HMS Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), HMS Capital Management, LLC reported 104 stock positions worth $180.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 15.7% of the portfolio, followed by Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 7.9%) and Invesco QQQ Trust Series 1 (QQQ, 5.0%). Compared with Q4 2024, it opened 14 new positions, sold out of 17, added to 15 and reduced 58. The biggest buy was Global X Art Intel & Tech (AIQ, shares +2548%) and the biggest sale Broadcom (AVGO, shares −48%).

Most Recent 13F
Q2 2026
Location
NASHVILLE, TN
CIK
0001689470
Portfolio Value
$180.3M (Q1 2025)
SEC Filing
0001667731-25-000636 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $180.5M Q1 2024 Q2 2024: $191.9M Q2 2024 Q3 2024: $204.0M Q3 2024 Q4 2024: $206.9M Q4 2024 Q1 2025: $180.3M $180.3M Q1 2025 Q2 2025: $221.8M Q2 2025 Q3 2025: $237.8M Q3 2025 Q4 2025: $241.7M Q4 2025 Q1 2026: $258.5M Q1 2026 Q2 2026: $267.4M Q2 2026

Holdings 104 stocks · $180.3M
SPY SS SPDR S&P 500 ETF Trust-US 15.72% 56,189 $28.3M Reduce -0.5%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 7.88% 133,157 $14.2M Add +23.0%
QQQ Invesco QQQ Trust Series 1 4.99% 21,248 $9.0M Reduce -10.6%
XHB SS SPDR S&P Homebldrs ETF 3.59% 71,830 $6.5M Add +9.3%
AIQ Global X Art Intel & Tech 3.21% 179,793 $5.8M Add +2548.3%
NVDA Nvidia Corp. 2.93% 54,064 $5.3M Reduce -5.6%
MSFT Microsoft Corp. 2.60% 13,107 $4.7M Reduce -5.4%
IWP iShares Russell Mid-Cap Grow 2.50% 42,460 $4.5M Add +113.9%
IWD iShares Russell 1000 Value E 2.18% 23,250 $3.9M Reduce -38.3%
XLE SS Energy Select Sector 1.95% 44,905 $3.5M Reduce -19.7%
GS Goldman Sachs Group Inc. 1.72% 6,647 $3.1M Reduce -1.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 1.67% 39,468 $3.0M Reduce -33.4%
MCK McKesson Corp. 1.64% 4,454 $2.9M Reduce -2.6%
AAPL Apple Inc. 1.63% 16,193 $2.9M Reduce -3.5%
AMZN Amazon.com Inc. 1.48% 15,264 $2.7M Reduce -0.7%
CWB SS SPDR BB Conv Sec ETF 1.46% 36,367 $2.6M New
FTNT Fortinet Inc. 1.42% 29,162 $2.6M Reduce -3.8%
NFLX Netflix Inc. 1.41% 2,919 $2.5M Reduce -4.9%
AVGO Broadcom Inc. 1.38% 16,186 $2.5M Reduce -47.9%
JPM JPMorgan Chase & Co. 1.35% 11,381 $2.4M Reduce -2.7%
CMG Chipotle Mexican Grill Inc. 1.32% 51,120 $2.4M Reduce -2.5%
META Meta Platforms Inc. Class A 1.26% 4,384 $2.3M Reduce -6.4%
GOOGL Alphabet Inc. Class A 1.16% 14,291 $2.1M Reduce -3.8%
BKNG Booking Holdings Inc. 1.15% 489 $2.1M Reduce -6.3%
WM Waste Management Inc. 1.10% 8,978 $2.0M Reduce -4.8%
HCA HCA Healthcare Inc. 1.09% 5,973 $2.0M Add +3.8%
UNH Unitedhealth Group Inc. 1.05% 3,605 $1.9M Reduce -0.7%
WMT Walmart Inc. 1.02% 21,972 $1.8M Reduce -3.6%
MSI Motorola Solutions Inc. 0.99% 4,423 $1.8M Reduce -1.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.93% 47,273 $1.7M Add +674.3%
MA Mastercard Inc. Class A 0.92% 3,422 $1.7M Reduce -6.2%
PG The Procter & Gamble Co. 0.92% 10,312 $1.7M Add +0.5%
PH Parker Hannifin Corp. 0.89% 3,030 $1.6M Reduce -4.3%
SYK Stryker Corp. 0.84% 4,394 $1.5M Reduce -5.9%
CPRT Copart Inc. 0.82% 27,286 $1.5M Reduce -4.5%
VOO Vanguard S&P 500 ETF 0.81% 3,135 $1.5M Reduce -0.6%
IWF iShares Russell 1000 Growth 0.79% 4,371 $1.4M No change
ACN Accenture PLC Class A 0.79% 5,002 $1.4M Reduce -1.9%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.78% 4,512 $1.4M Reduce -1.3%
MCD McDonald's Corp. 0.74% 4,440 $1.3M Reduce -0.5%
MU Micron Technology Inc. 0.73% 19,164 $1.3M Reduce -4.4%
KO The Coca-Cola Co. 0.71% 18,697 $1.3M Reduce -1.9%
LLY Eli Lilly & Co. 0.70% 1,733 $1.3M New
QCOM Qualcomm Inc. 0.66% 9,213 $1.2M Add +1.0%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.63% 10,108 $1.1M New
CDNS Cadence Design SYS Inc. 0.61% 4,696 $1.1M Add +6.2%
MUB iShares National Muni Bond E 0.54% 9,354 $971K Add +41.9%
URI United Rentals Inc. 0.46% 1,470 $824K New
AMD Advanced Micro Devices 0.41% 8,784 $735K New
CB Chubb Ltd. 0.39% 2,531 $694K Reduce -75.8%
J Jacobs Solutions Inc. 0.36% 5,910 $656K Add +1.4%
VIG Vanguard Dividend Apprec ETF 0.36% 3,716 $653K Reduce -17.3%
IVW iShares S&P 500 Growth ETF 0.35% 7,610 $640K No change
CSW CSW Industrials Inc. 0.35% 2,422 $640K Add +0.1%
COOP Mr Cooper Group Inc. 0.35% 4,893 $632K No change
AGI Alamos Gold Inc. Class A 0.35% 25,617 $628K Reduce -0.6%
FIX Comfort Systems USA Inc. 0.34% 1,955 $610K Reduce -1.0%
IJK iShares S&P Mid-Cap 400 Grow 0.34% 8,085 $608K Reduce -6.1%
STLD Steel Dynamics Inc. 0.33% 5,279 $586K New
STRL Sterling Infrastructure Inc. 0.30% 5,037 $550K Reduce -0.5%
IVV iShares Core S&P 500 ETF 0.30% 1,064 $539K Reduce -1.1%
NOW ServiceNow Inc. 0.29% 703 $517K Reduce -15.5%
VRTX Vertex Pharmaceuticals Inc. 0.28% 1,070 $508K Add +79.2%
AA Alcoa Corp. 0.28% 20,560 $506K New
CBZ Cbiz Inc. 0.28% 7,078 $502K No change
SKWD Skyward Specialty Insurance 0.28% 10,448 $501K No change
MPWR Monolithic Power Systems Inc. 0.28% 1,018 $497K Reduce -65.5%
USFD US Foods Holding Corp. 0.27% 7,976 $482K Reduce -0.5%
CW Curtiss-Wright Corp. 0.26% 1,610 $464K Reduce -0.6%
PNFP Pinnacle Financial Partners 0.26% 5,260 $460K No change
TXRH Texas Roadhouse Inc. 0.24% 2,797 $433K Reduce -5.1%
SN Sharkninja Inc. 0.24% 6,123 $430K Reduce -0.6%
XOM Exxon Mobil Corp. 0.23% 4,055 $417K No change
ROAD Construction Partners Inc. Class A 0.22% 5,690 $397K Reduce -1.6%
VTI VG Morningstar TS MKT ETF-US 0.22% 1,594 $395K Reduce -12.8%
CLH Clean Harbors Inc. 0.21% 2,071 $386K No change
UTHR United Therapeutics Corp. 0.21% 1,316 $384K Reduce -0.9%
NFG National Fuel Gas Co. 0.21% 5,097 $373K New
EXLS Exlservice Holdings Inc. 0.19% 8,269 $349K New
WAY Waystar Holding Corp. 0.19% 9,615 $344K New
APPF Appfolio Inc. Class A 0.19% 1,590 $341K No change
FOUR SHIFT4 Payments Inc. Class A 0.19% 4,557 $341K Reduce -1.1%
NVMI Nova Ltd. 0.19% 1,991 $340K Reduce -2.0%
IWR iShares Russell Mid-Cap ETF 0.19% 4,393 $335K No change
XLK SS Technology Select Sector 0.18% 1,754 $322K No change
TBBK The Bancorp Inc. 0.18% 7,797 $319K No change
FTI Technipfmc PLC 0.17% 12,991 $314K Add +0.0%
SAIA Saia Inc. 0.17% 951 $309K No change
CRS Carpenter Technology 0.16% 1,940 $297K New
MMYT Makemytrip Ltd. 0.16% 3,244 $295K No change
AROC Archrock Inc. 0.16% 13,559 $292K New
MTSI Macom Technology Solutions H 0.16% 3,229 $290K Reduce -1.4%
CLS Celestica Inc. 0.16% 3,999 $281K New
SNPS Synopsys Inc. 0.16% 738 $281K Reduce -74.6%
NVT Nvent Electric PLC 0.15% 5,833 $270K Add +0.0%
COST Costco Wholesale Corp. 0.14% 276 $251K Reduce -20.2%
V Visa Inc. Class A 0.14% 788 $246K No change
GPC Genuine Parts Co. 0.13% 2,200 $243K New
LIN Linde PLC 0.13% 563 $240K No change
IVE iShares S&P 500 Value ETF 0.13% 1,373 $235K Reduce -19.2%
MRSH Marsh & McLennan Cos 0.13% 1,043 $233K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.13% 5,688 $233K Reduce -1.1%
ANET Arista Networks Inc. 0.12% 3,195 $218K Reduce -25.2%
AFL Aflac Inc. 0.12% 2,162 $216K Reduce -4.9%

Portfolio Sells Q4 2024 → Q1 2025
AVGO Broadcom Inc. Reduce -47.9% 1.38% −2.10
IWD iShares Russell 1000 Value E Reduce -38.3% 2.18% −1.19
CB Chubb Ltd. Reduce -75.8% 0.39% −1.01
QQQ Invesco QQQ Trust Series 1 Reduce -10.6% 4.99% −0.88
NVDA Nvidia Corp. Reduce -5.6% 2.93% −0.79
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -33.4% 1.67% −0.59
MPWR Monolithic Power Systems Inc. Reduce -65.5% 0.28% −0.57
SNPS Synopsys Inc. Reduce -74.6% 0.16% −0.53
MLM Martin Marietta Materials Sold out 0.00% −0.51
LHX L3HARRIS Technologies Inc. Sold out 0.00% −0.49
MDT Medtronic PLC Sold out 0.00% −0.43
AAPL Apple Inc. Reduce -3.5% 1.63% −0.40
JEF Jefferies Financial Group Inc. Sold out 0.00% −0.38
XLE SS Energy Select Sector Reduce -19.7% 1.95% −0.37
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.32
ZBH Zimmer Biomet Holdings Inc. Sold out 0.00% −0.30
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.5% 15.72% −0.28
EXP Eagle Materials Inc. Sold out 0.00% −0.27
PSN Parsons Corp. Sold out 0.00% −0.25
ELF Elf Beauty Inc. Sold out 0.00% −0.22
MSFT Microsoft Corp. Reduce -5.4% 2.60% −0.22
CMG Chipotle Mexican Grill Inc. Reduce -2.5% 1.32% −0.20
GOOGL Alphabet Inc. Class A Reduce -3.8% 1.16% −0.20
LECO Lincoln Electric Holdings Sold out 0.00% −0.18
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.18
GS Goldman Sachs Group Inc. Reduce -1.5% 1.72% −0.15
AMZN Amazon.com Inc. Reduce -0.7% 1.48% −0.15
NOW ServiceNow Inc. Reduce -15.5% 0.29% −0.14
VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.14
CRM Salesforce Inc. Sold out 0.00% −0.13
H Hyatt Hotels Corp. Class A Sold out 0.00% −0.12
MEDP Medpace Holdings Inc. Sold out 0.00% −0.12
STRL Sterling Infrastructure Inc. Reduce -0.5% 0.30% −0.11
ANET Arista Networks Inc. Reduce -25.2% 0.12% −0.11
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.11
BKNG Booking Holdings Inc. Reduce -6.3% 1.15% −0.10
SCCO Southern Copper Corp. Sold out 0.00% −0.10
MU Micron Technology Inc. Reduce -4.4% 0.73% −0.09
PH Parker Hannifin Corp. Reduce -4.3% 0.89% −0.08
ACN Accenture PLC Class A Reduce -1.9% 0.79% −0.08
META Meta Platforms Inc. Class A Reduce -6.4% 1.26% −0.07
FIX Comfort Systems USA Inc. Reduce -1.0% 0.34% −0.07
VIG Vanguard Dividend Apprec ETF Reduce -17.3% 0.36% −0.06
SN Sharkninja Inc. Reduce -0.6% 0.24% −0.05
MTSI Macom Technology Solutions H Reduce -1.4% 0.16% −0.04
FOUR SHIFT4 Payments Inc. Class A Reduce -1.1% 0.19% −0.04
IJK iShares S&P Mid-Cap 400 Grow Reduce -6.1% 0.34% −0.04
VTI VG Morningstar TS MKT ETF-US Reduce -12.8% 0.22% −0.04
ROAD Construction Partners Inc. Class A Reduce -1.6% 0.22% −0.03
IVE iShares S&P 500 Value ETF Reduce -19.2% 0.13% −0.03

Portfolio Buys Q4 2024 → Q1 2025
AIQ Global X Art Intel & Tech Add +2548.3% 3.21% +3.08
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +23.0% 7.88% +2.29
CWB SS SPDR BB Conv Sec ETF New 1.46% +1.46
IWP iShares Russell Mid-Cap Grow Add +113.9% 2.50% +1.28
BAC Bank of America Corp. Add +674.3% 0.93% +0.80
LLY Eli Lilly & Co. New 0.70% +0.70
SJM The JM Smucker Co. New 0.63% +0.63
URI United Rentals Inc. New 0.46% +0.46
AMD Advanced Micro Devices New 0.41% +0.41
STLD Steel Dynamics Inc. New 0.33% +0.33
AA Alcoa Corp. New 0.28% +0.28
XHB SS SPDR S&P Homebldrs ETF Add +9.3% 3.59% +0.27
HCA HCA Healthcare Inc. Add +3.8% 1.09% +0.26
NFG National Fuel Gas Co. New 0.21% +0.21
MUB iShares National Muni Bond E Add +41.9% 0.54% +0.20
EXLS Exlservice Holdings Inc. New 0.19% +0.19
WAY Waystar Holding Corp. New 0.19% +0.19
VRTX Vertex Pharmaceuticals Inc. Add +79.2% 0.28% +0.17
CRS Carpenter Technology New 0.16% +0.16
AROC Archrock Inc. New 0.16% +0.16
CLS Celestica Inc. New 0.16% +0.16
GPC Genuine Parts Co. New 0.13% +0.13
PG The Procter & Gamble Co. Add +0.5% 0.92% +0.08
FTI Technipfmc PLC Add +0.0% 0.17% −0.01
J Jacobs Solutions Inc. Add +1.4% 0.36% −0.01
QCOM Qualcomm Inc. Add +1.0% 0.66% −0.01
CDNS Cadence Design SYS Inc. Add +6.2% 0.61% −0.03
NVT Nvent Electric PLC Add +0.0% 0.15% −0.04
CSW CSW Industrials Inc. Add +0.1% 0.35% −0.06

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 120$267.4MSPY, LQD, EFA, QQQ, MU
Q1 2026 113$258.5MSPY, LQD, EFA, QQQ, NVDA
Q4 2025 103$241.7MSPY, EFA, LQD, QQQ, AIQ
Q3 2025 107$237.8MSPY, EFA, LQD, QQQ, AIQ
Q2 2025 105$221.8MSPY, EFA, LQD, QQQ, AIQ
Q1 2025 104$180.3MSPY, LQD, QQQ, XHB, AIQ
Q4 2024 107$206.9MSPY, QQQ, LQD, NVDA, AVGO
Q3 2024 108$204.0MSPY, QQQ, LQD, XHB, IWD
Q2 2024 108$191.9MSPY, QQQ, LQD, NVDA, IWD
Q1 2024 107$180.5MSPY, QQQ, LQD, XHB, IWD