13F Insight
DOSSIER · 13F-HR · Q2 2026

HMI Capital Management, L.P.

$712M in tracked AUM across 14 positions as of Q2 2026.

HC
CIK 0001469026 · last filed Jun 30, 2026
Total AUM
$712M
as of Q2 2026
Holdings
14
—
positions
Whale Score
78
78
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026

Based on the SEC 13F filing data provided for HMI Capital Management, L.P. as of September 30, 2025, here is a comprehensive analysis of the portfolio.

1. Portfolio Overview

HMI Capital Management manages a highly concentrated portfolio totaling approximately $1.35 billion spread across just eight holdings. This structure indicates a "high-conviction" investment strategy, preferring meaningful exposure to a select few winners rather than broad diversification. The firm executed significant...

The portfolio is top-heavy, with the three largest positions—GitLab, Coupa, and Flutter Entertainment—accounting for over 57% of the total assets. The turnover was aggressive this quarter, involving the complete exit of three previous top holdings and the initiation of a major new position, signaling a dynamic reallocation of capital rather than a passive buy-and-hold approach.

2. Key Holdings

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
CPNG
COUPANG INC
$103M5.9M14.4%02
AMZN
AMAZON COM INC
$102M426K14.3%03
TOST
TOAST INC
$98M3.5M13.7%04
NCNO
NCINO INC
$82M5.0M11.5%05
MSFT
MICROSOFT CORP
$62M165K8.7%06
TW
TRADEWEB MKTS INC
$45M455K6.4%07
L8681T102
SPOTIFY TECHNOLOGY S A
$42M92K5.9%08
NOW
SERVICENOW INC
$41M416K5.8%09
AMD
ADVANCED MICRO DEVICES INC
$34M59K4.8%10
LPLA
LPL FINL HLDGS INC
$33M119K4.7%

Filing history

2026Q2Jun 30
$712M▼ 5.6%
14 positionsView →2026Q1Mar 31
$754M▼ 38.1%
11 positionsView →2025Q4Dec 31
$1.2B▼ 10.0%
10 positionsView →2025Q3Sep 30
$1.4B▼ 23.2%
8 positionsView →2025Q2Jun 30
$1.8B▲ 47.9%
10 positionsLocked2025Q1Mar 31
$1.2B▼ 40.2%
9 positionsLocked2024Q4Dec 31
$2.0B▼ 17.6%
10 positionsLocked2024Q3Sep 30
$2.4B▼ 8.1%
14 positionsLocked2024Q2Jun 30
$2.6B▼ 3.4%
14 positionsLocked2024Q1Mar 31
$2.7B▲ 17.9%
15 positionsLocked2023Q4Dec 31
$2.3B▼ 11.4%
12 positionsLocked2023Q3Sep 30
$2.6B▼ 7.5%
12 positionsLocked
Showing 12 of 52