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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
+1.18%
1 Year Est. Return
+17.79%
3 Year Est. Return
+74.29%
5 Year Est. Return
+61.44%
10 Year Est. Return
–
AUM
$834M
AUM Growth
-$134M
Cap. Flow
-$140M
Cap. Flow %
-16.81%
Top 10 Hldgs %
69.25%
Holding
27
New
3
Increased
6
Reduced
16
Closed
1

Top Buys

Rank Stock Value
1
CRH icon
CRH
CRH
+$15.8M
2
FSLR icon
First Solar
FSLR
+$11M
3
VEEV icon
Veeva Systems
VEEV
+$7.04M
4
PCOR icon
Procore
PCOR
+$4.4M
5
CPNG icon
Coupang
CPNG
+$2.83M

Top Sells

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$67M
2
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$20.6M
3
MCO icon
Moody's
MCO
+$13.7M
4
FLUT icon
Flutter Entertainment
FLUT
+$11.5M
5
SGI
Somnigroup International
SGI
+$11M

Sector Composition

Rank Sector Weight
1 Technology 14.01%
2 Consumer Discretionary 8.37%
3 Financials 7.78%
4 Industrials 7.68%
5 Communication Services 4.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOO icon
1
Vanguard S&P 500 ETF
VOO
$956B
$252M 30.21%
401,937
-107,821
-21% -$67M
IEFA icon
2
iShares Core MSCI EAFE ETF
IEFA
$186B
$83.6M 10.02%
934,336
-232,774
-20% -$20.6M
IEMG icon
3
iShares Core MSCI Emerging Markets ETF
IEMG
$144B
$38.9M 4.66%
578,596
-145,250
-20% -$9.75M
AMZN icon
4
Amazon
AMZN
$2.44T
$34M 4.07%
147,183
-26,227
-15% -$6M
MSFT icon
5
Microsoft
MSFT
$2.9T
$33.9M 4.06%
70,000
-4,517
-6% -$2.26M
XLV icon
6
State Street Health Care Select Sector SPDR ETF
XLV
$42.9B
$28.2M 3.38%
182,397
-53,012
-23% -$7.94M
V icon
7
Visa
V
$677B
$28.2M 3.38%
80,424
-14,067
-15% -$4.79M
GWRE icon
8
Guidewire Software
GWRE
$13.9B
$28M 3.36%
139,315
+1,472
+1% +$326K
TSM icon
9
TSMC
TSM
$1.94T
$25.7M 3.08%
84,495
-8,454
-9% -$2.48M
VEEV icon
10
Veeva Systems
VEEV
$33.8B
$25.4M 3.04%
113,799
+26,526
+30% +$7.04M
GE icon
11
GE Aerospace
GE
$364B
$22.4M 2.69%
72,847
-13,289
-15% -$4M
LLYVK icon
12
Liberty Live Group Series C
LLYVK
$9.54B
$22.4M 2.69%
269,418
+7,293
+3% +$626K
MTZ icon
13
MasTec
MTZ
$22.7B
$22.3M 2.67%
102,423
-19,662
-16% -$4.13M
MCO icon
14
Moody's
MCO
$83.7B
$19.7M 2.36%
38,598
-28,021
-42% -$13.7M
SGI
15
Somnigroup International
SGI
$14.4B
$19.5M 2.34%
218,934
-126,420
-37% -$11M
FERG icon
16
Ferguson
FERG
$43.9B
$19.4M 2.32%
87,063
+2,495
+3% +$596K
GOOGL icon
17
Alphabet (Google) Class A
GOOGL
$4.12T
$17M 2.04%
54,435
-22,859
-30% -$6.53M
SPGI icon
18
S&P Global
SPGI
$124B
$17M 2.03%
32,469
-19,686
-38% -$9.74M
PCOR icon
19
Procore
PCOR
$7.57B
$16.9M 2.03%
232,527
+59,423
+34% +$4.4M
USFD icon
20
US Foods
USFD
$22.5B
$16.8M 2.02%
223,384
-29,291
-12% -$2.2M
CRH icon
21
CRH
CRH
$66.6B
$16.5M 1.98%
+132,428
New +$15.8M
CPNG icon
22
Coupang
CPNG
$27.2B
$16.3M 1.95%
691,386
+99,397
+17% +$2.83M
XLP icon
23
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
$11.8M 1.41%
151,503
-6,140
-4% -$479K
FSLR icon
24
First Solar
FSLR
$21.4B
$11.4M 1.36%
+43,539
New +$11M
SNDA icon
25
Sonida Senior Living
SNDA
$1.93B
$6.03M 0.72%
185,000
– –
1
2

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NEPWA
New England Private Wealth Advisors Wellesley, Massachusetts $866M AUM 15.25% 1-Year Est. Return
EI
EAM Investors Solana Beach, California $866M AUM 377.14% 1-Year Est. Return
OMG
One Madison Group New York $866M AUM 33.81% 1-Year Est. Return
RWM
RMG Wealth Management Platteville, Wisconsin $866M AUM 11.95% 1-Year Est. Return
RB
Rodgers Brothers Harmony, Pennsylvania $866M AUM 30.05% 1-Year Est. Return
HP
Havemeyer Place Greenwich, Connecticut $867M AUM
BGC
Blue Grotto Capital Atlanta, Georgia $868M AUM 56.95% 1-Year Est. Return
ICCFIA
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Makena Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Makena Capital Management held 27 positions worth $834M, down 14% from $968M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Makena Capital Management withdrew a net $140M in Q4 2025, closing 1 position and reducing 16 holdings. Its most notable exit was Flutter Entertainment, an estimated $11.5M position sold in full.

By sector, the portfolio is most concentrated in Technology at 14% of assets, up from 11% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Makena Capital Management opened a new position in CRH worth $16.5M.

  • Makena Capital Management's largest Q4 2025 buy was CRH: 132,428 shares worth $16.5M.
  • Makena Capital Management added most to Veeva Systems in Q4 2025, an estimated $7.04M increase.
  • Makena Capital Management's biggest Q4 2025 reduction was Vanguard S&P 500 ETF, cutting an estimated $67M.
  • Makena Capital Management fully exited Flutter Entertainment in Q4 2025, selling an estimated $11.5M.
  • Makena Capital Management's ten largest holdings make up 69% of its $834M portfolio in Q4 2025.
  • Makena Capital Management opened 3 new positions and closed 1 in Q4 2025.
  • Makena Capital Management's portfolio value fell 14% quarter-over-quarter to $834M.

Based on Makena Capital Management's 13F filing for Q4 2025, filed 3 Feb 2026.