Makena Capital Management
MENLO PARK, CAfiles as MAKENA CAPITAL MANAGEMENT LLC
$952m in 26 US stocks at the end of 30 June 2026. The top 10 are 69.6% of the money. It changed about 7.3% of the portfolio this quarter.
Value
$952m
Stocks
26
Top 10 share
69.6%
Turnover
7.3%
What changed this quarter
New
Bought for the first time this quarter.
- MercadoLibreMELI2.6% of the fund
- New York TimesNYT1.7% of the fund
Added
Bought more of a stock they already held.
- Veeva SystemsVEEV3.8% of the fund+30%
- Guidewire SoftwareGWRE3.7% of the fund+41%
- Select Sector Spdr TRXLV3.3% of the fund+13%
- Moody'sMCO2.8% of the fund+22%
- Liberty Live HoldingsLLYVK2.7% of the fund+4%
- S&P GlobalSPGI2.4% of the fund+21%
- CRH PublicCRH2.3% of the fund+9%
- Procore TechnologiesPCOR2.1% of the fund+55%
- CoupangCPNG2.0% of the fund+24%
- MedlineMDLN0.4% of the fund+3%
Cut
Sold some of their stake.
- Vanguard Index FDSVOO30.5% of the fund-5%
- Ishares TRIEFA10.3% of the fund-6%
- IsharesIEMG5.1% of the fund-15%
- Taiwan Semiconductor ManufacturingTSM3.6% of the fund-15%
- Amazon.comAMZN3.3% of the fund-12%
- MastecMTZ2.6% of the fund-24%
- NvidiaNVDA2.0% of the fund-11%
- AlphabetGOOGL2.0% of the fund-14%
- Johnson Controls InternationalJCI1.6% of the fund-8%
- Select Sector Spdr TRXLP1.2% of the fund-12%
Sold out
Sold their entire stake.
- MicrosoftMSFT-100%
- Somnigroup InternationalSGI-100%
- FigmaFIG-100%
Holdings
- Vanguard Index FDSVOO
- Share
- 30.5%
- Value
- $290m
- Shares
- 422,234
-5%
- Ishares TRIEFA
- Share
- 10.3%
- Value
- $98m
- Shares
- 1,017,877
-6%
- IsharesIEMG
- Share
- 5.1%
- Value
- $49m
- Shares
- 590,622
-15%
- Select Sector Spdr TRXLV
- Share
- 3.3%
- Value
- $31m
- Shares
- 197,201
+13%
- Select Sector Spdr TRXLP
- Share
- 1.2%
- Value
- $11m
- Shares
- 134,810
-12%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Vanguard Index FDSVOO | 30.5% | $290m | 422,234 | -5% |
| Ishares TRIEFA | 10.3% | $98m | 1,017,877 | -6% |
| IsharesIEMG | 5.1% | $49m | 590,622 | -15% |
| Veeva SystemsVEEV | 3.8% | $36m | 202,465 | +30% |
| Guidewire SoftwareGWRE | 3.7% | $35m | 282,984 | +41% |
| Taiwan Semiconductor ManufacturingTSM | 3.6% | $34m | 71,453 | -15% |
| Select Sector Spdr TRXLV | 3.3% | $31m | 197,201 | +13% |
| VisaV | 3.3% | $31m | 90,249 | Held |
| Amazon.comAMZN | 3.3% | $31m | 129,820 | -12% |
| Moody'sMCO | 2.8% | $27m | 59,671 | +22% |
| Liberty Live HoldingsLLYVK | 2.7% | $25m | 239,774 | +4% |
| MastecMTZ | 2.6% | $25m | 60,452 | -24% |
| General ElectricGE | 2.6% | $25m | 67,220 | Held |
| MercadoLibreMELI | 2.6% | $24m | 14,405 | New |
| S&P GlobalSPGI | 2.4% | $23m | 55,598 | +21% |
| CRH PublicCRH | 2.3% | $22m | 205,853 | +9% |
| Procore TechnologiesPCOR | 2.1% | $20m | 497,726 | +55% |
| CoupangCPNG | 2.0% | $19m | 1,096,053 | +24% |
| NvidiaNVDA | 2.0% | $19m | 94,728 | -11% |
| AlphabetGOOGL | 2.0% | $19m | 52,622 | -14% |
| New York TimesNYT | 1.7% | $16m | 233,848 | New |
| Johnson Controls InternationalJCI | 1.6% | $15m | 104,115 | -8% |
| First SolarFSLR | 1.4% | $14m | 57,851 | Held |
| Select Sector Spdr TRXLP | 1.2% | $11m | 134,810 | -12% |
| Sonida Senior LivingSNDA | 0.8% | $8m | 185,000 | Held |
| MedlineMDLN | 0.4% | $4m | 96,631 | +3% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 4.7% since 30 June 2025.
Where the money is
Technology15.4%
Financial services8.5%
Retail & consumer7.9%
Industrials6.9%
Health care5.0%
Media & telecom3.7%
Materials2.3%
Other50.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.