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Makena Capital Management

also referred to as: makena capital

15 statements across 1 episodes · 7 bullish · 1 bearish · 1 people on the record · first statement May 16, 2022 by Larry Kochard · said 23 times in 6 episodes since 2020 · across every show →

Mentions by year

brought up most by Ted Seides (11), Larry Kochard (6), Greg Dowling (2), Sandra Robertson (1), Matt Bank (1), Joel Holsinger (1), Chris Heller (1)

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2024 1 mention in 1 episode
2022 19 mentions in 2 episodes 10 per episode
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Everything said about Makena Capital Management, oldest first

May 16, 2022 positive
Disclosure
Makena mechanically clones its public managers' top 13F positions internally
“Second, we have a portfolio where we size up our top underlying portfolio positions from our public managers, and we do it strictly based on the ThirteenF filings. It's not completely mechanical, but it's relatively mechanical.”
Larry Kochard May 16, 2022 ▶ 22:55 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 bearish
Disclosure
Larry Kochard has moved Makena away from quantitative investment managers
“So I've increasingly, even though I have an appreciation for quantitative risk management, really have moved away from quantitative managers. Don't overly rely on quantitative risk management. Use those as tools, but they're more tools, but really try to overl…”
Larry Kochard May 16, 2022 ▶ 1:03:39 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena's venture capital allocation will never reach 20% to 30%
“We have slowly built this up and we will continue to slowly build it up just a little further. It will never get up to the size that you see in some of the largest endowments that, you know, over 20% or in some instances over 30%.”
Larry Kochard May 16, 2022 ▶ 29:08 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena allocates to only three credit managers to preserve sizing optionality
“Right now, we just have three managers that have that credit background, that we could size that up if the opportunity becomes right.”
Larry Kochard May 16, 2022 ▶ 19:57 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 bullish
Disclosure
Makena redirected rebalancing capital into biotech instead of emerging markets
“When I think of how do all of those compete with each other, it's not going to be emerging markets that gets my, say, redeployment, rebalancing dollars. We just actually put more money to work in biotech.”
Larry Kochard May 16, 2022 ▶ 36:37 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena's venture manager roster operates as a strictly one-in, one-out portfolio
“We're pretty much at a zero sum game. Meaning if we add a new manager, someone has to be let go, but I'm very comfortable with where we are right now.”
Larry Kochard May 16, 2022 ▶ 31:48 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena has made no private natural resource commitments in 3-4 years
“We have not made a commitment to natural resources in over three to four years, and so that's been, it's, we have an interest, yeah, we have a reasonable size NAV in the ground of about six percent.”
Larry Kochard May 16, 2022 ▶ 40:56 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena maintains a hedge fund allocation of 18% to 19%
“We are right now, we have an allocation to hedge funds, which is just below 20%, say, 18, 19%.”
Larry Kochard May 16, 2022 ▶ 15:44 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 bullish
Opinion
Public E&P equities offer a better intermediate-term opportunity than private energy
“I think there could be an intermediate term opportunity within the EMP world on the public side where it creates greater liquidity than investing privately. And it's probably the right timeframe.”
Larry Kochard May 16, 2022 ▶ 42:26 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 positive
Insight
Public market managers transition to private investing better than vice versa
“Oftentimes, I found that it's public managers that, you know, have invested publicly, that do the fundamental work, can really understand these companies, get to know management teams, that can develop the skill set of investing in private companies, as oppose…”
Larry Kochard May 16, 2022 ▶ 13:10 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 bullish
Disclosure
Kochard increased Makena's venture allocation from 5% to nearly 13%
“When I started, we were about a five percent allocation to venture capital, despite our location on Sand Hill Road, and so we've slowly gotten that up over time to now closer to 13%”
Larry Kochard May 16, 2022 ▶ 6:19 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 positive
Insight
Allocators should trim multi-product managers to fund single-product spinouts
“Your managers get big, you develop multiple products, and over time, you might not fully terminate them, but you'll reduce their size in the portfolio, and then try to layer in more emerging managers, which has been a big theme of ours, is constantly looking f…”
Larry Kochard May 16, 2022 ▶ 20:24 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 neutral
Disclosure
Makena caps direct and co-investments at 10% of its total portfolio
“We're never going to become a direct investor. It's going to be a, I think our edge ultimately is forging these long-term partnership relationships with managers. And what we're trying to do is leverage those over time to develop some of these co-investments t…”
Larry Kochard May 16, 2022 ▶ 26:11 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022
Disclosure
Makena manages portfolio drawdown risk within a 0.55 to 0.65 beta band
“We want to make sure at all times the portfolio has a level of risk that is close to the 6040, sort of as a drawdown risk. And we operate within bands. The minimum is a .55 beta. The maximum is a .65 beta.”
Larry Kochard May 16, 2022 ▶ 43:41 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
May 16, 2022 bullish
Disclosure
Makena's crypto allocation will likely reach 10% of its venture portfolio
“We've now built up an allocation such that over time, it'll probably end up being about 10% of what we have in venture, and we're excited about it.”
Larry Kochard May 16, 2022 ▶ 52:46 Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
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