TCI Fund Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Chris Hohn's TCI Fund Management reported 9 stock positions worth $53.6 billion. Its top holding was General Electric (GE) at 27.3% of the portfolio, followed by Visa Class A (V, 18.1%) and Microsoft (MSFT, 15.1%). Compared with Q3 2025, it added to 3 and reduced 3. The biggest buy was S&P Global (SPGI, shares +5%) and the biggest sale Canadian Natl Railway (CNI, shares −48%).
- Most Recent 13F
- Q2 2026
- Notable People
- Chris Hohn
- Location
- LONDON, X0
- CIK
- 0001647251
- Portfolio Value
- $53.6B (Q4 2025)
- SEC Filing
- 0001647251-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $53.6B
| GE General Electric filed as GE AEROSPACE | 27.28% | 47,510,431 | $14.6B | No change |
| V Visa Inc. Class A | 18.12% | 27,724,233 | $9.7B | Reduce -1.2% |
| MSFT Microsoft Corp. | 15.13% | 16,781,953 | $8.1B | Add +1.1% |
| MCO Moody's Corp. | 12.67% | 13,308,479 | $6.8B | No change |
| SPGI S&P Global Inc. | 11.48% | 11,790,310 | $6.2B | Add +5.4% |
| CP Canadian Pacific Kansas City | 6.54% | 47,654,423 | $3.5B | Reduce -4.4% |
| GOOG Alphabet Inc. Class C | 4.44% | 7,596,819 | $2.4B | No change |
| FER Ferrovial NV | 2.51% | 20,740,214 | $1.3B | Add +6.5% |
| CNI Canadian Natl Railway Co. | 1.82% | 9,849,934 | $974.1M | Reduce -47.5% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
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 |