The font I'm using, Linux Libertine O, is not able to properly combine a circumflex (U+0302) with a preceding vowel symbol that has a macron (e.g. U+014D):
\documentclass[17pt]{extarticle}
\usepackage{fontspec,xunicode,xltxtra}
\defaultfontfeatures{Mapping=tex-text}
\setmainfont{Linux Libertine O}
\newcommand{\schleifton}{\char"014D\char"0302}
\begin{document}
\textit{*-{\schleifton}z}.
\end{document}

I try to raise the circumflex with \raisebox:
\documentclass[17pt]{extarticle}
\usepackage{fontspec,xunicode,xltxtra}
\defaultfontfeatures{Mapping=tex-text}
\setmainfont{Linux Libertine O}
\newcommand{\schleifton}{\char"014D\raisebox{.3ex}{\char"0302}}
\begin{document}
\textit{*-{\schleifton}z}.
\end{document}

The circumflex is too far to the right, so I try to move it closer to the preceding character with \kern. The problem, as you can see, is that it also moves the following character (the 'z') to the left. How should I fix this?
\documentclass[17pt]{extarticle}
\usepackage{fontspec,xunicode,xltxtra}
\defaultfontfeatures{Mapping=tex-text}
\setmainfont{Linux Libertine O}
\newcommand{\schleifton}{\char"014D\kern-.1em\raisebox{.3ex}{\char"0302}}
\begin{document}
\textit{*-{\schleifton}z}.
\end{document}

As egreg points out in his answer, it is necessary to use \kern a second time to undo the leftward shifting of characters. He also points out, however, that using these commands will have slightly different outcomes for regular and slanted fonts. He suggests one way of taking care of that. Below, I have decided to just specify the regular and the slanted character separately:
\documentclass[17pt]{extarticle}
\usepackage{fontspec, xunicode, xltxtra}
\defaultfontfeatures{Mapping = tex-text}
\setmainfont{Linux Libertine O}
\newcommand{\schleifton}{\char"014D\kern-.11em\raisebox{.15ex}{\char"0302}\kern.11em}
\newcommand{\schleiftonitalic}{\char"014D\kern-.08em\raisebox{.25ex}{\char"0302}\kern.08em}
\begin{document}
\Huge{*-{\schleifton}z}.
\Huge\textit{*-{\schleiftonitalic}z}.
\end{document}


\raisebox. – egreg Nov 22 '12 at 14:41\raisebox". Where exactly? – Sverre Nov 22 '12 at 14:50