HMI Capital Management, L.P. 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
HMI Capital Management, L.P. disclosed 10 US equity positions worth $1.2bn in its Q4 2025 13F filing. The largest position was NCNO at 14.3% of the reported book, followed by GTLB and CPNG. Against the Q3 2025 filing, it opened 2 new positions, added to 3 and reduced 3 among the top 10 holdings.
What did HMI Capital Management, L.P. own in Q4 2025? Top 10 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NCNO NCINO INC | Technology | 14.3% | $173.7m | 6,775,973 | 0% | held |
| 2 | GTLB GITLAB INC | Technology | 13.2% | $161.0m | 4,289,081 | -34% | reduced |
| 3 | CPNG COUPANG INC | Consumer Cyclical | 13.1% | $159.4m | 6,756,100 | -21% | reduced |
| 4 | CWAN CLEARWATER ANALYTICS HLDGS I | Technology | 12.6% | $152.9m | 6,339,500 | 18% | added |
| 5 | TOST TOAST INC | Technology | 12.5% | $152.8m | 4,303,483 | 29% | added |
| 6 | KLAR KLARNA GROUP PLC | Financial Services | 10.6% | $128.7m | 4,452,097 | 0% | held |
| 7 | AMZN AMAZON COM INC | Consumer Cyclical | 9.6% | $116.9m | 506,500 | – | new |
| 8 | FICO FAIR ISAAC CORP | Technology | 6.5% | $79.5m | 47,050 | – | new |
| 9 | TW TRADEWEB MKTS INC | Financial Services | 4.7% | $57.2m | 532,000 | 21% | added |
| 10 | OWL BLUE OWL CAPITAL INC | Financial Services | 3.0% | $36.0m | 2,412,457 | -58% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.