HMI Capital Management, L.P. 13F: Quarter-over-Quarter Portfolio Changes
HMI Capital Management, L.P. reported a disclosed portfolio value of approximately $754.3 million in its latest SEC Form 13F-HR filing for Q1 2026, down 38.1% quarter on quarter. Over the quarter, the fund initiated 3 new positions, bought more shares in 2 holdings, trimmed 6 holdings, and exited 2 positions.
HMI Capital Management, L.P.'s top buy was a new stake in Microsoft (MSFT) , equal to 8.8% of the disclosed portfolio. Its top sell was Clearwater Analytics Holdings INC (CWAN) . The fund exited the position completely after it had accounted for 12.6% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| MICROSOFT | MSFT | 8.8% | History → |
| ROBLOX CORP | RBLX | 5.8% | History → |
| SERVICENOW | NOW | 3.5% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| AMAZON.COM | AMZN | +5.0% | +4.5% | History → |
| NCINO INC | NCNO | +-0.8% | +0.0% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| FAIR ISAAC CORP | FICO | -2.8% | 43.5% | History → |
| GITLAB INC | GTLB | -5.6% | 38.2% | History → |
| COUPANG INC | CPNG | 1.6% | 13.0% | History → |
| TRADEWEB MKTS | TW | 2.5% | 12.8% | History → |
| TOAST INC | TOST | 0.9% | 11.4% | History → |
| KLARNA GROUP PLC | KLAR | -3.4% | 7.4% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | 12.6% |
| BLUE OWL CAPITAL INC | OWL | 3.0% |
Net Portfolio Value ChangeQ1 2026
- $1.2BPrior quarter
- $0.8BCurrent quarter
- $-0.5BNet delta
- -38.1%% change
Methodology & FAQ
How HMI Capital Management, L.P. Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for HMI Capital Management, L.P.: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did HMI Capital Management, L.P. buy in Q1 2026?
In Q1 2026, HMI Capital Management, L.P. initiated 3 new positions (MICROSOFT (MSFT), ROBLOX CORP (RBLX), SERVICENOW (NOW)); bought more shares of AMAZON.COM (AMZN), NCINO INC (NCNO).
What stocks did HMI Capital Management, L.P. sell in Q1 2026?
In Q1 2026, HMI Capital Management, L.P. fully sold 2 positions (CLEARWATER ANALYTICS HOLDINGS INC (CWAN), BLUE OWL CAPITAL INC (OWL)); reduced holdings in FAIR ISAAC CORP (FICO), GITLAB INC (GTLB), COUPANG INC (CPNG), TRADEWEB MKTS (TW), TOAST INC (TOST) — the largest 5 of 6 reductions.
Which positions did HMI Capital Management, L.P. initiate in Q1 2026?
HMI Capital Management, L.P. established 3 new positions in Q1 2026: MICROSOFT (MSFT, 8.8%), ROBLOX CORP (RBLX, 5.8%), SERVICENOW (NOW, 3.5%).
Which existing positions saw the largest allocation increases for HMI Capital Management, L.P. in Q1 2026?
Of 2 existing positions with share-count increases in Q1 2026, the largest were: AMAZON.COM (AMZN, +5.0% weight, +4.5% shares), NCINO INC (NCNO, +-0.8% weight, +0.0% shares).
Which positions did HMI Capital Management, L.P. fully exit in Q1 2026?
HMI Capital Management, L.P. fully exited 2 positions in Q1 2026: CLEARWATER ANALYTICS HOLDINGS INC (CWAN, last-reported weight 12.6%), BLUE OWL CAPITAL INC (OWL, last-reported weight 3.0%).
Which existing positions saw the largest allocation reductions for HMI Capital Management, L.P. in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: FAIR ISAAC CORP (FICO, -2.8% weight, -43.5% shares), GITLAB INC (GTLB, -5.6% weight, -38.2% shares), COUPANG INC (CPNG, 1.6% weight, -13.0% shares), TRADEWEB MKTS (TW, 2.5% weight, -12.8% shares), TOAST INC (TOST, 0.9% weight, -11.4% shares), KLARNA GROUP PLC (KLAR, -3.4% weight, -7.4% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.