MAKENA CAPITAL MANAGEMENT LLC

Q3 2025 13F-HR Holdings

Location
Menlo Park, CA
Holdings as of
9/30/2025
Date filed
11/10/2025
Form type
13F-HR
Num holdings
24
Total value ($000)
$968,470
Net value change ($000)
-29,866 (-3.0%)
New positions
2
Sold out positions
2
Turnover %
6.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/13/2025 Next filing: 2/3/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
FERG 18,992 NEW
FLUT 11,517 NEW
V 5,965 22.7%
VEEV 4,217 19.4%
SPGI 4,058 19.0%
GWRE 3,543 12.6%
MCO 3,060 10.7%
XLV 2,548 8.4%
USFD 1,469 8.2%
SGI 1,169 4.2%
Top Reduces (Value $000, Stocks/ETFs)
VOO -32,112 -9.3%
SHW -19,236 -100.0%
FWONA -12,613 -100.0%
IEFA -8,446 -7.7%
CPNG -6,742 -26.1%
GE -6,576 -20.2%
TSM -2,032 -7.3%
LLYVA -979 -3.7%
AMZN -510 -1.3%
MSFT -281 -0.7%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type