MAKENA CAPITAL MANAGEMENT LLC
Long book
$866.1M
Q1 2026
Positions
27
Top-10 weight
70%
concentration
Last quarter
+12.2%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsMAKENA CAPITAL MANAGEMENT LLC is a wealth-management firm allocating client money, running a $866.1M US long book across 27 positions.
The portfolio is concentrated: the top 10 names carry 70% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD S&P 500 ETF, ISHARES CORE MSCI EAFE ETF, ISHARES CORE MSCI EMERGING, AMAZON.COM INC, GUIDEWIRE SOFTWARE INC.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.0%
Q2 2024
+9.5%
Q3 2024
-0.3%
Q4 2024
-1.1%
Q1 2025
+12.9%
Q2 2025
+7.4%
Q3 2025
+2.0%
Q4 2025
-4.9%
Q1 2026
+12.2%
Sector allocation
Technology 37%
Services media 23%
Industrials 20%
Consumer discretionary 12%
Other 5%
Healthcare 3%
Long book by quarter
What does MAKENA CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMZN AMAZON.COM INC | Consumer discretionary | 147.2K | $30.7M | 3.5% | Held |
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 200.6K | $30.0M | 3.5% | +44.0% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 155.3K | $27.3M | 3.1% | +36.5% |
| V VISA INC-CLASS A SHARES | Services media | 90.1K | $27.2M | 3.1% | +12.0% |
| MTZ MASTEC INC | Industrials | 79.2K | $25.5M | 2.9% | -22.6% |
| LLYVK LIBERTY LIVE HOLDINGS-C | Services media | 229.9K | $21.6M | 2.5% | -14.7% |
| MCO MOODY'S CORP | Services media | 49.1K | $21.4M | 2.5% | +27.1% |
| MSFT MICROSOFT CORP | Technology | 55.7K | $20.6M | 2.4% | -20.4% |
| CRH CRH PLC | Industrials | 188.8K | $19.8M | 2.3% | +42.6% |
| SPGI S&P GLOBAL INC | Services media | 46.0K | $19.6M | 2.3% | +41.8% |
| GE GENERAL ELECTRIC | Industrials | 66.8K | $18.9M | 2.2% | -8.4% |
| SGI SOMNIGROUP INTERNATIONAL INC | Other | 251.2K | $18.6M | 2.1% | +14.7% |
| NVDA NVIDIA CORP | Technology | 106.2K | $18.5M | 2.1% | New |
| PCOR PROCORE TECHNOLOGIES INC | Technology | 320.7K | $18.3M | 2.1% | +37.9% |
| GOOGL ALPHABET INC-CL A | Technology | 61.5K | $17.7M | 2.0% | +13.0% |
| CPNG COUPANG INC | Consumer discretionary | 882.8K | $16.7M | 1.9% | +27.7% |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 113.2K | $14.8M | 1.7% | New |
| FSLR FIRST SOLAR INC | Technology | 57.9K | $11.4M | 1.3% | +32.9% |
| SNDA SONIDA SENIOR LIVING INC | Healthcare | 185.0K | $6.0M | 0.7% | Held |
| MDLN MEDLINE INC-CL A | Healthcare | 93.9K | $4.2M | 0.5% | New |
| FIG FIGMA INC-CL A | Technology | 28.1K | $594K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 27 | $866.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 26 | $834.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 24 | $968.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 24 | $998.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 25 | $968.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 41 | $616.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 39 | $416.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 38 | $431.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 39 | $429.6M | canonical | SEC ↗ |