HMI Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed September 5, 2025), HMI Capital Management, L.P. reported 10 stock positions worth $1.8 billion. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 16.2% of the portfolio, followed by Coupang (CPNG, 16.1%) and Gitlab Class A (GTLB, 15.0%). Compared with Q1 2025, it opened 1 new position, sold out of 3, added to 3 and reduced 6. The biggest buy was Blue Owl Capital (OWL, shares +277%) and the biggest sale Roblox Class A (RBLX, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $1.8B (Q2 2025)
- SEC Filing
- 0001085146-25-005720 ↗ filed Sep 5, 2025
Holdings Value
Holdings 10 stocks · $1.8B
| FLUT Flutter Entertainment PLC-Di | 16.19% | 998,209 | $285.2M | Reduce -1.7% |
| CPNG Coupang Inc. | 16.09% | 9,460,000 | $283.4M | Reduce -16.9% |
| GTLB Gitlab Inc. Class A | 15.00% | 5,858,626 | $264.3M | Add +32.3% |
| NICE Nice Ltd. - Spon ADR | 12.97% | 1,352,570 | $228.5M | Reduce -14.4% |
| NCNO Ncino Inc. | 10.76% | 6,775,973 | $189.5M | Add +0.0% |
| WDAY Workday Inc. Class A | 10.12% | 743,085 | $178.3M | Reduce -0.5% |
| TOST Toast Inc. Class A | 7.09% | 2,820,183 | $124.9M | Reduce -45.8% |
| OWL Blue Owl Capital Inc. | 6.22% | 5,704,480 | $109.6M | Add +276.8% |
| RBLX Roblox Corp. Class A | 3.07% | 514,086 | $54.1M | Reduce -86.9% |
| CHYM Chime Financial Inc. Class A | 2.49% | 1,270,744 | $43.9M | New |
Portfolio Sells Q1 2025 → Q2 2025
| RBLX Roblox Corp. Class A | Reduce -86.9% | 3.07% | −9.42 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −5.11 |
| TOST Toast Inc. Class A | Reduce -45.8% | 7.09% | −2.31 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.76 |
| SAIL Sailpoint Inc. | Sold out | 0.00% | −0.55 |
| NICE Nice Ltd. - Spon ADR | Reduce -14.4% | 12.97% | −0.30 |
| WDAY Workday Inc. Class A | Reduce -0.5% | 10.12% | +0.63 |
| CPNG Coupang Inc. | Reduce -16.9% | 16.09% | +2.50 |
| FLUT Flutter Entertainment PLC-Di | Reduce -1.7% | 16.19% | +3.95 |
Portfolio Buys Q1 2025 → Q2 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 |