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MAKENA CAPITAL MANAGEMENT LLC

Q4 2025 · Filed 2026-02-03
Market Value
$812M
-15.1%
Holdings
26
+2
New Purchases
3
Added To
5
Closed
1
Reduced
16
Top 10 Concentration
71.2%
Turnover
15.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CRH.L 2.04% 0.00% +2.04% $17M
FSLR 1.40% 0.00% +1.40% $11M
PCOR 2.08% 1.32% +0.76% $17M
TSM 3.16% 2.71% +0.45% $26M
VEEV 3.13% 2.72% +0.41% $25M
FERG 2.39% 1.98% +0.40% $19M
SNDA 0.74% 0.54% +0.21% $6M
AMZN 4.18% 3.98% +0.20% $34M
XLP 1.45% 1.29% +0.16% $12M
GWRE 3.45% 3.31% +0.14% $28M
MSFT 4.17% 4.03% +0.14% $34M
GOOGL 2.10% 1.96% +0.13% $17M
FIG 0.13% 0.00% +0.13% $1M
V 3.47% 3.37% +0.10% $28M
GE 2.76% 2.71% +0.06% $22M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LLYVK 0.00% 2.66% -2.66% $0
VOO 31.04% 32.62% -1.58% $252M
MCO 2.43% 3.32% -0.89% $20M
SGI 2.41% 3.04% -0.64% $20M
SPGI 2.09% 2.65% -0.56% $17M
IEFA 10.29% 10.64% -0.35% $84M
IEMG 4.79% 4.99% -0.20% $39M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 7 $413M 50.9%
Large Cap 16 $376M 46.3%
Mid Cap 2 $17M 2.1%
Small Cap 1 $6M 0.7%

Portfolio Analytics

Avg Market Cap
$620.7B
Median Market Cap
$41.0B
Avg P/E
31.2
Median P/E
28.6
Avg Dividend Yield
0.00%
Avg Beta
1.05
# Stocks
21
# ETFs / Funds
5

Top Holdings (26 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VOO 31.04% 401,937 $252M $627.13 -$60M -107,821 -21.1%
2 IEFA 10.29% 934,336 $84M $89.45 -$18M -232,774 -19.9%
3 IEMG 4.79% 578,596 $39M $67.22 -$9M -145,250 -20.1%
4 AMZN 4.18% 147,183 $34M $230.82 -$4M -26,227 -15.1%
5 MSFT 4.17% 70,000 $34M $483.62 -$5M -4,517 -6.1%
6 XLV 3.48% 182,397 $28M $154.80 -$5M -53,012 -22.5%
7 V 3.47% 80,424 $28M $350.71 -$4M -14,067 -14.9%
8 GWRE 3.45% 139,315 $28M $201.01 -$4M +1,472 +1.1%
9 TSM 3.16% 84,495 $26M $303.89 -$283K -8,454 -9.1%
10 VEEV 3.13% 113,799 $25M $223.23 -$596K +26,526 +30.4%
11 GE 2.76% 72,847 $22M $308.03 -$3M -13,289 -15.4%
12 MTZ 2.74% 102,423 $22M $217.37 -$4M -19,662 -16.1%
13 MCO 2.43% 38,598 $20M $510.85 -$12M -28,021 -42.1%
14 SGI 2.41% 218,934 $20M $89.28 -$10M -126,420 -36.6%
15 FERG 2.39% 87,063 $19M $222.63 $391K +2,495 +3.0%
16 GOOGL 2.10% 54,435 $17M $313.00 -$2M -22,859 -29.6%
17 SPGI 2.09% 32,469 $17M $522.59 -$8M -19,686 -37.8%
18 PCOR 2.08% 232,527 $17M $72.74 $4M +59,423 +34.3%
19 USFD 2.07% 223,384 $17M $75.32 -$3M -29,291 -11.6%
20 CRH.L 2.04% 132,428 $17M $124.80 +132,428 NEW
21 CPNG 2.01% 691,386 $16M $23.59 -$3M +99,397 +16.8%
22 XLP 1.45% 151,503 $12M $77.68 -$586K -6,140 -3.9%
23 FSLR 1.40% 43,539 $11M $261.23 +43,539 NEW
24 SNDA 0.74% 185,000 $6M $32.61 $905K
25 FIG 0.13% 28,113 $1M $37.37 +28,113 NEW
26 LLYVK —% -$25M -262,125 -100.0% SOLD

New Positions

SymbolValue% Port
CRH.L $17M 2.04%
FSLR $11M 1.40%
FIG $1M 0.13%

Sold Out Positions

SymbolValue% Port
LLYVK —%
View SEC EDGAR Filings for MAKENA CAPITAL MANAGEMENT LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms