Makena Capital Management LLC

Momentum followerQuality / disciplined sizingLong-term holder

Total reported value

$866.1M

Reporting period: 2026-03-31 · Number of holdings: 27

MAKENA CAPITAL MANAGEMENT LLC disclosed 27 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $866.1M and a quarterly turnover rate of 18.4%.

Personality snowflake

Concentration: 49.02
Portfolio Stability: 18.36
Momentum/Contrarian: 100
Sector conviction: 59.84
Diversification: 54
Sizing Uniformity: 84.52

Recent moves

Trim MSFT
-20.4%　-$13.2M
Add IEFA
+15.4%　$14.0M
Add IEMG
+19.6%　$9.4M
Trim AMZN
0.0%　-$3.3M
Trim GE
-8.4%　-$3.5M
Trim XLV
-4.7%　-$2.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	30.55%	+0.34%	+10.15%
2	IEFA	Ishares Core Msci Eafe ETF	ETF-Other	11.27%	+1.25%	+15.36%
3	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	5.57%	+0.91%	+19.62%
4	AMZN	Amazon.com INC	Stock-Consumer Disc	3.54%	-0.53%	—
5	GWRE	Guidewire Software INC	Stock-Tech	3.46%	+0.10%	+44.02%
6	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	3.27%	+0.19%	-0.91%
7	VEEV	Veeva Systems Inc-class A	Stock-Healthcare	3.15%	+0.11%	+36.47%
8	V	Visa Inc-class A Shares	Stock-Financials	3.14%	-0.24%	+11.98%
9	XLV	Ss Health Care Select Sector	ETF-Other	2.94%	-0.44%	-4.67%
10	MTZ	Mastec INC	Stock-Industrials	2.94%	+0.27%	-22.65%
11	LLYVK	Liberty Live Holdings-c	Stock-Other	2.50%	-0.18%	-14.69%
12	MCO	Moody's CORP	Stock-Financials	2.47%	+0.11%	+27.10%
13	MSFT	Microsoft CORP	Stock-Tech	2.38%	-1.68%	-20.37%
14	CRH	CRH plc	Stock-Materials	2.29%	+0.31%	+42.57%
15	SPGI	S&p Global INC	Stock-Financials	2.26%	+0.23%	+41.76%
16	GE	General Electric	Stock-Industrials	2.19%	-0.50%	-8.35%
17	SGI	Somnigroup International INC	Stock-Consumer Disc	2.14%	-0.20%	+14.75%
18	NVDA	Nvidia CORP	Stock-Tech	2.14%	+2.14%	NEW
19	PCOR	Procore Technologies INC	Stock-Tech	2.11%	+0.08%	+37.91%
20	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	2.04%	—	+12.96%
21	CPNG	Coupang INC	Stock-Consumer Disc	1.92%	-0.03%	+27.68%
22	JNJ	Johnson & Johnson	Stock-Healthcare	1.71%	+1.71%	NEW
23	XLP	Ss Consumer Staples Sel Sect	ETF-Other	1.44%	+0.03%	+0.56%
24	FSLR	First Solar INC	Stock-Tech	1.32%	-0.04%	+32.87%
25	SNDA	Sonida Senior Living INC	Stock-Other	0.69%	-0.03%	—
26	MDLN	Medline Inc-cl A	Stock-Other	0.48%	+0.48%	NEW
27	FIG	Figma Inc-cl A	Stock-Other	0.07%	-0.06%	—

Portfolio Performance

Performance for Q3 2026

+1%

Performance Last 4 Quarters

+12.6%

Based on 89% of reported portfolio value with available pricing

Stdev: +17.6%
Beta: +1.18
Alpha: -6.2%
Max Drawdown: -9.8%
Annualized Perf: +15%
Batting Avg vs S&P: +41.7%
Sortino: +1.56
Stutzer: +0.26
Treynor: +0.13
Sterling: +0.88
Calmar: +1.54
Information Ratio: -0.33
Tracking Error: +8.8%
Stdev Down: +10%
Winning Months %: +69.4%
Losing Months %: +30.6%
Best 12 Months: +45.1%
Worst 12 Months: +9.9%
Efficiency Ratio: +0.37
Sharpe: +0.88
Stdev Sectors: +9%
Skewness: +0.31
Kurtosis: +1.36
Upside Potential: +3.12

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	27	$866.1M	18	1VOO 2IEFA 3IEMG Top holdings2026-03-31 1.VOO 2.IEFA 3.IEMG 4.AMZN 5.GWRE 6.TSM 7.VEEV 8.V 9.XLV 10.MTZ
2025-12-31	26	$834.5M	28	1VOO 2IEFA 3IEMG Top holdings2025-12-31 1.VOO 2.IEFA 3.IEMG 4.AMZN 5.MSFT 6.XLV 7.V 8.GWRE 9.TSM 10.VEEV
2025-09-30	24	$968.5M	34	1VOO 2IEFA 3IEMG Top holdings2025-09-30 1.VOO 2.IEFA 3.IEMG 4.MSFT 5.AMZN 6.XLV 7.V 8.MCO 9.GWRE 10.SGI
2025-06-30	24	$998.3M	0	1VOO 2IEFA 3IEMG Top holdings2025-06-30 1.VOO 2.IEFA 3.IEMG 4.MSFT 5.AMZN 6.GE 7.XLV 8.MCO 9.GWRE 10.TSM
2025-03-31	25	$968.7M	100	1VOO 2IEFA 3IEMG Top holdings2025-03-31 1.VOO 2.IEFA 3.IEMG 4.MSFT 5.AMZN 6.GE 7.XLV 8.SGI 9.GOOGL 10.GWRE
2024-12-31	41	$616.5M	0	1VOO 2IEFA 3AMZN Top holdings2024-12-31 1.VOO 2.IEFA 3.AMZN 4.MSFT 5.IEMG 6.GOOGL 7.GE 8.XLV 9.SGI 10.V
2024-09-30	39	$416.4M	0	1AMZN 2MSFT 3GWRE Top holdings2024-09-30 1.AMZN 2.MSFT 3.GWRE 4.GE 5.GOOGL 6.EQIX 7.META 8.PCOR 9.WELL 10.PLD
2024-06-30	38	$431.6M	0	1AMZN 2MSFT 3GE Top holdings2024-06-30 1.AMZN 2.MSFT 3.GE 4.PCOR 5.GOOGL 6.V 7.META 8.CRM 9.XLV 10.GIL
2024-03-31	39	$429.6M	0	1AMZN 2MSFT 3GE Top holdings2024-03-31 1.AMZN 2.MSFT 3.GE 4.PCOR 5.V 6.INTU 7.META 8.USFD 9.GIL 10.CRM
2023-12-31	41	$441.5M	0	1MSFT 2AMZN 3GE Top holdings2023-12-31 1.MSFT 2.AMZN 3.GE 4.PCOR 5.V 6.HUM 7.INTU 8.META 9.GOOGL 10.CRM
2023-09-30	40	$467.1M	0	1CLBT 2SNOW 3MSFT Top holdings2023-09-30 1.CLBT 2.SNOW 3.MSFT 4.AMZN 5.UNH 6.V 7.INTU 8.DDOG 9.SCHW 10.MELI
2023-06-30	42	$523.4M	0	1SNOW 2AMZN 3MSFT Top holdings2023-06-30 1.SNOW 2.AMZN 3.MSFT 4.UNH 5.INTU 6.V 7.SCHW 8.DDOG 9.GOOGL 10.MELI
2023-03-31	42	$527.4M	0	1SNOW 2MSFT 3AMZN Top holdings2023-03-31 1.SNOW 2.MSFT 3.AMZN 4.V 5.GOOGL 6.UNH 7.INTU 8.ALIT 9.FR 10.MELI
2022-12-31	42	$532.3M	0	1SNOW 2BLDR 3MSFT Top holdings2022-12-31 1.SNOW 2.BLDR 3.MSFT 4.AMZN 5.DDOG 6.INTU 7.FR 8.GOOGL 9.COLD 10.SCHW
2022-09-30	45	$600.1M	0	1SNOW 2BLDR 3AMZN Top holdings2022-09-30 1.SNOW 2.BLDR 3.AMZN 4.VICI 5.MSFT 6.GDDY 7.GOOGL 8.UNH 9.FR 10.DDOG
2022-06-30	44	$613.0M	0	1SNOW 2BLDR 3UNH Top holdings2022-06-30 1.SNOW 2.BLDR 3.UNH 4.XLP 5.GOOGL 6.MSFT 7.VICI 8.ELS 9.GDDY 10.POST
2022-03-31	44	$824.2M	0	1SNOW 2BLDR 3GOOGL Top holdings2022-03-31 1.SNOW 2.BLDR 3.GOOGL 4.GDDY 5.MSFT 6.XLP 7.AMZN 8.FR 9.UNH 10.INTU
2021-12-31	47	$884.4M	0	1SNOW 2BLDR 3GDDY Top holdings2021-12-31 1.SNOW 2.BLDR 3.GDDY 4.META 5.GOOGL 6.TWLO 7.XLP 8.UNH 9.POST 10.MSFT
2021-09-30	43	$592.1M	0	1BLDR 2SNOW 3PANW Top holdings2021-09-30 1.BLDR 2.SNOW 3.PANW 4.DT 5.GOOGL 6.CHTR 7.TWLO 8.POST 9.META 10.GDDY
2021-06-30	42	$676.9M	100	1SNOW 2XLP 3PEGA Top holdings2021-06-30 1.SNOW 2.XLP 3.PEGA 4.DT 5.META 6.GOOGL 7.CHTR 8.TWLO 9.PANW 10.GDDY
2021-03-31	42	$630.9M	100	1SNOW 2XLP 3META Top holdings2021-03-31 1.SNOW 2.XLP 3.META 4.DT 5.BLDR 6.GOOGL 7.HLT 8.UNH 9.TWLO 10.ERIC
2020-12-31	49	$180.1M	60	1ACWI 2VRNS 3ZEN1EUR Top holdings2020-12-31 1.ACWI 2.VRNS 3.ZEN1EUR 4.GOOGL 5.HLT 6.UNH 7.META 8.TWLO 9.PEGA 10.SCHW
2020-09-30	63	$170.5M	29	1ACWI 2GLIBAEUR 3META Top holdings2020-09-30 1.ACWI 2.GLIBAEUR 3.META 4.IVV 5.TWLO 6.AMZN 7.FIS 8.ZEN1EUR 9.MSFT 10.PEGA
2020-06-30	62	$163.8M	67	1ACWI 2IVV 3PEGA Top holdings2020-06-30 1.ACWI 2.IVV 3.PEGA 4.DOC 5.NFLX 6.META 7.IACIEUR 8.GLIBAEUR 9.TWLO 10.MAA
2020-03-31	49	$103.2M	35	1ACWI 2FAST 3IVV Top holdings2020-03-31 1.ACWI 2.FAST 3.IVV 4.HYG 5.PEGA 6.NFLX 7.TWLO 8.GLIBAEUR 9.META 10.GOOGL
2019-12-31	40	$113.2M	100	1IVV 2FAST 3HYG Top holdings2019-12-31 1.IVV 2.FAST 3.HYG 4.IWM 5.LM03 6.ZGNXEUR 7.GOOGL 8.BAC 9.TIP 10.AGG
2018-09-30	16	$68.8M	10	1SCHP 2IVV 3HYG Top holdings2018-09-30 1.SCHP 2.IVV 3.HYG 4.IWM 5.TIP 6.AGG 7.VWO 8.TLT 9.VEA 10.IYR
2018-06-30	16	$75.7M	100	1SCHP 2IVV 3HYG Top holdings2018-06-30 1.SCHP 2.IVV 3.HYG 4.IWM 5.TIP 6.AGG 7.VWO 8.TLT 9.VEA 10.IYR
2018-03-31	18	$433.6M	8	1EFA 2EEM 3SCHP Top holdings2018-03-31 1.EFA 2.EEM 3.SCHP 4.IVV 5.HYG 6.IWM 7.TIP 8.AGG 9.VWO 10.TLT
2017-12-31	17	$402.9M	55	1EFA 2EEM 3IVV Top holdings2017-12-31 1.EFA 2.EEM 3.IVV 4.HYG 5.IWM 6.TIP 7.AGG 8.VWO 9.TLT 10.VEA
2017-09-30	18	$711.3M	18	1EFA 2EEM 3SCHP Top holdings2017-09-30 1.EFA 2.EEM 3.SCHP 4.IVV 5.HYG 6.IWM 7.TIP 8.AGG 9.VWO 10.TLT
2017-06-30	23	$729.0M	6	1EFA 2EEM 3IVV Top holdings2017-06-30 1.EFA 2.EEM 3.IVV 4.IEFA 5.SCHP 6.HYG 7.AGG 8.TLT 9.VWO 10.IWM
2017-03-31	23	$711.7M	48	1EFA 2EEM 3IVV Top holdings2017-03-31 1.EFA 2.EEM 3.IVV 4.IEFA 5.SCHP 6.HYG 7.AGG 8.TLT 9.IWM 10.VWO
2016-12-31	22	$471.4M	81	1EEM 2EFA 3IVV Top holdings2016-12-31 1.EEM 2.EFA 3.IVV 4.IEFA 5.HYG 6.AGG 7.TLT 8.VWO 9.IWM 10.TIP
2016-09-30	21	$1.1B	41	1EEM 2EFA 3IVV Top holdings2016-09-30 1.EEM 2.EFA 3.IVV 4.IEFA 5.HYG 6.TLT 7.IWM 8.TIP 9.AGG 10.VWO
2016-06-30	20	$812.2M	11	1EEM 2EFA 3IVV Top holdings2016-06-30 1.EEM 2.EFA 3.IVV 4.BNDX 5.HYG 6.IWM 7.VWO 8.TIP 9.VEA 10.IYR
2016-03-31	21	$905.9M	31	1EEM 2EFA 3IVV Top holdings2016-03-31 1.EEM 2.EFA 3.IVV 4.IGE 5.BNDX 6.IEFA 7.VWO 8.HYG 9.IWM 10.SUI
2015-12-31	20	$976.7M	11	1EFA 2EEM 3IVV Top holdings2015-12-31 1.EFA 2.EEM 3.IVV 4.BNDX 5.IGE 6.VWO 7.HYG 8.IWM 9.TIP 10.IEFA
2015-09-30	20	$1.1B	19	1EFA 2EEM 3IVV Top holdings2015-09-30 1.EFA 2.EEM 3.IVV 4.VWO 5.IGE 6.BNDX 7.IEFA 8.HYG 9.IWM 10.TIP
2015-06-30	21	$1.2B	26	1EFA 2EEM 3IVV Top holdings2015-06-30 1.EFA 2.EEM 3.IVV 4.VWO 5.BNDX 6.XOPUSD 7.IGE 8.IEFA 9.HYG 10.IWM
2015-03-31	14	$920.4M	15	1EFA 2EEM 3IGE Top holdings2015-03-31 1.EFA 2.EEM 3.IGE 4.VWO 5.XOPUSD 6.IVV 7.DJP 8.IEFA 9.IYR 10.AGG
2014-12-31	13	$961.4M	29	1EFA 2EEM 3IGE Top holdings2014-12-31 1.EFA 2.EEM 3.IGE 4.VWO 5.IVV 6.DJP 7.IEFA 8.IYR 9.AGG 10.HYG
2014-09-30	14	$1.1B	16	1EFA 2EEM 3ACWX Top holdings2014-09-30 1.EFA 2.EEM 3.ACWX 4.AGG 5.IVV 6.IEFA 7.VWO 8.DJP 9.IGE 10.IYR
2014-06-30	12	$1.1B	37	1EEM 2EFA 3ACWX Top holdings2014-06-30 1.EEM 2.EFA 3.ACWX 4.AGG 5.DJP 6.IGE 7.IYR 8.HYG 9.VWO 10.12769A
2014-03-31	11	$916.4M	92	1EFA 2EEM 3IGE Top holdings2014-03-31 1.EFA 2.EEM 3.IGE 4.DJP 5.AGG 6.IYR 7.HYG 8.VWO 9.12769A
2013-12-31	10	$2.4B	40	1EFA 2EEM 3IYR Top holdings2013-12-31 1.EFA 2.EEM 3.IYR 4.SPY 5.IGE 6.DJP 7.12769A
2013-09-30	8	$1.6B	100	1EFA 2EEM 3IYR Top holdings2013-09-30 1.EFA 2.EEM 3.IYR 4.IGE 5.DJP 6.12769A
2013-06-30	9	$1.8B	—	17846352EFA 3EEM Top holdings2013-06-30 1.784635 2.EFA 3.EEM 4.IGE 5.IYR 6.DJP 7.12769A

Holding changes this quarter

Makena Capital Management LLC's most significant position changes for 2026-03-31: Sold out: Ferguson Enterprises INC (FERG); New buy: Nvidia CORP (NVDA); Sold out: US Foods Holding CORP (USFD); New buy: Johnson & Johnson (JNJ); New buy: Medline Inc-cl A (MDLN).

Position changes disclosed by Makena Capital Management LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	IEFA	Ishares Core Msci Eafe ETF	+1.3%	+15.36%	Add
2	IEMG	Ishares Core Msci Emerging	+0.9%	+19.62%	Add
3	VOO	Vanguard S&p 500 ETF	+0.3%	+10.15%	Add
4	CRH	CRH plc	+0.3%	+42.57%	Add
5	MTZ	Mastec INC	+0.3%	-22.65%	Trim
6	SPGI	S&p Global INC	+0.2%	+41.76%	Add
7	TSM	Taiwan Semiconductor-sp Adr	+0.2%	-0.91%	Trim
8	VEEV	Veeva Systems Inc-class A	+0.1%	+36.47%	Add
9	MCO	Moody's CORP	+0.1%	+27.10%	Add
10	GWRE	Guidewire Software INC	+0.1%	+44.02%	Add
11	PCOR	Procore Technologies INC	+0.1%	+37.91%	Add
12	XLP	Ss Consumer Staples Sel Sect	0%	+0.56%	Add
13	GOOGL	Alphabet Inc-cl A	—	+12.96%	Add
14	CPNG	Coupang INC	0%	+27.68%	Add
15	SNDA	Sonida Senior Living INC	0%	—	Unchanged
16	FSLR	First Solar INC	0%	+32.87%	Add
17	FIG	Figma Inc-cl A	-0.1%	—	Unchanged
18	LLYVK	Liberty Live Holdings-c	-0.2%	-14.69%	Trim
19	SGI	Somnigroup International INC	-0.2%	+14.75%	Add
20	V	Visa Inc-class A Shares	-0.2%	+11.98%	Add
21	XLV	Ss Health Care Select Sector	-0.4%	-4.67%	Trim
22	GE	General Electric	-0.5%	-8.35%	Trim
23	AMZN	Amazon.com INC	-0.5%	—	Unchanged
24	MSFT	Microsoft CORP	-1.7%	-20.37%	Trim
25	FERG	Ferguson Enterprises INC	—	EXIT	Sold out
26	NVDA	Nvidia CORP	—	NEW	New buy
27	USFD	US Foods Holding CORP	—	EXIT	Sold out
28	JNJ	Johnson & Johnson	—	NEW	New buy
29	MDLN	Medline Inc-cl A	—	NEW	New buy

FAQ

What is Makena Capital Management LLC and what type of investor is it?

Makena Capital Management LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $866.1M, spread across 27 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) — $264.6M (30.6%) 2. Ishares Core Msci Eafe ETF (IEFA) — $97.6M (11.3%) 3. Ishares Core Msci Emerging (IEMG) — $48.3M (5.6%) 4. Amazon.com INC (AMZN) — $30.7M (3.5%) 5. Guidewire Software INC (GWRE) — $30.0M (3.5%)

What changes did Makena Capital Management LLC make in its most recent portfolio filing?

In the latest reported quarter, Makena Capital Management LLC made 26 notable position adjustments: 3 new positions were initiated, 15 existing holdings were added to, 6 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Ferguson Enterprises INC (FERG); New buy: Nvidia CORP (NVDA); Sold out: US Foods Holding CORP (USFD); New buy: Johnson & Johnson (JNJ); New buy: Medline Inc-cl A (MDLN)

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: 33.0% • Financials: 17.7% • Consumer Discretionary: 17.1% • Industrials: 11.5% • Health Care: 10.9% • Materials: 5.2%