HMI Capital Management, L.P.

CIK

1469026

Location

SAN FRANCISCO, CA

Portfolio Value

Small $754,263,200

Diversification

Diversified

Filing Date

Global Rank

#2,065 / 8,603 ▼ 444 · as of Mar 2026

Top Industry

Software - Infrastructure 29.8%

3Y Alpha vs SPY

-22.6%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

-6.0%

SPY

+76.5%

Annualised alpha

-22.9%

Max drawdown

−47.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

11 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.7%

+0.5 pts

Top 5

65.0%

−0.6 pts

Top 10

96.5%

−3.5 pts

HHI

1,090

Diversified−52

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	50.5%	$381,085,051	6
Consumer Cyclical	29.3%	$221,241,238	2
Financial Services	14.4%	$108,538,423	2
Communication Services	5.8%	$43,398,488	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
AMZN	Amazon Com Inc	+22,650	529,150	$110,206,070
NCNO	nCino, Inc.	+2,055	6,778,028	$101,534,859
No positions match the current search.

Trimmed

Positions the filer reduced

6 positions

Ticker	Company	Δ Shares	Shares	Value
GTLB	Gitlab Inc.	−1,637,404	2,651,677	$57,382,290
CPNG	Coupang, Inc.	−875,000	5,881,100	$111,035,168
TOST	Toast, Inc.	−488,500	3,814,983	$101,135,199
KLAR	Klarna Group plc	−328,378	4,123,719	$53,979,481
TW	Tradeweb Markets Inc.	−68,300	463,700	$54,558,942
FICO	Fair Isaac Corp	−20,450	26,600	$28,396,564
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
MSFT	Microsoft Corp	179,700	$66,519,549
RBLX	Roblox Corp	767,300	$43,398,488
NOW	ServiceNow, Inc.	249,800	$26,116,590
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
CWAN	Clearwater Analytics Holdings, Inc.	6,339,500	$152,908,740
OWL	Blue Owl Capital Inc.	2,412,457	$36,042,107
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

11 positions · $754,263,200 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CPNG	Coupang, Inc. Consumer Cyclical	Reduced	5,881,100	-875,000	$111,035,168	−30.3%	14.72%
AMZN	Amazon Com Inc Consumer Cyclical	Added	529,150	+22,650	$110,206,070	−5.7%	14.61%
NCNO	nCino, Inc. Technology	Added	6,778,028	+2,055	$101,534,859	−41.6%	13.46%
TOST	Toast, Inc. Technology	Reduced	3,814,983	-488,500	$101,135,199	−33.8%	13.41%
MSFT	Microsoft Corp Technology	NEW	179,700	NEW	$66,519,549	NEW	8.82%
GTLB	Gitlab Inc. Technology	Reduced	2,651,677	-1,637,404	$57,382,290	−64.4%	7.61%
TW	Tradeweb Markets Inc. Financial Services	Reduced	463,700	-68,300	$54,558,942	−4.6%	7.23%
KLAR	Klarna Group plc Financial Services	Reduced	4,123,719	-328,378	$53,979,481	−58.1%	7.16%
RBLX	Roblox Corp Communication Services	NEW	767,300	NEW	$43,398,488	NEW	5.75%
FICO	Fair Isaac Corp Technology	Reduced	26,600	-20,450	$28,396,564	−64.3%	3.76%
NOW	ServiceNow, Inc. Technology	NEW	249,800	NEW	$26,116,590	NEW	3.46%