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HCM

HMI Capital Management Portfolio holdings

AUM $754M
1-Year Est. Return 23.78%
This Fund
S&P 500
This Quarter Est. Return
-26.11%
1 Year Est. Return
-23.78%
3 Year Est. Return
+6.02%
5 Year Est. Return
-26.07%
10 Year Est. Return
+191.69%
AUM
$754M
AUM Growth
-$464M
Cap. Flow
-$150M
Cap. Flow %
-19.85%
Top 10 Hldgs %
96.54%
Holding
13
New
3
Increased
2
Reduced
6
Closed
2

Top Buys

1
MSFT icon
Microsoft
MSFT
+$75.2M
2
RBLX icon
Roblox
RBLX
+$51.5M
3
NOW icon
ServiceNow
NOW
+$29.4M
4
AMZN icon
Amazon
AMZN
+$4.99M
5
NCNO icon
nCino
NCNO
+$38.6K

Top Sells

1
CWAN
Clearwater Analytics
CWAN
+$153M
2
GTLB icon
GitLab
GTLB
+$47.8M
3
OWL icon
Blue Owl Capital
OWL
+$36M
4
FICO icon
Fair Isaac
FICO
+$28M
5
CPNG icon
Coupang
CPNG
+$17.1M

Sector Composition

1 Technology 50.52%
2 Consumer Discretionary 29.33%
3 Financials 14.39%
4 Communication Services 5.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CPNG icon
1
Coupang
CPNG
$29.8B
$111M 14.72%
5,881,100
-875,000
-13% -$17.1M
AMZN icon
2
Amazon
AMZN
$2.66T
$110M 14.61%
529,150
+22,650
+4% +$4.99M
NCNO icon
3
nCino
NCNO
$1.96B
$102M 13.46%
6,778,028
+2,055
+0% +$38.6K
TOST icon
4
Toast
TOST
$17.4B
$101M 13.41%
3,814,983
-488,500
-11% -$14.6M
MSFT icon
5
Microsoft
MSFT
$2.93T
$66.5M 8.82%
+179,700
New +$75.2M
GTLB icon
6
GitLab
GTLB
$5.53B
$57.4M 7.61%
2,651,677
-1,637,404
-38% -$47.8M
TW icon
7
Tradeweb Markets
TW
$21.3B
$54.6M 7.23%
463,700
-68,300
-13% -$7.82M
KLAR
8
Klarna Group
KLAR
$7.09B
$54M 7.16%
4,123,719
-328,378
-7% -$6.5M
RBLX icon
9
Roblox
RBLX
$37B
$43.4M 5.75%
+767,300
New +$51.5M
FICO icon
10
Fair Isaac
FICO
$29.2B
$28.4M 3.76%
26,600
-20,450
-43% -$28M
NOW icon
11
ServiceNow
NOW
$106B
$26.1M 3.46%
+249,800
New +$29.4M
CWAN
12
DELISTED
Clearwater Analytics
CWAN
– –
-6,339,500
Closed -$153M
OWL icon
13
Blue Owl Capital
OWL
$6.43B
– –
-2,412,457
Closed -$36M

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FSCM
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SF
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RMC
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MSWM
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BEC
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AA
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GFM
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HMI Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, HMI Capital Management held 13 positions worth $754M, down 38% from $1.22B the previous quarter. Its ten largest holdings account for 97% of the portfolio.

HMI Capital Management withdrew a net $150M in Q1 2026, closing 2 positions and reducing 6 holdings. Its most notable exit was Clearwater Analytics, an estimated $153M position sold in full.

By sector, the portfolio is most concentrated in Technology at 51% of assets, down from 59% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, HMI Capital Management opened a new position in Microsoft worth $66.5M.

  • HMI Capital Management's largest Q1 2026 buy was Microsoft: 179,700 shares worth $66.5M.
  • HMI Capital Management added most to Amazon in Q1 2026, an estimated $4.99M increase.
  • HMI Capital Management's biggest Q1 2026 reduction was GitLab, cutting an estimated $47.8M.
  • HMI Capital Management fully exited Clearwater Analytics in Q1 2026, selling an estimated $153M.
  • HMI Capital Management's ten largest holdings make up 97% of its $754M portfolio in Q1 2026.
  • HMI Capital Management opened 3 new positions and closed 2 in Q1 2026.
  • HMI Capital Management's portfolio value fell 38% quarter-over-quarter to $754M.

Based on HMI Capital Management's 13F filing for Q1 2026, filed 15 May 2026.