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HMI Capital Management, L.P.
Mick Hellman · Hedge Fund · Growth
HMI Capital Management, L.P. is a San Francisco-based investment management firm founded in 2008 by Mick Hellman. The firm employs a concentrated, long-term investment strategy inspired by private equity principles, targeting high-quality companies with sustainable growth potential. HMI focuses its research and investments on three primary sectors: software and technology, financial services, and consumer and business services, aiming to deliver superior risk-adjusted returns over 5- to 10-year horizons.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -22.6% |
| YTD return | -15.8% |
| Sharpe ratio | -3.68 |
| Win rate | 21% |
| AUM | $0.9B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.9B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.hmicapital.com |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| CWAN | Clearwater Analytics Holdings Inc | 15.8% | +38.3% |
| CPNG | Coupang LLC | 13.2% | -53.8% |
| GTLB | Gitlab Inc | 13.1% | +11.7% |
| TOST | Toast Inc | 12.5% | -7.1% |
| NCNO | nCino Inc | 11.6% | -13.0% |
| AMZN | Amazon.com Inc | 11.0% | +21.8% |
| TW | Tradeweb Markets Inc | 6.7% | -5.3% |
| FICO | Fair Isaac Corporation | 6.7% | -29.9% |
| KLAR | Klarna Group plc | 6.7% | -52.9% |
| OWL | Blue Owl Capital Inc | 2.9% | -38.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Feb 23, 2026 | BUY | TW | 3.5% → 6.7% |
| Feb 23, 2026 | BUY | FICO | 0.0% → 6.7% |
| Feb 23, 2026 | SELL | CWAN | 13.8% → 15.8% |
| Feb 23, 2026 | SELL | OWL | 6.3% → 2.9% |
| Feb 23, 2026 | SELL | CHYM | 3.5% → 0.0% |
Investment Style Analysis
HMI Capital Management, L.P. is widely recognized for employing a Growth strategy. As of Sep 18, 2026, the firm oversees approximately $0.9B in assets under management (AUM). The portfolio demonstrates a clear preference for the Software - Application and Software - Infrastructure sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Feb 23, HMI Capital Management, L.P. made a significant move by increasing exposure to TW. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
HMI Capital Management follows a concentrated, sector-focused investment philosophy designed to capture long-term value in high-quality businesses. The firm invests across the capital structure in both public and private markets, prioritizing companies with robust business models and significant free cash flow potential over 5- to 10-year horizons. Its strategy is characterized by a deep, fundamental research process—often focusing on enterprises occupying strategic 'choke points' in expanding economic value chains—and maintains a concentrated portfolio to maximize impact while leveraging the team's private equity expertise.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with HMI Capital Management, L.P..
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Frequently asked questions
How is the simulated portfolio for HMI Capital Management, L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is HMI Capital Management, L.P.'s largest holding?
As of the latest filing, HMI Capital Management, L.P.'s top position is Clearwater Analytics Holdings Inc (CWAN), representing 15.8% of the portfolio. This reflects a high-conviction bet by the institution.
What is HMI Capital Management, L.P.'s historical performance and risk profile?
Our simulation indicates a total return of -22.6% with a win rate of 21%. Notably, the portfolio maintains a Sharpe Ratio of -3.68, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does HMI Capital Management, L.P. primarily invest in?
HMI Capital Management, L.P. has a strong preference for the Software - Application sector, which makes up 34.0% of their disclosed assets. The portfolio also has exposure to Software - Infrastructure, indicating a specific thematic focus.
Is HMI Capital Management, L.P.'s portfolio concentrated or diversified?
HMI Capital Management, L.P. runs a highly concentrated portfolio with 10 disclosed positions. The top 3 holdings alone account for 42.0% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has HMI Capital Management, L.P. performed in 2026?
Our AI-simulated model portfolio for HMI Capital Management, L.P. tracks a Year-to-Date (YTD) return of -15.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Mick Hellman manage HMI Capital Management, L.P. directly?
Yes, Mick Hellman serves as the key portfolio manager for HMI Capital Management, L.P., overseeing the investment strategy and final capital allocation decisions.