HMI Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), HMI Capital Management, L.P. reported 10 stock positions worth $1.2 billion. Its top holding was Ncino (NCNO) at 14.3% of the portfolio, followed by Gitlab Class A (GTLB, 13.2%) and Coupang (CPNG, 13.1%). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 3 and reduced 3. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001469026-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 10 stocks · $1.2B
| NCNO Ncino Inc. | 14.26% | 6,775,973 | $173.7M | No change |
| GTLB Gitlab Inc. Class A | 13.21% | 4,289,081 | $161.0M | Reduce -33.7% |
| CPNG Coupang Inc. | 13.08% | 6,756,100 | $159.4M | Reduce -20.8% |
| CWAN Clearwater Analytics HDS-A | 12.55% | 6,339,500 | $152.9M | Add +18.3% |
| TOST Toast Inc. Class A | 12.54% | 4,303,483 | $152.8M | Add +28.8% |
| KLAR Klarna Group PLC | 10.57% | 4,452,097 | $128.7M | No change |
| AMZN Amazon.com Inc. | 9.60% | 506,500 | $116.9M | New |
| FICO Fair Isaac Corp. | 6.53% | 47,050 | $79.5M | New |
| TW Tradeweb Markets Inc. Class A | 4.70% | 532,000 | $57.2M | Add +21.3% |
| OWL Blue Owl Capital Inc. | 2.96% | 2,412,457 | $36.0M | Reduce -57.7% |
Portfolio Sells Q3 2025 → Q4 2025
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −12.28 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −6.44 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −6.08 |
| GTLB Gitlab Inc. Class A | Reduce -33.7% | 13.21% | −3.62 |
| CPNG Coupang Inc. | Reduce -20.8% | 13.08% | −2.77 |
| OWL Blue Owl Capital Inc. | Reduce -57.7% | 2.96% | −2.62 |
| CHYM Chime Financial Inc. Class A | Sold out | 0.00% | −1.48 |
Portfolio Buys Q3 2025 → Q4 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 |