HMI Capital Management, L.P.
HMI Capital Management, L.P. reported 13 US-listed holdings worth $686.3 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Amazon.com Inc. (14.8%), Toast, Inc. (14.2%) and Ncino Inc. (11.9%). Against the quarter before, it opened 6 positions, added to 1, trimmed 6 and sold out of 4.
The 13 largest of its 13 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -15.8% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 6
- Spotify Technology S.A. SPOT$42.0 million
- Advanced Micro Devices Inc. AMD$34.2 million
- LPL Finl Hldgs Inc. LPLA$33.4 million
- NVIDIA Corp. NVDA$32.6 million
- DoorDash, Inc. DASH$26.5 million
- Appfolio Inc. APPF$12.0 million
Added to 1
- ServiceNow, Inc. NOW+166,300 shares · +67%
Trimmed 6
- Ncino Inc. NCNO-1.8 million shares · -26%
- Coupang Inc. Class A CPNG-1.5 million shares · -25%
- Amazon.com Inc. AMZN-103,200 shares · -20%
- Toast, Inc. TOST-310,239 shares · -8%
- Microsoft Corp. MSFT-14,400 shares · -8%
- Tradeweb Mkts Inc. TW-8,300 shares · -2%
Sold out of 4
- Gitlab Inc. GTLB$57.4 million last quarter
- Klarna Group PLC KLAR$54.0 million last quarter
- Roblox Corp. RBLX$43.4 million last quarter
- Fair Isaac Corp. FICO$28.4 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Amazon.com Inc. AMZN | 425.9K | $101.5 million | 14.79% | -103.2K |
| Toast, Inc. TOST | 3.5M | $97.5 million | 14.21% | -310.2K |
| Ncino Inc. NCNO | 5.0M | $81.6 million | 11.89% | -1.8M |
| Coupang Inc. Class A CPNG | 4.4M | $76.7 million | 11.17% | -1.5M |
| Microsoft Corp. MSFT | 165.3K | $61.7 million | 8.98% | -14.4K |
| Tradeweb Mkts Inc. TW | 455.4K | $45.4 million | 6.61% | -8.3K |
| Spotify Technology S.A. SPOT | 91.5K | $42.0 million | 6.12% | new |
| ServiceNow, Inc. NOW | 416.1K | $41.3 million | 6.02% | +166.3K |
| Advanced Micro Devices Inc. AMD | 58.8K | $34.2 million | 4.98% | new |
| LPL Finl Hldgs Inc. LPLA | 118.6K | $33.4 million | 4.87% | new |
| NVIDIA Corp. NVDA | 162.8K | $32.6 million | 4.75% | new |
| DoorDash, Inc. DASH | 143.4K | $26.5 million | 3.86% | new |
| Appfolio Inc. APPF | 75.0K | $12.0 million | 1.75% | new |
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Change is shares against its 13F for the quarter before; the 4 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Coupang Inc. Class A CPNG | Calls | 1.5M | $26.1 million |
1 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.