TCI Fund Management

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Chris Hohn's TCI Fund Management reported 10 stock positions worth $43.4 billion. Its top holding was General Electric (GE) at 22.0% of the portfolio, followed by Microsoft (MSFT, 15.0%) and Moody's (MCO, 14.1%). Compared with Q4 2024, it added to 2 and reduced 6. The biggest buy was General Electric (GE, shares +3%) and the biggest sale Alphabet Class C (GOOG, shares −16%).

Most Recent 13F
Q2 2026
Notable People
Chris Hohn
Location
LONDON, X0
CIK
0001647251
Portfolio Value
$43.4B (Q1 2025)
SEC Filing
0001647251-25-000005 ↗ filed May 15, 2025

Holdings Value

0$20.0B$40.0B$60.0B Q1 2024: $39.7B Q1 2024 Q2 2024: $40.9B Q2 2024 Q3 2024: $44.0B Q3 2024 Q4 2024: $42.4B Q4 2024 Q1 2025: $43.4B $43.4B Q1 2025 Q2 2025: $50.7B Q2 2025 Q3 2025: $52.7B Q3 2025 Q4 2025: $53.6B Q4 2025 Q1 2026: $45.2B Q1 2026 Q2 2026: $52.8B Q2 2026

Holdings 10 stocks · $43.4B
GE General Electric filed as GE AEROSPACE 21.95% 47,570,947 $9.5B Add +3.4%
MSFT Microsoft Corp. 14.97% 17,299,881 $6.5B Add +23.6%
MCO Moody's Corp. 14.13% 13,163,107 $6.1B Reduce -0.6%
V Visa Inc. Class A 13.44% 16,637,562 $5.8B Reduce -0.9%
SPGI S&P Global Inc. 12.14% 10,361,269 $5.3B Reduce -0.4%
CP Canadian Pacific Kansas City 8.89% 54,913,285 $3.9B No change
CNI Canadian Natl Railway Co. 6.04% 26,899,078 $2.6B Reduce -9.4%
GOOG Alphabet Inc. Class C 4.99% 13,855,735 $2.2B Reduce -16.1%
FER Ferrovial NV 1.99% 19,333,428 $861.1M No change
GOOGL Alphabet Inc. Class A 1.46% 4,085,110 $631.7M Reduce -32.2%

Portfolio Sells Q4 2024 → Q1 2025
GOOG Alphabet Inc. Class C Reduce -16.1% 4.99% −2.42
GOOGL Alphabet Inc. Class A Reduce -32.2% 1.46% −1.23
CNI Canadian Natl Railway Co. Reduce -9.4% 6.04% −1.07
MCO Moody's Corp. Reduce -0.6% 14.13% −0.65
SPGI S&P Global Inc. Reduce -0.4% 12.14% −0.07
V Visa Inc. Class A Reduce -0.9% 13.44% +0.93

Portfolio Buys Q4 2024 → Q1 2025
GE General Electric Add +3.4% 21.95% +3.86
MSFT Microsoft Corp. Add +23.6% 14.97% +1.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$52.8BGE, V, MCO, SPGI, CP
Q1 2026 10$45.2BGE, V, MCO, SPGI, CP
Q4 2025 9$53.6BGE, V, MSFT, MCO, SPGI
Q3 2025 9$52.7BGE, V, MSFT, MCO, SPGI
Q2 2025 10$50.7BGE, MSFT, V, MCO, SPGI
Q1 2025 10$43.4BGE, MSFT, MCO, V, SPGI
Q4 2024 10$42.4BGE, MCO, MSFT, V, SPGI
Q3 2024 10$44.0BGE, MCO, SPGI, MSFT, CP
Q2 2024 10$40.9BGE, MCO, MSFT, CNI, SPGI
Q1 2024 10$39.7BGE, CNI, CP, MCO, V