TCI Fund Management
TCI Fund Management, led by Christopher Hohn, is a prominent investment management firm known for its activist approach and focus on long-term, value-oriented investments. Hohn, who founded the firm, has built a reputation for engaging with management teams of companies to unlock shareholder value. The firm's investment philosophy emphasizes rigorous financial analysis and a strong ethical stance on environmental, social, and governance (ESG) issues.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 10 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| GE | $13.48B | 29.85% | $283.42 | $366.88 | +29.4% | 29.9% | |
| V | $9.21B | 20.39% | $301.61 | $351.15 | +16.4% | 20.4% | |
| MCO | $6.25B | 13.84% | $435.21 | $503.82 | +15.8% | 13.8% | |
| SPGI | $5.97B | 13.22% | $401.47 | $443.27 | +10.4% | 13.2% | |
| CP | $3.66B | 8.10% | $78.49 | $87.98 | +12.1% | 8.1% | |
| GOOG | $2.54B | 5.62% | $286.69 | $365.76 | +27.6% | 5.6% | |
| FER | $1.33B | 2.94% | $64.42 | $65.95 | +2.4% | 2.9% | |
| CNI | $1.01B | 2.24% | $102.21 | $121.96 | +19.3% | 2.2% | |
| MSFT | $1.01B | 2.24% | $369.37 | $391.83 | +6.1% | 2.2% | |
| GOOGL | $706.5M | 1.56% | $287.39 | $369.14 | +28.4% | 1.6% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (1)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| GOOGL | $706.5M | +28.4% |
Exited Positions
None this quarter
Increased (4)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| SPGI | $-191.7M | +19.0% | +10.4% | |
| GOOG | $156.0M | +16.5% | +27.6% | |
| V | $-514.5M | +9.9% | +16.4% | |
| MCO | $-545.4M | +7.7% | +15.8% |
Trimmed (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| MSFT | $-7106.1M | -83.7% | +6.1% | |
| CP | $151.0M | -2.4% | +12.1% |
Quarter Activity
During the quarter, TCI Fund Management initiated a notable new position in Alphabet Inc. (GOOGL) valued at $707 million. The fund increased its holdings in S&P Global (SPGI), Alphabet Inc. (GOOG), Visa (V), and Moody's Corporation (MCO), while decreasing its stakes in Microsoft Corporation (MSFT) and Canadian Pacific Railway (CP). There were no positions exited in this period.
AI Commentary
<p>TCI Fund Management's portfolio is heavily concentrated in the industrial and financial sectors, with significant investments in GE Aerospace and Visa Inc, representing 29.9% and 20.4% of the portfolio respectively. Other major holdings include Moody's Corp and S&P Global Inc, emphasizing a strong focus on financial information services. The fund also maintains notable positions in technology through Alphabet Inc and Microsoft Corp, though the latter has seen a significant reduction in its stake.</p> <p>The recent portfolio adjustments suggest a strategic shift towards information and financial services, as evidenced by the increased investments in S&P Global Inc, Visa Inc, and Moody's Corp. The new position in Alphabet Inc's GOOGL and the increase in GOOG shares highlight a growing emphasis on technology, particularly in digital and online services. Conversely, the substantial decrease in Microsoft Corp indicates a reallocation from traditional tech towards companies with a broader digital ecosystem. These changes may reflect TCI's optimism about the growth potential in tech and financial sectors amidst evolving market conditions.</p>