Q4 2025 · 13F-HR
MAKENA CAPITAL MANAGEMENT LLCholdings as filed
Filed 2026-02-03 · accession 0001359262-26-000001
$834.5M
Reported value
26
Positions
2025-12-31
Period end
The Brief · MAKENA CAPITAL MANAGEMENT LLC · Q4 2025
AI · grounded in 13F
MAKENA CAPITAL MANAGEMENT LLC closed its position in LIBERTY MEDIA CORP DEL [[stock:LLYVK*]], reducing exposure by $25.4M. The fund established new positions in LIBERTY LIVE HOLDINGS INC LLYVK for $22.4M, CRH PLC CRH for $16.5M, and FIRST SOLAR INC FSLR for $11.4M. Additionally, the fund exited its position in FLUTTER ENTMT PLC FLUT with a $11.5M reduction.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 922908363 | VOO | VANGUARD INDEX FDS | $252.1M | 30.2% | 401,937 | Common | SOLE |
| 46432F842 | IEFA | ISHARES TR | $83.6M | 10.0% | 934,336 | Common | SOLE |
| 46434G103 | IEMG | ISHARES INC | $38.9M | 4.66% | 578,596 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $34.0M | 4.07% | 147,183 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $33.9M | 4.06% | 70,000 | Common | SOLE |
| 81369Y209 | XLV | SELECT SECTOR SPDR TR | $28.2M | 3.38% | 182,397 | Common | SOLE |
| 92826C839 | V | VISA INC | $28.2M | 3.38% | 80,424 | Common | SOLE |
| 40171V100 | GWRE | GUIDEWIRE SOFTWARE INC | $28.0M | 3.36% | 139,315 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $25.7M | 3.08% | 84,495 | Common | SOLE |
| 922475108 | VEEV | VEEVA SYS INC | $25.4M | 3.04% | 113,799 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $22.4M | 2.69% | 72,847 | Common | SOLE |
| 530909308 | LLYVK | LIBERTY LIVE HOLDINGS INC | $22.4M | 2.68% | 269,418 | Common | SOLE |
| 576323109 | MTZ | MASTEC INC | $22.3M | 2.67% | 102,423 | Common | SOLE |
| 615369105 | MCO | MOODYS CORP | $19.7M | 2.36% | 38,598 | Common | SOLE |
| 88023U101 | SGI | SOMNIGROUP INTERNATIONAL INC | $19.5M | 2.34% | 218,934 | Common | SOLE |
| 31488V107 | FERG | FERGUSON ENTERPRISES INC | $19.4M | 2.32% | 87,063 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $17.0M | 2.04% | 54,435 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $17.0M | 2.03% | 32,469 | Common | SOLE |
| 74275K108 | PCOR | PROCORE TECHNOLOGIES INC | $16.9M | 2.03% | 232,527 | Common | SOLE |
| 912008109 | USFD | US FOODS HLDG CORP | $16.8M | 2.02% | 223,384 | Common | SOLE |
| G25508105 | CRH | CRH PLC | $16.5M | 1.98% | 132,428 | Common | SOLE |
| 22266T109 | CPNG | COUPANG INC | $16.3M | 1.95% | 691,386 | Common | SOLE |
| 81369Y308 | XLP | SELECT SECTOR SPDR TR | $11.8M | 1.41% | 151,503 | Common | SOLE |
| 336433107 | FSLR | FIRST SOLAR INC | $11.4M | 1.36% | 43,539 | Common | SOLE |
| 140475203 | SNDA | SONIDA SENIOR LIVING INC | $6.0M | 0.72% | 185,000 | Common | SOLE |
| 316841105 | FIG | FIGMA INC | $1.1M | 0.13% | 28,113 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.