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MCM
Makena Capital Management Portfolio holdings
AUM
$866M
1-Year Est. Return
17.79%
This Fund
S&P 500
This Quarter
Est. Return
-2.23%
1 Year Est. Return
+17.79%
3 Year Est. Return
+74.29%
5 Year Est. Return
+61.44%
10 Year Est. Return
–
AUM
$467M
AUM Growth
-$56.3M
(-11%)
Cap. Flow
-$34.1M
Cap. Flow
% of AUM
-7.3%
Top 10 Holdings %
Top 10 Hldgs %
38.47%
Holding
49
New
7
Increased
20
Reduced
12
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cellebrite
CLBT
|
+$18.8M |
| 2 |
Procore
PCOR
|
+$13.9M |
| 3 |
GE Aerospace
GE
|
+$13.4M |
| 4 |
AvalonBay Communities
AVB
|
+$10.4M |
| 5 |
Boston Properties
BXP
|
+$7.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Snowflake
SNOW
|
+$63.7M |
| 2 |
Wabtec
WAB
|
+$11.2M |
| 3 |
Equity Lifestyle Properties
ELS
|
+$10M |
| 4 |
GoDaddy
GDDY
|
+$9.66M |
| 5 |
SBA Communications
SBAC
|
+$9.15M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.42% |
| 2 | Real Estate | 26.37% |
| 3 | Consumer Discretionary | 12.15% |
| 4 | Financials | 6.54% |
| 5 | Consumer Staples | 5.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
| $9.74M | 2.09% |
141,586
+54,535
| +63% | +$3.99M |
|
|
27
AvalonBay Communities
AVB
$26.8B
| $9.63M | 2.06% |
+56,070
| New | +$10.4M |
|
28
First Industrial Realty Trust
FR
$8.44B
| $9.58M | 2.05% |
201,314
-11,592
| -5% | -$597K |
|
29
Sun Communities
SUI
$14.7B
| $9.56M | 2.05% |
80,742
+13,755
| +21% | +$1.75M |
|
30
UDR
UDR
$12.3B
| $9.01M | 1.93% |
252,621
+3,950
| +2% | +$157K |
|
31
SITE Centers
SITC
$165M
| $7.66M | 1.64% |
796,099
+26,026
| +3% | +$274K |
|
|
JAMF
32
DELISTED
Jamf
JAMF
| $7.25M | 1.55% |
410,314
-100,604
| -20% | -$1.87M |
|
|
33
Boston Properties
BXP
$11.1B
| $7.06M | 1.51% |
+118,753
| New | +$7.6M |
|
34
Liberty Broadband Class C
LBRDK
$5.15B
| $7M | 1.5% |
76,639
+271
| +0.4% | +$24.2K |
|
35
Terreno Realty
TRNO
$7.49B
| $6.94M | 1.49% |
+122,198
| New | +$7.28M |
|
36
VICI Properties
VICI
$29.4B
| $6.62M | 1.42% |
227,594
-15,240
| -6% | -$473K |
|
|
SGI
37
Somnigroup International
SGI
$13.7B
| $6.51M | 1.39% |
+150,095
| New | +$6.65M |
|
|
GMS
38
DELISTED
GMS Inc
GMS
| $6.4M | 1.37% |
100,080
-49,056
| -33% | -$3.4M |
|
39
Highwoods Properties
HIW
$3.47B
| $6.04M | 1.29% |
+292,970
| New | +$6.96M |
|
40
Rivian
RIVN
$23.2B
| $3.42M | 0.73% |
140,854
| – | – |
|
41
Apple Hospitality REIT
APLE
$3.82B
| – | – |
-525,500
| Closed | -$7.94M |
|
42
BellRing Brands
BRBR
$1.34B
| – | – |
-226,172
| Closed | -$8.28M |
|
43
Healthpeak Properties
DOC
$14.8B
| – | – |
-333,947
| Closed | -$6.71M |
|
|
44
Equity Lifestyle Properties
ELS
$12.6B
| – | – |
-149,955
| Closed | -$10M |
|
|
45
GoDaddy
GDDY
$11.5B
| – | – |
-128,560
| Closed | -$9.66M |
|
46
Moderna
MRNA
$23.6B
| – | – |
-48,300
| Closed | -$5.87M |
|
47
Rexford Industrial Realty
REXR
$8.19B
| – | – |
-152,770
| Closed | -$7.98M |
|
|
48
SBA Communications
SBAC
$19.5B
| – | – |
-39,490
| Closed | -$9.15M |
|
|
49
Wabtec
WAB
$49.3B
| – | – |
-102,086
| Closed | -$11.2M |
|
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Makena Capital Management's Q3 2023 Portfolio in Review
As of Q3 2023, Makena Capital Management held 49 positions worth $467M, down 11% from $523M the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Makena Capital Management withdrew a net $34.1M in Q3 2023, closing 9 positions and reducing 12 holdings. Its most notable exit was Wabtec, an estimated $11.2M position sold in full.
By sector, the portfolio is most concentrated in Technology at 35% of assets, down from 40% a quarter earlier, followed by Real Estate and Consumer Discretionary.
Against the trend, Makena Capital Management opened a new position in Procore worth $13.6M.
- Makena Capital Management's largest Q3 2023 buy was Procore: 207,832 shares worth $13.6M.
- Makena Capital Management added most to Cellebrite in Q3 2023, an estimated $18.8M increase.
- Makena Capital Management's biggest Q3 2023 reduction was Snowflake, cutting an estimated $63.7M.
- Makena Capital Management fully exited Wabtec in Q3 2023, selling an estimated $11.2M.
- Makena Capital Management's ten largest holdings make up 38% of its $467M portfolio in Q3 2023.
- Makena Capital Management opened 7 new positions and closed 9 in Q3 2023.
- Makena Capital Management's portfolio value fell 11% quarter-over-quarter to $467M.
Based on Makena Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.