Hmi Capital Management Q2 2026 Portfolio Activity: Strategic Sales & New Position Creation

As of June 30th, 2026, Hmi Capital Management, L.P., according to their latest filing, has shown significant activity within their investment strategy. The portfolio's total value stands at $686 million.

Selling Positions in Key Holdings

Hmi Capital Management divested from several stocks during this quarter:

• They sold shares of AMZN, the parent company of Amazon, reducing its position by 19.5% ($10.2 million reduction). This was a decrease in holdings.
• Toast Inc (TOST) saw a significant reduction of 8.13%, translating to nearly $9.8 million less invested by HMI, also representing a decrease in shares.
• NCino Inc (NCNO) experienced the largest percentage drop at -26.37% ($18.2 million reduction), and was one of several holdings showing substantial decreases.
• Coupang Inc (CPNG) also saw a major decrease, down by 24.92% ($7.7 million reduction) in shares held by HMI.
• Microsoft Corp (MSFT") was sold to a lesser extent, with an 8.01% decrease (-$6.2 million).
• TradeWeb Markets Inc (TW") experienced a small reduction of just 1.79%.

• The firm significantly increased its position in SPOT, Spotify Technology S.A., acquiring shares at a 100% increase (from zero to $42 million).
• ServiceNow Inc (NOW") saw its stake jump by an impressive 66.57%, adding nearly $18 million.
• Advanced Micro Devices Inc (AMD") was newly acquired, with a full 100% increase in shares ($34 million added).
• LPL Financial Holdings Inc (LPLA") also entered the portfolio at a 100% share increase.
• NVIDIA Corporation (NVDA") was another new addition, purchased entirely anew ($32.6 million).
• DoorDash Inc (DASH") entered the portfolio with a 100% increase in shares.
• AppFolio Inc (APPF") completed its acquisition at a full share increase (100%).

• Amazon.com Inc (AMZN") maintained its position despite a significant share reduction.
• The company did not acquire any new stock positions outside of those listed above, though some existing holdings like TW and others saw their values fluctuate due to market movements or changes in share count.
• The portfolio's overall allocation remains dominated by Technology stocks ($360 million, 52.58%), followed closely by Consumer Cyclical ($178 million, 25.97%) and Financial Services ($78.8 million, 11.48%).

The investor's portfolio performance indicators show a holding count of 13 stocks this quarter, with the top five holdings representing approximately 61% of the total value (calculated as 14.79 + 14.21 + 11.89 + 11.17 + 8.98 = 59.04%, but note the data shows a higher top5_weight_pct). There was no large sell activity reported, though substantial sales did occur.

Investment Focus and Strategy

The observed changes suggest Hmi Capital Management is actively managing its portfolio composition:

• They appear to be reducing exposure in established consumer cyclical companies like Amazon and Coupang, as well as some tech firms.
• Simultaneously, they are aggressively building new positions, particularly in the Technology sector with additions like SPOT, AMD, and NVDA. This indicates a continued focus on growth-oriented technology companies.
• The significant increase in holdings for Spotify (SPOT") and ServiceNow (NOW") suggests confidence in these specific companies' prospects.
• The 100% share increases for several new positions indicate either a strong belief in the company's potential or that they were recently added to the portfolio.

For detailed information on Hmi Capital Management, L.P.'s investment strategy and performance, you can refer to their filings. To explore specific holdings like AMZN, SPOT, or others, visit the respective company pages.