Makena Capital Management’s iShares MSCI ACWI ex US ETF ACWX Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-1,553,500	Closed	-$91.5M	–	12
2014 Q3	$91.5M	Hold	1,553,500	–	–	8.09%	1
2014 Q2	$93.6M	Buy	+1,553,500	New	+$93.6M	8.59%	1