Q4 2025 · 13F-HR
HMI Capital Management, L.P.holdings as filed
Filed 2026-02-17 · accession 0001469026-26-000002
$1.22B
Reported value
10
Positions
2025-12-31
Period end
The Brief · HMI Capital Management, L.P. · Q4 2025
AI · grounded in 13F
HMI Capital Management, L.P. closed its position in FLUT, reducing exposure by $212.7M. The fund also exited positions in NICE and WDAY, totaling $111.5M and $105.2M respectively. To offset these sells, the fund established new positions in AMZN for $116.9M and FICO for $79.5M. Additionally, the fund increased its share counts in TOST by 28.7% and TW by 21.3%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 63947X101 | NCNO | NCINO INC | $173.7M | 14.3% | 6,775,973 | Common | SOLE |
| 37637K108 | GTLB | GITLAB INC | $161.0M | 13.2% | 4,289,081 | Common | SOLE |
| 22266T109 | CPNG | COUPANG INC | $159.4M | 13.1% | 6,756,100 | Common | SOLE |
| 185123106 | CWAN | CLEARWATER ANALYTICS HLDGS I | $152.9M | 12.6% | 6,339,500 | Common | SOLE |
| 888787108 | TOST | TOAST INC | $152.8M | 12.5% | 4,303,483 | Common | SOLE |
| G5279N105 | KLAR | KLARNA GROUP PLC | $128.7M | 10.6% | 4,452,097 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $116.9M | 9.60% | 506,500 | Common | SOLE |
| 303250104 | FICO | FAIR ISAAC CORP | $79.5M | 6.53% | 47,050 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $57.2M | 4.70% | 532,000 | Common | SOLE |
| 09581B103 | OWL | BLUE OWL CAPITAL INC | $36.0M | 2.96% | 2,412,457 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.