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Chris Hohn

TCI Fund Management

TCI Fund Management, Chris Hohn's concentrated quality and governance engagement

TCI is a concentrated quality-growth and governance-engagement manager. The useful evidence is in a small number of large positions, long holding periods, and public pressure when management or capital allocation can improve.

Sources TCI Fund Management official site SEC EDGAR profile
Concentrated quality / activist CIK 1647251
2026-03-31 Latest 13F 10 Current holdings 21 Last 3 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 10 disclosed positions · $45.2B Top five 85.4%: GE, V, MCO, SPGI, CP

Performance materials

  • TCI does not provide a continuous public fund-level return series in this product. Public filings, letters, and public materials provide context.

Firm and key people

  • Chris Hohn founded TCI and built a reputation for concentrated global investing and activist engagement.
  • The firm often owns infrastructure-like, exchange, railroad, rating, and platform businesses with durable economics.
  • Public campaigns and letters can explain why a high-conviction position changes.

Investment style

  • Prefer dominant businesses with pricing power, long runways, and high incremental returns.
  • Use engagement when governance or capital allocation can improve value.
  • Position size and holding duration are central because the portfolio is concentrated.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 2

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
GE 47,510,431 $13.5B 29.8%
V 30,468,133 $9.2B 20.4%
MCO 14,334,027 $6.3B 13.8%
SPGI 14,035,310 $6.0B 13.2%
CP 46,521,923 $3.7B 8.1%
GOOG 8,854,019 $2.5B 5.6%
FER 20,740,214 $1.3B 2.9%
CNI 9,849,934 $1.0B 2.2%
MSFT 2,728,412 $1.0B 2.2%
GOOGL 2,457,000 $706.5M 1.6%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
MSFT Major reduction 2026-03-31 Filed 2026-05-15 2,728,412 16,781,953 -83.7% -$7.1B
GOOGL New 2026-03-31 Filed 2026-05-15 2,457,000 0 - +$706.5M
MCO Minor increase 2026-03-31 Filed 2026-05-15 14,334,027 13,308,479 7.7% -$545.4M
V Minor increase 2026-03-31 Filed 2026-05-15 30,468,133 27,724,233 9.9% -$514.5M
SPGI Major increase 2026-03-31 Filed 2026-05-15 14,035,310 11,790,310 19.0% -$191.7M
GOOG Major increase 2026-03-31 Filed 2026-05-15 8,854,019 7,596,819 16.5% +$156.0M
CP Minor reduction 2026-03-31 Filed 2026-05-15 46,521,923 47,654,423 -2.4% +$151.0M
CNI Major reduction 2025-12-31 Filed 2026-02-17 9,849,934 18,767,774 -47.5% -$795.6M
SPGI Minor increase 2025-12-31 Filed 2026-02-17 11,790,310 11,189,870 5.4% +$715.3M
MSFT Minor increase 2025-12-31 Filed 2026-02-17 16,781,953 16,592,204 1.1% -$477.8M
FER Minor increase 2025-12-31 Filed 2026-02-17 20,740,214 19,470,666 6.5% +$233.7M
CP Minor reduction 2025-12-31 Filed 2026-02-17 47,654,423 49,865,735 -4.4% -$204.9M
V Minor reduction 2025-12-31 Filed 2026-02-17 27,724,233 28,057,351 -1.2% +$144.9M
V Major increase 2025-09-30 Filed 2025-11-14 28,057,351 19,067,558 47.1% +$2.8B
CNI Major reduction 2025-09-30 Filed 2025-11-14 18,767,774 22,989,066 -18.4% -$624.7M
GOOGL Sold out 2025-09-30 Filed 2025-11-14 0 3,155,110 -100.0% -$556.0M
CP Minor reduction 2025-09-30 Filed 2025-11-14 49,865,735 52,826,885 -5.6% -$475.3M
GOOG Major reduction 2025-09-30 Filed 2025-11-14 7,596,819 12,966,235 -41.4% -$449.9M
SPGI Minor increase 2025-09-30 Filed 2025-11-14 11,189,870 11,091,623 0.9% -$402.3M
MCO Minor increase 2025-09-30 Filed 2025-11-14 13,308,479 13,246,979 0.5% -$303.3M
MSFT Minor reduction 2025-09-30 Filed 2025-11-14 16,592,204 17,565,231 -5.5% -$143.2M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Investment presentation

TCI Fund Management Responsible Investing and Stewardship

TCI's official responsible investing page explains its governance, climate and long-term shareholder engagement framework and is background information for understanding Chris Hohn's approach to shareholder engagement.

  • TCI's activism not only pursues short-term buybacks, but also often puts long-term governance, capital discipline and climate issues together.
  • The information helps explain Hohn's shareholder involvement in railroads, platform companies and infrastructure-type assets.
  • The responsible investment page is institutional framework information and should not be regarded as specific buying and selling signals.
  • It can complement the dimension of governance participation that 13F cannot see, which is what distinguishes TCI from ordinary long-term funds.
  • This can be used to understand why TCI simultaneously emphasizes high-quality companies and puts pressure on management.
Public Q&A

TCI Public Letters to Alphabet

TCI's official letters page publishes Chris Hohn's open letters to companies like Alphabet, demonstrating its focused approach to quality investing and governance engagement.

  • TCI's open letters are typically not short-term deals, but instead lay out governance demands around cost discipline, capital allocation and shareholder returns.
  • Alphabet’s open letter can explain why TCI combines platform-based high-quality companies with activist governance.
  • The profile is appropriate to view alongside TCI's 13F large technology, railroad, and payments company positions.
  • The official letters page is more reliable than media reports and facilitates subsequent daily updates.
  • It should be noted that the open letter is Hohn's assertion against the target company, and the final outcome depends on the board and management's execution.