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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
+14.31%
1 Year Est. Return
+17.79%
3 Year Est. Return
+74.29%
5 Year Est. Return
+61.44%
10 Year Est. Return
–
AUM
$998M
AUM Growth
+$29.6M
(+3.1%)
Cap. Flow
-$89.4M
Cap. Flow
% of AUM
-8.95%
Top 10 Holdings %
Top 10 Hldgs %
72.76%
Holding
27
New
2
Increased
11
Reduced
10
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$22.9M |
| 2 |
Veeva Systems
VEEV
|
+$18.8M |
| 3 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$6.17M |
| 4 |
Moody's
MCO
|
+$4.41M |
| 5 |
Amazon
AMZN
|
+$3.77M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$75.3M |
| 2 |
iShares Core MSCI EAFE ETF
IEFA
|
+$16.9M |
| 3 |
CRH
CRH
|
+$13.7M |
| 4 |
Gildan
GIL
|
+$10.7M |
| 5 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$10.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 10.72% |
| 2 | Consumer Discretionary | 9.25% |
| 3 | Financials | 7.64% |
| 4 | Industrials | 5.85% |
| 5 | Communication Services | 5.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard S&P 500 ETF
VOO
$1.03T
| $344M | 34.49% |
606,092
-143,356
| -19% | -$75.3M |
|
|
2
iShares Core MSCI EAFE ETF
IEFA
$196B
| $110M | 11.05% |
1,322,675
-213,366
| -14% | -$16.9M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $46.8M | 4.69% |
779,675
-185,599
| -19% | -$10.4M |
|
4
Microsoft
MSFT
$3.71T
| $38.9M | 3.89% |
78,159
-5,226
| -6% | -$2.27M |
|
|
5
Amazon
AMZN
$2.96T
| $38.6M | 3.87% |
175,877
+19,069
| +12% | +$3.77M |
|
6
GE Aerospace
GE
$384B
| $32.5M | 3.25% |
126,218
-17,628
| -12% | -$3.87M |
|
|
7
State Street Health Care Select Sector SPDR ETF
XLV
$43.3B
| $30.2M | 3.03% |
224,158
+45,671
| +26% | +$6.17M |
|
|
8
Moody's
MCO
$82.7B
| $28.7M | 2.87% |
57,185
+9,520
| +20% | +$4.41M |
|
9
Guidewire Software
GWRE
$14.2B
| $28.1M | 2.82% |
119,525
-8,763
| -7% | -$1.88M |
|
|
10
TSMC
TSM
$2.18T
| $28M | 2.8% |
+123,589
| New | +$22.9M |
|
|
SGI
11
Somnigroup International
SGI
$13.7B
| $28M | 2.8% |
410,797
-2,939
| -0.7% | -$185K |
|
12
Liberty Live Group Series C
LLYVK
$9.46B
| $26.4M | 2.64% |
325,246
+22,090
| +7% | +$1.63M |
|
13
Visa
V
$677B
| $26.3M | 2.63% |
74,051
+6,462
| +10% | +$2.25M |
|
14
MasTec
MTZ
$21.9B
| $25.9M | 2.59% |
151,806
-23,812
| -14% | -$3.43M |
|
15
Coupang
CPNG
$29.2B
| $25.8M | 2.58% |
861,271
+18,994
| +2% | +$487K |
|
|
16
Veeva Systems
VEEV
$37.4B
| $21.8M | 2.18% |
+75,637
| New | +$18.8M |
|
17
S&P Global
SPGI
$120B
| $21.3M | 2.14% |
40,444
+5,303
| +15% | +$2.65M |
|
18
Sherwin-Williams
SHW
$89.8B
| $19.2M | 1.93% |
56,023
+2,819
| +5% | +$977K |
|
19
Alphabet (Google) Class A
GOOGL
$4.33T
| $18.5M | 1.85% |
104,925
-55,063
| -34% | -$9.01M |
|
20
US Foods
USFD
$24B
| $17.9M | 1.79% |
232,316
+8,683
| +4% | +$619K |
|
21
Liberty Media Series C
FWONK
$25.8B
| $12.6M | 1.26% |
120,696
-14,355
| -11% | -$1.33M |
|
22
Procore
PCOR
$8.67B
| $12M | 1.2% |
175,233
+46,779
| +36% | +$3.05M |
|
23
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
| $11.7M | 1.17% |
144,483
+21,006
| +17% | +$1.7M |
|
24
Sonida Senior Living
SNDA
$1.91B
| $4.62M | 0.46% |
185,000
| – | – |
|
|
25
CRH
CRH
$66.8B
| – | – |
-156,299
| Closed | -$13.7M |
|
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Makena Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, Makena Capital Management held 27 positions worth $998M, up 3.1% from $969M the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Makena Capital Management withdrew a net $89.4M in Q2 2025, closing 3 positions and reducing 10 holdings. Its most notable exit was CRH, an estimated $13.7M position sold in full.
By sector, the portfolio is most concentrated in Technology at 11% of assets, up from 7.6% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Makena Capital Management opened a new position in TSMC worth $28M.
- Makena Capital Management's largest Q2 2025 buy was TSMC: 123,589 shares worth $28M.
- Makena Capital Management added most to State Street Health Care Select Sector SPDR ETF in Q2 2025, an estimated $6.17M increase.
- Makena Capital Management's biggest Q2 2025 reduction was Vanguard S&P 500 ETF, cutting an estimated $75.3M.
- Makena Capital Management fully exited CRH in Q2 2025, selling an estimated $13.7M.
- Makena Capital Management's ten largest holdings make up 73% of its $998M portfolio in Q2 2025.
- Makena Capital Management opened 2 new positions and closed 3 in Q2 2025.
- Makena Capital Management's portfolio value rose 3.1% quarter-over-quarter to $998M.
Based on Makena Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.