MAKENA CAPITAL MANAGEMENT LLC Diversified Active

CIK: 0001359262 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 3, 2026

Total Value ($000): $834,450 (100.0% shares, 0.0% debt)

Holdings (26)

New Positions (4)

LLYVK LIBERTY LIVE HOLDINGS INC 2.7%

Value ($000) $22,405 Shares 269,418 Est. Cost $85.87 Unrealized 0.0%

CRH CRH PLC 2.0%

Value ($000) $16,527 Shares 132,428 Est. Cost $119.13 Unrealized 0.0%

FSLR FIRST SOLAR INC 1.4%

Value ($000) $11,374 Shares 43,539 Est. Cost $252.20 Unrealized 0.0%

FIG FIGMA INC 0.1%

Value ($000) $1,051 Shares 28,113 Est. Cost $45.19 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLYVK	LIBERTY LIVE HOLDINGS INC	269,418	$22,405	2.7%	$85.87	0.0%	COM SHS SER C	530909308
CRH	CRH PLC	132,428	$16,527	2.0%	$119.13	0.0%	ORD	G25508105
FSLR	FIRST SOLAR INC	43,539	$11,374	1.4%	$252.20	0.0%	COM	336433107
FIG	FIGMA INC	28,113	$1,051	0.1%	$45.19	0.0%	CLASS A COM STK	316841105

Increased Positions (5)

PCOR PROCORE TECHNOLOGIES INC 2.0%

Value ($000) $16,914 (+34.0%) Shares 232,527 (+34.3%) Est. Cost $68.58 Unrealized +7.8%

GWRE GUIDEWIRE SOFTWARE INC 3.4%

Value ($000) $28,004 (-11.6%) Shares 139,315 (+1.1%) Est. Cost $165.91 Unrealized +33.3%

CPNG COUPANG INC 2.0%

Value ($000) $16,310 (-14.4%) Shares 691,386 (+16.8%) Est. Cost $24.03 Unrealized +18.4%

VEEV VEEVA SYS INC 3.0%

Value ($000) $25,403 (-2.3%) Shares 113,799 (+30.4%) Est. Cost $255.46 Unrealized +3.9%

FERG FERGUSON ENTERPRISES INC 2.3%

Value ($000) $19,383 (+2.1%) Shares 87,063 (+3.0%) Est. Cost $225.10 Unrealized +5.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PCOR	PROCORE TECHNOLOGIES INC	232,527 (+34.3%)	$16,914 (+34.0%)	2.0%	$68.58	+7.8%	COM	74275K108
GWRE	GUIDEWIRE SOFTWARE INC	139,315 (+1.1%)	$28,004 (-11.6%)	3.4%	$165.91	+33.3%	COM	40171V100
CPNG	COUPANG INC	691,386 (+16.8%)	$16,310 (-14.4%)	2.0%	$24.03	+18.4%	CL A	22266T109
VEEV	VEEVA SYS INC	113,799 (+30.4%)	$25,403 (-2.3%)	3.0%	$255.46	+3.9%	CL A COM	922475108
FERG	FERGUSON ENTERPRISES INC	87,063 (+3.0%)	$19,383 (+2.1%)	2.3%	$225.10	+5.7%	COMMON STOCK NEW	31488V107

Exited Positions (2)

— LIBERTY MEDIA CORP DEL 3.0%

Value ($000) $25,418 Shares 262,125 Est. Cost $58.73 Unrealized —

FLUT FLUTTER ENTMT PLC 1.4%

Value ($000) $11,517 Shares 45,344 Est. Cost $292.68 Unrealized -23.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY MEDIA CORP DEL	262,125	$25,418	3.0%	$58.73	—	—	531229722
FLUT	FLUTTER ENTMT PLC	45,344	$11,517	1.4%	$292.68	-23.2%	—	G3643J108

Decreased Positions (16)

VOO VANGUARD INDEX FDS 30.2%

Value ($000) $252,067 (-19.3%) Shares 401,937 (-21.2%) Est. Cost $523.37 Unrealized —

IEFA ISHARES TR 10.0%

Value ($000) $83,576 (-18.0%) Shares 934,336 (-19.9%) Est. Cost $73.29 Unrealized —

MCO MOODYS CORP 2.4%

Value ($000) $19,718 (-37.9%) Shares 38,598 (-42.1%) Est. Cost $438.45 Unrealized +11.2%

SGI SOMNIGROUP INTERNATIONAL INC 2.3%

Value ($000) $19,546 (-32.9%) Shares 218,934 (-36.6%) Est. Cost $51.67 Unrealized +69.1%

IEMG ISHARES INC 4.7%

Value ($000) $38,893 (-18.5%) Shares 578,596 (-20.1%) Est. Cost $53.25 Unrealized —

SPGI S&P GLOBAL INC 2.0%

Value ($000) $16,968 (-33.2%) Shares 32,469 (-37.7%) Est. Cost $478.35 Unrealized +3.3%

MSFT MICROSOFT CORP 4.1%

Value ($000) $33,853 (-12.3%) Shares 70,000 (-6.1%) Est. Cost $328.33 Unrealized +52.5%

XLV SELECT SECTOR SPDR TR 3.4%

Value ($000) $28,235 (-13.8%) Shares 182,397 (-22.5%) Est. Cost $142.24 Unrealized —

AMZN AMAZON COM INC 4.1%

Value ($000) $33,973 (-10.8%) Shares 147,183 (-15.1%) Est. Cost $159.03 Unrealized +43.9%

V VISA INC 3.4%

Value ($000) $28,206 (-12.6%) Shares 80,424 (-14.9%) Est. Cost $279.36 Unrealized +21.8%

MTZ MASTEC INC 2.7%

Value ($000) $22,264 (-14.3%) Shares 102,423 (-16.1%) Est. Cost $120.80 Unrealized +73.7%

GE GE AEROSPACE 2.7%

Value ($000) $22,439 (-13.4%) Shares 72,847 (-15.4%) Est. Cost $133.25 Unrealized +125.7%

USFD US FOODS HLDG CORP 2.0%

Value ($000) $16,825 (-13.1%) Shares 223,384 (-11.6%) Est. Cost $54.81 Unrealized +37.0%

GOOGL ALPHABET INC 2.0%

Value ($000) $17,038 (-9.3%) Shares 54,435 (-29.6%) Est. Cost $146.50 Unrealized +94.9%

XLP SELECT SECTOR SPDR TR 1.4%

Value ($000) $11,769 (-4.7%) Shares 151,503 (-3.9%) Est. Cost $76.21 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.1%

Value ($000) $25,677 (-1.1%) Shares 84,495 (-9.1%) Est. Cost $226.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	401,937 (-21.2%)	$252,067 (-19.3%)	30.2%	$523.37	—	S&P 500 ETF SHS	922908363
IEFA	ISHARES TR	934,336 (-19.9%)	$83,576 (-18.0%)	10.0%	$73.29	—	CORE MSCI EAFE	46432F842
MCO	MOODYS CORP	38,598 (-42.1%)	$19,718 (-37.9%)	2.4%	$438.45	+11.2%	COM	615369105
SGI	SOMNIGROUP INTERNATIONAL INC	218,934 (-36.6%)	$19,546 (-32.9%)	2.3%	$51.67	+69.1%	COM	88023U101
IEMG	ISHARES INC	578,596 (-20.1%)	$38,893 (-18.5%)	4.7%	$53.25	—	CORE MSCI EMKT	46434G103
SPGI	S&P GLOBAL INC	32,469 (-37.7%)	$16,968 (-33.2%)	2.0%	$478.35	+3.3%	COM	78409V104
MSFT	MICROSOFT CORP	70,000 (-6.1%)	$33,853 (-12.3%)	4.1%	$328.33	+52.5%	COM	594918104
XLV	SELECT SECTOR SPDR TR	182,397 (-22.5%)	$28,235 (-13.8%)	3.4%	$142.24	—	STATE STREET HEA	81369Y209
AMZN	AMAZON COM INC	147,183 (-15.1%)	$33,973 (-10.8%)	4.1%	$159.03	+43.9%	COM	023135106
V	VISA INC	80,424 (-14.9%)	$28,206 (-12.6%)	3.4%	$279.36	+21.8%	COM CL A	92826C839
MTZ	MASTEC INC	102,423 (-16.1%)	$22,264 (-14.3%)	2.7%	$120.80	+73.7%	COM	576323109
GE	GE AEROSPACE	72,847 (-15.4%)	$22,439 (-13.4%)	2.7%	$133.25	+125.7%	COM NEW	369604301
USFD	US FOODS HLDG CORP	223,384 (-11.6%)	$16,825 (-13.1%)	2.0%	$54.81	+37.0%	COM	912008109
GOOGL	ALPHABET INC	54,435 (-29.6%)	$17,038 (-9.3%)	2.0%	$146.50	+94.9%	CAP STK CL A	02079K305
XLP	SELECT SECTOR SPDR TR	151,503 (-3.9%)	$11,769 (-4.7%)	1.4%	$76.21	—	STATE STREET CON	81369Y308
TSM	TAIWAN SEMICONDUCTOR MFG LTD	84,495 (-9.1%)	$25,677 (-1.1%)	3.1%	$226.49	—	SPONSORED ADS	874039100

Unchanged Positions (1)

SNDA SONIDA SENIOR LIVING INC 0.7%

Value ($000) $6,033 Shares 185,000 Est. Cost $28.67 Unrealized +3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDA	SONIDA SENIOR LIVING INC	185,000	$6,033	0.7%	$28.67	+3.4%	COM	140475203