MAKENA CAPITAL MANAGEMENT LLC

CIK

1359262

Location

MENLO PARK, CA

Portfolio Value

Small $396,048,585

Diversification

Diversified

Filing Date

Global Rank

#2,667 / 8,232 ▲ 143

Top Industry

Software - Application 12.3%

3Y Alpha vs SPY

-4.5%

Period ended 2 months ago

Filed May 11, 2026 · 34d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.5%

SPY

+76.3%

Annualised alpha

-4.5%

Max drawdown

−19.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

21 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.7%

−0.8 pts

Top 5

36.2%

−1.4 pts

Top 10

63.2%

−2.0 pts

HHI

562

Diversified−19

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	32.3%	$127,740,031	7
Financial Services	17.2%	$68,199,562	3
Consumer Cyclical	16.6%	$65,890,755	3
Industrials	15.0%	$59,263,572	3
Healthcare	9.5%	$37,426,626	3
Basic Materials	5.0%	$19,846,550	1
Communication Services	4.5%	$17,681,489	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
CPNG	Coupang, Inc.	+191,380	882,766	$16,666,622
PCOR	Procore Technologies, Inc.	+88,154	320,681	$18,278,817
GWRE	Guidewire Software, Inc.	+61,328	200,643	$30,008,167
CRH	Crh Public Ltd Co	+56,371	188,799	$19,846,550
VEEV	Veeva Systems Inc	+41,499	155,298	$27,279,646
SGI	Somnigroup International Inc.	+32,288	251,222	$18,570,330
FSLR	First Solar, Inc.	+14,312	57,851	$11,411,688
SPGI	S&P Global Inc.	+13,560	46,029	$19,577,974
MCO	Moodys Corp /De/	+10,460	49,058	$21,401,552
V	Visa Inc.	+9,637	90,061	$27,220,036
GOOGL	Alphabet Inc.	+7,053	61,488	$17,681,489
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
MTZ	Mastec Inc	−23,198	79,225	$25,489,851
MSFT	Microsoft Corp	−14,256	55,744	$20,634,756
GE	General Electric Co	−6,084	66,763	$18,945,336
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−769	83,726	$28,295,201
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
NVDA	Nvidia Corp	106,176	$18,517,094
JCI	Johnson Controls International plc	113,237	$14,828,385
MDLN	Medline Inc.	93,949	$4,180,730
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
FERG	Ferguson Enterprises Inc. /DE/	87,063	$19,382,835
USFD	US Foods Holding Corp.	223,384	$16,825,282
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

21 positions · $396,048,585 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AMZN	Amazon Com Inc Consumer Cyclical	Held	147,183	0	$30,653,803	−9.8%	7.74%
GWRE	Guidewire Software, Inc. Technology	Added	200,643	+61,328	$30,008,167	+7.2%	7.58%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	83,726	-769	$28,295,201	+10.2%	7.14%
VEEV	Veeva Systems Inc Healthcare	Added	155,298	+41,499	$27,279,646	+7.4%	6.89%
V	Visa Inc. Financial Services	Added	90,061	+9,637	$27,220,036	−3.5%	6.87%
MTZ	Mastec Inc Industrials	Reduced	79,225	-23,198	$25,489,851	+14.5%	6.44%
MCO	Moodys Corp /De/ Financial Services	Added	49,058	+10,460	$21,401,552	+8.5%	5.40%
MSFT	Microsoft Corp Technology	Reduced	55,744	-14,256	$20,634,756	−39.0%	5.21%
CRH	Crh Public Ltd Co Basic Materials	Added	188,799	+56,371	$19,846,550	+20.1%	5.01%
SPGI	S&P Global Inc. Financial Services	Added	46,029	+13,560	$19,577,974	+15.4%	4.94%
GE	General Electric Co Industrials	Reduced	66,763	-6,084	$18,945,336	−15.6%	4.78%
SGI	Somnigroup International Inc. Consumer Cyclical	Added	251,222	+32,288	$18,570,330	−5.0%	4.69%
NVDA	Nvidia Corp Technology	NEW	106,176	NEW	$18,517,094	NEW	4.68%
PCOR	Procore Technologies, Inc. Technology	Added	320,681	+88,154	$18,278,817	+8.1%	4.62%
GOOGL	Alphabet Inc. Communication Services	Added	61,488	+7,053	$17,681,489	+3.8%	4.46%
CPNG	Coupang, Inc. Consumer Cyclical	Added	882,766	+191,380	$16,666,622	+2.2%	4.21%
JCI	Johnson Controls International plc Industrials	NEW	113,237	NEW	$14,828,385	NEW	3.74%
FSLR	First Solar, Inc. Technology	Added	57,851	+14,312	$11,411,688	+0.3%	2.88%
SNDA	Sonida Senior Living, Inc. Healthcare	Held	185,000	0	$5,966,250	−1.1%	1.51%
MDLN	Medline Inc. Healthcare	NEW	93,949	NEW	$4,180,730	NEW	1.06%
FIG	Figma, Inc. Technology	Held	28,113	0	$594,308	−43.4%	0.15%