MAKENA CAPITAL MANAGEMENT LLC
Sector Allocation
- Other50.4%$479.7M
- Technology18.5%$176.5M
- Financials8.5%$80.6M
- Consumer Discretionary7.8%$74.4M
- Communication Services4.4%$41.7M
- Industrials4.2%$40.3M
- Energy2.6%$25.2M
- Materials2.3%$22.0M
- Healthcare1.2%$11.4M
AUM History
13fpro.ai/research/fund/makena-capital-management-llc-1359262
Conviction and streaks
Stable · top 10 = 69.6%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
- VANGUARD$290.0M
- ISHARES$98.3M
- ISHARES$48.9M
VEEV
$35.9MGWRE
$34.8MTSM
$34.1M- SELECT$31.3M
V
$31.0MAMZN
$30.9MMCO
$27.0MLLYVA
$25.3MMTZ
$25.2MGE
$25.1MMELI
$24.5MSPGI
$22.6MCRH
$22.0MPCOR
$20.2MCPNG
$19.0MNVDA
$19.0MGOOGL
$18.8M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/makena-capital-management-llc-1359262
MAKENA CAPITAL MANAGEMENT LLC 13F holdings — Q2 2026
$951.8M portfolio (+9.9% QoQ) · 26 holdings · Q2 2026 13F · top 10 are 70% of the stock portfolio
- 1
VANGUARD INDEX FDS - S&P 500 ETF SHS
$290.0M
30.5% of stocks
-5%This quarter—Since filed—HeldAIQuality—Est. buy— - 2
ISHARES TR - CORE MSCI EAFE
$98.3M
10.3% of stocks
-6%This quarter—Since filed—HeldAIQuality—Est. buy— - 3
ISHARES INC - CORE MSCI EMKT
$48.9M
5.1% of stocks
-15%This quarter—Since filed—HeldAIQuality—Est. buy— $35.9M
3.8% of stocks
+30%This quarter+35.6%Since filed5 qtrsHeld$34.8M
3.7% of stocks
+41%This quarter+6.4%Since filed9 qtrsHeld$34.1M
3.6% of stocks
-15%This quarter+1.4%Since filed5 qtrsHeld- 7
SELECT SECTOR SPDR TR - ST STR CARE ETF
$31.3M
3.3% of stocks
+13%This quarter—Since filed—HeldAIQuality—Est. buy— $31.0M
3.3% of stocks
+0.2%This quarter+11.9%Since filed10+ qtrsHeld$30.9M
3.3% of stocks
-12%This quarter-10.4%Since filed10+ qtrsHeld$27.0M
2.8% of stocks
+22%This quarter+1.3%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row
| # | Company | Value | Weight | This quarter | Since filed | Held | AI quality | Est. buy | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS - S&P 500 ETF SHS | $290.0M | 30.5% | -5% | — | — | — | — | |
| 2 | ISHARES TR - CORE MSCI EAFE | $98.3M | 10.3% | -6% | — | — | — | — | |
| 3 | ISHARES INC - CORE MSCI EMKT | $48.9M | 5.1% | -15% | — | — | — | — | |
| 4 | $35.9M | 3.8% | +30% | +35.6% | 5 qtrsAdded 5 qtrs in a row | 77.3#69 | Estimated buy price is Pro: unlock with a free trial | ||
| 5 | $34.8M | 3.7% | +41% | +6.4% | 9 qtrsAdded 4 qtrs in a row | 68.1#323 | Estimated buy price is Pro: unlock with a free trial | ||
| 6 | $34.1M | 3.6% | -15% | +1.4% | 5 qtrs | — | Estimated buy price is Pro: unlock with a free trial | ||
| 7 | SELECT SECTOR SPDR TR - ST STR CARE ETF | $31.3M | 3.3% | +13% | — | — | — | — | |
| 8 | $31.0M | 3.3% | +0.2% | +11.9% | 10+ qtrs | 82.6#12 | Estimated buy price is Pro: unlock with a free trial | ||
| 9 | $30.9M | 3.3% | -12% | -10.4% | 10+ qtrs | 67.5#363 | Estimated buy price is Pro: unlock with a free trial | ||
| 10 | $27.0M | 2.8% | +22% | +1.3% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | Estimated buy price is Pro: unlock with a free trial |
All holdings — MAKENA CAPITAL MANAGEMENT LLC (Q2 2026)
26 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Liberty Live Holdings, Inc. | Communication Services | $25.3M | 2.7% | 240K | +4% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | MASTEC INC | Energy | $25.2M | 2.6% | 60K | -24% | 9 qtrsTrimmed 5 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | GENERAL ELECTRIC CO | Industrials | $25.1M | 2.6% | 67K | +0.7% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | MERCADOLIBRE INC | Consumer Discretionary | $24.5M | 2.6% | 14K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | S&P Global Inc. | Financials | $22.6M | 2.4% | 56K | +21% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | CRH PUBLIC LTD CO | Materials | $22.0M | 2.3% | 206K | +9% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | PROCORE TECHNOLOGIES, INC. | Technology | $20.2M | 2.1% | 498K | +55% | 10+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Coupang, Inc. | Consumer Discretionary | $19.0M | 2.0% | 1.10M | +24% | 8 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | NVIDIA CORP | Technology | $19.0M | 2.0% | 95K | -11% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Alphabet Inc. | Technology | $18.8M | 2.0% | 53K | -14% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | NEW YORK TIMES CO | Communication Services | $16.4M | 1.7% | 234K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Johnson Controls International plc | Industrials | $15.2M | 1.6% | 104K | -8% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | FIRST SOLAR, INC. | Technology | $13.7M | 1.4% | 58K | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | — | SELECT SECTOR SPDR TR - ST STR STAPL ETFetf/fund | — | $11.2M | 1.2% | 135K | -12% | — | — | 13F |
| 25 | SONIDA SENIOR LIVING, INC. | Healthcare | $7.5M | 0.8% | 185K | — | 8 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $MDLN | Medline Inc. | Healthcare | $3.8M | 0.4% | 97K | +3% |
What changed in Q2 2026
Against the previous quarter's 13F: 2 new, 12 added to, 10 trimmed, 3 sold out. Share-count changes; largest moves by dollar size first.
New positions (2)
Added to (12)
now $34.8M · held 9 qtrs, 4 adds in a row
now $35.9M · held 5 qtrs, 5 adds in a row
now $20.2M · held 10+ qtrs, 3 adds in a row
now $27.0M · held 10+ qtrs, 2 adds in a row
now $22.6M · held 10+ qtrs, 2 adds in a row
now $19.0M · held 8 qtrs, 3 adds in a row
+6 more in the Excel export
Trimmed (10)
- VANGUARD INDEX FDS - S&P 500 ETF SHS-5%
now $290.0M
- ISHARES INC - CORE MSCI EMKT-15%
now $48.9M
now $25.2M · held 9 qtrs, 5 trims in a row
now $34.1M · held 5 qtrs
- ISHARES TR - CORE MSCI EAFE-6%
now $98.3M
now $30.9M · held 10+ qtrs
+4 more in the Excel export
Holdings by quarter
Every 13F MAKENA CAPITAL MANAGEMENT LLC has filed, 41 earlier quarters. Pick one to see what it held then.
Is it too late to follow MAKENA CAPITAL MANAGEMENT?
Q2 2026 13F filed with the SEC on Aug 10, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of MAKENA CAPITAL MANAGEMENT's top 20 holdings: 69/100 (our AI quality score, weighted by position size; 17 of the 20 are scored)
Top 10 since filing
-0.4%
Value-weighted move of the 10 largest stock positions
Turnover
9%
Last quarter; 29% over the last 4
Top 10 weight
70%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
70%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
MAKENA CAPITAL MANAGEMENT LLC disclosed 26 positions worth $951.8M in its Form 13F-HR for Q2 2026. During the quarter the fund opened 2 new positions and exited 3 — including a new stake in $MELI and a full exit from $MSFT. The portfolio is most concentrated in Other (50.4% of disclosed assets). All figures are sourced directly from MAKENA CAPITAL MANAGEMENT LLC’s Form 13F-HR filing with the SEC under CIK 1359262.
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AI-Powered Hedge Fund Analysis: MAKENA CAPITAL MANAGEMENT LLC
13F Pro is an AI hedge fund tracker and stock research platform. For MAKENA CAPITAL MANAGEMENT LLC (SEC CIK: 1359262), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in MAKENA CAPITAL MANAGEMENT LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.