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Makena Capital Management LLC

CIK 1359262 · latest 13F filed 10 August 2026 · Read the filing on EDGAR

Makena Capital Management LLC reported 26 US-listed holdings worth $951.8 million in its 13F for the quarter ended 30 June 2026, filed 10 August 2026. Its largest: Vanguard S&P 500 (30.5%), iShares Core MSCI Eafe ETF (10.3%) and iShares Core MSCI Emerging Mark (5.1%). Against the quarter before, it opened 2 positions, added to 12, trimmed 10 and sold out of 3.

Reported holdings$951.8M+9.9% on Q1 2026
Positions26-1 on Q1 2026
The largest ten69.6%of its reported holdings
Latest 13FQ2 2026filed 10 August 2026
Where the money is
OpenedAdded toTrimmed
VOO30.5%IEFA10.3%IEMG5.1%VEEV3.8%GWRE3.7%TSM3.6%XLV3.3%V3.3%AMZN3.3%MCO2.8%LLYVK2.7%MTZ2.6%GE2.6%12 more19.9%

The 14 largest of its 26 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $416.4 million in 39 positions$416MQ3 24Q4 2024: $616.5 million in 41 positions$616MQ4 24Q1 2025: $968.7 million in 25 positions$969MQ1 25Q2 2025: $998.3 million in 24 positions$998MQ2 25Q3 2025: $968.5 million in 24 positions$968MQ3 25Q4 2025: $834.5 million in 26 positions$834MQ4 25Q1 2026: $866.1 million in 27 positions$866MQ1 26Q2 2026: $951.8 million in 26 positions$952MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +27.1% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
100110120130Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +27.1%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 2Added 12Held 2Trimmed 10Sold out 3
Opened: 2Added: 12Held: 2Trimmed: 10Sold out: 3

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 2

  1. MercadoLibre, Inc. MELI$24.5 million
  2. New York Times Co. NYT$16.4 million

Added to 12

  1. Guidewire Software, Inc. GWRE+82,341 shares · +41%
  2. Veeva Systems Inc. VEEV+47,167 shares · +30%
  3. Procore Technologies Inc. PCOR+177,045 shares · +55%
  4. Moody's Corp. MCO+10,613 shares · +22%
  5. S&P Global Inc. SPGI+9,569 shares · +21%
  6. Coupang Inc. Class A CPNG+213,287 shares · +24%
  7. Select Sector SPDR Trust XLV+23,328 shares · +13%
  8. CRH Public Ltd. Co. CRH+17,054 shares · +9%

and 4 more in the table below

Trimmed 10

  1. Vanguard S&P 500 VOO-20,503 shares · -5%
  2. iShares Core MSCI Emerging Mark IEMG-101,501 shares · -15%
  3. Mastec Inc. MTZ-18,773 shares · -24%
  4. Taiwan Semiconductor Manufacturing Company Limited TSM-12,273 shares · -15%
  5. iShares Core MSCI Eafe ETF IEFA-59,999 shares · -6%
  6. Amazon.com Inc. AMZN-17,363 shares · -12%
  7. Alphabet Inc. GOOGL-8,866 shares · -14%
  8. NVIDIA Corp. NVDA-11,448 shares · -11%

and 2 more in the table below

Sold out of 3

  1. Microsoft Corp. MSFT$20.6 million last quarter
  2. Somnigroup International Inc. SGI$18.6 million last quarter
  3. Figma Inc. FIG$594,309 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Vanguard S&P 500 VOO422.2K$290.0 million30.47%-20.5K
iShares Core MSCI Eafe ETF IEFA1.0M$98.3 million10.33%-60.0K
iShares Core MSCI Emerging Mark IEMG590.6K$48.9 million5.14%-101.5K
Veeva Systems Inc. VEEV202.5K$35.9 million3.77%+47.2K
Guidewire Software, Inc. GWRE283.0K$34.8 million3.66%+82.3K
Taiwan Semiconductor Manufacturing Company Limited TSM71.5K$34.1 million3.59%-12.3K
Select Sector SPDR Trust XLV197.2K$31.3 million3.29%+23.3K
Visa Inc. V90.2K$31.0 million3.25%+188
Amazon.com Inc. AMZN129.8K$30.9 million3.25%-17.4K
Moody's Corp. MCO59.7K$27.0 million2.84%+10.6K
Liberty Live Hldgs Inc. LLYVK239.8K$25.3 million2.66%+9.9K
Mastec Inc. MTZ60.5K$25.2 million2.64%-18.8K
General Electric Co. GE67.2K$25.1 million2.64%+457
MercadoLibre, Inc. MELI14.4K$24.5 million2.57%new
S&P Global Inc. SPGI55.6K$22.6 million2.38%+9.6K
CRH Public Ltd. Co. CRH205.9K$22.0 million2.31%+17.1K
Procore Technologies Inc. PCOR497.7K$20.2 million2.12%+177.0K
Coupang Inc. Class A CPNG1.1M$19.0 million2.00%+213.3K
NVIDIA Corp. NVDA94.7K$19.0 million1.99%-11.4K
Alphabet Inc. GOOGL52.6K$18.8 million1.98%-8.9K
New York Times Co. NYT233.8K$16.4 million1.72%new
Johnson Controls International plc JCI104.1K$15.2 million1.60%-9.1K
First Solar, Inc. FSLR57.9K$13.7 million1.43%no change
Select Sector SPDR Trust XLP134.8K$11.2 million1.18%-17.5K
Sonida Senior Living Inc. SNDA185.0K$7.5 million0.79%no change
Medline Inc. MDLN96.6K$3.8 million0.40%+2.7K
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 3 it sold out of are in the box above.