MC
Makena Capital Management LLC SEC 13F Holdings (Q2 2026) — Top Position: VANGUARD S&P 500 ETF
Makena Capital Management LLCCIK: 0001359262
Momentum followerQuality / disciplined sizingLong-term holder
Total reported value
$951.8M
Reporting period: 2026-06-30 · Number of holdings: 26
MAKENA CAPITAL MANAGEMENT LLC disclosed 26 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $951.8M and a quarterly turnover rate of 18.6%.
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Personality snowflake
- Concentration
- 48.26
- Portfolio Stability
- 18.63
- Momentum
- 100
- Sector conviction
- 53.37
- Diversification
- 52
- Sizing Uniformity
- 85.09
Makena Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.121 — mathematically equivalent to about 8 equally-sized positions, well below its 26 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.49), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 46% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy MELI
Sold out MSFT
Sold out SGI
New buy NYT
Trim IEFA
-5.6% $726.4K
Add VEEV
+30.4% $8.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 30.47% | -0.08% | -4.63% | |
| 2 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 10.33% | -0.94% | -5.57% | |
| 3 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 5.14% | -0.43% | -14.67% | |
| 4 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 3.77% | +0.62% | +30.37% | |
| 5 | GWRE | Guidewire Software Inc | Stock-Tech | 3.66% | +0.20% | +41.04% | |
| 6 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 3.59% | +0.31% | -14.66% | |
| 7 | XLV | Ss Health Care Select Sector | ETF-Other | 3.29% | +0.35% | +13.42% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 3.25% | +0.11% | +0.21% | |
| 9 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.25% | -0.29% | -11.80% | |
| 10 | MCO | Moody's CORP | Stock-Financials | 2.84% | +0.37% | +21.63% | |
| 11 | LLYVK | Liberty Live Holdings-c | Stock-Other | 2.66% | +0.16% | +4.32% | |
| 12 | MTZ | Mastec Inc | Stock-Industrials | 2.64% | -0.30% | -23.70% | |
| 13 | GE | General Electric | Stock-Industrials | 2.64% | +0.45% | +0.68% | |
| 14 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 2.57% | +2.57% | NEW | |
| 15 | SPGI | S&p Global Inc | Stock-Financials | 2.38% | +0.12% | +20.79% | |
| 16 | CRH | CRH plc | Stock-Materials | 2.31% | +0.02% | +9.03% | |
| 17 | PCOR | Procore Technologies Inc | Stock-Tech | 2.12% | +0.01% | +55.21% | |
| 18 | CPNG | Coupang Inc | Stock-Consumer Disc | 2.00% | +0.08% | +24.16% | |
| 19 | NVDA | Nvidia CORP | Stock-Tech | 1.99% | -0.15% | -10.78% | |
| 20 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.98% | -0.06% | -14.42% | |
| 21 | NYT | New York Times Co-a | Stock-Comm Services | 1.72% | +1.72% | NEW | |
| 22 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.60% | -0.11% | -8.06% | |
| 23 | FSLR | First Solar Inc | Stock-Tech | 1.43% | +0.11% | — | |
| 24 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 1.18% | -0.26% | -11.51% | |
| 25 | SNDA | Sonida Senior Living Inc | Stock-Other | 0.79% | +0.10% | — | |
| 26 | MDLN | Medline Inc-cl A | Stock-Other | 0.40% | -0.08% | +2.85% |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
+4.5%
Performance Last 4 Quarters
+17.3%
- Stdev
- +16.1%
- Beta
- +1.13
- Alpha
- -0.8%
- Max Drawdown
- -5.9%
- Annualized Perf
- +22.8%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.84
- Stutzer
- +0.41
- Treynor
- +0.19
- Sterling
- +1.45
- Calmar
- +3.86
- Information Ratio
- +0.28
- Tracking Error
- +6.9%
- Stdev Down
- +7.7%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +45.8%
- Worst 12 Months
- +10.9%
- Efficiency Ratio
- +0.63
- Sharpe
- +1.36
- Stdev Sectors
- +7.1%
- Skewness
- +0.54
- Kurtosis
- +1.46
- Upside Potential
- +4.32
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 26 | $951.8M | 19 | ||
| 2026 Q1 | 27 | $866.1M | 18 | ||
| 2025 Q4 | 26 | $834.5M | 28 | ||
| 2025 Q3 | 24 | $968.5M | 34 | ||
| 2025 Q2 | 24 | $998.3M | 0 | ||
| 2025 Q1 | 25 | $968.7M | 100 | ||
| 2024 Q4 | 41 | $616.5M | 0 | ||
| 2024 Q3 | 39 | $416.4M | 0 | ||
| 2024 Q2 | 38 | $431.6M | 0 | ||
| 2024 Q1 | 39 | $429.6M | 0 | ||
| 2023 Q4 | 41 | $441.5M | 0 | ||
| 2023 Q3 | 40 | $467.1M | 0 | ||
| 2023 Q2 | 42 | $523.4M | 0 | ||
| 2023 Q1 | 42 | $527.4M | 0 | ||
| 2022 Q4 | 42 | $532.3M | 0 | ||
| 2022 Q3 | 45 | $600.1M | 0 | ||
| 2022 Q2 | 44 | $613.0M | 0 | ||
| 2022 Q1 | 44 | $824.2M | 0 | ||
| 2021 Q4 | 47 | $884.4M | 0 | ||
| 2021 Q3 | 43 | $592.1M | 0 | ||
| 2021 Q2 | 42 | $676.9M | 100 | ||
| 2021 Q1 | 42 | $630.9M | 100 | ||
| 2020 Q4 | 49 | $180.1M | 60 | ||
| 2020 Q3 | 63 | $170.5M | 29 | ||
| 2020 Q2 | 62 | $163.8M | 67 | ||
| 2020 Q1 | 49 | $103.2M | 35 | ||
| 2019 Q4 | 40 | $113.2M | 100 | ||
| 2018 Q3 | 16 | $68.8M | 10 | ||
| 2018 Q2 | 16 | $75.7M | 100 | ||
| 2018 Q1 | 18 | $433.6M | 8 | ||
| 2017 Q4 | 17 | $402.9M | 55 | ||
| 2017 Q3 | 18 | $711.3M | 18 | ||
| 2017 Q2 | 23 | $729.0M | 6 | ||
| 2017 Q1 | 23 | $711.7M | 48 | ||
| 2016 Q4 | 22 | $471.4M | 81 | ||
| 2016 Q3 | 21 | $1.1B | 41 | ||
| 2016 Q2 | 20 | $812.2M | 11 | ||
| 2016 Q1 | 21 | $905.9M | 31 | ||
| 2015 Q4 | 20 | $976.7M | 11 | ||
| 2015 Q3 | 20 | $1.1B | 19 | ||
| 2015 Q2 | 21 | $1.2B | 26 | ||
| 2015 Q1 | 14 | $920.4M | 15 | ||
| 2014 Q4 | 13 | $961.4M | 29 | ||
| 2014 Q3 | 14 | $1.1B | 16 | ||
| 2014 Q2 | 12 | $1.1B | 37 | ||
| 2014 Q1 | 11 | $916.4M | 92 | ||
| 2013 Q4 | 10 | $2.4B | 40 | ||
| 2013 Q3 | 8 | $1.6B | 100 | ||
| 2013 Q2 | 9 | $1.8B | — |
Holding changes this quarter
Makena Capital Management LLC's most significant position changes for 2026-06-30: New buy: Mercadolibre Inc (MELI); Sold out: Microsoft CORP (MSFT); Sold out: Somnigroup International Inc (SGI); New buy: New York Times Co-a (NYT); Sold out: Figma Inc-cl A (FIG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MELI | Mercadolibre Inc | +2.6% | NEW | New buy |
| 2 | NYT | New York Times Co-a | +1.7% | NEW | New buy |
| 3 | VEEV | Veeva Systems Inc-class A | +0.6% | +30.37% | Add |
| 4 | GE | General Electric | +0.5% | +0.68% | Add |
| 5 | MCO | Moody's CORP | +0.4% | +21.63% | Add |
| 6 | XLV | Ss Health Care Select Sector | +0.4% | +13.42% | Add |
| 7 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | -14.66% | Trim |
| 8 | GWRE | Guidewire Software Inc | +0.2% | +41.04% | Add |
| 9 | LLYVK | Liberty Live Holdings-c | +0.2% | +4.32% | Add |
| 10 | SPGI | S&p Global Inc | +0.1% | +20.79% | Add |
| 11 | V | Visa Inc-class A Shares | +0.1% | +0.21% | Add |
| 12 | FSLR | First Solar Inc | +0.1% | — | Unchanged |
| 13 | SNDA | Sonida Senior Living Inc | +0.1% | — | Unchanged |
| 14 | CPNG | Coupang Inc | +0.1% | +24.16% | Add |
| 15 | CRH | CRH plc | 0% | +9.03% | Add |
| 16 | PCOR | Procore Technologies Inc | 0% | +55.21% | Add |
| 17 | GOOGL | Alphabet Inc-cl A | -0.1% | -14.42% | Trim |
| 18 | FIG | Figma Inc-cl A | -0.1% | EXIT | Sold out |
| 19 | VOO | Vanguard S&p 500 ETF | -0.1% | -4.63% | Trim |
| 20 | MDLN | Medline Inc-cl A | -0.1% | +2.85% | Add |
| 21 | JNJ | Johnson & Johnson | -0.1% | -8.06% | Trim |
| 22 | NVDA | Nvidia CORP | -0.2% | -10.78% | Trim |
| 23 | XLP | Ss Consumer Staples Sel Sect | -0.3% | -11.51% | Trim |
| 24 | AMZN | Amazon.com Inc | -0.3% | -11.80% | Trim |
| 25 | MTZ | Mastec Inc | -0.3% | -23.70% | Trim |
| 26 | IEMG | Ishares Core Msci Emerging | -0.4% | -14.67% | Trim |
| 27 | IEFA | Ishares Core Msci Eafe ETF | -0.9% | -5.57% | Trim |
| 28 | SGI | Somnigroup International Inc | -2.1% | EXIT | Sold out |
| 29 | MSFT | Microsoft CORP | -2.4% | EXIT | Sold out |
Filing History
FAQ
What is Makena Capital Management LLC and what type of investor is it?
Makena Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $951.8M, spread across 26 disclosed positions.
What are Makena Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Makena Capital Management LLC's top holdings by market value are:
1. Vanguard S&p 500 ETF (VOO) — $290.0M (30.5%)
2. Ishares Core Msci Eafe ETF (IEFA) — $98.3M (10.3%)
3. Ishares Core Msci Emerging (IEMG) — $48.9M (5.1%)
4. Veeva Systems Inc-class A (VEEV) — $35.9M (3.8%)
5. Guidewire Software Inc (GWRE) — $34.8M (3.7%)
What changes did Makena Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Makena Capital Management LLC made 27 notable position adjustments: 2 new positions were initiated, 12 existing holdings were added to, 10 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Mercadolibre Inc (MELI); Sold out: Microsoft CORP (MSFT); Sold out: Somnigroup International Inc (SGI); New buy: New York Times Co-a (NYT); Sold out: Figma Inc-cl A (FIG)
What sectors does Makena Capital Management LLC focus on?
Makena Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.0%
• Financials: 18.5%
• Consumer Discretionary: 17.1%
• Health Care: 11.8%
• Industrials: 11.6%
• Communication Services: 8.1%
Investment Profile
Makena Capital Management LLC returned an annualized 22.8% over the trailing 36 months — underperforming the S&P 500 by 0.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.13 (more volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding.
Its turnover score has risen from 0 to 19 over the past 4 quarters — a shift toward more active trading.
It has added to its VOO position for two straight quarters, increasing it by $37.9M to reach $290.0M.
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