HMI Capital Management, L.P.
SAN FRANCISCO, CA
$686m in 13 US stocks at the end of 30 June 2026. The top 10 are 89.6% of the money. It changed about 30.0% of the portfolio this quarter.
Value
$686m
Stocks
13
Top 10 share
89.6%
Turnover
30.0%
What changed this quarter
New
Bought for the first time this quarter.
- Spotify TechnologySPOT6.1% of the fund
- Advanced Micro DevicesAMD5.0% of the fund
- LPL Financial HoldingsLPLA4.9% of the fund
- NvidiaNVDA4.7% of the fund
- DoorDashDASH3.9% of the fund
- AppfolioAPPF1.8% of the fund
Added
Bought more of a stock they already held.
- ServiceNowNOW6.0% of the fund+67%
Cut
Sold some of their stake.
- Amazon.comAMZN14.8% of the fund-20%
- ToastTOST14.2% of the fund-8%
- nCinoNCNO11.9% of the fund-26%
- CoupangCPNG11.2% of the fund-25%
- MicrosoftMSFT9.0% of the fund-8%
Sold out
Sold their entire stake.
- GitlabGTLB-100%
- Klarna GroupKLAR-100%
- RobloxRBLX-100%
- Fair IsaacFICO-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Amazon.comAMZN | 14.8% | $102m | 425,950 | -20% |
| ToastTOST | 14.2% | $98m | 3,504,744 | -8% |
| nCinoNCNO | 11.9% | $82m | 4,990,713 | -26% |
| CoupangCPNG | 11.2% | $77m | 4,415,300 | -25% |
| MicrosoftMSFT | 9.0% | $62m | 165,300 | -8% |
| Tradeweb MarketsTW | 6.6% | $45m | 455,400 | Held |
| Spotify TechnologySPOT | 6.1% | $42m | 91,500 | New |
| ServiceNowNOW | 6.0% | $41m | 416,100 | +67% |
| Advanced Micro DevicesAMD | 5.0% | $34m | 58,800 | New |
| LPL Financial HoldingsLPLA | 4.9% | $33m | 118,600 | New |
| NvidiaNVDA | 4.7% | $33m | 162,800 | New |
| DoorDashDASH | 3.9% | $26m | 143,400 | New |
| AppfolioAPPF | 1.8% | $12m | 75,000 | New |
Options (1)
- CoupangCPNG
- Type
- Call
- Value
- $26m
- Contracts
- 1,500,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| CoupangCPNG | Call | $26m | 1,500,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 61.0% since 30 June 2025.
Where the money is
Technology38.4%
Retail & consumer29.8%
Financial services25.7%
Media & telecom6.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.