HMS Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), HMS Capital Management, LLC reported 107 stock positions worth $237.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 15.4% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 7.5%) and Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 6.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 23 and reduced 63. The biggest buy was iShares MSCI Eafe ETF (EFA, shares +11%) and the biggest sale Chipotle Mexican Grill (CMG, shares −9%).

Most Recent 13F
Q2 2026
Location
NASHVILLE, TN
CIK
0001689470
Portfolio Value
$237.8M (Q3 2025)
SEC Filing
0001689470-25-000003 ↗ filed Oct 30, 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 Q1 2025 Q2 2025: $221.8M Q2 2025 Q3 2025: $237.8M $237.8M Q3 2025 Q4 2025: $241.7M Q4 2025 Q1 2026: $258.5M Q1 2026 Q2 2026: $267.4M Q2 2026

Holdings 107 stocks · $237.8M
SPY SS SPDR S&P 500 ETF Trust-US 15.35% 80,357 $36.5M Add +45.6%
EFA iShares MSCI Eafe ETF 7.48% 190,530 $17.8M Add +11.3%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 6.43% 137,107 $15.3M Add +4.6%
QQQ Invesco QQQ Trust Series 1 5.30% 20,992 $12.6M Add +0.3%
AIQ Global X Art Intel & Tech 4.12% 198,482 $9.8M Add +1.9%
NVDA Nvidia Corp. 3.97% 50,548 $9.4M Reduce -4.7%
MSFT Microsoft Corp. 2.66% 12,216 $6.3M Reduce -0.5%
CWB SS SPDR BB Conv Sec ETF 2.64% 69,306 $6.3M Add +19.0%
GS Goldman Sachs Group Inc. 2.10% 6,281 $5.0M Reduce -2.0%
AVGO Broadcom Inc. 2.10% 15,149 $5.0M Reduce -6.7%
IWP iShares Russell Mid-Cap Grow 1.92% 32,028 $4.6M Add +0.8%
AAPL Apple Inc. 1.61% 15,029 $3.8M Reduce -5.5%
XLE SS Energy Select Sector 1.53% 40,715 $3.6M Reduce -4.8%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 1.44% 42,194 $3.4M Add +12.3%
NFLX Netflix Inc. 1.42% 2,809 $3.4M Reduce -1.5%
GOOGL Alphabet Inc. Class A 1.41% 13,817 $3.4M Reduce -2.7%
JPM JPMorgan Chase & Co. 1.41% 10,597 $3.3M Reduce -3.6%
MU Micron Technology Inc. 1.37% 19,507 $3.3M Add +1.2%
AMZN Amazon.com Inc. 1.36% 14,706 $3.2M Reduce -1.4%
MCK McKesson Corp. 1.35% 4,171 $3.2M Reduce -2.5%
META Meta Platforms Inc. Class A 1.33% 4,315 $3.2M Reduce -0.6%
FTNT Fortinet Inc. 1.06% 30,106 $2.5M Add +3.6%
BKNG Booking Holdings Inc. 1.06% 469 $2.5M Reduce -3.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.04% 48,051 $2.5M Add +8.4%
HCA HCA Healthcare Inc. 0.95% 5,300 $2.3M Reduce -5.9%
PH Parker Hannifin Corp. 0.94% 2,942 $2.2M Reduce -1.5%
WMT Walmart Inc. 0.93% 21,379 $2.2M Reduce -0.8%
IWD iShares Russell 1000 Value E 0.92% 10,772 $2.2M Reduce -0.0%
IWF iShares Russell 1000 Growth 0.86% 4,371 $2.0M No change
MA Mastercard Inc. Class A 0.78% 3,278 $1.9M Reduce -1.6%
MSI Motorola Solutions Inc. 0.78% 4,059 $1.9M Reduce -5.2%
WM Waste Management Inc. 0.77% 8,244 $1.8M Reduce -1.7%
CMG Chipotle Mexican Grill Inc. 0.74% 44,730 $1.8M Reduce -9.2%
VOO Vanguard S&P 500 ETF 0.73% 2,854 $1.7M No change
SYK Stryker Corp. 0.66% 4,218 $1.6M Reduce -0.9%
CDNS Cadence Design SYS Inc. 0.65% 4,399 $1.5M Reduce -2.3%
PG The Procter & Gamble Co. 0.64% 9,895 $1.5M Add +0.4%
AMD Advanced Micro Devices 0.64% 9,354 $1.5M Add +12.4%
QCOM Qualcomm Inc. 0.61% 8,774 $1.5M Reduce -0.9%
MUB iShares National Muni Bond E 0.60% 13,408 $1.4M Add +35.9%
LLY Eli Lilly & Co. 0.58% 1,813 $1.4M Add +12.1%
URI United Rentals Inc. 0.57% 1,412 $1.3M Add +4.8%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.55% 4,217 $1.3M Reduce -3.4%
KO The Coca-Cola Co. 0.51% 18,294 $1.2M Add +5.2%
MCD McDonald's Corp. 0.50% 3,942 $1.2M Reduce -1.4%
ACN Accenture PLC Class A 0.49% 4,773 $1.2M Reduce -2.9%
STRL Sterling Infrastructure Inc. 0.46% 3,218 $1.1M Reduce -4.8%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.46% 10,054 $1.1M Add +4.8%
FIX Comfort Systems USA Inc. 0.45% 1,304 $1.1M Reduce -3.6%
COOP Mr Cooper Group Inc. 0.41% 4,633 $977K Reduce -3.9%
CPRT Copart Inc. 0.40% 20,987 $944K Reduce -4.0%
CLS Celestica Inc. 0.37% 3,614 $890K Reduce -7.8%
IVW iShares S&P 500 Growth ETF 0.37% 7,286 $880K Add +1.1%
AGI Alamos Gold Inc. Class A 0.37% 25,131 $876K Reduce -1.1%
J Jacobs Solutions Inc. 0.36% 5,744 $861K Add +1.6%
CW Curtiss-Wright Corp. 0.35% 1,545 $839K Reduce -3.0%
STLD Steel Dynamics Inc. 0.32% 5,490 $766K Add +11.3%
AA Alcoa Corp. 0.30% 21,438 $705K Add +7.9%
ROAD Construction Partners Inc. Class A 0.30% 5,532 $703K Reduce -1.3%
IVV iShares Core S&P 500 ETF 0.29% 1,035 $693K Reduce -2.0%
MPWR Monolithic Power Systems Inc. 0.28% 728 $670K Reduce -28.5%
SN Sharkninja Inc. 0.25% 5,839 $602K Reduce -3.7%
NVMI Nova Ltd. 0.25% 1,880 $601K Reduce -5.6%
USFD US Foods Holding Corp. 0.25% 7,640 $585K Reduce -2.5%
NVT Nvent Electric PLC 0.23% 5,565 $549K Reduce -3.4%
CSW CSW Industrials Inc. 0.23% 2,251 $547K Add +0.1%
IREN Iren Ltd. filed as IREN LIMITED 0.23% 11,637 $546K New
NOW ServiceNow Inc. 0.23% 593 $546K No change
TBBK The Bancorp Inc. 0.23% 7,261 $544K Reduce -3.8%
UTHR United Therapeutics Corp. 0.22% 1,274 $534K No change
CB Chubb Ltd. 0.21% 1,787 $504K Reduce -24.9%
PNFP Pinnacle Financial Partners 0.21% 5,260 $493K No change
SKWD Skyward Specialty Insurance 0.21% 10,301 $490K No change
FTI Technipfmc PLC 0.20% 12,185 $481K Reduce -3.1%
AHR American Healthcare REIT Inc. 0.20% 11,310 $475K Reduce -3.4%
CLH Clean Harbors Inc. 0.19% 1,985 $461K Reduce -2.9%
TXRH Texas Roadhouse Inc. 0.19% 2,714 $451K Reduce -1.6%
ANET Arista Networks Inc. 0.19% 3,085 $450K Reduce -1.9%
NFG National Fuel Gas Co. 0.18% 4,741 $438K Reduce -4.5%
CRS Carpenter Technology 0.18% 1,768 $434K Reduce -6.1%
IWR iShares Russell Mid-Cap ETF 0.18% 4,393 $424K No change
APPF Appfolio Inc. Class A 0.17% 1,504 $415K Reduce -2.2%
XLK SS Technology Select Sector 0.16% 1,380 $389K No change
XHB SS SPDR S&P Homebldrs ETF 0.16% 3,471 $385K Reduce -67.0%
MTSI Macom Technology Solutions H 0.16% 3,058 $381K Reduce -4.0%
VRTX Vertex Pharmaceuticals Inc. 0.16% 945 $370K Reduce -0.3%
IJK iShares S&P Mid-Cap 400 Grow 0.15% 3,773 $362K Reduce -28.7%
WAY Waystar Holding Corp. 0.15% 9,379 $356K Reduce -3.3%
VIG Vanguard Dividend Apprec ETF 0.15% 1,623 $350K No change
EXLS Exlservice Holdings Inc. 0.15% 7,899 $348K Reduce -2.2%
AROC Archrock Inc. 0.14% 13,009 $342K Reduce -2.5%
FOUR SHIFT4 Payments Inc. Class A 0.14% 4,421 $342K Reduce -2.3%
HWM Howmet Aerospace Inc. 0.14% 1,691 $332K No change
XOM Exxon Mobil Corp. 0.14% 2,873 $324K No change
VTI VG Morningstar TS MKT ETF-US 0.13% 964 $316K No change
GPC Genuine Parts Co. 0.13% 2,200 $305K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.13% 7,150 $303K Reduce -0.8%
MMYT Makemytrip Ltd. 0.13% 3,193 $299K Reduce -0.4%
VIK Viking Holdings Ltd. 0.12% 4,673 $290K Reduce -3.1%
SFM Sprouts Farmers Market Inc. 0.12% 2,540 $276K Reduce -2.2%
V Visa Inc. Class A 0.11% 788 $269K No change
LIN Linde PLC 0.09% 448 $213K No change
SE Sea Ltd.-ADR 0.09% 1,177 $210K New
SCCO Southern Copper Corp. 0.09% 1,733 $210K New
COST Costco Wholesale Corp. 0.09% 226 $209K No change
HIMS Hims & Hers Health Inc. 0.09% 3,629 $206K New
AFL Aflac Inc. 0.09% 1,826 $204K New

Portfolio Sells Q2 2025 → Q3 2025
CMG Chipotle Mexican Grill Inc. Reduce -9.2% 0.74% −0.51
XHB SS SPDR S&P Homebldrs ETF Reduce -67.0% 0.16% −0.30
NFLX Netflix Inc. Reduce -1.5% 1.42% −0.30
CBZ Cbiz Inc. Sold out 0.00% −0.23
BKNG Booking Holdings Inc. Reduce -3.1% 1.06% −0.20
ACN Accenture PLC Class A Reduce -2.9% 0.49% −0.17
AMZN Amazon.com Inc. Reduce -1.4% 1.36% −0.12
META Meta Platforms Inc. Class A Reduce -0.6% 1.33% −0.11
XLE SS Energy Select Sector Reduce -4.8% 1.53% −0.11
SYK Stryker Corp. Reduce -0.9% 0.66% −0.10
MRSH Marsh & McLennan Cos Sold out 0.00% −0.10
WM Waste Management Inc. Reduce -1.7% 0.77% −0.10
CB Chubb Ltd. Reduce -24.9% 0.21% −0.10
CRM Salesforce Inc. Sold out 0.00% −0.10
MSFT Microsoft Corp. Reduce -0.5% 2.66% −0.09
CPRT Copart Inc. Reduce -4.0% 0.40% −0.09
AJG Arthur J Gallagher & Co. Reduce -3.4% 0.55% −0.08
SFM Sprouts Farmers Market Inc. Reduce -2.2% 0.12% −0.08
IJK iShares S&P Mid-Cap 400 Grow Reduce -28.7% 0.15% −0.07
MA Mastercard Inc. Class A Reduce -1.6% 0.78% −0.06
FOUR SHIFT4 Payments Inc. Class A Reduce -2.3% 0.14% −0.06
MCK McKesson Corp. Reduce -2.5% 1.35% −0.06
MPWR Monolithic Power Systems Inc. Reduce -28.5% 0.28% −0.05
CRS Carpenter Technology Reduce -6.1% 0.18% −0.05
MTSI Macom Technology Solutions H Reduce -4.0% 0.16% −0.05
TXRH Texas Roadhouse Inc. Reduce -1.6% 0.19% −0.04
ONON On Holding AG Class A Reduce -0.8% 0.13% −0.04
VRTX Vertex Pharmaceuticals Inc. Reduce -0.3% 0.16% −0.03
MSI Motorola Solutions Inc. Reduce -5.2% 0.78% −0.03
JPM JPMorgan Chase & Co. Reduce -3.6% 1.41% −0.03
WAY Waystar Holding Corp. Reduce -3.3% 0.15% −0.03
USFD US Foods Holding Corp. Reduce -2.5% 0.25% −0.03
WMT Walmart Inc. Reduce -0.8% 0.93% −0.02
MCD McDonald's Corp. Reduce -1.4% 0.50% −0.02
HCA HCA Healthcare Inc. Reduce -5.9% 0.95% −0.02
QCOM Qualcomm Inc. Reduce -0.9% 0.61% −0.02
IWD iShares Russell 1000 Value E Reduce -0.0% 0.92% −0.02
CLH Clean Harbors Inc. Reduce -2.9% 0.19% −0.02
SN Sharkninja Inc. Reduce -3.7% 0.25% −0.02
MMYT Makemytrip Ltd. Reduce -0.4% 0.13% −0.02
EXLS Exlservice Holdings Inc. Reduce -2.2% 0.15% −0.01
AROC Archrock Inc. Reduce -2.5% 0.14% −0.01
NFG National Fuel Gas Co. Reduce -4.5% 0.18% −0.01
IVV iShares Core S&P 500 ETF Reduce -2.0% 0.29% −0.00
PH Parker Hannifin Corp. Reduce -1.5% 0.94% −0.00
CW Curtiss-Wright Corp. Reduce -3.0% 0.35% +0.00
NVMI Nova Ltd. Reduce -5.6% 0.25% +0.01
AHR American Healthcare REIT Inc. Reduce -3.4% 0.20% +0.01
VIK Viking Holdings Ltd. Reduce -3.1% 0.12% +0.01
FTI Technipfmc PLC Reduce -3.1% 0.20% +0.01

Portfolio Buys Q2 2025 → Q3 2025
EFA iShares MSCI Eafe ETF Add +11.3% 7.48% +0.58
CWB SS SPDR BB Conv Sec ETF Add +19.0% 2.64% +0.47
MU Micron Technology Inc. Add +1.2% 1.37% +0.30
AIQ Global X Art Intel & Tech Add +1.9% 4.12% +0.29
IREN Iren Ltd. New 0.23% +0.23
MUB iShares National Muni Bond E Add +35.9% 0.60% +0.14
URI United Rentals Inc. Add +4.8% 0.57% +0.11
AMD Advanced Micro Devices Add +12.4% 0.64% +0.10
BAC Bank of America Corp. Add +8.4% 1.04% +0.10
QQQ Invesco QQQ Trust Series 1 Add +0.3% 5.30% +0.10
SE Sea Ltd.-ADR New 0.09% +0.09
SCCO Southern Copper Corp. New 0.09% +0.09
HIMS Hims & Hers Health Inc. New 0.09% +0.09
AFL Aflac Inc. New 0.09% +0.09
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +12.3% 1.44% +0.07
STLD Steel Dynamics Inc. Add +11.3% 0.32% +0.04
SJM The JM Smucker Co. Add +4.8% 0.46% +0.03
AA Alcoa Corp. Add +7.9% 0.30% +0.03
J Jacobs Solutions Inc. Add +1.6% 0.36% +0.03
LLY Eli Lilly & Co. Add +12.1% 0.58% +0.01
IVW iShares S&P 500 Growth ETF Add +1.1% 0.37% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +45.6% 15.35% −0.02
KO The Coca-Cola Co. Add +5.2% 0.51% −0.04
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +4.6% 6.43% −0.05
CSW CSW Industrials Inc. Add +0.1% 0.23% −0.06
IWP iShares Russell Mid-Cap Grow Add +0.8% 1.92% −0.07
PG The Procter & Gamble Co. Add +0.4% 0.64% −0.07
FTNT Fortinet Inc. Add +3.6% 1.06% −0.32

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 52,500 $625Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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