 101,237 shares; 2025Q1: 156,808 shares; 2025Q2: 175,877 shares; 2025Q3: 173,410 shares; 2025Q4: 147,183 shares 147,183$34M4.07%-26,227Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,239 shares; 2024Q4: 49,823 shares; 2025Q1: 83,385 shares; 2025Q2: 78,159 shares; 2025Q3: 74,517 shares; 2025Q4: 70,000 shares 70,000$33.9M4.06%-4,517Timeline
XLVSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,811 shares; 2024Q4: 109,887 shares; 2025Q1: 178,487 shares; 2025Q2: 224,158 shares; 2025Q3: 235,409 shares; 2025Q4: 182,397 shares 182,397$28.2M3.38%-53,012Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,010 shares; 2024Q4: 46,340 shares; 2025Q1: 67,589 shares; 2025Q2: 74,051 shares; 2025Q3: 94,491 shares; 2025Q4: 80,424 shares 80,424$28.2M3.38%-14,067Timeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,967 shares; 2024Q4: 79,855 shares; 2025Q1: 128,288 shares; 2025Q2: 119,525 shares; 2025Q3: 137,843 shares; 2025Q4: 139,315 shares 139,315$28M3.36%+1,472Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 123,589 shares; 2025Q3: 92,949 shares; 2025Q4: 84,495 shares 84,495$25.7M3.08%-8,454Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 75,637 shares; 2025Q3: 87,273 shares; 2025Q4: 113,799 shares 113,799$25.4M3.04%+26,526Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,422 shares; 2024Q4: 97,833 shares; 2025Q1: 143,846 shares; 2025Q2: 126,218 shares; 2025Q3: 86,136 shares; 2025Q4: 72,847 shares 72,847$22.4M2.69%-13,289Timeline
LLYVKLIBERTY LIVE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 269,418 shares 269,418$22.4M2.68%newTimeline
MTZMASTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,146 shares; 2024Q4: 78,707 shares; 2025Q1: 175,618 shares; 2025Q2: 151,806 shares; 2025Q3: 122,085 shares; 2025Q4: 102,423 shares 102,423$22.3M2.67%-19,662Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,072 shares; 2024Q4: 25,954 shares; 2025Q1: 47,665 shares; 2025Q2: 57,185 shares; 2025Q3: 66,619 shares; 2025Q4: 38,598 shares 38,598$19.7M2.36%-28,021Timeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 205,205 shares; 2024Q4: 260,973 shares; 2025Q1: 413,736 shares; 2025Q2: 410,797 shares; 2025Q3: 345,354 shares; 2025Q4: 218,934 shares 218,934$19.5M2.34%-126,420Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 84,568 shares; 2025Q4: 87,063 shares 87,063$19.4M2.32%+2,495Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,834 shares; 2024Q4: 105,566 shares; 2025Q1: 159,988 shares; 2025Q2: 104,925 shares; 2025Q3: 77,294 shares; 2025Q4: 54,435 shares 54,435$17M2.04%-22,859Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,685 shares; 2024Q4: 18,632 shares; 2025Q1: 35,141 shares; 2025Q2: 40,444 shares; 2025Q3: 52,155 shares; 2025Q4: 32,469 shares 32,469$17M2.03%-19,686Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 216,899 shares; 2024Q4: 119,801 shares; 2025Q1: 128,454 shares; 2025Q2: 175,233 shares; 2025Q3: 173,104 shares; 2025Q4: 232,527 shares 232,527$16.9M2.03%+59,423Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 135,751 shares; 2024Q4: 139,324 shares; 2025Q1: 223,633 shares; 2025Q2: 232,316 shares; 2025Q3: 252,675 shares; 2025Q4: 223,384 shares 223,384$16.8M2.02%-29,291Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,482 shares; 2024Q4: 111,136 shares; 2025Q1: 156,299 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 132,428 shares 132,428$16.5M1.98%newTimeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 292,008 shares; 2024Q4: 510,878 shares; 2025Q1: 842,277 shares; 2025Q2: 861,271 shares; 2025Q3: 591,989 shares; 2025Q4: 691,386 shares 691,386$16.3M1.95%+99,397Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,860 shares; 2024Q4: 77,862 shares; 2025Q1: 123,477 shares; 2025Q2: 144,483 shares; 2025Q3: 157,643 shares; 2025Q4: 151,503 shares 151,503$11.8M1.41%-6,140Timeline
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 43,539 shares 43,539$11.4M1.36%newTimeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 185,000 shares; 2025Q1: 185,000 shares; 2025Q2: 185,000 shares; 2025Q3: 185,000 shares; 2025Q4: 185,000 shares 185,000$6.03M0.72%0Timeline
FIGFIGMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 28,113 shares 28,113$1.05M0.13%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
LLYVKLIBERTY MEDIA CORP DEL262,125$25.4Mshares
FLUTFLUTTER ENTMT PLC45,344$11.5Mshares

How Q4 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 0001359262-26-000001 base2026-02-03acceptance time not in the bulk data set