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HMI Capital Management Portfolio holdings
AUM
$712M
Turnover
61.11%
1-Year Est. Return
26.48%
This Fund
S&P 500
This Quarter Est. Return
+12%
1 Year Est. Return
-26.48%
3 Year Est. Return
+5.95%
5 Year Est. Return
-24.12%
10 Year Est. Return
+214.49%
AUM
$712M
AUM Growth
-$41.9M
(-5.6%)
Cap. Flow
-$90.7M
Cap. Flow % of AUM
Cap. Flow %
-12.74%
Top 10 Holdings %
Top 10 Hldgs %
86.37%
Holding
18
New
7
Increased
1
Reduced
6
Closed
4
Avg Time Held
Equity + Options
1
year
Top 10 Avg Time Held
Equity + Options
1.3
years
Top 20 Avg Time Held
Equity + Options
1
year
Avg Time Held Equity only
1.1
years
Top 10 Avg Time Held Equity only
1.3
years
Top 20 Avg Time Held Equity only
1.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Spotify
SPOT
|
+$43.6M |
| 2 |
LPL Financial
LPLA
|
+$35.6M |
| 3 |
NVIDIA
NVDA
|
+$33.5M |
| 4 |
Advanced Micro Devices
AMD
|
+$24.1M |
| 5 |
DoorDash
DASH
|
+$23.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GitLab
GTLB
|
+$57.4M |
| 2 |
Klarna Group
KLAR
|
+$54M |
| 3 |
Roblox
RBLX
|
+$43.4M |
| 4 |
nCino
NCNO
|
+$29.3M |
| 5 |
Fair Isaac
FICO
|
+$28.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 50.65% |
| 2 | Consumer Discretionary | 28.73% |
| 3 | Financials | 11.06% |
| 4 | Communication Services | 5.9% |
| 5 | Miscellaneous | 3.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.83T
| $102M | 14.25% |
425,950
-103,200
| -20% | -$25.9M |
2025 Q4
2 quarters
|
|
2
Toast
TOST
$18.2B
| $97.5M | 13.69% |
3,504,744
-310,239
| -8% | -$8.09M |
2021 Q3
19 quarters
|
|
|
3
nCino
NCNO
$2.14B
| $81.6M | 11.45% |
4,990,713
-1,787,315
| -26% | -$29.3M |
2021 Q1
21 quarters
|
|
4
Coupang
CPNG
$25.8B
| $76.7M | 10.77% |
4,415,300
-1,465,800
| -25% | -$26.5M |
2023 Q4
10 quarters
|
|
5
Microsoft
MSFT
$3.97T
| $61.7M | 8.66% |
165,300
-14,400
| -8% | -$5.83M |
2026 Q1
1 quarter
|
|
6
Tradeweb Markets
TW
$24B
| $45.4M | 6.37% |
455,400
-8,300
| -2% | -$900K |
2025 Q3
3 quarters
|
|
|
7
Spotify
SPOT
$108B
| $42M | 5.9% |
+91,500
| New | +$43.6M |
2026 Q2
0 quarters
|
|
8
ServiceNow
NOW
$149B
| $41.3M | 5.8% |
416,100
+166,300
| +67% | +$16.5M |
2026 Q1
1 quarter
|
|
|
9
Advanced Micro Devices
AMD
$899B
| $34.2M | 4.8% |
+58,800
| New | +$24.1M |
2026 Q2
0 quarters
|
|
|
10
LPL Financial
LPLA
$24.9B
| $33.4M | 4.69% |
+118,600
| New | +$35.6M |
2026 Q2
0 quarters
|
|
|
11
NVIDIA
NVDA
$5.27T
| $32.6M | 4.57% |
+162,800
| New | +$33.5M |
2026 Q2
0 quarters
|
|
|
12
DoorDash
DASH
$82.3B
| $26.5M | 3.71% |
+143,400
| New | +$23.7M |
2026 Q2
0 quarters
|
|
|
13
CALL
Coupang
CPNG
$25.8B
| $26.1M | 3.66% |
+1,500,000
| New | +$27.1M |
2026 Q2
0 quarters
|
|
14
AppFolio
APPF
$7.53B
| $12M | 1.69% |
+75,000
| New | +$12M |
2026 Q2
0 quarters
|
|
|
15
Fair Isaac
FICO
$16.5B
| – | – |
-26,600
| Closed | -$28.4M | – |
|
|
16
GitLab
GTLB
$8.89B
| – | – |
-2,651,677
| Closed | -$57.4M | – |
|
|
17
Roblox
RBLX
$36B
| – | – |
-767,300
| Closed | -$43.4M | – |
|
|
18
Klarna Group
KLAR
$4.97B
| – | – |
-4,123,719
| Closed | -$54M | – |
|
Similar funds
TWP
SSCM
SFG
HMI Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, HMI Capital Management held 18 positions worth $712M, down 5.6% from $754M the previous quarter. Its ten largest holdings account for 86% of the portfolio.
HMI Capital Management withdrew a net $90.7M in Q2 2026, closing 4 positions and reducing 6 holdings. Its most notable exit was GitLab, an estimated $57.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 51% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, HMI Capital Management opened a new position in Spotify worth $42M.
- HMI Capital Management's largest Q2 2026 buy was Spotify: 91,500 shares worth $42M.
- HMI Capital Management added most to ServiceNow in Q2 2026, an estimated $16.5M increase.
- HMI Capital Management's biggest Q2 2026 reduction was nCino, cutting an estimated $29.3M.
- HMI Capital Management fully exited GitLab in Q2 2026, selling an estimated $57.4M.
- HMI Capital Management's ten largest holdings make up 86% of its $712M portfolio in Q2 2026.
- HMI Capital Management opened 7 new positions and closed 4 in Q2 2026.
- HMI Capital Management's portfolio value fell 5.6% quarter-over-quarter to $712M.
Based on HMI Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.