Q2 2026 13F · SEC CIK 1469026
HMI Capital Management, L.P.
Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $686.3M
- Reported positions
- 13
- Top holdings a year, 3 yrs
- +3.0%
- Assets under management
- $2.2B
HMI Capital Management, L.P. is a hedge fund that reported 13 positions worth $686.3M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Amazon Com Inc (AMZN, 14.8%), Toast Inc (TOST, 14.2%), Ncino Inc (NCNO, 11.9%). A portfolio copying its top holdings returned 3.0% a year over the last 3 years, against 22.3% for the S&P 500.
HMI Capital Management, L.P. holdings all 13 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| AMZNAmazon Com Inc | 14.8% | -19.5% | $101.5M |
| TOSTToast Inc | 14.2% | -8.1% | $97.5M |
| NCNONcino Inc | 11.9% | -26.4% | $81.6M |
| CPNGCoupang Inc | 11.2% | -24.9% | $76.7M |
| MSFTMicrosoft Corp | 9.0% | -8.0% | $61.7M |
| TWTradeweb Mkts Inc | 6.6% | -1.8% | $45.4M |
| SPOTSpotify Technology SA | 6.1% | — | $42.0M |
| NOWServicenow Inc | 6.0% | +66.6% | $41.3M |
| AMDAdvanced Micro Devices Inc | 5.0% | — | $34.2M |
| LPLALpl Finl Hldgs Inc | 4.9% | — | $33.4M |
| NVDANvidia Corporation | 4.7% | — | $32.6M |
| DASHDoordash Inc | 3.9% | — | $26.5M |
| APPFAppfolio Inc | 1.8% | — | $12.0M |
What HMI Capital Management, L.P. bought and sold in Q2 2026, against Q1 2026.
New positions
- SPOT Spotify Technology SA6.1% of 13F
- AMD Advanced Micro Devices Inc5.0% of 13F
- LPLA Lpl Finl Hldgs Inc4.9% of 13F
- NVDA Nvidia Corporation4.7% of 13F
- DASH Doordash Inc3.9% of 13F
- APPF Appfolio Inc1.8% of 13F
Added to
- NOW Servicenow Inc+66.6% shares
Reduced
- NCNO Ncino Inc-26.4% shares
- CPNG Coupang Inc-24.9% shares
- AMZN Amazon Com Inc-19.5% shares
- TOST Toast Inc-8.1% shares
- MSFT Microsoft Corp-8.0% shares
Sold out
- GTLB Gitlab Incwas 7.6%
- KLAR Klarna Group PLCwas 7.2%
- RBLX Roblox Corpwas 5.8%
- FICO Fair Isaac Corpwas 3.8%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- -29.5% /yr
- S&P 500 +11.7%
- 3 years
- +3.0% /yr
- S&P 500 +22.3%
- 5 years
- -10.3% /yr
- S&P 500 +10.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q2 2026 | $686.3M | 13 |
| Q1 2026 | $754.3M | 11 |
| Q4 2025 | $1.2B | 10 |
| Q3 2025 | $1.7B | 12 |
| Q2 2025 | $1.8B | 10 |
| Q1 2025 | $1.8B | 12 |
| Q4 2024 | $2.0B | 10 |
| Q3 2024 | $2.4B | 14 |
| Q2 2024 | $2.6B | 14 |
| Q1 2024 | $2.7B | 15 |
| Q4 2023 | $2.3B | 12 |
| Q3 2023 | $2.6B | 12 |
Questions about HMI Capital Management, L.P.'s portfolio
What stocks does HMI Capital Management, L.P. own?
HMI Capital Management, L.P.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 13 positions worth $686.3M. The largest are Amazon Com Inc (AMZN) at 14.8%, Toast Inc (TOST) at 14.2%, Ncino Inc (NCNO) at 11.9%, Coupang Inc (CPNG) at 11.2% and Microsoft Corp (MSFT) at 9.0%.
What did HMI Capital Management, L.P. buy last quarter?
In Q2 2026, HMI Capital Management, L.P. added a new position in Spotify Technology SA (SPOT), a new position in Advanced Micro Devices Inc (AMD), a new position in Lpl Finl Hldgs Inc (LPLA), a new position in Nvidia Corporation (NVDA), a new position in Doordash Inc (DASH) and Servicenow Inc (NOW) (+66.6% shares), compared with its Q1 2026 filing.
What did HMI Capital Management, L.P. sell last quarter?
In Q2 2026, HMI Capital Management, L.P. sold all of Gitlab Inc (GTLB), sold all of Klarna Group PLC (KLAR), sold all of Roblox Corp (RBLX), sold all of Fair Isaac Corp (FICO), Ncino Inc (NCNO) (-26.4% shares), Coupang Inc (CPNG) (-24.9% shares) and Amazon Com Inc (AMZN) (-19.5% shares), compared with its Q1 2026 filing.
How has HMI Capital Management, L.P.'s portfolio performed?
A portfolio copying HMI Capital Management, L.P.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +3.0% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: -29.5% against +11.7%. Over 5 years: -10.3% a year against +10.6%.
When is HMI Capital Management, L.P.'s next 13F filing due?
13F filings are due 45 days after each quarter ends. HMI Capital Management, L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does HMI Capital Management, L.P. manage?
HMI Capital Management, L.P. reported $2.2B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $686.3M.