Makena Capital Management LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Makena Capital Management LLC disclosed 26 US equity positions worth $834.5m in its Q4 2025 13F filing. The largest position was VOO at 30.2% of the reported book, followed by IEFA and IEMG. Against the Q3 2025 filing, it opened 4 new positions, added to 5 and reduced 16 among the top 26 holdings.
What did Makena Capital Management LLC own in Q4 2025? Top 26 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | VOO VANGUARD INDEX FDS | 30.2% | $252.1m | 401,937 | -21% | reduced | |
| 2 | IEFA ISHARES TR | 10.0% | $83.6m | 934,336 | -20% | reduced | |
| 3 | IEMG ISHARES INC | 4.7% | $38.9m | 578,596 | -20% | reduced | |
| 4 | AMZN AMAZON COM INC | Consumer Cyclical | 4.1% | $34.0m | 147,183 | -15% | reduced |
| 5 | MSFT MICROSOFT CORP | Technology | 4.1% | $33.9m | 70,000 | -6% | reduced |
| 6 | XLV SELECT SECTOR SPDR TR | 3.4% | $28.2m | 182,397 | -23% | reduced | |
| 7 | V VISA INC | Financial Services | 3.4% | $28.2m | 80,424 | -15% | reduced |
| 8 | GWRE GUIDEWIRE SOFTWARE INC | Technology | 3.4% | $28.0m | 139,315 | 1% | added |
| 9 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 3.1% | $25.7m | 84,495 | -9% | reduced |
| 10 | VEEV VEEVA SYS INC | Healthcare | 3.0% | $25.4m | 113,799 | 30% | added |
| 11 | GE GE AEROSPACE | Industrials | 2.7% | $22.4m | 72,847 | -15% | reduced |
| 12 | LLYVK LIBERTY LIVE HOLDINGS INC | 2.7% | $22.4m | 269,418 | – | new | |
| 13 | MTZ MASTEC INC | Industrials | 2.7% | $22.3m | 102,423 | -16% | reduced |
| 14 | MCO MOODYS CORP | Financial Services | 2.4% | $19.7m | 38,598 | -42% | reduced |
| 15 | SGI SOMNIGROUP INTERNATIONAL INC | Consumer Cyclical | 2.3% | $19.5m | 218,934 | -37% | reduced |
| 16 | FERG FERGUSON ENTERPRISES INC | Industrials | 2.3% | $19.4m | 87,063 | 3% | added |
| 17 | GOOGL ALPHABET INC | Communication Services | 2.0% | $17.0m | 54,435 | -30% | reduced |
| 18 | SPGI S&P GLOBAL INC | Financial Services | 2.0% | $17.0m | 32,469 | -38% | reduced |
| 19 | PCOR PROCORE TECHNOLOGIES INC | Technology | 2.0% | $16.9m | 232,527 | 34% | added |
| 20 | USFD US FOODS HLDG CORP | Consumer Defensive | 2.0% | $16.8m | 223,384 | -12% | reduced |
| 21 | CRH CRH PLC | Basic Materials | 2.0% | $16.5m | 132,428 | – | new |
| 22 | CPNG COUPANG INC | Consumer Cyclical | 2.0% | $16.3m | 691,386 | 17% | added |
| 23 | XLP SELECT SECTOR SPDR TR | 1.4% | $11.8m | 151,503 | -4% | reduced | |
| 24 | FSLR FIRST SOLAR INC | Technology | 1.4% | $11.4m | 43,539 | – | new |
| 25 | SNDA SONIDA SENIOR LIVING INC | Healthcare | 0.7% | $6.0m | 185,000 | 0% | held |
| 26 | FIG FIGMA INC | Technology | 0.1% | $1.1m | 28,113 | – | new |
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.