Skip to content
Disclosery

HMI Capital Management, L.P.

Follow

13F filer, CIK 1469026, SAN FRANCISCO, CA

HMI Capital Management, L.P. reported $1,218,224,491 across 10 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001469026-26-000002

Period
2025-12-31
Reported value
$1.22B
Holdings
10
Top 10 weight
100%
New
2
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AMZNnew+506,500$117M
FICOnew+47,050$79.5M
TOSTadded+961,100$34.1M
CWANadded+978,300$23.6M
TWadded+93,500$10.1M

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
FLUTexited-837,409-$213M
NICEexited-770,390-$112M
WDAYexited-437,100-$105M
GTLBreduced-2,177,369-$81.7M
OWLreduced-3,292,023-$49.2M

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, Q4 2025

Share positions as resolved from 13F-HR 0001469026-26-000002, largest first. % of portfolio is the value over $1,218,224,491, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NCNONCINO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,775,973 shares 6,775,973$174M14.26%0Timeline
GTLBGITLAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,289,081 shares 4,289,081$161M13.21%-2,177,369Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,756,100 shares 6,756,100$159M13.08%-1,771,400Timeline
CWANCLEARWATER ANALYTICS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,361,200 shares; 2025Q4: 6,339,500 shares 6,339,500$153M12.55%+978,300Timeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,303,483 shares 4,303,483$153M12.54%+961,100Timeline
KLARKLARNA GROUP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,452,097 shares; 2025Q4: 4,452,097 shares 4,452,097$129M10.57%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 506,500 shares 506,500$117M9.6%newTimeline
FICOFAIR ISAAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 47,050 shares 47,050$79.5M6.53%newTimeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 438,500 shares; 2025Q4: 532,000 shares 532,000$57.2M4.7%+93,500Timeline
OWLBLUE OWL CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,412,457 shares 2,412,457$36M2.96%-3,292,023Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
FLUTFLUTTER ENTMT PLC837,409$213Mshares
NICENICE LTD770,390$112Mshares
WDAYWORKDAY INC437,100$105Mshares
CHYMCHIME FINL INC1,270,744$25.6Mshares

How Q4 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 0001469026-26-000002 base2026-02-17acceptance time not in the bulk data set