# EDGAR Filing Document

**Accession Number:** 0001359262
**File Stem:** 0001172661-25-003868
**Filing Date:** 2025-8
**Character Count:** 18518
**Document Hash:** 5b7b2493e7f5fdfe7870e7309911172b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003868.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001172661-25-003868

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAKENA CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001359262

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** CA

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12255
- **FILM NUMBER:** 251266655

**BUSINESS ADDRESS:**
- **STREET 1:** 2755 SAND HILL ROAD, SUITE 200
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** 650-926-0510

**MAIL ADDRESS:**
- **STREET 1:** 2755 SAND HILL ROAD, SUITE 200
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001359262

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** MAKENA CAPITAL MANAGEMENT LLC

**Address:** 2755 SAND HILL ROAD, SUITE 200, MENLO PARK, CA 94025

**Telephone number:** 650-926-0510

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-12255

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                 | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                              | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Alphabet Inc                   | 02079K305 | 06/06/2025     | Election of Directors, Shareholder Proposal Regarding Right to Act by Written Consent, Shareholder proposal regarding recapitalization, Shareholder proposal regarding excluding share repurchases in executive compensation                                                  | SECTION 14A SAY-ON-PAY VOTES |         192080 |                0 | NA          |                                   192080 | FOR                         |  |
| Amazon.com Inc                 | 023135106 | 05/21/2025     | Election of Directors, ratification of auditor, Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         156808 |                0 | FOR         |                                   156808 | FOR                         |  |
| AMERICAN HOMES 4 RENT          | 02665T306 | 05/07/2025     | DIVERSITY ALERT FOR ELECTION OF TRUSTEES WITH GENERDER/DIVERSITY CONCERNS REGARDING MATTHEW R ZAIST                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          62685 |                0 | FOR         |                                    62685 | AGAINST                     |  |
| AMERICAN TOWER CORPORATION     | 03027X100 | 05/14/2025     | Election of Directors, Advisory vote on executive compensation                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          12407 |                0 | FOR         |                                    12407 | FOR                         |  |
| AMERICOLD REALTY TRUST         | 03064D108 | 05/20/2025     | DIVERSITY ALERT, INSUFFICIENT DISCLOSURE OF BOARD DEMOGRAPHICS, GENDER DIVERSITY CONCERNS, AND CONCERNING PAY PRACTICES                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          92582 |                0 | AGAINST     |                                    92582 | AGAINST                     |  |
| BRIXMOR PROPERTY GROUP         | 11120U105 | 04/23/2025     | Election of Directors, Advisory vote on executive compensation, ratification of Auditor                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         236128 |                0 | FOR         |                                   236128 | FOR                         |  |
| CAMDEN PROPERTY TRUST          | 133131102 | 05/09/2025     | Election of Trust Managers, Advisory vote on executive compensation, ratification of auditor                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          23969 |                0 | FOR         |                                    23969 | FOR                         |  |
| Coupang                        | 22266T109 | 06/12/2025     | Election of Directors, ratification of auditor, Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         984766 |                0 | FOR         |                                   984766 | FOR                         |  |
| CRH PLC                        | G25508105 | 05/08/2025     | Election of Directors, Advisory Vote on Executive Compensation, Frequency of Advisory vote on Executive Compensation, Approval of the CRH plc Equity Inventive Plan                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         156299 |                0 | FOR         |                                   156299 | FOR                         |  |
| EQUINIX, INC.                  | 29444U700 | 05/21/2025     | DIVERSITY ALERT; INSUFFICIENT DISCLOSURE OF BOARD DEMOGRAPHIC INFORMATION                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           4527 |                0 | FOR         |                                     4527 | AGAINST                     |  |
| GE Aerospace                   | 369604301 | 05/06/2025     | Makena voted in line with management recommendation AGAINST a shareholder proposal on corporate governance                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         143846 |                0 | FOR         |                                   143846 | FOR                         |  |
| Gildan Activewear Inc          | 375916103 | 04/30/2025     | Appointment of Auditor, Election of Directors, Advisory Vote on Executive Compensation                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         241205 |                0 | FOR         |                                   241205 | FOR                         |  |
| Guidewire                      | 40171V100 | 12/17/2024     | Election of Directors, Ratification of Auditor, Advisory Vote on Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          76742 |                0 | FOR         |                                    76742 | FOR                         |  |
| HOST HOTELS  RESORTS, INC.     | 44107P104 | 05/14/2025     | Election of Directors, ratification of auditor, Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         127521 |                0 | FOR         |                                   127521 | FOR                         |  |
| INDEPENDENCE REALTY TRUST      | 45378A106 | 05/14/2025     | SPLIT VOTE ON ELECTION OF DIRECTORS DUE TO CFO BEING ON THE BOARD (JAMES SEBRA), RATIFICATION OF AUDITOR, ADVISORY VOTE ON EXECUTIVE COMPENSATION                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         142211 |                0 | FOR         |                                   142211 | AGAINST                     |  |
| INVENTRUST PROPERTIES CORP.    | 46124J201 | 05/06/2025     | Election of Directors, Advisory vote on executive compensation, ratification of Auditor                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          88404 |                0 | FOR         |                                    88404 | FOR                         |  |
| Kao Corporation                | J30642169 | 03/21/2025     | Management recommended a vote against five shareholder-proposed board nominees and three shareholder-proposed items related to director compensation; Makena voted to approve those shareholder-proposed nominees and compensation proposals, in line with our manager Oasis. | SECTION 14A SAY-ON-PAY VOTES |         254000 |                0 | NA          |                                   254000 | AGAINST                     |  |
| Mastec Inc.                    | 576323109 | 05/22/2025     | Makena abstained from the executive compensation vote given lack of disclosure on how pay is calculated and a large disconnect between performance and pay                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         175618 |                0 | ABSTAIN     |                                   175618 | AGAINST                     |  |
| Microsoft                      | 594918104 | 12/10/2024     | Election of Directors, Ratification of auditor, Advisory Vote on Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          42239 |                0 | FOR         |                                    42239 | FOR                         |  |
| Procore Technologies Inc       | 74275K108 | 06/05/2025     | Election of Directors, Ratification of auditor, Advisory Vote on Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         162961 |                0 | FOR         |                                   162961 | FOR                         |  |
| PROLOGIS, INC.                 | 74340W103 | 05/08/2025     | Election of Directors, Advisory vote on Executive compensation, Ratification of Auditor, Shareholder proposal regarding right to call special meetings                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          27432 |                0 | FOR         |                                    27432 | FOR                         |  |
| S Global Inc                   | 78409V104 | 05/07/2025     | Makena voted in line with management recommendation AGAINST a shareholder proposal on executive pay                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          35141 |                0 | FOR         |                                    35141 | FOR                         |  |
| Safran SA                      | F4035A557 | 05/22/2025     | Allocation of Dividends, Remuneration Policy (BOD, CEO, Chair), Employee Stock Purchase plan, CEO salary increase                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          83708 |                0 | FOR         |                                    83708 | FOR                         |  |
| Somnigroup                     | 88023U101 | 05/14/2025     | Election of Directors, Ratification of auditor, Advisory Vote on Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         412666 |                0 | FOR         |                                   412666 | FOR                         |  |
| SONIDA SENIOR LIVING, INC.     | 140475203 | 06/10/2025     | CONCERNS REGARDING BLAKE BAIRD AND NO LEAD DIRECTOR AND DOUGLAS PASQUALE BEING AN AFFILIATE ON A COMMITTEE, ADVISORY VOTE ONE EXECUTIVE COMPENSATION, TRANSACTION OF OTHER BUSINESS                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         185000 |                0 | FOR         |                                   185000 | FOR                         |  |
| SUNSTONE HOTEL INVESTORS, INC. | 867892101 | 05/01/2025     | Election of Directors, Advisory vote on executive compensation, ratification of Auditor, amendment to 2022 incentive award plan                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         217753 |                0 | FOR         |                                   217753 | AGAINST                     |  |
| US Foods Holding Corp          | 912008109 | 05/22/2025     | Election of Directors, ratification of auditor, Advisory vote on executive compensation, Shareholder proposal regarding right to call special meetings                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         223633 |                0 | FOR         |                                   223633 | FOR                         |  |
| VENTAS, INC.                   | 92276F100 | 05/13/2025     | AGAINST AMENDMENT TO ARTICLES TO LIMIT THE LIABILITY OF CERTAIN OFFICERS AS THIS IS NOT IN SHAREHOLDER INTEREST, ADVISORY VOTE ON EXECUTIVE COMPENSATION, RATIICATION OF AUDITOR, INCREASE IN AUTHORIZED COMMON STOCK                                                         | SECTION 14A SAY-ON-PAY VOTES |          41180 |                0 | FOR         |                                    41180 | FOR                         |  |
| Vinci SA                       | F5879X108 | 04/17/2025     | Allocation of Profits/Dividends, Appointment of Auditor for Sustainability Reporting, Authority to repurchase and reissue shares, Remuneration Policy for directors and executives, Employee Stock Purchase Plan,                                                             | SECTION 14A SAY-ON-PAY VOTES |         205601 |                0 | FOR         |                                   205601 | FOR                         |  |
| Visa Inc                       | 92826C839 | 01/28/2025     | Election of Directors, Advisory Vote on Executive Compensation, Ratificatio of Auditor                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          43870 |                0 | FOR         |                                    43870 | FOR                         |  |
| WELLTOWER, INC.                | 95040Q104 | 05/22/2025     | Election of Directors, ratification of auditor, Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          23986 |                0 | FOR         |                                    23986 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MAKENA CAPITAL MANAGEMENT LLC

**By (Signature):** William L. McGrath

**By (Printed Signature):** William L. McGrath

**By (Title):** Managing Director

**Date:** 08/27/2025