TCI Fund Management
Chris Hohn (Founder) · London, X0 · CIK 1647251 · EDGAR filings ↗
Very concentrated, long-duration positions.
Reported 13F portfolio value covers U.S. reportable long positions only — not cash, bonds, shorts or non-U.S. holdings. It is not assets under management.
Share of reported common-equity value; (±pp) vs prior quarter.
| # | Security | Weight | Value | Shares | Δ shares | Held | |
|---|---|---|---|---|---|---|---|
| 1 | GE GE Aerospace | 33.6% | $17.73B | 47.43M | -0.2% | ▼ Trim | 9+ |
| 2 | V Visa Inc. | 19.8% | $10.46B | 30.49M | +0.1% | ▲ Add | 9+ |
| 3 | MCO Moody's Corporation | 12.3% | $6.49B | 14.33M | 0.0% | Held | 9+ |
| 4 | SPGI S&P Global Inc. | 10.9% | $5.74B | 14.08M | +0.3% | ▲ Add | 9+ |
| 5 | CP Canadian Pacific Kansas… | 7.4% | $3.93B | 45.33M | -2.6% | ▼ Trim | 9+ |
| 6 | GOOG Alphabet Inc. | 6.7% | $3.51B | 9.94M | +12.2% | ▲ Add | 9+ |
| 7 | FER.MC Ferrovial SE | 2.7% | $1.43B | 20.94M | +1.0% | ▲ Add | 9+ |
| 8 | CNI Canadian National Railway… | 2.1% | $1.12B | 9.43M | -4.2% | ▼ Trim | 9+ |
| 9 | GOOGL Alphabet Inc. | 1.7% | $878.06M | 2.46M | 0.0% | Held | 2 |
| 10 | MLM Martin Marietta Materials… | 1.4% | $758.42M | 1.32M | New | New | 1 |
| 11 | VMC Vulcan Materials Company | 1.4% | $721.89M | 2.45M | New | New | 1 |
Common-stock (SH) positions only; option lines are in the Options tab and are never netted. ✂ = change computed against split-adjusted prior shares. “Held N+” = held every quarter in our window, possibly longer.
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| MLM Martin Marietta… | 1.32M | — | New | $758.42M | 1.4% | |
| VMC Vulcan Materials Company | 2.45M | — | New | $721.89M | 1.4% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| V Visa Inc. | 30.49M | 30.47M | +0.1% | $10.46B | 19.8% | ●●○○○○ |
| SPGI S&P Global Inc. | 14.08M | 14.04M | +0.3% | $5.74B | 10.9% | ●●●●●○ |
| GOOG Alphabet Inc. | 9.94M | 8.85M | +12.2% | $3.51B | 6.7% | ●●○○○○ |
| FER.MC Ferrovial SE | 20.94M | 20.74M | +1.0% | $1.43B | 2.7% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| GE GE Aerospace | 47.43M | 47.51M | -0.2% | $17.73B | 33.6% | |
| CP Canadian Pacific Kansas… | 45.33M | 46.52M | -2.6% | $3.93B | 7.4% | ●●●●●○ |
| CNI Canadian National… | 9.43M | 9.85M | -4.2% | $1.12B | 2.1% |
| Security | Shares | Prior | Change | Value | Weight | Streak |
|---|---|---|---|---|---|---|
| MSFT Microsoft Corporation | — | 2.73M | Exit | $1.01B | 2.2% |
Consecutive quarters each current position has been reported, within our data window.
| Manager | Common positions | Name overlap | Weighted similarity | |
|---|---|---|---|---|
| Brown Advisory Inc | 10 | 0.7% | 0.2887 | Compare ⇄ |
| Newport Trust Company, LLC | 3 | 4.2% | 0.255 | Compare ⇄ |
| Soroban Capital Partners LP | 4 | 13.3% | 0.2209 | Compare ⇄ |
| Baird Financial Group, Inc. | 11 | 0.6% | 0.2107 | Compare ⇄ |
| Ninety One UK Ltd | 6 | 2.2% | 0.195 | Compare ⇄ |
| Capital International Investors | 6 | 1.4% | 0.1949 | Compare ⇄ |
| Jennison Associates Llc | 7 | 1.2% | 0.1924 | Compare ⇄ |
| Holocene Advisors, LP | 5 | 0.6% | 0.179 | Compare ⇄ |
Similarity of reported longs only — hedges and non-13F assets are invisible. Methodology
$52.77B · 11 positions · View original SEC filing ↗
$45.17B · 10 positions · View original SEC filing ↗
$53.65B · 9 positions · View original SEC filing ↗
$52.70B · 9 positions · View original SEC filing ↗
$50.71B · 10 positions · View original SEC filing ↗
$43.37B · 10 positions · View original SEC filing ↗
$42.41B · 10 positions · View original SEC filing ↗
$44.02B · 10 positions · View original SEC filing ↗
$40.92B · 10 positions · View original SEC filing ↗