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Livermore
Livermore
ZHEN

HMI Capital Management, L.P.

SEC CIK
0001469026
Latest filing
Aug 14, 2026

The latest 13F from HMI Capital Management, L.P. covers Q2 2026 (filed Aug 14, 2026): 13 long positions worth $686.3M. The top 10 holdings make up 89.6% of the portfolio, and the largest is Amazon Com Inc (AMZN) at 14.8%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$180.6M
Added
1
Est. +$16.5M
Reduced
6
Est. −$94.1M
Sold out
4
Est. −$183.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. AMZNAmazon Com Inc
    14.8%$101.5MHistory
  2. TOSTToast, Inc.
    14.2%$97.5MHistory
  3. NCNOnCino, Inc.
    11.9%$81.6MHistory
  4. CPNGCoupang, Inc.
    11.2%$76.7MHistory
  5. MSFTMicrosoft Corp
    9.0%$61.7MHistory

Share of portfolio

Top 5 holdings and the other 8 positions, by share of portfolio value

  1. AMZN14.8%
  2. TOST14.2%
  3. NCNO11.9%
  4. CPNG11.2%
  5. MSFT9.0%
  6. Other 8 positions39.0%

Biggest buys

New and added positions, by estimated amount bought

  1. SPOTSpotify Technology S.A.
    +$42.0MNewHistory
  2. AMDAdvanced Micro Devices Inc
    +$34.2MNewHistory
  3. LPLALPL Financial Holdings Inc.
    +$33.4MNewHistory
  4. NVDANVIDIA Corp
    +$32.6MNewHistory
  5. DASHDoorDash, Inc.
    +$26.5MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SPOTSpotify Technology S.A.
    +6.12 pp0.0% → 6.1%History
  2. AMDAdvanced Micro Devices Inc
    +4.98 pp0.0% → 5.0%History
  3. LPLALPL Financial Holdings Inc.
    +4.87 pp0.0% → 4.9%History
  4. NVDANVIDIA Corp
    +4.75 pp0.0% → 4.7%History
  5. DASHDoorDash, Inc.
    +3.86 pp0.0% → 3.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GTLBGitlab Inc.
    −$57.4MSold outHistory
  2. KLARKlarna Group plc
    −$54.0MSold outHistory
  3. RBLXRoblox Corp
    −$43.4MSold outHistory
  4. NCNOnCino, Inc.
    −$29.2MReducedHistory
  5. FICOFair Isaac Corp
    −$28.4MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GTLBGitlab Inc.
    −7.61 pp7.6% → 0.0%History
  2. KLARKlarna Group plc
    −7.16 pp7.2% → 0.0%History
  3. RBLXRoblox Corp
    −5.75 pp5.8% → 0.0%History
  4. FICOFair Isaac Corp
    −3.76 pp3.8% → 0.0%History
  5. CPNGCoupang, Inc.
    −3.55 pp14.7% → 11.2%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$686.3M
−$68.0M (−9.0%) vs. prior quarter
Positions
13
+2 vs. prior quarter
Top 10 concentration
89.6%
Top 10 as share of value
Turnover
27.4%
Q2 2026, one quarter
Average holding period
7.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.66B (Q4 2021)

Q1 2021: $2.80BQ2 2021: $3.19BQ3 2021: $3.33BQ4 2021: $3.66BQ1 2022: $3.43BQ2 2022: $2.49BQ3 2022: $2.66BQ4 2022: $2.34BQ1 2023: $2.56BQ2 2023: $2.82BQ3 2023: $2.60BQ4 2023: $2.31BQ1 2024: $2.72BQ2 2024: $2.63BQ3 2024: $2.42BQ4 2024: $1.99BQ1 2025: $1.84BQ2 2025: $1.76BQ3 2025: $1.73BQ4 2025: $1.22BQ1 2026: $754.3MQ2 2026: $686.3M
Q1 2021Q2 2026
13F filings of HMI Capital Management, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202613$686.3MAMZNTOSTNCNOvs. Q1 2026SEC
Q1 2026May 15, 202611$754.3MCPNGAMZNNCNOvs. Q4 2025SEC
Q4 2025Feb 17, 202610$1.22BNCNOGTLBCPNGvs. Q3 2025SEC
Q3 2025Nov 14, 202512$1.73BGTLBCPNGFLUTvs. Q2 2025SEC
Q2 2025Sep 5, 2025Amended10$1.76BFLUTCPNGGTLBvs. Q1 2025SEC
Q1 2025May 15, 202512$1.84BCPNGNICERBLXvs. Q4 2024SEC
Q4 2024Feb 14, 202510$1.99BNICECPNGGTLBvs. Q3 2024SEC
Q3 2024Nov 14, 202414$2.42BCPNGTOSTNICEvs. Q2 2024SEC
Q2 2024Aug 14, 202414$2.63BRBLXCPNGGTLBvs. Q1 2024SEC
Q1 2024May 15, 202415$2.72BTOSTGTMGTLBvs. Q4 2023SEC
Q4 2023Feb 14, 202412$2.31BRBLXTOSTGTLBvs. Q3 2023SEC
Q3 2023Nov 14, 202312$2.60BNEWRGTLBTOSTvs. Q2 2023SEC
Q2 2023Aug 14, 202313$2.82BGTLBTOSTNEWRvs. Q1 2023SEC
Q1 2023May 15, 202313$2.56BNEWRARESTOSTvs. Q4 2022SEC
Q4 2022Feb 14, 202314$2.34BNEWRTOSTARESvs. Q3 2022SEC
Q3 2022Nov 14, 202215$2.66BNEWRNCNOTOSTvs. Q2 2022SEC
Q2 2022Aug 15, 202214$2.49BDTNEWRNCNOvs. Q1 2022SEC
Q1 2022May 16, 202213$3.43BSailpoint Technologies Holdings, Inc.XYZNEWRvs. Q4 2021SEC
Q4 2021Feb 14, 202211$3.66BNEWRSailpoint Technologies Holdings, Inc.NCNOvs. Q3 2021SEC
Q3 2021Nov 15, 202112$3.33BARESNCNONEWRvs. Q2 2021SEC
Q2 2021Aug 16, 202114$3.19BSailpoint Technologies Holdings, Inc.DTARESvs. Q1 2021SEC
Q1 2021May 18, 202111$2.80BMETANEWRARES–SEC

13D and 13G filings

Companies where HMI Capital Management, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

HMI Capital Management, L.P. does not currently report owning 5% or more of any company.

Latest filings

26 filings on file made by HMI Capital Management, L.P. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by HMI Capital Management, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NCNOnCino, Inc.Jun 30, 20265:00 PM ET13D/A4.60%4.99M shares−1.30 ppfrom 5.90%Below 5%Jun 26, 2026SEC
NCNOnCino, Inc.Feb 11, 20259:35 PM ET13D/A5.90%6.78M shares–Feb 9, 2025SEC
NCNOnCino, Inc.Oct 21, 202413DOld format–––SEC
GTLBGitlab Inc.Feb 14, 202413G/AOld format–––SEC
NCNOnCino, Inc.Feb 14, 202413G/AOld format–––SEC
MQMarqeta, Inc.Feb 14, 202413G/AOld format–––SEC
NEWRNew Relic, Inc.Nov 13, 202313D/AOld format–––SEC
NEWRNew Relic, Inc.Aug 1, 202313D/AOld format–––SEC
GTLBGitlab Inc.Mar 31, 202313GOld format–––SEC
Sailpoint Technologies Holdings, Inc.Feb 14, 202313G/AOld format–––SEC
TOSTToast, Inc.Feb 14, 202313G/AOld format–––SEC
GTLBGitlab Inc.Feb 14, 202313G/AOld format–––SEC
MQMarqeta, Inc.Feb 14, 202313G/AOld format–––SEC
NCNOnCino, Inc.Feb 14, 202313G/AOld format–––SEC
GTLBGitlab Inc.Apr 5, 202213GOld format–New–SEC
MQMarqeta, Inc.Feb 15, 202213G/AOld format–––SEC
NCNOnCino, Inc.Feb 14, 202213G/AOld format–––SEC
Sailpoint Technologies Holdings, Inc.Feb 14, 202213G/AOld format–––SEC
TOSTToast, Inc.Feb 14, 202213G/AOld format–––SEC
TOSTToast, Inc.Dec 20, 202113GOld format–New–SEC