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CH

Chris Hohn

TCI Fund Management · managing since 2003 · ranked #5 of 12 by concentration
Portfolio value
$53B
Long US equity in the 13F
Positions
11
1 closed this quarter
Top five weight
84%
Largest is GE at 34%
Average holding period
3.2 yrs
Turns the book more than most
Quarterly turnover
27%
High for a concentrated book

Where the money sits

Top 10 positions · everything else grouped as Other
GEGeneral Electric Co33.6%VVisa Inc.19.8%MCOMoodys Corp12.3%SPGIS&P Global Inc.10.9%CPCanadian Pacific Kansas City Ltd7.4%GOOGAlphabet Inc.6.7%FERFerrovial N.V.2.7%CNICanadian National Railway Co2.1%GOOGLAlphabet Inc.1.7%MLMMartin Marietta Materials Inc1.4%
Other1 smaller positions1.4%

What changed this quarter

Filed Aug 14, 2026 · positions as of Jun 30, 2026 · 45-day lag

Hohn opened 2 positions, added to 2, trimmed 2 and sold out of 1. The largest move was exiting MSFT.

New positions2
MLMMartin Marietta Materials Inc1.4% of bookVMCVulcan Materials CO1.4% of book
Added to2
GOOGAlphabet Inc.+12% sharesFERFerrovial N.V.+1% shares
Trimmed2
CPCanadian Pacific Kansas City Ltd−3% sharesCNICanadian National Railway Co−4% shares
Sold out1
MSFTMicrosoft CorpSold out

Holdings

11 positions · $53B · top five is 84% of the book
CompanyWeightValueChangeHeld5-year history
GE
GE
General Electric Co
33.6%
$18BNo change3.5 yrs
V
V
Visa Inc.
19.8%
$10BNo change5.0 yrs
MCO
MCO
Moodys Corp
12.3%
$6.5BNo change5.0 yrs
SPG
SPGI
S&P Global Inc.
10.9%
$5.7BNo change5.0 yrs
CP
CP
Canadian Pacific Kansas City Ltd
7.4%
$3.9B−3%3.3 yrs
GOO
GOOG
Alphabet Inc.
6.7%
$3.5B+12%5.0 yrs
FER
FER
Ferrovial N.V.
2.7%
$1.4B+1%2.3 yrs
CNI
CNI
Canadian National Railway Co
2.1%
$1.1B−4%5.0 yrs
GOO
GOOGL
Alphabet Inc.
1.7%
$878MNo change2 qtr
MLM
MLM
Martin Marietta Materials Inc
1.4%
$758MNew1 qtr
VMC
VMC
Vulcan Materials CO
1.4%
$722MNew1 qtr
Changes compare the Q2 2026 filing with Q1 2026. Held is counted within the last 20 quarters. Not investment advice.