HMI Capital Management, L.P.
Long book
$754.3M
Q1 2026
Positions
11
Top-10 weight
97%
concentration
Last quarter
+13.4%
SPY +14.8%
Turnover
38%
of book per quarter
Strategy in plain words
auto-generated from filingsHMI Capital Management, L.P. is a concentrated fundamental stock-picker, running a $754.3M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: COUPANG INC, AMAZON.COM INC, NCINO INC, TOAST INC-CLASS A, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 5.6pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.0%
Q2 2024
+4.9%
Q3 2024
+12.6%
Q4 2024
-7.9%
Q1 2025
+23.3%
Q2 2025
-3.5%
Q3 2025
-14.8%
Q4 2025
-31.0%
Q1 2026
+13.4%
Sector allocation
Technology 53%
Consumer discretionary 29%
Financials 14%
Services media 4%
Long book by quarter
What does HMI Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CPNG COUPANG INC | Consumer discretionary | 5.9M | $111.0M | 14.7% | -13.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 529.1K | $110.2M | 14.6% | +4.5% |
| NCNO NCINO INC | Technology | 6.8M | $101.5M | 13.5% | 0.0% |
| TOST TOAST INC-CLASS A | Technology | 3.8M | $101.1M | 13.4% | -11.4% |
| MSFT MICROSOFT CORP | Technology | 179.7K | $66.5M | 8.8% | New |
| GTLB GITLAB INC-CL A | Technology | 2.7M | $57.4M | 7.6% | -38.2% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 463.7K | $54.6M | 7.2% | -12.8% |
| KLAR KLARNA GROUP PLC | Financials | 4.1M | $54.0M | 7.2% | -7.4% |
| RBLX ROBLOX CORP -CLASS A | Technology | 767.3K | $43.4M | 5.8% | New |
| FICO FAIR ISAAC CORP | Services media | 26.6K | $28.4M | 3.8% | -43.5% |
| NOW SERVICENOW INC | Technology | 249.8K | $26.1M | 3.5% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 11 | $754.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $1.22B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $1.73B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Sep 5, 2025 | 10 | $1.76B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 10 | $1.76B | SEC ↗ | |
| Q1 2025 | 13F-HR | May 15, 2025 | 12 | $1.84B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 10 | $1.99B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 14 | $2.42B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 14 | $2.63B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 15 | $2.72B | canonical | SEC ↗ |
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