HMI Capital Management portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
HMI Capital Management reported a $686M portfolio of 13 positions to the SEC as of the end of Q2 2026. Its largest positions are AMZN, TOST, NCNO. During the quarter it opened Spotify Technology and Advanced Micro Devices and exited Gitlab and Klarna Group.
Sections with a free account
What changed this quarter
17 positions with a change (6 new, 1 added to, 6 trimmed, 4 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Gitlab−7.6 ppof portfolioSold out7.6% → —
- Klarna Group−7.2 ppof portfolioSold out7.2% → —
- Roblox−5.8 ppof portfolioSold out5.8% → —
- Spotify Technology+5.6 ppof portfolioNew— → 6.1%
- Advanced Micro Devices+4.5 ppof portfolioNew— → 5.0%
- LPL Financial Holdings+4.4 ppof portfolioNew— → 4.9%
- NVIDIA+4.3 ppof portfolioNew— → 4.7%
- nCino−26%fewer sharesReduced13.5% → 11.9%
- Fair Isaac−3.8 ppof portfolioSold out3.8% → —
- DoorDash+3.5 ppof portfolioNew— → 3.9%
- Coupang−25%fewer sharesReduced14.7% → 11.2%
- Amazon.com−20%fewer sharesReduced14.6% → 14.8%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Amazon.comAMZN14.8%
- ToastTOST14.2%
- nCinoNCNO11.9%
- CoupangCPNG11.2%
- MicrosoftMSFT9.0%
- Tradeweb MarketsTW6.6%
- Spotify TechnologySPOT6.1%
- ServiceNowNOW6.0%
- Advanced Micro DevicesAMD5.0%
- LPL Financial HoldingsLPLA4.9%
- NVIDIANVDA4.7%
- DoorDashDASH3.9%
- AppFolioAPPF1.8%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Information Technology 38%
- ● Consumer Discretionary 30%
- ● Financials 26%
- ● Communication Services 6%
How its portfolio changed (8 quarters)
Q2 2026: 13
Q2 2026: 90%
Q2 2026: 31.4%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
13F filings with amendments or confidential positions
- 13F Q2 2025 ↗filed Aug 14, 2025Amendment of Sep 5, 2025 (replaces the original) ↗
Declared options (1)
Besides stocks, HMI Capital Management declared 1 call (they gain if it rises) with a notional of $26.1M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- CALLCoupangCPNGnew this quarter$26.1M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 31, 2026 (high confidence).
The data, as reported: HMI CAPITAL MANAGEMENT, L.P. (CRD 160850): 7.B private funds: 2 hedge (gross assets $2.2 bn); 5.D assets by client type: pooled vehicles 100% (of $2.2 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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