Makena Capital Management LLC 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Makena Capital Management LLC disclosed 24 US equity positions worth $968.5m in its Q3 2025 13F filing. The largest position was VOO at 32.2% of the reported book, followed by IEFA and IEMG. Against the Q2 2025 filing, it opened 2 new positions, added to 8 and reduced 13 among the top 24 holdings.
What did Makena Capital Management LLC own in Q3 2025? Top 24 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | VOO VANGUARD INDEX FDS | 32.2% | $312.2m | 509,758 | -16% | reduced | |
| 2 | IEFA ISHARES TR | 10.5% | $101.9m | 1,167,110 | -12% | reduced | |
| 3 | IEMG ISHARES INC | 4.9% | $47.7m | 723,846 | -7% | reduced | |
| 4 | MSFT MICROSOFT CORP | Technology | 4.0% | $38.6m | 74,517 | -5% | reduced |
| 5 | AMZN AMAZON COM INC | Consumer Cyclical | 3.9% | $38.1m | 173,410 | -1% | reduced |
| 6 | XLV SELECT SECTOR SPDR TR | 3.4% | $32.8m | 235,409 | 5% | added | |
| 7 | V VISA INC | Financial Services | 3.3% | $32.3m | 94,491 | 28% | added |
| 8 | MCO MOODYS CORP | Financial Services | 3.3% | $31.7m | 66,619 | 16% | added |
| 9 | GWRE GUIDEWIRE SOFTWARE INC | Technology | 3.3% | $31.7m | 137,843 | 15% | added |
| 10 | SGI SOMNIGROUP INTERNATIONAL INC | Consumer Cyclical | 3.0% | $29.1m | 345,354 | -16% | reduced |
| 11 | VEEV VEEVA SYS INC | Healthcare | 2.7% | $26.0m | 87,273 | 15% | added |
| 12 | MTZ MASTEC INC | Industrials | 2.7% | $26.0m | 122,085 | -20% | reduced |
| 13 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 2.7% | $26.0m | 92,949 | -25% | reduced |
| 14 | GE GE AEROSPACE | Industrials | 2.7% | $25.9m | 86,136 | -32% | reduced |
| 15 | LIBERTY MEDIA CORP DEL | 2.6% | $25.4m | 262,125 | -19% | reduced | |
| 16 | SPGI S&P GLOBAL INC | Financial Services | 2.6% | $25.4m | 52,155 | 29% | added |
| 17 | USFD US FOODS HLDG CORP | Consumer Defensive | 2.0% | $19.4m | 252,675 | 9% | added |
| 18 | CPNG COUPANG INC | Consumer Cyclical | 2.0% | $19.1m | 591,989 | -31% | reduced |
| 19 | FERG FERGUSON ENTERPRISES INC | Industrials | 2.0% | $19.0m | 84,568 | – | new |
| 20 | GOOGL ALPHABET INC | Communication Services | 1.9% | $18.8m | 77,294 | -26% | reduced |
| 21 | PCOR PROCORE TECHNOLOGIES INC | Technology | 1.3% | $12.6m | 173,104 | -1% | reduced |
| 22 | XLP SELECT SECTOR SPDR TR | 1.3% | $12.4m | 157,643 | 9% | added | |
| 23 | FLUTTER ENTMT PLC | 1.2% | $11.5m | 45,344 | – | new | |
| 24 | SNDA SONIDA SENIOR LIVING INC | Healthcare | 0.5% | $5.1m | 185,000 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.