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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
-3.97%
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
$1.22B
AUM Growth
-$514M
Cap. Flow
-$390M
Cap. Flow %
-32.02%
Top 10 Hldgs %
100%
Holding
14
New
2
Increased
3
Reduced
3
Closed
4

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$116M
2
FICO icon
Fair Isaac
FICO
+$81M
3
TOST icon
Toast
TOST
+$34.6M
4
CWAN
Clearwater Analytics
CWAN
+$19.6M
5
TW icon
Tradeweb Markets
TW
+$10M

Top Sells

Rank Stock Value
1
FLUT icon
Flutter Entertainment
FLUT
+$213M
2
NICE icon
Nice
NICE
+$112M
3
WDAY icon
Workday
WDAY
+$105M
4
GTLB icon
GitLab
GTLB
+$94.3M
5
OWL icon
Blue Owl Capital
OWL
+$51.5M

Sector Composition

Rank Sector Weight
1 Technology 59.1%
2 Consumer Discretionary 22.68%
3 Financials 18.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NCNO icon
1
nCino
NCNO
$1.96B
$174M 14.26%
6,775,973
– –
GTLB icon
2
GitLab
GTLB
$5.53B
$161M 13.21%
4,289,081
-2,177,369
-34% -$94.3M
CPNG icon
3
Coupang
CPNG
$29.8B
$159M 13.08%
6,756,100
-1,771,400
-21% -$50.4M
CWAN
4
DELISTED
Clearwater Analytics
CWAN
$153M 12.55%
6,339,500
+978,300
+18% +$19.6M
TOST icon
5
Toast
TOST
$17.4B
$153M 12.54%
4,303,483
+961,100
+29% +$34.6M
KLAR
6
Klarna Group
KLAR
$7.09B
$129M 10.57%
4,452,097
– –
AMZN icon
7
Amazon
AMZN
$2.66T
$117M 9.6%
+506,500
New +$116M
FICO icon
8
Fair Isaac
FICO
$29.2B
$79.5M 6.53%
+47,050
New +$81M
TW icon
9
Tradeweb Markets
TW
$21.3B
$57.2M 4.7%
532,000
+93,500
+21% +$10M
OWL icon
10
Blue Owl Capital
OWL
$6.43B
$36M 2.96%
2,412,457
-3,292,023
-58% -$51.5M
NICE icon
11
Nice
NICE
$5.87B
– –
-770,390
Closed -$112M
WDAY icon
12
Workday
WDAY
$35.8B
– –
-437,100
Closed -$105M
FLUT icon
13
Flutter Entertainment
FLUT
$18.5B
– –
-837,409
Closed -$213M
CHYM
14
Chime Financial
CHYM
$8.51B
– –
-1,270,744
Closed -$25.6M

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BEC
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HMI Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, HMI Capital Management held 14 positions worth $1.22B, down 30% from $1.73B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

HMI Capital Management withdrew a net $390M in Q4 2025, closing 4 positions and reducing 3 holdings. Its most notable exit was Flutter Entertainment, an estimated $213M position sold in full.

By sector, the portfolio is most concentrated in Technology at 59% of assets, up from 54% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, HMI Capital Management opened a new position in Amazon worth $117M.

  • HMI Capital Management's largest Q4 2025 buy was Amazon: 506,500 shares worth $117M.
  • HMI Capital Management added most to Toast in Q4 2025, an estimated $34.6M increase.
  • HMI Capital Management's biggest Q4 2025 reduction was GitLab, cutting an estimated $94.3M.
  • HMI Capital Management fully exited Flutter Entertainment in Q4 2025, selling an estimated $213M.
  • HMI Capital Management's ten largest holdings make up 100% of its $1.22B portfolio in Q4 2025.
  • HMI Capital Management opened 2 new positions and closed 4 in Q4 2025.
  • HMI Capital Management's portfolio value fell 30% quarter-over-quarter to $1.22B.

Based on HMI Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.