TCI FUND MANAGEMENT LTD

Superinvestor · Chris Hohn

CIK

1647251

Location

LONDON, X0

Portfolio Value

Large $42,329,147,938

Diversification

Moderately concentrated

Filing Date

Global Rank

#159 / 8,603 ▼ 18 · as of Mar 2026

Top Industry

Aerospace & Defense 31.9%

3Y Alpha vs SPY

-1.3%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+69.3%

SPY

+76.5%

Annualised alpha

-1.7%

Max drawdown

−16.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

9 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

31.9%

+3.1 pts

Top 5

90.4%

+1.8 pts

Top 10

100.0%

0.0 pts

HHI

1,983

Moderately concentrated+171

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	49.9%	$21,109,758,644	3
Industrials	46.1%	$19,502,878,104	4
Technology	2.4%	$1,009,976,270	1
Communication Services	1.7%	$706,534,920	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
V	Visa Inc.	+2,743,900	30,468,133	$9,208,688,517
SPGI	S&P Global Inc.	+2,245,000	14,035,310	$5,647,850,849
MCO	Moodys Corp /De/	+1,025,548	14,334,027	$6,253,219,278
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
MSFT	Microsoft Corp	−14,053,541	2,728,412	$1,009,976,270
CP	Canadian Pacific Kansas City Ltd/Cn	−1,132,500	46,521,923	$3,659,414,463
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
GOOGL	Alphabet Inc.	2,457,000	$706,534,920
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

9 positions · $42,329,147,938 total · as of Mar 31, 2026

All sectors Communication Services Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	% of Portfolio
GE	General Electric Co Industrials	Held	47,510,431	0	$13,482,035,004	−7.9%	$314.29	31.85%
V	Visa Inc. Financial Services	Added	30,468,133	+2,743,900	$9,208,688,517	−5.3%	$321.55	21.75%
MCO	Moodys Corp /De/ Financial Services	Added	14,334,027	+1,025,548	$6,253,219,278	−8.0%	$473.05	14.77%
SPGI	S&P Global Inc. Financial Services	Added	14,035,310	+2,245,000	$5,647,850,849	−3.1%	$439.22	13.34%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	46,521,923	-1,132,500	$3,659,414,463	+4.3%	$79.03	8.65%
FER	Ferrovial N.V. Industrials	Held	20,740,214	0	$1,349,150,920	+0.7%	$67.99	3.19%
CNI	Canadian National Railway Co Industrials	Held	9,849,934	0	$1,012,277,717	+4.0%	$103.14	2.39%
MSFT	Microsoft Corp Technology	Reduced	2,728,412	-14,053,541	$1,009,976,270	−87.6%	$418.44	2.39%
GOOGL	Alphabet Inc. Communication Services	NEW	2,457,000	NEW	$706,534,920	NEW	$314.21	1.67%