HC
HMI Capital Management, L.P. 13F Holdings (14 Positions, Q2 2026)
HMI Capital Management, L.P.CIK: 0001469026
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$712.4M
Reporting period: 2026-06-30 · Number of holdings: 14
HMI Capital Management, L.P. disclosed 14 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $712.4M and a quarterly turnover rate of 59.1%.
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Personality snowflake
- Concentration
- 39.85
- Portfolio Stability
- 59.12
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 26
- Sizing Uniformity
- 94.35
HMI Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.100 — mathematically equivalent to about 10 equally-sized positions, close to its 14 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.57), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out GTLB
Sold out KLAR
New buy SPOT
Sold out RBLX
New buy AMD
New buy LPLA
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 13 holdings (of 14 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CPNG | Coupang Inc | Stock-Consumer Disc | 14.42% | -0.30% | +0.58% | |
| 2 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 14.25% | -0.36% | -19.50% | |
| 3 | TOST | Toast Inc-class A | Stock-Tech | 13.69% | +0.28% | -8.13% | |
| 4 | NCNO | Ncino Inc | Stock-Other | 11.45% | -2.01% | -26.37% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 8.66% | -0.16% | -8.01% | |
| 6 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 6.37% | -0.86% | -1.79% | |
| 7 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 5.90% | +5.90% | NEW | |
| 8 | NOW | Servicenow Inc | Stock-Tech | 5.80% | +2.34% | +66.57% | |
| 9 | AMD | Advanced Micro Devices | Stock-Tech | 4.79% | +4.80% | NEW | |
| 10 | LPLA | Lpl Financial Holdings Inc | Stock-Financials | 4.69% | +4.69% | NEW | |
| 11 | NVDA | Nvidia CORP | Stock-Tech | 4.57% | +4.57% | NEW | |
| 12 | DASH | Doordash Inc - A | Stock-Consumer Disc | 3.71% | +3.71% | NEW | |
| 13 | APPF | Appfolio Inc - A | Stock-Tech | 1.69% | +1.69% | NEW |
Portfolio Performance
Performance for Q3 2026
+13.1%
Performance Last 4 Quarters
-35.1%
- Stdev
- +29.7%
- Beta
- +1.52
- Alpha
- -29%
- Max Drawdown
- -49.9%
- Annualized Perf
- -3%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +0.07
- Stutzer
- +0.01
- Treynor
- +0.01
- Sterling
- -0.08
- Calmar
- -0.06
- Information Ratio
- -0.8
- Tracking Error
- +23.3%
- Stdev Down
- +20.4%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +38.3%
- Worst 12 Months
- -41.5%
- Efficiency Ratio
- +0.03
- Sharpe
- +0.04
- Stdev Sectors
- +15.8%
- Skewness
- -0.01
- Kurtosis
- -0.64
- Upside Potential
- +2.14
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 14 | $712.4M | 59 | ||
| 2026 Q1 | 11 | $754.3M | 75 | ||
| 2025 Q4 | 10 | $1.2B | 74 | ||
| 2025 Q3 | 12 | $1.7B | 40 | ||
| 2025 Q2 | 10 | $1.8B | 35 | ||
| 2025 Q1 | 12 | $1.8B | 100 | ||
| 2024 Q4 | 10 | $2.0B | 0 | ||
| 2024 Q3 | 14 | $2.4B | 0 | ||
| 2024 Q2 | 14 | $2.6B | 0 | ||
| 2024 Q1 | 15 | $2.7B | 0 | ||
| 2023 Q4 | 12 | $2.3B | 0 | ||
| 2023 Q3 | 12 | $2.6B | 0 | ||
| 2023 Q2 | 13 | $2.8B | 0 | ||
| 2023 Q1 | 13 | $2.6B | 0 | ||
| 2022 Q4 | 14 | $2.3B | 0 | ||
| 2022 Q3 | 15 | $2.7B | 0 | ||
| 2022 Q2 | 14 | $2.5B | 0 | ||
| 2022 Q1 | 13 | $3.4B | 0 | ||
| 2021 Q4 | 11 | $3.7B | 0 | ||
| 2021 Q3 | 12 | $3.3B | 0 | ||
| 2021 Q2 | 14 | $3.2B | 94 | ||
| 2021 Q1 | 11 | $2.8B | 32 | ||
| 2020 Q4 | 12 | $2.5B | 45 | ||
| 2020 Q3 | 13 | $2.4B | 31 | ||
| 2020 Q2 | 13 | $2.1B | 38 | ||
| 2020 Q1 | 12 | $1.5B | 42 | ||
| 2019 Q4 | 10 | $1.3B | 43 | ||
| 2019 Q3 | 6 | $806.1M | 100 | ||
| 2019 Q2 | 8 | $982.4M | 47 | ||
| 2019 Q1 | 7 | $845.8M | 28 | ||
| 2018 Q4 | 11 | $877.3M | 49 | ||
| 2018 Q3 | 9 | $782.6M | 12 | ||
| 2018 Q2 | 9 | $802.7M | 11 | ||
| 2018 Q1 | 9 | $766.2M | 23 | ||
| 2017 Q4 | 9 | $864.9M | 18 | ||
| 2017 Q3 | 8 | $725.8M | 17 | ||
| 2017 Q2 | 8 | $636.1M | 7 | ||
| 2017 Q1 | 8 | $626.4M | 16 | ||
| 2016 Q4 | 9 | $640.3M | 20 | ||
| 2016 Q3 | 9 | $600.7M | 13 | ||
| 2016 Q2 | 9 | $530.6M | 26 | ||
| 2016 Q1 | 9 | $460.3M | 37 | ||
| 2015 Q4 | 6 | $404.9M | 24 | ||
| 2015 Q3 | 6 | $319.0M | 44 | ||
| 2015 Q2 | 8 | $261.2M | 44 | ||
| 2015 Q1 | 7 | $195.5M | 92 | ||
| 2014 Q4 | 9 | $212.3M | 1 | ||
| 2014 Q3 | 9 | $214.3M | 19 | ||
| 2014 Q2 | 9 | $193.5M | 17 | ||
| 2014 Q1 | 9 | $180.7M | 40 | ||
| 2013 Q4 | 8 | $143.5M | 20 | ||
| 2013 Q3 | 7 | $126.0M | 21 | ||
| 2013 Q2 | 7 | $126.4M | 0 |
Holding changes this quarter
HMI Capital Management, L.P.'s most significant position changes for 2026-06-30: Sold out: Gitlab Inc-cl A (GTLB); Sold out: Klarna Group plc (KLAR); Sold out: Roblox CORP -class A (RBLX); New buy: Spotify Technology S.A. (SPOT); New buy: Advanced Micro Devices (AMD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPOT | Spotify Technology S.A. | +5.9% | NEW | New buy |
| 2 | AMD | Advanced Micro Devices | +4.8% | NEW | New buy |
| 3 | LPLA | Lpl Financial Holdings Inc | +4.7% | NEW | New buy |
| 4 | NVDA | Nvidia CORP | +4.6% | NEW | New buy |
| 5 | DASH | Doordash Inc - A | +3.7% | NEW | New buy |
| 6 | NOW | Servicenow Inc | +2.3% | +66.57% | Add |
| 7 | APPF | Appfolio Inc - A | +1.7% | NEW | New buy |
| 8 | TOST | Toast Inc-class A | +0.3% | -8.13% | Trim |
| 9 | MSFT | Microsoft CORP | -0.2% | -8.01% | Trim |
| 10 | CPNG | Coupang Inc | -0.3% | +0.58% | Add |
| 11 | AMZN | Amazon.com Inc | -0.4% | -19.50% | Trim |
| 12 | TW | Tradeweb Markets Inc-class A | -0.9% | -1.79% | Trim |
| 13 | NCNO | Ncino Inc | -2% | -26.37% | Trim |
| 14 | FICO | Fair Isaac CORP | -3.8% | EXIT | Sold out |
| 15 | RBLX | Roblox CORP -class A | -5.8% | EXIT | Sold out |
| 16 | KLAR | Klarna Group plc | -7.2% | EXIT | Sold out |
| 17 | GTLB | Gitlab Inc-cl A | -7.6% | EXIT | Sold out |
Filing History
FAQ
What is HMI Capital Management, L.P. and what type of investor is it?
HMI Capital Management, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $712.4M, spread across 14 disclosed positions.
What are HMI Capital Management, L.P.'s largest equity positions?
Based on the latest 13F filing, HMI Capital Management, L.P.'s top holdings by market value are:
1. Coupang Inc (CPNG) — $102.7M (14.4%)
2. Amazon.com Inc (AMZN) — $101.5M (14.3%)
3. Toast Inc-class A (TOST) — $97.5M (13.7%)
4. Ncino Inc (NCNO) — $81.6M (11.4%)
5. Microsoft CORP (MSFT) — $61.7M (8.7%)
What changes did HMI Capital Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, HMI Capital Management, L.P. made 17 notable position adjustments: 6 new positions were initiated, 2 existing holdings were added to, 5 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Gitlab Inc-cl A (GTLB); Sold out: Klarna Group plc (KLAR); Sold out: Roblox CORP -class A (RBLX); New buy: Spotify Technology S.A. (SPOT); New buy: Advanced Micro Devices (AMD)
What sectors does HMI Capital Management, L.P. focus on?
HMI Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 44.3%
• Consumer Discretionary: 36.6%
• Financials: 12.5%
• Communication Services: 6.7%
Investment Profile
HMI Capital Management, L.P. returned an annualized -3.0% over the trailing 36 months — underperforming the S&P 500 by 29.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.52 (more volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is moderately concentrated and fast-trading, with 44.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 35 to 59 over the past 4 quarters — a shift toward more active trading.
It has trimmed its NCNO position for two straight quarters, cutting it by $92.1M while still holding $81.6M.
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