HMI Capital Management, L.P.

CIK 1469026 · View on SEC EDGAR ↗

Portfolio value
$712.4M
#3,052 of 9,443 by 13F value · top 32.3%
Positions
14
As of
June 30, 2026

Portfolio value QoQ: -5.6% 13F does not disclose cash

Top 10 holdings weight
86.37%
Top 25 holdings weight
100.00%
Positions above 1%
14
Effective number of positions
10.9

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 30.44% Est. buys $223,202,919 · sells $277,266,573

Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 51.9% still held

New positions
7
Increased
1
Decreased
6
Closed
4
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
-25.0%
S&P 500 total return (same window)
+28.1%
Excess return
-53.0%

Annualized: -17.5% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 100.0% · Options excluded: 0.0%

Sector breakdown

Technology
37.0%
Retail
28.7%
Financial Services
24.7%
Communication Services
5.9%
Consumer Discretionary
3.7%

Full portfolio 14 positions

Type Streak 8Q trend
AMZN Amazon.com, Inc. - Common Stock $101,520,923 14.25% 425,950 $-8,685,148 Down ×1
TOST Toast, Inc. Class A Common Stock $97,501,978 13.69% 3,504,744 $-3,633,221 Down ×2
NCNO nCino, Inc. - Common Stock $81,598,157 11.45% 4,990,713 $-19,936,702 Down ×1
CPNG Coupang, Inc. Class A Common Stock $76,693,761 10.77% 4,415,300 $-34,341,407 Down ×6
MSFT Microsoft Corporation - Common Stock $61,660,206 8.66% 165,300 $-4,859,343 Down ×1
TW Tradeweb Markets Inc. - Class A Common Stock $45,385,164 6.37% 455,400 $-9,173,778 Down ×2
SPOT Spotify Technology S.A. Ordinary Shares $42,010,395 5.90% 91,500 Up ×1
NOW ServiceNow, Inc. Common Stock $41,310,408 5.80% 416,100 $15,193,818 Up ×1
AMD Advanced Micro Devices, Inc. - Common Stock $34,157,508 4.79% 58,800 Up ×1
LPLA LPL Financial Holdings Inc. - Common Stock $33,407,248 4.69% 118,600
NVDA NVIDIA Corporation - Common Stock $32,574,652 4.57% 162,800 Up ×1
DASH DoorDash, Inc. - Common Stock $26,461,602 3.71% 143,400 Up ×1
CPNG Coupang, Inc. Class A Common Stock $26,055,000 3.66% 1,500,000 Call option Up ×1
APPF AppFolio, Inc. - Class A Common Stock $12,026,250 1.69% 75,000 Up ×1

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
SPOT $42,010,395 91,500 5.90%
AMD $34,157,508 58,800 4.79%
LPLA $33,407,248 118,600 4.69%
NVDA $32,574,652 162,800 4.57%
DASH $26,461,602 143,400 3.71%
CPNG $26,055,000 1,500,000 3.66%
APPF $12,026,250 75,000 1.69%

Top movers (QoQ)

Security Action Shares Δ Value Δ
CPNG Trimmed -1.5M -$34.3M
NCNO Trimmed -1.8M -$19.9M
NOW Bought more +166K +$15.2M
TW Trimmed -8K -$9.2M
AMZN Trimmed -103K -$8.7M
MSFT Trimmed -14K -$4.9M
TOST Trimmed -310K -$3.6M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
FLUT Dec. 31, 2025 837,409 $212,701,886 -53.6%
CWAN March 31, 2026 6,339,500 $152,908,740 No longer tracked
NICE Dec. 31, 2025 770,390 $111,537,064 -12.0%
WDAY Dec. 31, 2025 437,100 $105,223,083 -9.0%
LPLA June 30, 2025 286,711 $93,794,637 -4.4%
GTM March 31, 2025 6,308,147 $66,298,625 -61.3%
GTLB June 30, 2026 2,651,677 $57,382,290 33.9%
RBLX Sept. 30, 2025 514,086 $54,081,847 -71.9%
KLAR June 30, 2026 4,123,719 $53,979,482 -29.5%
RBLX June 30, 2026 767,300 $43,398,488 -28.5%
OWL March 31, 2026 2,412,457 $36,042,108 26.7%
FICO June 30, 2026 26,600 $28,396,564 -2.4%
CHYM Dec. 31, 2025 1,270,744 $25,630,906 27.7%
MDB June 30, 2025 79,300 $13,909,220 99.3%
SAIL June 30, 2025 534,987 $10,031,006 -21.0%