HMI Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), HMI Capital Management, L.P. reported 12 stock positions worth $1.8 billion. Its top holding was Coupang (CPNG) at 13.6% of the portfolio, followed by Nice Ltd. - Spon ADR (NICE, 13.3%) and Roblox Class A (RBLX, 12.5%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 2 and reduced 5. The biggest buy was Toast Class A (TOST, shares +58%) and the biggest sale an exit from Zoominfo Technologies (GTM).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $1.8B (Q1 2025)
- SEC Filing
- 0001085146-25-003236 ↗ filed May 15, 2025
Holdings Value
Holdings 12 stocks · $1.8B
| CPNG Coupang Inc. | 13.58% | 11,379,652 | $249.6M | Reduce -2.4% |
| NICE Nice Ltd. - Spon ADR | 13.27% | 1,581,070 | $243.8M | Reduce -3.8% |
| RBLX Roblox Corp. Class A | 12.49% | 3,936,090 | $229.4M | Reduce -9.1% |
| FLUT Flutter Entertainment PLC-Di | 12.24% | 1,015,209 | $224.9M | Add +21.8% |
| GTLB Gitlab Inc. Class A | 11.33% | 4,428,475 | $208.1M | Reduce -0.8% |
| NCNO Ncino Inc. | 10.13% | 6,773,778 | $186.1M | No change |
| WDAY Workday Inc. Class A | 9.50% | 747,085 | $174.5M | No change |
| TOST Toast Inc. Class A | 9.40% | 5,203,183 | $172.6M | Add +57.7% |
| LPLA LPL Financial Holdings Inc. | 5.11% | 286,711 | $93.8M | Reduce -28.5% |
| OWL Blue Owl Capital Inc. | 1.65% | 1,514,100 | $30.3M | New |
| MDB Mongodb Inc. | 0.76% | 79,300 | $13.9M | New |
| SAIL Sailpoint Inc. | 0.55% | 534,987 | $10.0M | New |
Portfolio Sells Q4 2024 → Q1 2025
| GTM Zoominfo Technologies Inc. | Sold out | 0.00% | −3.33 |
| LPLA LPL Financial Holdings Inc. | Reduce -28.5% | 5.11% | −1.48 |
| GTLB Gitlab Inc. Class A | Reduce -0.8% | 11.33% | −1.31 |
| NICE Nice Ltd. - Spon ADR | Reduce -3.8% | 13.27% | −0.75 |
| RBLX Roblox Corp. Class A | Reduce -9.1% | 12.49% | −0.09 |
| CPNG Coupang Inc. | Reduce -2.4% | 13.58% | +0.71 |
Portfolio Buys Q4 2024 → Q1 2025
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 |