HMI Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), HMI Capital Management, L.P. reported 12 stock positions worth $1.7 billion. Its top holding was Gitlab Class A (GTLB) at 16.8% of the portfolio, followed by Coupang (CPNG, 15.9%) and Flutter Entertainment PLC-Di (FLUT, 12.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 2 and reduced 4. The biggest buy was a new position in Klarna (KLAR) and the biggest sale Nice Ltd. - Spon ADR (NICE, shares −43%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001469026
Portfolio Value
$1.7B (Q3 2025)
SEC Filing
0001469026-25-000007 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.7B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.4B Q3 2024 Q4 2024: $2.0B Q4 2024 Q1 2025: $1.8B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $1.7B $1.7B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $754.3M Q1 2026 Q2 2026: $686.3M Q2 2026

Holdings 12 stocks · $1.7B
GTLB Gitlab Inc. Class A 16.83% 6,466,450 $291.5M Add +10.4%
CPNG Coupang Inc. 15.85% 8,527,500 $274.6M Reduce -9.9%
FLUT Flutter Entertainment PLC-Di 12.28% 837,409 $212.7M Reduce -16.1%
NCNO Ncino Inc. 10.61% 6,775,973 $183.7M No change
KLAR Klarna Group PLC 9.42% 4,452,097 $163.2M New
TOST Toast Inc. Class A 7.05% 3,342,383 $122.0M Add +18.5%
NICE Nice Ltd. - Spon ADR 6.44% 770,390 $111.5M Reduce -43.0%
WDAY Workday Inc. Class A 6.08% 437,100 $105.2M Reduce -41.2%
CWAN Clearwater Analytics HDS-A 5.58% 5,361,200 $96.6M New
OWL Blue Owl Capital Inc. 5.58% 5,704,480 $96.6M No change
TW Tradeweb Markets Inc. Class A 2.81% 438,500 $48.7M New
CHYM Chime Financial Inc. Class A 1.48% 1,270,744 $25.6M No change

Portfolio Sells Q2 2025 → Q3 2025
NICE Nice Ltd. - Spon ADR Reduce -43.0% 6.44% −6.53
WDAY Workday Inc. Class A Reduce -41.2% 6.08% −4.05
FLUT Flutter Entertainment PLC-Di Reduce -16.1% 12.28% −3.91
RBLX Roblox Corp. Class A Sold out 0.00% −3.07
CPNG Coupang Inc. Reduce -9.9% 15.85% −0.23

Portfolio Buys Q2 2025 → Q3 2025
KLAR Klarna Group PLC New 9.42% +9.42
CWAN Clearwater Analytics HDS-A New 5.58% +5.58
TW Tradeweb Markets Inc. Class A New 2.81% +2.81
GTLB Gitlab Inc. Class A Add +10.4% 16.83% +1.83
TOST Toast Inc. Class A Add +18.5% 7.05% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 13$686.3MAMZN, TOST, NCNO, CPNG, MSFT
Q1 2026 11$754.3MCPNG, AMZN, NCNO, TOST, MSFT
Q4 2025 10$1.2BNCNO, GTLB, CPNG, CWAN, TOST
Q3 2025 12$1.7BGTLB, CPNG, FLUT, NCNO, KLAR
Q2 2025Amended 10$1.8BFLUT, CPNG, GTLB, NICE, NCNO
Q1 2025 12$1.8BCPNG, NICE, RBLX, FLUT, GTLB
Q4 2024 10$2.0BNICE, CPNG, GTLB, RBLX, NCNO
Q3 2024 14$2.4BCPNG, TOST, NICE, GTLB, NCNO
Q2 2024 14$2.6BRBLX, CPNG, GTLB, TOST, NCNO
Q1 2024 15$2.7BTOST, GTM, GTLB, XYZ, NCNO