HMI Capital Management, L.P. 13F: Quarter-over-Quarter Portfolio Changes
HMI Capital Management, L.P. reported a disclosed portfolio value of approximately $686.3 million in its latest SEC Form 13F-HR filing for Q2 2026, down 9.0% quarter on quarter. Over the quarter, the fund initiated 6 new positions, bought more shares in 1 holding, trimmed 6 holdings, and exited 4 positions.
HMI Capital Management, L.P.'s top buy was a new stake in Spotify Technology S a (SPOT) , equal to 6.1% of the disclosed portfolio. Its top sell was Gitlab INC (GTLB) . The fund exited the position completely after it had accounted for 7.6% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| SPOTIFY TECHNOLOGY S A | SPOT | 6.1% | History → |
| ADVANCED MICRO DEVICES INC | AMD | 5.0% | History → |
| LPL FINL HLDGS INC | LPLA | 4.9% | History → |
| NVIDIA CORPORATION | NVDA | 4.7% | Holders → |
| DOORDASH INC | DASH | 3.9% | Holders → |
| APPFOLIO INC | APPF | 1.8% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| SERVICENOW INC | NOW | +2.6% | +66.6% | History → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| NCINO INC | NCNO | -1.6% | 26.4% | History → |
| COUPANG INC | CPNG | -3.5% | 24.9% | History → |
| AMAZON.COM INC | AMZN | 0.2% | 19.5% | History → |
| TOAST INC | TOST | 0.8% | 8.1% | History → |
| MICROSOFT CORP | MSFT | 0.2% | 8.0% | History → |
| TRADEWEB MKTS INC | TW | -0.6% | 1.8% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| GITLAB INC | GTLB | 7.6% |
| KLARNA GROUP PLC | KLAR | 7.2% |
| ROBLOX CORP | RBLX | 5.8% |
| FAIR ISAAC CORP | FICO | 3.8% |
Net Portfolio Value ChangeQ2 2026
- $0.8BPrior quarter
- $0.7BCurrent quarter
- $-0.1BNet delta
- -9.0%% 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 Q2 2026?
In Q2 2026, HMI Capital Management, L.P. initiated 6 new positions (SPOTIFY TECHNOLOGY S A (SPOT), ADVANCED MICRO DEVICES INC (AMD), LPL FINL HLDGS INC (LPLA), NVIDIA CORPORATION (NVDA), DOORDASH INC (DASH), APPFOLIO INC (APPF)); bought more shares of SERVICENOW INC (NOW).
What stocks did HMI Capital Management, L.P. sell in Q2 2026?
In Q2 2026, HMI Capital Management, L.P. fully sold 4 positions (GITLAB INC (GTLB), KLARNA GROUP PLC (KLAR), ROBLOX CORP (RBLX), FAIR ISAAC CORP (FICO)); reduced holdings in NCINO INC (NCNO), COUPANG INC (CPNG), AMAZON.COM INC (AMZN), TOAST INC (TOST), MICROSOFT CORP (MSFT) (the largest 5 of 6 reductions).
Which positions did HMI Capital Management, L.P. initiate in Q2 2026?
HMI Capital Management, L.P. established 6 new positions in Q2 2026: SPOTIFY TECHNOLOGY S A (SPOT, 6.1%), ADVANCED MICRO DEVICES INC (AMD, 5.0%), LPL FINL HLDGS INC (LPLA, 4.9%), NVIDIA CORPORATION (NVDA, 4.7%), DOORDASH INC (DASH, 3.9%), APPFOLIO INC (APPF, 1.8%).
Which existing positions saw the largest allocation increases for HMI Capital Management, L.P. in Q2 2026?
Of 1 existing position with share-count increases in Q2 2026, the largest were: SERVICENOW INC (NOW, +2.6% weight, +66.6% shares).
Which positions did HMI Capital Management, L.P. fully exit in Q2 2026?
HMI Capital Management, L.P. fully exited 4 positions in Q2 2026: GITLAB INC (GTLB, last-reported weight 7.6%), KLARNA GROUP PLC (KLAR, last-reported weight 7.2%), ROBLOX CORP (RBLX, last-reported weight 5.8%), FAIR ISAAC CORP (FICO, last-reported weight 3.8%).
Which existing positions saw the largest allocation reductions for HMI Capital Management, L.P. in Q2 2026?
Of 6 existing positions with share-count reductions in Q2 2026, the largest were: NCINO INC (NCNO, -1.6% weight, -26.4% shares), COUPANG INC (CPNG, -3.5% weight, -24.9% shares), AMAZON.COM INC (AMZN, 0.2% weight, -19.5% shares), TOAST INC (TOST, 0.8% weight, -8.1% shares), MICROSOFT CORP (MSFT, 0.2% weight, -8.0% shares), TRADEWEB MKTS INC (TW, -0.6% weight, -1.8% 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.