SEC 13F Intelligence

Managers / Q4 2022 · view latest →

MAKENA CAPITAL MANAGEMENT LLC

CIK 0001359262 · 2755 SAND HILL ROAD, SUITE 200, MENLO PARK, CA, 94025 · 650-926-0510

Reported Value
$532M
Q4 2022
Positions
42
Filings on Record
26
2019–present window
Filed
Feb 13, 2023
original filing

Summary

Makena Capital Management LLC reported $532M in U.S.-listed holdings across 42 positions for Q4 2022.

Its largest position, SNOW, represents 19.4% of the portfolio.

Compared with Q3 2022, the fund opened 11 new positions and exited 14.

Portfolio Metrics

Turnover
+20.7%
vs prior filed quarter
Top-10 Concentration
+46.8%
share of reported value
Largest Position
+19.4%
Snowflake
New / Exited
11 / 14
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’19: $113MQ4 ’19Q1 ’20: $103MQ2 ’20: $164MQ3 ’20: $170MQ4 ’20: $180MQ4 ’20Q1 ’21: $631MQ2 ’21: $677MQ3 ’21: $592MQ4 ’21: $884MQ4 ’21Q1 ’22: $824MQ2 ’22: $613MQ3 ’22: $600MQ4 ’22: $532MQ4 ’22Q1 ’23: $527MQ2 ’23: $523MQ3 ’23: $467MQ4 ’23: $442MQ4 ’23Q1 ’24: $430MQ2 ’24: $432MQ3 ’24: $416MQ4 ’24: $616MQ4 ’24Q1 ’25: $969MQ2 ’25: $998MQ3 ’25: $968MQ4 ’25: $834MQ4 ’25Q1 ’26: $866Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 70.1%REIT: 27.5%ETP: 1.8%Other: 0.5%
  • Common Stock · 70.1% · $373M
  • REIT · 27.5% · $146M
  • ETP · 1.8% · $10M
  • Other · 0.5% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UDRUDR INCNEW+296.5K296.5K+$11M$11M
SUN CMNTYS INCNEW+80.3K80.3K+$11M$11M
VVISA INCNEW+48.5K48.5K+$10M$10M
WELLWELLTOWER INCNEW+152.6K152.6K+$10M$10M
SITCUSDSITE CTRS CORPNEW+722.5K722.5K+$10M$10M
SBACSBA COMMUNICATIONS CORP NEWNEW+34.9K34.9K+$10M$10M
APLEAPPLE HOSPITALITY REIT INCNEW+618.4K618.4K+$10M$10M
TMUST-MOBILE US INCNEW+61.0K61.0K+$9M$9M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SNOWSNOWFLAKE INChistory →CL A19.35%$103M717.6K
2BLDRBUILDERS FIRSTSOURCE INChistory →COM7.27%$39M596.4K
3MSFTMICROSOFT CORPhistory →COM3.09%$16M68.6K
4AMZNAMAZON COM INChistory →COM3.04%$16M192.8K
5DDOGDATADOG INChistory →CL A COM2.44%$13M176.9K
6INTUINTUIThistory →COM2.44%$13M33.3K
7FIRST INDL RLTY TR INCCOM2.31%$12M255.2K
8GOOGLALPHABET INChistory →CAP STK CL A2.31%$12M139.5K
9COLDEURAMERICOLD REALTY TRUST INChistory →COM2.31%$12M434.3K
10SCHWSCHWAB CHARLES CORPhistory →COM2.18%$12M139.6K
11ELSEQUITY LIFESTYLE PPTYS INChistory →COM2.18%$12M179.6K
12UDRUDR INChistory →COM2.16%$11M296.5K
13SUN CMNTYS INCCOM2.16%$11M80.3K
14UNHUNITEDHEALTH GROUP INChistory →COM2.13%$11M21.4K
15WABWABTEChistory →COM2.12%$11M113.1K
16JAMFJAMF HLDG CORPhistory →COM2.08%$11M520.5K
17INVHINVITATION HOMES INChistory →COM1.99%$11M357.0K
18AMHAMERICAN HOMES 4 RENThistory →CL A1.98%$11M350.3K
19DTDYNATRACE INChistory →COM NEW1.94%$10M269.0K
20VVISA INChistory →COM CL A1.89%$10M48.5K
21REXFORD INDL RLTY INCCOM1.88%$10M183.1K
22WELLWELLTOWER INChistory →COM1.88%$10M152.6K
23GDDYGODADDY INChistory →CL A1.87%$10M132.9K
248CWCROWN CASTLE INChistory →COM1.85%$10M72.8K
25SITCUSDSITE CTRS CORPhistory →COM1.85%$10M722.5K
26DOCHEALTHPEAK PROPERTIES INChistory →COM1.85%$10M393.1K
27SELECT SECTOR SPDR TRSBI CONS STPLS1.85%$10M131.9K
28SBACSBA COMMUNICATIONS CORP NEWhistory →CL A1.84%$10M34.9K
29APLEAPPLE HOSPITALITY REIT INChistory →COM NEW1.83%$10M618.4K
30VICIVICI PPTYS INChistory →COM1.74%$9M285.4K
31MRNAMODERNA INChistory →COM1.63%$9M48.3K
32POSTPOST HLDGS INChistory →COM1.61%$9M95.1K
33UBERUBER TECHNOLOGIES INChistory →COM1.61%$9M345.8K
34TMUST-MOBILE US INChistory →COM1.60%$9M61.0K
35TEAM1EURATLASSIAN CORPORATIONhistory →CL A1.35%$7M56.0K
36HLTHILTON WORLDWIDE HLDGS INChistory →COM1.13%$6M47.7K
37METAMETA PLATFORMS INChistory →CL A1.12%$6M49.3K
38LBRDKLIBERTY BROADBAND CORPhistory →COM SER C1.09%$6M76.4K
39BRBRBELLRING BRANDS INChistory →COMMON STOCK1.09%$6M226.2K
40RADIGUSDRADIUS GLOBAL INFRASTRCTRE ICOM CL A0.92%$5M416.3K
41CELLEBRITE DI LTDORDINARY SHARES0.53%$3M649.6K
42RIVNRIVIAN AUTOMOTIVE INCCOM CL A0.49%$3M140.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$866M27May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$834M26Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$968M24Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$998M24Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$969M25May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$616M41Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$416M39Nov 8, 202413F-HRchanges · EDGAR ↗
Q2 2024$432M38Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$430M39May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$442M41Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$467M40Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$523M42Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$527M42May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$532M42Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$600M45Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$613M44Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$824M44May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$884M47Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$592M43Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$677M42Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$631M42May 12, 202113F-HRchanges · EDGAR ↗
Q4 2020$180M49Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$170M63Nov 10, 202013F-HRchanges · EDGAR ↗
Q2 2020$164M62Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$103M49May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$113M40Feb 6, 202013F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.