Chris Hohn

Chris Hohn's TCI Fund Management reported a $45.17B portfolio concentrated into just 10 positions, with the top 5 accounting for 85.4% of assets — a level of conviction that few managers match. GE remains the dominant holding at ~30%, followed by V (20.4%) and the ratings-agency pair MCO/SPGI (13.8% and 13.2% respectively), underscoring Hohn's long-standing affinity for durable-moat compounders with pricing power. The most notable move was an 83.7% slash in MSFT, trimmed to just 2.2% of the portfolio — a meaningful de-emphasis of the AI-infrastructure trade that many peers are doubling down on. Simultaneously, Hohn initiated a new position in GOOGL (1.6%), suggesting a preference shift within mega-cap tech toward perceived valuation. The addition of GOOGL alongside existing GOOG creates a dual-share-class structure, possibly for corporate governance signaling. The rail pair CP and CNI (8.1% and 2.2%) reinforces the infrastructure theme. Watch whether MSFT is exited entirely in the next filing, and whether GOOGL is scaled to a top-five weight.