HMI Capital Management, L.P.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), HMI Capital Management, L.P. reported 13 stock positions worth $686.3 million. Its top holding was Amazon.com (AMZN) at 14.8% of the portfolio, followed by Toast Class A (TOST, 14.2%) and Ncino (NCNO, 11.9%). Compared with Q1 2026, it opened 6 new positions, sold out of 4, added to 1 and reduced 6. The biggest buy was a new position in Spotify Technology (SPOT) and the biggest sale an exit from Gitlab Class A (GTLB).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $686.3M (Q2 2026)
- SEC Filing
- 0001469026-26-000005 ↗ filed Aug 14, 2026
Holdings Value
Holdings 13 stocks · $686.3M
| AMZN Amazon.com Inc. | 14.79% | 425,950 | $101.5M | Reduce -19.5% |
| TOST Toast Inc. Class A | 14.21% | 3,504,744 | $97.5M | Reduce -8.1% |
| NCNO Ncino Inc. | 11.89% | 4,990,713 | $81.6M | Reduce -26.4% |
| CPNG Coupang Inc. | 11.17% | 4,415,300 | $76.7M | Reduce -24.9% |
| MSFT Microsoft Corp. | 8.98% | 165,300 | $61.7M | Reduce -8.0% |
| TW Tradeweb Markets Inc. Class A | 6.61% | 455,400 | $45.4M | Reduce -1.8% |
| SPOT Spotify Technology SA | 6.12% | 91,500 | $42.0M | New |
| NOW ServiceNow Inc. | 6.02% | 416,100 | $41.3M | Add +66.6% |
| AMD Advanced Micro Devices | 4.98% | 58,800 | $34.2M | New |
| LPLA LPL Financial Holdings Inc. | 4.87% | 118,600 | $33.4M | New |
| NVDA Nvidia Corp. | 4.75% | 162,800 | $32.6M | New |
| DASH DoorDash Inc. Class A | 3.86% | 143,400 | $26.5M | New |
| APPF Appfolio Inc. Class A | 1.75% | 75,000 | $12.0M | New |
Options reported separately and not counted above: CPNG calls ($26.1M).
Portfolio Sells Q1 2026 → Q2 2026
| GTLB Gitlab Inc. Class A | Sold out | 0.00% | −7.61 |
| KLAR Klarna Group PLC | Sold out | 0.00% | −7.16 |
| RBLX Roblox Corp. Class A | Sold out | 0.00% | −5.75 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −3.76 |
| CPNG Coupang Inc. | Reduce -24.9% | 11.17% | −3.55 |
| NCNO Ncino Inc. | Reduce -26.4% | 11.89% | −1.57 |
| TW Tradeweb Markets Inc. Class A | Reduce -1.8% | 6.61% | −0.62 |
| MSFT Microsoft Corp. | Reduce -8.0% | 8.98% | +0.17 |
| AMZN Amazon.com Inc. | Reduce -19.5% | 14.79% | +0.18 |
| TOST Toast Inc. Class A | Reduce -8.1% | 14.21% | +0.80 |
Portfolio Buys Q1 2026 → Q2 2026
Options Activity Q1 2026 → Q2 2026
| CPNG Coupang Inc. | call | New | 1,500,000 | $26.1M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 13 | $686.3M | AMZN, TOST, NCNO, CPNG, MSFT |
| Q1 2026 | 11 | $754.3M | CPNG, AMZN, NCNO, TOST, MSFT |
| Q4 2025 | 10 | $1.2B | NCNO, GTLB, CPNG, CWAN, TOST |
| Q3 2025 | 12 | $1.7B | GTLB, CPNG, FLUT, NCNO, KLAR |
| Q2 2025Amended | 10 | $1.8B | FLUT, CPNG, GTLB, NICE, NCNO |
| Q1 2025 | 12 | $1.8B | CPNG, NICE, RBLX, FLUT, GTLB |
| Q4 2024 | 10 | $2.0B | NICE, CPNG, GTLB, RBLX, NCNO |
| Q3 2024 | 14 | $2.4B | CPNG, TOST, NICE, GTLB, NCNO |
| Q2 2024 | 14 | $2.6B | RBLX, CPNG, GTLB, TOST, NCNO |
| Q1 2024 | 15 | $2.7B | TOST, GTM, GTLB, XYZ, NCNO |