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HMI Capital Management, L.P.

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13F filer, CIK 1469026, SAN FRANCISCO, CA

HMI Capital Management, L.P. reported $1,731,932,791 across 12 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 95.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001469026-25-000007

Period
2025-09-30
Reported value
$1.73B
Holdings
12
Top 10 weight
95.71%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KLARnew+4,452,097$163M
CWANnew+5,361,200$96.6M
TWnew+438,500$48.7M
GTLBadded+607,824$27.4M
TOSTadded+522,200$19.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
NICEreduced-582,180-$84.3M
WDAYreduced-305,985-$73.7M
RBLXexited-514,086-$54.1M
FLUTreduced-160,800-$40.8M
CPNGreduced-932,500-$30M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001469026-25-000007, largest first. % of portfolio is the value over $1,731,932,791, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GTLBGITLAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,833,028 shares; 2024Q4: 4,466,115 shares; 2025Q1: 4,428,475 shares; 2025Q2: 5,858,626 shares; 2025Q3: 6,466,450 shares 6,466,450$292M16.83%+607,824Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,192,498 shares; 2024Q4: 11,662,498 shares; 2025Q1: 11,379,652 shares; 2025Q2: 9,460,000 shares; 2025Q3: 8,527,500 shares 8,527,500$275M15.85%-932,500Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 305,500 shares; 2024Q4: 833,809 shares; 2025Q1: 1,015,209 shares; 2025Q2: 998,209 shares; 2025Q3: 837,409 shares 837,409$213M12.28%-160,800Timeline
NCNONCINO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,873,778 shares; 2024Q4: 6,773,778 shares; 2025Q1: 6,773,778 shares; 2025Q2: 6,775,973 shares; 2025Q3: 6,775,973 shares 6,775,973$184M10.61%0Timeline
KLARKLARNA GROUP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,452,097 shares 4,452,097$163M9.42%newTimeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,074,422 shares; 2024Q4: 3,299,143 shares; 2025Q1: 5,203,183 shares; 2025Q2: 2,820,183 shares; 2025Q3: 3,342,383 shares 3,342,383$122M7.05%+522,200Timeline
NICENICE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,456,170 shares; 2024Q4: 1,642,770 shares; 2025Q1: 1,581,070 shares; 2025Q2: 1,352,570 shares; 2025Q3: 770,390 shares 770,390$112M6.44%-582,180Timeline
WDAYWORKDAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 678,035 shares; 2024Q4: 747,085 shares; 2025Q1: 747,085 shares; 2025Q2: 743,085 shares; 2025Q3: 437,100 shares 437,100$105M6.08%-305,985Timeline
CWANCLEARWATER ANALYTICS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,361,200 shares 5,361,200$96.6M5.58%newTimeline
OWLBLUE OWL CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,514,100 shares; 2025Q2: 5,704,480 shares; 2025Q3: 5,704,480 shares 5,704,480$96.6M5.58%0Timeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 438,500 shares 438,500$48.7M2.81%newTimeline
CHYMCHIME FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,270,744 shares; 2025Q3: 1,270,744 shares 1,270,744$25.6M1.48%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
RBLXROBLOX CORP514,086$54.1Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001469026-25-000007 base2025-11-14acceptance time not in the bulk data set