Notable Investors / Q1 2026
Chris Hohn’s Portfolio — TCI Fund Management Ltd
Founder, TCI Fund Management
CIK 0001647251 · 7 CLIFFORD STREET, LONDON, X0, W1S2FT · 02074402330
About Chris Hohn
Sir Chris Hohn runs TCI (The Children's Investment Fund), the London activist known for aggressive campaigns — his 2005 letter helped topple a Deutsche Börse takeover — and for one of the best absolute records of any large equity fund over the past two decades.
TCI's 13F is strikingly concentrated for its size: a dozen or so 'moat monopoly' positions — rails, ratings agencies, aerospace, digital platforms — held for years, often with activist engagement over capital allocation and climate disclosure.
Portfolio data below is from TCI Fund Management Ltd’s SEC 13F filings. View the full filer page →
Summary
Tci Fund Management Ltd reported $45.2B in U.S.-listed holdings across 10 positions for Q1 2026.
The portfolio is heavily concentrated: Ge Aerospace alone accounts for 29.8% of reported value.
Compared with Q4 2025, the fund opened 1 new position and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 97.1% · $43.8B
- Other · 2.9% · $1.3B
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GOOGLALPHABET INC | NEW | +2.46M | 2.46M | +$707M | $707M |
| MSFTMICROSOFT CORP | TRIMMED | −14.05M | 2.73M | −$7.1B | $1.0B |
| SPGIS&P GLOBAL INC | ADDED | +2.25M | 14.04M | −$192M | $6.0B |
| GOOGALPHABET INC | ADDED | +1.26M | 8.85M | +$156M | $2.5B |
| VVISA INC | ADDED | +2.74M | 30.47M | −$514M | $9.2B |
| DUTMOODYS CORP | ADDED | +1.03M | 14.33M | −$545M | $6.3B |
| CPCANADIAN PACIFIC KANSAS CITY | HELD | −1.13M | 46.52M | +$151M | $3.7B |
| GE AEROSPACE | HELD | +0 | 47.51M | −$1.2B | $13.5B |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GE AEROSPACE | COM NEW | 29.85% | $13.5B | 47.51M |
| 2 | VVISA INChistory → | COM CL A | 20.39% | $9.2B | 30.47M |
| 3 | DUTMOODYS CORPhistory → | COM | 13.84% | $6.3B | 14.33M |
| 4 | SPGIS&P GLOBAL INChistory → | COM | 13.22% | $6.0B | 14.04M |
| 5 | CPCANADIAN PACIFIC KANSAS CITYhistory → | COM | 8.10% | $3.7B | 46.52M |
| 6 | GOOGALPHABET INC | CAP STK CL C · CAP STK CL A | 7.19% | $3.2B | 11.31M |
| 7 | FERROVIAL SE | ORD SHS | 2.94% | $1.3B | 20.74M |
| 8 | CNRCANADIAN NATL RY COhistory → | COM | 2.24% | $1.0B | 9.85M |
| 9 | MSFTMICROSOFT CORPhistory → | COM | 2.24% | $1.0B | 2.73M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $45.2B | 10 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $53.6B | 9 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $52.7B | 9 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $50.7B | 10 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $43.4B | 10 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $42.4B | 10 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $44.0B | 10 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $40.9B | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $39.7B | 10 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $36.0B | 11 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $27.6B | 9 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $33.7B | 10 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $29.2B | 9 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $29.9B | 10 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $28.6B | 10 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $31.6B | 13 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $36.8B | 11 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $44.4B | 13 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $41.6B | 13 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $40.1B | 13 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $34.4B | 13 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $30.5B | 13 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $27.9B | 13 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $25.2B | 18 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $21.1B | 18 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $22.6B | 17 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $19.3B | 15 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $18.5B | 13 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $15.3B | 13 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $20.0B | 12 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.