Chris Hohn

TCI Fund ManagementVery concentrated quality

Very concentrated owner of monopoly-like businesses, activist when needed.

US stock portfolio: $52.8B
Positions: 11
Quarter: Q2 2026; 13F filed with the SEC
In its top 10: 99%
Active share: 89%; different from Russell 1000 Growth
Turnover a year: 9%
Median holding: 7.3 yrs

How the picks did

Trailed its closest index (mostly the Russell 1000 Growth) by 0.3 pts a year over 5 years (20 quarters).

TCI Fund Management8.4% a year
Russell 1000 Growth8.8% a year

How this is measured

Each 13F report is held from the week it was filed to the week of the next, priced weekly without dividends, and compared with the price of an ETF tracking the index it was closest to that quarter. No shorts, cash, bonds or options. Small and delisted companies we do not price are left out, and a quarter counts only when 70% or more of the portfolio is priced. Past results say nothing about future ones.

13F shows US long stock positions only, filed up to 45 days after the quarter.

Largest holdings

Each tile's size is its share of the portfolio at the end of Q2 2026. Green was bought or added to that quarter, red trimmed.

GE33.6%V19.8%MCO12.3%SPGI10.9%

CP7.4%

GOOG6.7%

FER2.7%

CNI2.1%

GOOGL1.7%MLM1.4%VMC1.4%

What changed in Q2 2026

Bought

MLMMartin Marietta Materialsnew $758.4M
VMCVulcan Materialsnew $721.9M
GOOGAlphabet+$383.3M
SPGIS&P Global+$19M
FERFerrovial+$13.7M
VVisa+$8.9M

Sold

MSFTMicrosoftall, −$1B
CPCanadian Pacific Kansas City−$103.6M
CNICanadian National Railway−$49.7M
GEGE Aerospace−$30.7M

Its bets against Russell 1000 Growth

Holds much more than the index

GEGE Aerospace+32.4 pts
VVisa+18.1 pts
MCOMoody's+12.2 pts
SPGIS&P Global+10.9 pts
CPCanadian Pacific Kansas City+7.4 pts
FERFerrovial+2.7 pts

Holds much less, or none

NVDANVIDIA−13.8 pts
AAPLApple−6.7 pts
AVGOBroadcom−5.2 pts
MSFTMicrosoft−4.1 pts
MUMicron Technology−3.9 pts
TSLATesla−3.6 pts

By sector

Industrials46%
Financial Services43%
Communication Services8%

Every position, Q2 2026

Company	Share of portfolio	Value	Change
GEGE Aerospace	33.59%	$17.7B	trimmed
VVisa	19.83%	$10.5B	added
MCOMoody's	12.30%	$6.5B
SPGIS&P Global	10.87%	$5.7B	added
CPCanadian Pacific Kansas City	7.44%	$3.9B	trimmed
GOOGAlphabet	6.65%	$3.5B	added
FERFerrovial	2.72%	$1.4B	added
CNICanadian National Railway	2.13%	$1.1B	trimmed
GOOGLAlphabet	1.66%	$878.1M
MLMMartin Marietta Materials	1.44%	$758.4M	new
VMCVulcan Materials	1.37%	$721.9M	new

About these numbers

A 13F lists a manager's US stock positions at the end of a quarter and is filed up to 45 days later. It leaves out shorts, cash, bonds and most non-US holdings, so it is a picture of the stock book, not the whole firm. The filings on SEC EDGAR