Hmi Capital Management, L.P.
HMI Capital Management, L.P. is a San Francisco-based hedge fund founded in 2008. The firm manages focused, long-term equity portfolios and caters primarily to institutional investors such as endowments, foundations, and family offices. With approximately 18 employees, HMI Capital Management specializes in concentrated investments in global public equities.
Investment Strategy
HMI Capital Management, L.P. runs a concentrated, high-conviction, long-term equity investment strategy. The firm invests primarily in global public equities, focusing on a select number of businesses that it believes have sustainable competitive advantages, attractive long-term growth prospects, and management alignment. HMI Capital conducts deep fundamental research, prefers holding investments over several years, and aims to generate superior risk-adjusted returns through disciplined portfolio construction and rigorous risk management.
Latest 13F Filing Activity
Hmi Capital Management, L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 10 equity positions with a total 13F market value of $2B. The fund increased holdings in Blue Owl Capital Inc., Flutter Entmt PLC, Gitlab Inc. among other positions. Hmi Capital Management, L.P. reduced exposure to Roblox Corp., LPL Finl HLDGS Inc., Toast Inc. among others.
Top Holdings
Equity Positions (10)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
F FLUT | FLUTTER ENTMT PLC | 16.19% | $285.2M | 998,209 | $245.49 | $285.76 | +$60.3M |
C CPNG | COUPANG INC | 16.09% | $283.4M | 9,460,000 | $18.53 | $29.96 | +$33.9M |
G GTLB | GITLAB INC | 15.00% | $264.3M | 5,858,626 | $46.06 | $45.11 | +$56.1M |
N NICE | NICE LTD | 12.97% | $228.5M | 1,352,570 | $171.13 | $168.91 | -$15.3M |
N NCNO | NCINO INC | 10.76% | $189.5M | 6,775,973 | $38.06 | $27.97 | +$3.4M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
 | Partner | San Francisco, CA , United States | |
 | Analyst | New York, NY , United States | |
M Mary McGinnis | Investment Analyst | San Francisco, CA , United States | |
A Adam le | Investment Analyst | CA , United States | |
A Anh le | Investment Analyst | CA , United States | |
E Emory Siedell | Analyst | CA , United States |