Chris Hohn portfolio & holdings
TCI Fund Management
Historical clone performance and limitations
Chris Hohn (TCI Fund Management) discloses a $52.77B portfolio across 11 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is GE at 33.6% of the book.
A material reported change · Q2 2026
Chris Hohn reported no remaining MSFT position.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Previously 2.2% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (11) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GE | 33.6% | $17.73B | |||
| 2 | V | 19.8% | $10.46B | |||
| 3 | MCO | 12.3% | $6.49B | |||
| 4 | SPGI | 10.9% | $5.74B | |||
| 5 | CP | 7.4% | $3.93B | |||
| 6 | GOOG | 6.7% | $3.51B | |||
| 7 | N3168P101 | 2.7% | $1.43B | |||
| 8 | CNI | 2.1% | $1.12B | |||
| 9 | GOOGL | 1.7% | $878M | |||
| 10 | MLM | 1.4% | $758M | |||
| 11 | VMC | 1.4% | $722M |
- 1GEport33.6%val$17.73BGeneral Electricthis Q hold·14q
- 2Vport19.8%val$10.46BVisa Inc-class A Sharesthis Q hold·29q
- 3MCOport12.3%val$6.49BMoody's Corpthis Q hold·40q
- 4SPGIport10.9%val$5.74BS&p Global Incthis Q hold·38q
- 5CPport7.4%val$3.93BCanadian Pacific Kansas Citythis Q hold·13q
- 6GOOGport6.7%val$3.51BAlphabet Inc-cl Cthis Q hold·36q
- 7N3168P101port2.7%val$1.43BFerrovial NVthis Q hold·9q
- 8CNIport2.1%val$1.12BCanadian Natl Railway COthis Q hold·32q
- port1.7%val$878MAlphabet Inc-cl Athis Q hold·30q
- 10MLMport1.4%val$758MMartin Marietta Materialsthis Q New·—1q
- 11VMCport1.4%val$722MVulcan Materials COthis Q New·—1q
2026Q2 moves, by size (3)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | EXIT | 2.2% | -100% | $0 |
| MLM | Martin Marietta Materials | NEW | 1.4% | +100% | $758M |
| VMC | Vulcan Materials CO | NEW | 1.4% | +100% | $722M |
- EXITMSFT2.2%Microsoft CorpΔ -100%·$0
- NEWMLM1.4%Martin Marietta MaterialsΔ +100%·$758M
- NEWVMC1.4%Vulcan Materials COΔ +100%·$722M
About Chris Hohn
Chris Hohn runs TCI Fund Management, a London-based activist and long-term equity fund whose U.S. 13F reflects an exceptionally concentrated book — ten reported positions with roughly 85% of disclosed value in five names as of the most recent filing. The portfolio's composition (GE Aerospace, Visa, Moody's, S&P Global, Canadian Pacific Kansas City) is consistent with Hohn's documented preference for high-quality, competitively entrenched businesses held at low turnover, sometimes paired with activist pressure on capital allocation or governance. TCI is also known for its climate-related shareholder campaigns, pursued through its sister entity CIFF. The critical disclosure-gap caveat: TCI runs substantial non-U.S. equity exposure — European names and global positions that never appear in a 13F — so the filing represents a partial and potentially unrepresentative slice of the actual fund. The clone backtest's near-flat excess return (+0.3%/yr) is consistent with that truncation; the real portfolio's track record is materially different from what U.S. filings can reconstruct.
2026Q2 brief
Chris Hohn's TCI Fund Management ran a hyper-concentrated $52.8B book in 2026Q2, with just 11 positions and the top five accounting for 84% of assets. The dominant story remains GE at 33.6% (~$17.7B), paired with financial-data duopoly MCO (12.3%) and SPGI (10.9%) — a combined ~$12.2B bet on pricing-power moats. The most notable structural move is the exit of MSFT (previously 2.2%) and the simultaneous initiation of MLM (1.4%) and VMC (1.4%), both aggregates producers — a pointed pivot toward infrastructure-driven materials demand, likely reflecting conviction in U.S. construction and data-center buildout cycles rather than software multiples. GOOG holds steady at 6.7%, suggesting Hohn sees the AI-era search incumbent as more durable than Microsoft's positioning. The dual rail exposure through CP (7.4%) and CNI (2.1%) keeps the portfolio tilted toward capital-intensive compounders with regulated return profiles. Watch whether Hohn adds to MLM/VMC next quarter — if those positions double, it signals a genuine sector rotation away from software and into hard infrastructure.
AI-generated. Not investment advice.
Filing history
Chris Hohn's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 11 | $52.77B |
| Q1 2026 — what changed → | 10 | $45.17B |
| Q4 2025 — what changed → | 9 | $53.65B |
| Q3 2025 — what changed → | 9 | $52.70B |
| Q2 2025 — what changed → | 10 | $50.71B |
| Q1 2025 — what changed → | 10 | $43.37B |
| Q4 2024 holdings | 10 | $42.41B |
| Q3 2024 holdings | 10 | $44.02B |
| Q2 2024 holdings | 10 | $40.92B |
| Q1 2024 holdings | 10 | $39.66B |
| Q4 2023 holdings | 11 | $35.97B |
| Q3 2023 holdings | 9 | $27.56B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
9 material decisions, preserved in sequence.
See what Chris Hohn bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Chris Hohn's decision evidence →Frequently asked questions
- What stocks does Chris Hohn own?
- As of 2026Q2, Chris Hohn's 13F discloses 11 positions worth $52.77B. The top five holdings: GE (33.6%), V (19.8%), MCO (12.3%), SPGI (10.9%), CP (7.4%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Chris Hohn buy this quarter?
- In 2026Q2, the filing shows 2 new positions and 0 additions to existing holdings. The largest positions touched by buying: MLM, VMC.
- How big is Chris Hohn's portfolio?
- $52.77B across 11 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 84% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001647251). Not investment advice.