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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
-4.96%
1 Year Est. Return
+13.93%
3 Year Est. Return
+78.75%
5 Year Est. Return
+64.32%
10 Year Est. Return
–
AUM
$866M
AUM Growth
+$31.6M
Cap. Flow
+$85.5M
Cap. Flow %
9.87%
Top 10 Hldgs %
69.84%
Holding
29
New
3
Increased
15
Reduced
6
Closed
2

Top Buys

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$25.5M
2
NVDA icon
NVIDIA
NVDA
+$19.5M
3
JCI icon
Johnson Controls International
JCI
+$14.6M
4
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$13.4M
5
GWRE icon
Guidewire Software
GWRE
+$9.33M

Top Sells

Rank Stock Value
1
FERG icon
Ferguson
FERG
+$19.4M
2
USFD icon
US Foods
USFD
+$16.8M
3
MTZ icon
MasTec
MTZ
+$6.28M
4
MSFT icon
Microsoft
MSFT
+$5.97M
5
LLYVK icon
Liberty Live Group Series C
LLYVK
+$3.56M

Sector Composition

Rank Sector Weight
1 Technology 14.75%
2 Financials 7.87%
3 Consumer Discretionary 7.61%
4 Industrials 6.84%
5 Communication Services 4.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOO icon
1
Vanguard S&P 500 ETF
VOO
$1.03T
$265M 30.55%
442,737
+40,800
+10% +$25.5M
IEFA icon
2
iShares Core MSCI EAFE ETF
IEFA
$195B
$97.6M 11.27%
1,077,876
+143,540
+15% +$13.4M
IEMG icon
3
iShares Core MSCI Emerging Markets ETF
IEMG
$155B
$48.3M 5.57%
692,123
+113,527
+20% +$8.19M
AMZN icon
4
Amazon
AMZN
$3T
$30.7M 3.54%
147,183
– –
GWRE icon
5
Guidewire Software
GWRE
$14.4B
$30M 3.46%
200,643
+61,328
+44% +$9.33M
TSM icon
6
TSMC
TSM
$2.17T
$28.3M 3.27%
83,726
-769
-0.9% -$265K
VEEV icon
7
Veeva Systems
VEEV
$38.1B
$27.3M 3.15%
155,298
+41,499
+36% +$8.15M
V icon
8
Visa
V
$675B
$27.2M 3.14%
90,061
+9,637
+12% +$3.1M
XLV icon
9
State Street Health Care Select Sector SPDR ETF
XLV
$44B
$25.5M 2.94%
173,873
-8,524
-5% -$1.31M
MTZ icon
10
MasTec
MTZ
$21.5B
$25.5M 2.94%
79,225
-23,198
-23% -$6.28M
LLYVK icon
11
Liberty Live Group Series C
LLYVK
$9.61B
$21.6M 2.5%
229,851
-39,567
-15% -$3.56M
MCO icon
12
Moody's
MCO
$82.8B
$21.4M 2.47%
49,058
+10,460
+27% +$4.95M
MSFT icon
13
Microsoft
MSFT
$3.76T
$20.6M 2.38%
55,744
-14,256
-20% -$5.97M
CRH icon
14
CRH
CRH
$66.9B
$19.8M 2.29%
188,799
+56,371
+43% +$6.62M
SPGI icon
15
S&P Global
SPGI
$121B
$19.6M 2.26%
46,029
+13,560
+42% +$6.3M
GE icon
16
GE Aerospace
GE
$380B
$18.9M 2.19%
66,763
-6,084
-8% -$1.91M
SGI
17
Somnigroup International
SGI
$13.6B
$18.6M 2.14%
251,222
+32,288
+15% +$2.8M
NVDA icon
18
NVIDIA
NVDA
$5.27T
$18.5M 2.14%
+106,176
New +$19.5M
PCOR icon
19
Procore
PCOR
$8.84B
$18.3M 2.11%
320,681
+88,154
+38% +$5.22M
GOOGL icon
20
Alphabet (Google) Class A
GOOGL
$4.37T
$17.7M 2.04%
61,488
+7,053
+13% +$2.22M
CPNG icon
21
Coupang
CPNG
$29.1B
$16.7M 1.92%
882,766
+191,380
+28% +$3.75M
JCI icon
22
Johnson Controls International
JCI
$91.3B
$14.8M 1.71%
+113,237
New +$14.6M
XLP icon
23
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
$12.5M 1.44%
152,348
+845
+0.6% +$71.2K
FSLR icon
24
First Solar
FSLR
$25.7B
$11.4M 1.32%
57,851
+14,312
+33% +$3.17M
SNDA icon
25
Sonida Senior Living
SNDA
$1.99B
$5.97M 0.69%
185,000
– –
1
2

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IC
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PO
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GL
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IGGA
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LOAMU
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DG
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Makena Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Makena Capital Management held 29 positions worth $866M, up 3.8% from $834M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Makena Capital Management deployed $85.5M of net new capital in Q1 2026, opening 3 new positions and adding to 15 existing holdings. Its largest new stake was NVIDIA: 106,176 shares worth $18.5M.

By sector, the portfolio is most concentrated in Technology at 15% of assets, up from 14% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was MasTec, an estimated $6.28M trimmed.

  • Makena Capital Management's largest Q1 2026 buy was NVIDIA: 106,176 shares worth $18.5M.
  • Makena Capital Management added most to Vanguard S&P 500 ETF in Q1 2026, an estimated $25.5M increase.
  • Makena Capital Management's biggest Q1 2026 reduction was MasTec, cutting an estimated $6.28M.
  • Makena Capital Management fully exited Ferguson in Q1 2026, selling an estimated $19.4M.
  • Makena Capital Management's ten largest holdings make up 70% of its $866M portfolio in Q1 2026.
  • Makena Capital Management opened 3 new positions and closed 2 in Q1 2026.
  • Makena Capital Management's portfolio value rose 3.8% quarter-over-quarter to $866M.

Based on Makena Capital Management's 13F filing for Q1 2026, filed 11 May 2026.