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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
-7.49%
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
$1.73B
AUM Growth
-$29.8M
Cap. Flow
+$119M
Cap. Flow %
6.85%
Top 10 Hldgs %
95.71%
Holding
13
New
3
Increased
2
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
KLAR
Klarna Group
KLAR
+$191M
2
CWAN
Clearwater Analytics
CWAN
+$109M
3
TW icon
Tradeweb Markets
TW
+$56.4M
4
GTLB icon
GitLab
GTLB
+$27.8M
5
TOST icon
Toast
TOST
+$22.7M

Top Sells

Rank Stock Value
1
NICE icon
Nice
NICE
+$87.3M
2
WDAY icon
Workday
WDAY
+$70.7M
3
RBLX icon
Roblox
RBLX
+$54.1M
4
FLUT icon
Flutter Entertainment
FLUT
+$47.1M
5
CPNG icon
Coupang
CPNG
+$28.2M

Sector Composition

Rank Sector Weight
1 Technology 54.06%
2 Consumer Discretionary 28.14%
3 Financials 17.81%
4 Communication Services 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GTLB icon
1
GitLab
GTLB
$5.28B
$292M 16.83%
6,466,450
+607,824
+10% +$27.8M
CPNG icon
2
Coupang
CPNG
$27.8B
$275M 15.85%
8,527,500
-932,500
-10% -$28.2M
FLUT icon
3
Flutter Entertainment
FLUT
$17.6B
$213M 12.28%
837,409
-160,800
-16% -$47.1M
NCNO icon
4
nCino
NCNO
$1.81B
$184M 10.61%
6,775,973
– –
KLAR
5
Klarna Group
KLAR
$6.56B
$163M 9.42%
+4,452,097
New +$191M
TOST icon
6
Toast
TOST
$16.8B
$122M 7.05%
3,342,383
+522,200
+19% +$22.7M
NICE icon
7
Nice
NICE
$5.29B
$112M 6.44%
770,390
-582,180
-43% -$87.3M
WDAY icon
8
Workday
WDAY
$33.4B
$105M 6.08%
437,100
-305,985
-41% -$70.7M
CWAN
9
DELISTED
Clearwater Analytics
CWAN
$96.6M 5.58%
+5,361,200
New +$109M
OWL icon
10
Blue Owl Capital
OWL
$6.39B
$96.6M 5.58%
5,704,480
– –
TW icon
11
Tradeweb Markets
TW
$21.3B
$48.7M 2.81%
+438,500
New +$56.4M
CHYM
12
Chime Financial
CHYM
$7.88B
$25.6M 1.48%
1,270,744
– –
RBLX icon
13
Roblox
RBLX
$34B
– –
-514,086
Closed -$54.1M

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John G. Ullman & Associates Corning, New York $754M AUM 60.05% 1-Year Est. Return
FSCM
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SF
Symphony Financial Houston, Texas $755M AUM 25.99% 1-Year Est. Return
RMC
Resources Management Corp West Hartford, Connecticut $753M AUM 20.77% 1-Year Est. Return
BEC
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GFM
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TPW
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TCMI
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HMI Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, HMI Capital Management held 13 positions worth $1.73B, down 1.7% from $1.76B the previous quarter. Its ten largest holdings account for 96% of the portfolio.

HMI Capital Management deployed $119M of net new capital in Q3 2025, opening 3 new positions and adding to 2 existing holdings. Its largest new stake was Klarna Group: 4,452,097 shares worth $163M.

By sector, the portfolio is most concentrated in Technology at 54% of assets, down from 58% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Nice, an estimated $87.3M trimmed.

  • HMI Capital Management's largest Q3 2025 buy was Klarna Group: 4,452,097 shares worth $163M.
  • HMI Capital Management added most to GitLab in Q3 2025, an estimated $27.8M increase.
  • HMI Capital Management's biggest Q3 2025 reduction was Nice, cutting an estimated $87.3M.
  • HMI Capital Management fully exited Roblox in Q3 2025, selling an estimated $54.1M.
  • HMI Capital Management's ten largest holdings make up 96% of its $1.73B portfolio in Q3 2025.
  • HMI Capital Management opened 3 new positions and closed 1 in Q3 2025.
  • HMI Capital Management's portfolio value fell 1.7% quarter-over-quarter to $1.73B.

Based on HMI Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.