HMI Capital Management, L.P. Long-Term Concentrated

Location: San Francisco, CA

CIK: 0001469026 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $1.218B (100.0% shares, 0.0% debt)

Holdings (10)

NCNO NCINO INC 14.3%

Value $174M Shares 6,775,973 Est. Cost $41.86 Unrealized -39.3%

GTLB GITLAB INC 13.2%

Value $161M Shares 4,289,081 Est. Cost $45.72 Unrealized -5.3%

CPNG COUPANG INC 13.1%

Value $159M Shares 6,756,100 Est. Cost $17.57 Unrealized +61.9%

CWAN CLEARWATER ANALYTICS HLDGS I 12.6%

Value $153M Shares 6,339,500 Est. Cost $20.24 Unrealized -1.0%

TOST TOAST INC 12.5%

Value $153M Shares 4,303,483 Est. Cost $35.06 Unrealized +2.8%

KLAR KLARNA GROUP PLC 10.6%

Value $129M Shares 4,452,097 Est. Cost $42.59 Unrealized -19.4%

AMZN AMAZON COM INC 9.6%

Value $117M Shares 506,500 Est. Cost $228.79 Unrealized 0.0%

FICO FAIR ISAAC CORP 6.5%

Value $79.54M Shares 47,050 Est. Cost $1721.38 Unrealized 0.0%

TW TRADEWEB MKTS INC 4.7%

Value $57.21M Shares 532,000 Est. Cost $124.82 Unrealized -14.0%

OWL BLUE OWL CAPITAL INC 3.0%

Value $36.04M Shares 2,412,457 Est. Cost $19.56 Unrealized -20.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NCNO	NCINO INC	6,775,973	$174M	14.3%	$41.86	-39.3%	COM	63947X101
GTLB	GITLAB INC	4,289,081	$161M	13.2%	$45.72	-5.3%	CLASS A COM	37637K108
CPNG	COUPANG INC	6,756,100	$159M	13.1%	$17.57	+61.9%	CL A	22266T109
CWAN	CLEARWATER ANALYTICS HLDGS I	6,339,500	$153M	12.6%	$20.24	-1.0%	CL A	185123106
TOST	TOAST INC	4,303,483	$153M	12.5%	$35.06	+2.8%	CL A	888787108
KLAR	KLARNA GROUP PLC	4,452,097	$129M	10.6%	$42.59	-19.4%	SHS	G5279N105
AMZN	AMAZON COM INC	506,500	$117M	9.6%	$228.79	0.0%	COM	023135106
FICO	FAIR ISAAC CORP	47,050	$79.54M	6.5%	$1721.38	0.0%	COM	303250104
TW	TRADEWEB MKTS INC	532,000	$57.21M	4.7%	$124.82	-14.0%	CL A	892672106
OWL	BLUE OWL CAPITAL INC	2,412,457	$36.04M	3.0%	$19.56	-20.1%	COM CL A	09581B103