Investment Philosophy

Long-term capital preservation and growth

Our investment goal is to preserve and grow capital over the long-term above inflation (Consumer Price Index, “CPI”) plus an annual 5% payout.

In order to achieve this goal, our investment philosophy is rooted in sound risk management which balances short-term risks (market, liquidity and idiosyncratic risk) with long-term risk (failing to maintain the real value of the portfolio).

Maintaining discipline is an equally important component of our investment philosophy. To Makena, maintaining discipline means remaining committed to our competitive edge, which is two fold:


We have a proven ability to partner with high quality investment managers.

We have a long-term investment horizon, which allows a unique perspective in a short-term-focused market.

To ensure unwavering focus on achieving our investment goal, we have developed a set of six principles which permeates through our investment process:


Maintain a long-term focus


Play to our strength


Understand that markets are efficient


Maintain balanced diversification


Maintain a value discipline


People matter

Want to Learn More?

Enter your email to view our Investment Policy Statement