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MCM

Makena Capital Management Portfolio holdings

AUM $952M
1-Year Est. Return 13.93%
This Fund
S&P 500
This Quarter Est. Return
+7.16%
1 Year Est. Return
+13.93%
3 Year Est. Return
+78.75%
5 Year Est. Return
+64.32%
10 Year Est. Return
–
AUM
$968M
AUM Growth
-$29.9M
Cap. Flow
-$94.4M
Cap. Flow %
-9.75%
Top 10 Hldgs %
71.86%
Holding
26
New
2
Increased
8
Reduced
13
Closed
2

Top Buys

Rank Stock Value
1
FERG icon
Ferguson
FERG
+$19.1M
2
FLUT icon
Flutter Entertainment
FLUT
+$13.3M
3
V icon
Visa
V
+$7.07M
4
SPGI icon
S&P Global
SPGI
+$6.27M
5
MCO icon
Moody's
MCO
+$4.76M

Top Sells

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$56.8M
2
SHW icon
Sherwin-Williams
SHW
+$19.2M
3
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$13.2M
4
FWONK icon
Liberty Media Series C
FWONK
+$12.6M
5
GE icon
GE Aerospace
GE
+$11M

Sector Composition

Rank Sector Weight
1 Miscellaneous 52.34%
2 Technology 11.24%
3 Consumer Discretionary 10.1%
4 Financials 9.23%
5 Industrials 7.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOO icon
1
Vanguard S&P 500 ETF
VOO
$1.04T
$312M 32.23%
509,758
-96,334
-16% -$56.8M
IEFA icon
2
iShares Core MSCI EAFE ETF
IEFA
$192B
$102M 10.52%
1,167,110
-155,565
-12% -$13.2M
IEMG icon
3
iShares Core MSCI Emerging Markets ETF
IEMG
$161B
$47.7M 4.93%
723,846
-55,829
-7% -$3.48M
MSFT icon
4
Microsoft
MSFT
$3.68T
$38.6M 3.99%
74,517
-3,642
-5% -$1.86M
AMZN icon
5
Amazon
AMZN
$2.73T
$38.1M 3.93%
173,410
-2,467
-1% -$558K
XLV icon
6
State Street Health Care Select Sector SPDR ETF
XLV
$43.8B
$32.8M 3.38%
235,409
+11,251
+5% +$1.52M
V icon
7
Visa
V
$693B
$32.3M 3.33%
94,491
+20,440
+28% +$7.07M
MCO icon
8
Moody's
MCO
$81.1B
$31.7M 3.28%
66,619
+9,434
+16% +$4.76M
GWRE icon
9
Guidewire Software
GWRE
$11.8B
$31.7M 3.27%
137,843
+18,318
+15% +$4.17M
SGI
10
Somnigroup International
SGI
$13.3B
$29.1M 3.01%
345,354
-65,443
-16% -$5.16M
VEEV icon
11
Veeva Systems
VEEV
$42.6B
$26M 2.68%
87,273
+11,636
+15% +$3.27M
MTZ icon
12
MasTec
MTZ
$17.2B
$26M 2.68%
122,085
-29,721
-20% -$5.44M
TSM icon
13
TSMC
TSM
$2.23T
$26M 2.68%
92,949
-30,640
-25% -$7.49M
GE icon
14
GE Aerospace
GE
$324B
$25.9M 2.68%
86,136
-40,082
-32% -$11M
LLYVK icon
15
Liberty Live Group Series C
LLYVK
$8.89B
$25.4M 2.62%
262,125
-63,121
-19% -$5.7M
SPGI icon
16
S&P Global
SPGI
$120B
$25.4M 2.62%
52,155
+11,711
+29% +$6.27M
USFD icon
17
US Foods
USFD
$20.1B
$19.4M 2%
252,675
+20,359
+9% +$1.62M
CPNG icon
18
Coupang
CPNG
$25.8B
$19.1M 1.97%
591,989
-269,282
-31% -$8.14M
FERG icon
19
Ferguson
FERG
$41.6B
$19M 1.96%
+84,568
New +$19.1M
GOOGL icon
20
Alphabet (Google) Class A
GOOGL
$4.29T
$18.8M 1.94%
77,294
-27,631
-26% -$5.79M
PCOR icon
21
Procore
PCOR
$7.76B
$12.6M 1.3%
173,104
-2,129
-1% -$149K
XLP icon
22
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.3B
$12.4M 1.28%
157,643
+13,160
+9% +$1.06M
FLUT icon
23
Flutter Entertainment
FLUT
$15.8B
$11.5M 1.19%
+45,344
New +$13.3M
SNDA icon
24
Sonida Senior Living
SNDA
$1.84B
$5.13M 0.53%
185,000
– –
FWONK icon
25
Liberty Media Series C
FWONK
$23.8B
– –
-120,696
Closed -$12.6M
1
2

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Makena Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Makena Capital Management held 26 positions worth $968M, down 3% from $998M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Makena Capital Management withdrew a net $94.4M in Q3 2025, closing 2 positions and reducing 13 holdings. Its most notable exit was Sherwin-Williams, an estimated $19.2M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 52% of assets, down from 54% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, Makena Capital Management opened a new position in Ferguson worth $19M.

  • Makena Capital Management's largest Q3 2025 buy was Ferguson: 84,568 shares worth $19M.
  • Makena Capital Management added most to Visa in Q3 2025, an estimated $7.07M increase.
  • Makena Capital Management's biggest Q3 2025 reduction was Vanguard S&P 500 ETF, cutting an estimated $56.8M.
  • Makena Capital Management fully exited Sherwin-Williams in Q3 2025, selling an estimated $19.2M.
  • Makena Capital Management's ten largest holdings make up 72% of its $968M portfolio in Q3 2025.
  • Makena Capital Management opened 2 new positions and closed 2 in Q3 2025.
  • Makena Capital Management's portfolio value fell 3% quarter-over-quarter to $968M.

Based on Makena Capital Management's 13F filing for Q3 2025, filed 10 Nov 2025.