HMI Capital Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), HMI Capital Management, L.P. reported 10 stock positions worth $2.0 billion. Its top holding was Nice Ltd. - Spon ADR (NICE) at 14.0% of the portfolio, followed by Coupang (CPNG, 12.9%) and Gitlab Class A (GTLB, 12.6%). Compared with Q3 2024, it sold out of 4, added to 4 and reduced 6. The biggest buy was Flutter Entertainment PLC-Di (FLUT, shares +173%) and the biggest sale an exit from Block (XYZ).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $2.0B (Q4 2024)
- SEC Filing
- 0001469026-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 10 stocks · $2.0B
| NICE Nice Ltd. - Spon ADR | 14.02% | 1,642,770 | $279.0M | Add +12.8% |
| CPNG Coupang Inc. | 12.88% | 11,662,498 | $256.3M | Add +4.2% |
| GTLB Gitlab Inc. Class A | 12.64% | 4,466,115 | $251.7M | Reduce -7.6% |
| RBLX Roblox Corp. Class A | 12.58% | 4,327,596 | $250.4M | Reduce -14.0% |
| NCNO Ncino Inc. | 11.43% | 6,773,778 | $227.5M | Reduce -14.0% |
| FLUT Flutter Entertainment PLC-Di | 10.83% | 833,809 | $215.5M | Add +172.9% |
| WDAY Workday Inc. Class A | 9.68% | 747,085 | $192.8M | Add +10.2% |
| LPLA LPL Financial Holdings Inc. | 6.58% | 401,243 | $131.0M | Reduce -42.1% |
| TOST Toast Inc. Class A | 6.04% | 3,299,143 | $120.3M | Reduce -63.6% |
| GTM Zoominfo Technologies Inc. | 3.33% | 6,308,147 | $66.3M | Reduce -46.8% |
Portfolio Sells Q3 2024 → Q4 2024
| XYZ Block Inc. | Sold out | 0.00% | −8.25 |
| TOST Toast Inc. Class A | Reduce -63.6% | 6.04% | −4.60 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −3.31 |
| TKO Tko Group Holdings Inc. | Sold out | 0.00% | −2.49 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −2.04 |
| GTM Zoominfo Technologies Inc. | Reduce -46.8% | 3.33% | −1.73 |
| LPLA LPL Financial Holdings Inc. | Reduce -42.1% | 6.58% | −0.09 |
| NCNO Ncino Inc. | Reduce -14.0% | 11.43% | +1.13 |
| GTLB Gitlab Inc. Class A | Reduce -7.6% | 12.64% | +2.33 |
| RBLX Roblox Corp. Class A | Reduce -14.0% | 12.58% | +3.36 |
Portfolio Buys Q3 2024 → Q4 2024
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 |