MAKENA CAPITAL MANAGEMENT LLC Diversified Active

Location: Menlo Park, CA

CIK: 0001359262 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 10, 2026

Total Value: $952M (100.0% shares, 0.0% debt)

Holdings (26)

New Positions (2)

MELI MERCADOLIBRE INC 2.6%

Value $24.45M Shares 14,405 Est. Cost $1697.39 Unrealized —

NYT NEW YORK TIMES CO MTN BE 1.7%

Value $16.36M Shares 233,848 Est. Cost $69.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	14,405	$24.45M	2.6%	$1697.39	—	COM	58733R102
NYT	NEW YORK TIMES CO MTN BE	233,848	$16.36M	1.7%	$69.98	—	CL A	650111107

Increased Positions (10)

VEEV VEEVA SYS INC 3.8%

Value $35.93M (+31.7%) Shares 202,465 (+30.4%) Est. Cost $226.73 Unrealized —

XLV SELECT SECTOR SPDR TR 3.3%

Value $31.29M (+22.7%) Shares 197,201 (+13.4%) Est. Cost $144.18 Unrealized —

MCO MOODYS CORP 2.8%

Value $27.03M (+26.3%) Shares 59,671 (+21.6%) Est. Cost $449.98 Unrealized —

GWRE GUIDEWIRE SOFTWARE INC 3.7%

Value $34.82M (+16.0%) Shares 282,984 (+41.0%) Est. Cost $150.03 Unrealized —

LLYVK LIBERTY LIVE HOLDINGS INC 2.7%

Value $25.33M (+17.1%) Shares 239,774 (+4.3%) Est. Cost $86.69 Unrealized —

SPGI S&P GLOBAL INC 2.4%

Value $22.64M (+15.7%) Shares 55,598 (+20.8%) Est. Cost $467.80 Unrealized —

CPNG COUPANG INC 2.0%

Value $19.04M (+14.2%) Shares 1,096,053 (+24.2%) Est. Cost $22.00 Unrealized —

CRH CRH PLC 2.3%

Value $22.03M (+11.0%) Shares 205,853 (+9.0%) Est. Cost $119.55 Unrealized —

PCOR PROCORE TECHNOLOGIES INC 2.1%

Value $20.22M (+10.6%) Shares 497,726 (+55.2%) Est. Cost $57.16 Unrealized —

MDLN MEDLINE INC 0.4%

Value $3.811M (-8.8%) Shares 96,631 (+2.9%) Est. Cost $44.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VEEV	VEEVA SYS INC	202,465 (+30.4%)	$35.93M (+31.7%)	3.8%	$226.73	—	CL A COM	922475108
XLV	SELECT SECTOR SPDR TR	197,201 (+13.4%)	$31.29M (+22.7%)	3.3%	$144.18	—	ST STR CARE ETF	81369Y209
MCO	MOODYS CORP	59,671 (+21.6%)	$27.03M (+26.3%)	2.8%	$449.98	—	COM	615369105
GWRE	GUIDEWIRE SOFTWARE INC	282,984 (+41.0%)	$34.82M (+16.0%)	3.7%	$150.03	—	COM	40171V100
LLYVK	LIBERTY LIVE HOLDINGS INC	239,774 (+4.3%)	$25.33M (+17.1%)	2.7%	$86.69	—	COM SHS SER C	530909308
SPGI	S&P GLOBAL INC	55,598 (+20.8%)	$22.64M (+15.7%)	2.4%	$467.80	—	COM	78409V104
CPNG	COUPANG INC	1,096,053 (+24.2%)	$19.04M (+14.2%)	2.0%	$22.00	—	CL A	22266T109
CRH	CRH PLC	205,853 (+9.0%)	$22.03M (+11.0%)	2.3%	$119.55	—	ORD	G25508105
PCOR	PROCORE TECHNOLOGIES INC	497,726 (+55.2%)	$20.22M (+10.6%)	2.1%	$57.16	—	COM	74275K108
MDLN	MEDLINE INC	96,631 (+2.9%)	$3.811M (-8.8%)	0.4%	$44.69	—	COM CL A	58507V107

Exited Positions (3)

MSFT MICROSOFT CORP 2.2%

Value $20.63M Shares 55,744 Est. Cost $328.33 Unrealized —

SGI SOMNIGROUP INTERNATIONAL INC 2.0%

Value $18.57M Shares 251,222 Est. Cost $56.85 Unrealized —

FIG FIGMA INC 0.1%

Value $594K Shares 28,113 Est. Cost $45.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	55,744	$20.63M	2.2%	$328.33	—	—	594918104
SGI	SOMNIGROUP INTERNATIONAL INC	251,222	$18.57M	2.0%	$56.85	—	—	88023U101
FIG	FIGMA INC	28,113	$594K	0.1%	$45.19	—	—	316841105

Decreased Positions (10)

VOO VANGUARD INDEX FDS 30.5%

Value $290M (+9.6%) Shares 422,234 (-4.6%) Est. Cost $530.21 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.6%

Value $34.12M (+20.6%) Shares 71,453 (-14.7%) Est. Cost $226.49 Unrealized —

XLP SELECT SECTOR SPDR TR 1.2%

Value $11.2M (-10.3%) Shares 134,810 (-11.5%) Est. Cost $76.21 Unrealized —

GOOGL ALPHABET INC 2.0%

Value $18.81M (+6.4%) Shares 52,622 (-14.4%) Est. Cost $166.78 Unrealized —

IEFA ISHARES TR 10.3%

Value $98.31M (+0.7%) Shares 1,017,877 (-5.6%) Est. Cost $75.58 Unrealized —

IEMG ISHARES INC 5.1%

Value $48.93M (+1.3%) Shares 590,622 (-14.7%) Est. Cost $55.96 Unrealized —

NVDA NVIDIA CORPORATION 2.0%

Value $18.95M (+2.4%) Shares 94,728 (-10.8%) Est. Cost $186.63 Unrealized —

JCI JOHNSON CONTROLS INTERNATION 1.6%

Value $15.21M (+2.6%) Shares 104,115 (-8.1%) Est. Cost $126.06 Unrealized —

MTZ MASTEC INC 2.6%

Value $25.15M (-1.3%) Shares 60,452 (-23.7%) Est. Cost $120.80 Unrealized —

AMZN AMAZON COM INC 3.3%

Value $30.94M (+0.9%) Shares 129,820 (-11.8%) Est. Cost $159.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	422,234 (-4.6%)	$290M (+9.6%)	30.5%	$530.21	—	S&P 500 ETF SHS	922908363
TSM	TAIWAN SEMICONDUCTOR MANUFAC	71,453 (-14.7%)	$34.12M (+20.6%)	3.6%	$226.49	—	SPONSORED ADS	874039100
XLP	SELECT SECTOR SPDR TR	134,810 (-11.5%)	$11.2M (-10.3%)	1.2%	$76.21	—	ST STR STAPL ETF	81369Y308
GOOGL	ALPHABET INC	52,622 (-14.4%)	$18.81M (+6.4%)	2.0%	$166.78	—	CAP STK CL A	02079K305
IEFA	ISHARES TR	1,017,877 (-5.6%)	$98.31M (+0.7%)	10.3%	$75.58	—	CORE MSCI EAFE	46432F842
IEMG	ISHARES INC	590,622 (-14.7%)	$48.93M (+1.3%)	5.1%	$55.96	—	CORE MSCI EMKT	46434G103
NVDA	NVIDIA CORPORATION	94,728 (-10.8%)	$18.95M (+2.4%)	2.0%	$186.63	—	COM	67066G104
JCI	JOHNSON CONTROLS INTERNATION	104,115 (-8.1%)	$15.21M (+2.6%)	1.6%	$126.06	—	SHS	G51502105
MTZ	MASTEC INC	60,452 (-23.7%)	$25.15M (-1.3%)	2.6%	$120.80	—	COM	576323109
AMZN	AMAZON COM INC	129,820 (-11.8%)	$30.94M (+0.9%)	3.3%	$159.03	—	COM	023135106

Unchanged Positions (4)

GE GE AEROSPACE 2.6%

Value $25.12M Shares 67,220 Est. Cost $133.25 Unrealized —

V VISA INC 3.3%

Value $30.96M Shares 90,249 Est. Cost $284.69 Unrealized —

FSLR FIRST SOLAR INC 1.4%

Value $13.65M Shares 57,851 Est. Cost $248.47 Unrealized —

SNDA SONIDA SENIOR LIVING INC 0.8%

Value $7.548M Shares 185,000 Est. Cost $28.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE	67,220	$25.12M	2.6%	$133.25	—	COM NEW	369604301
V	VISA INC	90,249	$30.96M	3.3%	$284.69	—	COM CL A	92826C839
FSLR	FIRST SOLAR INC	57,851	$13.65M	1.4%	$248.47	—	COM	336433107
SNDA	SONIDA SENIOR LIVING INC	185,000	$7.548M	0.8%	$28.67	—	COM	140475203