HMI Capital Management, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), HMI Capital Management, L.P. reported 11 stock positions worth $754.3 million. Its top holding was Coupang (CPNG) at 14.7% of the portfolio, followed by Amazon.com (AMZN, 14.6%) and Ncino (NCNO, 13.5%). Compared with Q4 2025, it opened 3 new positions, sold out of 2, added to 2 and reduced 6. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale an exit from Clearwater Analytics HDS-A (CWAN).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001469026
- Portfolio Value
- $754.3M (Q1 2026)
- SEC Filing
- 0001469026-26-000004 ↗ filed May 15, 2026
Holdings Value
Holdings 11 stocks · $754.3M
| CPNG Coupang Inc. | 14.72% | 5,881,100 | $111.0M | Reduce -12.9% |
| AMZN Amazon.com Inc. | 14.61% | 529,150 | $110.2M | Add +4.5% |
| NCNO Ncino Inc. | 13.46% | 6,778,028 | $101.5M | Add +0.0% |
| TOST Toast Inc. Class A | 13.41% | 3,814,983 | $101.1M | Reduce -11.3% |
| MSFT Microsoft Corp. | 8.82% | 179,700 | $66.5M | New |
| GTLB Gitlab Inc. Class A | 7.61% | 2,651,677 | $57.4M | Reduce -38.2% |
| TW Tradeweb Markets Inc. Class A | 7.23% | 463,700 | $54.6M | Reduce -12.8% |
| KLAR Klarna Group PLC | 7.16% | 4,123,719 | $54.0M | Reduce -7.4% |
| RBLX Roblox Corp. Class A | 5.75% | 767,300 | $43.4M | New |
| FICO Fair Isaac Corp. | 3.76% | 26,600 | $28.4M | Reduce -43.5% |
| NOW ServiceNow Inc. | 3.46% | 249,800 | $26.1M | New |
Portfolio Sells Q4 2025 → Q1 2026
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −12.55 |
| GTLB Gitlab Inc. Class A | Reduce -38.2% | 7.61% | −5.61 |
| KLAR Klarna Group PLC | Reduce -7.4% | 7.16% | −3.41 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −2.96 |
| FICO Fair Isaac Corp. | Reduce -43.5% | 3.76% | −2.76 |
| TOST Toast Inc. Class A | Reduce -11.3% | 13.41% | +0.86 |
| CPNG Coupang Inc. | Reduce -12.9% | 14.72% | +1.64 |
| TW Tradeweb Markets Inc. Class A | Reduce -12.8% | 7.23% | +2.54 |
Portfolio Buys Q4 2025 → Q1 2026
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 |