TCI Fund Management

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Chris Hohn's TCI Fund Management reported 9 stock positions worth $52.7 billion. Its top holding was General Electric (GE) at 27.1% of the portfolio, followed by Visa Class A (V, 18.2%) and Microsoft (MSFT, 16.3%). Compared with Q2 2025, it sold out of 1, added to 3 and reduced 4. The biggest buy was Visa Class A (V, shares +47%) and the biggest sale Canadian Natl Railway (CNI, shares −18%).

Most Recent 13F: Q2 2026
Notable People: Chris Hohn
Location: LONDON, X0
CIK: 0001647251
Portfolio Value: $52.7B (Q3 2025)
SEC Filing: 0001647251-25-000014 ↗ filed Nov 14, 2025

Holdings Value

Holdings 9 stocks · $52.7B


GE General Electric filed as GE AEROSPACE	27.12%	47,510,431	$14.3B	No change
V Visa Inc. Class A	18.18%	28,057,351	$9.6B	Add +47.1%
MSFT Microsoft Corp.	16.31%	16,592,204	$8.6B	Reduce -5.5%
MCO Moody's Corp.	12.03%	13,308,479	$6.3B	Add +0.5%
SPGI S&P Global Inc.	10.33%	11,189,870	$5.4B	Add +0.9%
CP Canadian Pacific Kansas City	7.05%	49,865,735	$3.7B	Reduce -5.6%
GOOG Alphabet Inc. Class C	3.51%	7,596,819	$1.9B	Reduce -41.4%
CNI Canadian Natl Railway Co.	3.36%	18,767,774	$1.8B	Reduce -18.4%
FER Ferrovial NV	2.11%	19,470,666	$1.1B	No change

Portfolio Sells Q2 2025 → Q3 2025


CNI Canadian Natl Railway Co.	Reduce -18.4%	3.36%	−1.36
CP Canadian Pacific Kansas City	Reduce -5.6%	7.05%	−1.21
GOOGL Alphabet Inc. Class A	Sold out	0.00%	−1.10
GOOG Alphabet Inc. Class C	Reduce -41.4%	3.51%	−1.03
MSFT Microsoft Corp.	Reduce -5.5%	16.31%	−0.92

Portfolio Buys Q2 2025 → Q3 2025


V Visa Inc. Class A	Add +47.1%	18.18%	+4.82
MCO Moody's Corp.	Add +0.5%	12.03%	−1.07
SPGI S&P Global Inc.	Add +0.9%	10.33%	−1.20

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	11	$52.8B	GE, V, MCO, SPGI, CP
Q1 2026	10	$45.2B	GE, V, MCO, SPGI, CP
Q4 2025	9	$53.6B	GE, V, MSFT, MCO, SPGI
Q3 2025	9	$52.7B	GE, V, MSFT, MCO, SPGI
Q2 2025	10	$50.7B	GE, MSFT, V, MCO, SPGI
Q1 2025	10	$43.4B	GE, MSFT, MCO, V, SPGI
Q4 2024	10	$42.4B	GE, MCO, MSFT, V, SPGI
Q3 2024	10	$44.0B	GE, MCO, SPGI, MSFT, CP
Q2 2024	10	$40.9B	GE, MCO, MSFT, CNI, SPGI
Q1 2024	10	$39.7B	GE, CNI, CP, MCO, V