MAKENA CAPITAL MANAGEMENT LLC

Q4 2025 13F-HR Holdings

Location
Menlo Park, CA
Holdings as of
12/31/2025
Date filed
2/3/2026
Form type
13F-HR
Num holdings
26
Total value ($000)
$834,450
Net value change ($000)
-134,020 (-13.8%)
New positions
4
Sold out positions
2
Turnover %
10.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/10/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
LLYVA 22,405 NEW
CRH 16,527 NEW
FSLR 11,374 NEW
PCOR 4,291 34.0%
FIG 1,051 NEW
SNDA 905 17.6%
FERG 391 2.1%
Top Reduces (Value $000, Stocks/ETFs)
VOO -60,099 -19.3%
LLYVA -25,418 -100.0%
IEFA -18,289 -18.0%
MCO -12,025 -37.9%
FLUT -11,517 -100.0%
SGI -9,578 -32.9%
IEMG -8,823 -18.5%
SPGI -8,416 -33.2%
MSFT -4,743 -12.3%
XLV -4,527 -13.8%
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