SEC 13F Intelligence

Managers / Q4 2025 · view latest →

HMI Capital Management, L.P.

CIK 0001469026 · 555 CALIFORNIA STREET, SUITE 4900, SAN FRANCISCO, CA, 94104 · 415.391.9500

Reported Value
$1.2B
Q4 2025
Positions
10
Filings on Record
32
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Hmi Capital Management, L.P. reported $1.2B in U.S.-listed holdings across 10 positions for Q4 2025.

Its largest position, NCNO, represents 14.3% of the portfolio.

Compared with Q3 2025, the fund opened 2 new positions and exited 4.

Portfolio Metrics

Turnover
+19.8%
vs prior filed quarter
Top-10 Concentration
+100.0%
share of reported value
Largest Position
+14.3%
Ncino
New / Exited
2 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $877MQ4 ’18Q1 ’19: $846MQ2 ’19: $982MQ3 ’19: $806MQ4 ’19: $1.3BQ4 ’19Q1 ’20: $1.5BQ2 ’20: $2.1BQ3 ’20: $2.4BQ4 ’20: $2.5BQ4 ’20Q1 ’21: $2.8BQ2 ’21: $3.2BQ3 ’21: $3.3BQ4 ’21: $3.7BQ4 ’21Q1 ’22: $3.4BQ2 ’22: $2.5BQ3 ’22: $2.7BQ4 ’22: $2.3BQ4 ’22Q1 ’23: $2.6BQ2 ’23: $2.8BQ3 ’23: $2.6BQ4 ’23: $2.3BQ4 ’23Q1 ’24: $2.7BQ2 ’24: $2.6BQ3 ’24: $2.4BQ4 ’24: $2.0BQ4 ’24Q1 ’25: $1.8BQ2 ’25: $1.8BQ3 ’25: $1.7BQ4 ’25: $1.2BQ4 ’25Q1 ’26: $754Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 76.9%Other: 23.1%
  • Common Stock · 76.9% · $937M
  • Other · 23.1% · $282M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMZNAMAZON COM INCNEW+506.5K506.5K+$117M$117M
FICOFAIR ISAAC CORPNEW+47.0K47.0K+$80M$80M
FLUTTER ENTMT PLCSOLD OUT−837.4K0−$213M$0
NSYNICE LTDSOLD OUT−770.4K0−$112M$0
WDAYWORKDAY INCSOLD OUT−437.1K0−$105M$0
CHYMCHIME FINL INCSOLD OUT−1.27M0−$26M$0
OWLBLUE OWL CAPITAL INCTRIMMED−3.29M2.41M−$61M$36M
GTLBGITLAB INCTRIMMED−2.18M4.29M−$131M$161M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

10 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NCNONCINO INChistory →COM14.26%$174M6.78M
2GTLBGITLAB INChistory →CLASS A COM13.21%$161M4.29M
3CPNGCOUPANG INChistory →CL A13.08%$159M6.76M
4CLEARWATER ANALYTICS HLDGS ICL A12.55%$153M6.34M
5TOSTTOAST INChistory →CL A12.54%$153M4.30M
6KLARNA GROUP PLCSHS10.57%$129M4.45M
7AMZNAMAZON COM INChistory →COM9.60%$117M506.5K
8FICOFAIR ISAAC CORPhistory →COM6.53%$80M47.0K
9TWTRADEWEB MKTS INChistory →CL A4.70%$57M532.0K
10OWLBLUE OWL CAPITAL INChistory →COM CL A2.96%$36M2.41M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$754M11May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.2B10Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.7B12Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.8B10Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.8B12May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$2.0B10Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$2.4B14Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.6B14Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.7B15May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.3B12Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.6B12Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.8B13Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.6B13May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.3B14Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.7B15Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.5B14Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$3.4B13May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.7B11Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.3B12Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$3.2B14Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.8B11May 18, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.5B12Feb 17, 202113F-HRchanges · EDGAR ↗
Q3 2020$2.4B13Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.1B13Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.5B12May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.3B10Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$806M6Nov 18, 2019RESTATEMENTchanges · EDGAR ↗
Q2 2019$982M8Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$846M7May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$877M11Feb 12, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.