HMI Capital Management, L.P.

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...