13F
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MAKENA CAPITAL MANAGEMENT LLC

13F equity value
$866M
Positions
27
Top 10 concentration
69.8%
Quarters / total new picks
23 / 134
13F equity value over time
$0M$499M$998M2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 23 quarters, returned +3.2% per quarter — versus +3.7% per quarter from simply owning every 13F stock. It beat that baseline in only 52.2% of quarters (excess t = -0.42, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-1.3%
t-stat
-0.42
Quarterly win rate
52%
Annualized excess
-4.1%
$1 → follow vs universe
$1.71 vs $2.10
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620200630: universe 1.33220200930: universe 1.63320201231: universe 1.70820210331: universe 1.72320210630: universe 1.86120210930: universe 1.67020211231: universe 1.42120220331: universe 1.52620220630: universe 1.41420220930: universe 1.51920221231: universe 1.41120230331: universe 1.48620230630: universe 1.43320230930: universe 1.62620231231: universe 1.69920240331: universe 1.73820240630: universe 1.89520240930: universe 1.87920241231: universe 1.75420250630: universe 1.80920250930: universe 2.03420251231: universe 2.104 20200331: follow 1.22520200630: follow 1.32220200930: follow 1.43720201231: follow 1.28120210331: follow 1.45620210630: follow 1.61420210930: follow 1.57320211231: follow 1.06020220331: follow 1.10420220630: follow 0.93920220930: follow 0.98820221231: follow 0.88220230331: follow 1.00720230630: follow 1.03920230930: follow 1.27920231231: follow 1.28720240331: follow 1.32620240630: follow 1.47220240930: follow 1.53220241231: follow 1.33720250630: follow 1.48620250930: follow 1.63320251231: follow 1.705 0.81 1.54 2.27 202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 27 · 2026 Q1

Ticker Value Weight QoQ
VOO $265M
30.6%
ADD
IEFA $98M
11.3%
ADD
IEMG $48M
5.6%
ADD
AMZN $31M
3.5%
HOLD
GWRE $30M
3.5%
ADD
TSM $28M
3.3%
HOLD
VEEV $27M
3.1%
ADD
V $27M
3.1%
ADD
XLV $25M
2.9%
TRIM
MTZ $25M
2.9%
TRIM
LLYVK $22M
2.5%
TRIM
MCO $21M
2.5%
ADD
MSFT $21M
2.4%
TRIM
CRH $20M
2.3%
ADD
SPGI $20M
2.3%
ADD
GE $19M
2.2%
TRIM
SGI $19M
2.1%
ADD
NVDA $19M
2.1%
NEW
PCOR $18M
2.1%
ADD
GOOGL $18M
2.0%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

JCIMDLNNVDA

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.