Reported portfolio
Chris Hohn
TCI Fund Management Ltd
- Reported portfolio value
- $45,170,871,000
- Current positions
- 10
- Top five concentration
- 85.4%
- Largest position
- 29.8%
- New positions
- 1
- Closed positions
- 0
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
GE GE AEROSPACE | 29.85% | Unchanged | 47,510,431 | $284 | $13,482,035,000−$1,152,603,000 | 13F2026-03-31 ↗ |
V VISA INC | 20.39% | Added 9.9% | 30,468,133+2,743,900 | $302 | $9,208,689,000−$514,477,000 | 13F2026-03-31 ↗ |
MCO MOODYS CORP | 13.84% | Added 7.7% | 14,334,027+1,025,548 | $436 | $6,253,219,000−$545,417,000 | 13F2026-03-31 ↗ |
SPGI S&P GLOBAL INC | 13.22% | Added 19.0% | 14,035,310+2,245,000 | $425 | $5,969,779,000−$191,719,000 | 13F2026-03-31 ↗ |
CP CANADIAN PACIFIC KANSAS CITY | 8.10% | Reduced 2.4% | 46,521,923−1,132,500 | $79 | $3,659,638,000+$151,008,000 | 13F2026-03-31 ↗ |
GOOG ALPHABET INC | 5.62% | Added 16.5% | 8,854,019+1,257,200 | $287 | $2,539,864,000+$155,982,000 | 13F2026-03-31 ↗ |
FER FERROVIAL SE | 2.94% | Unchanged | 20,740,214 | $64 | $1,327,928,000−$20,235,000 | 13F2026-03-31 ↗ |
CNI CANADIAN NATL RY CO | 2.24% | Unchanged | 9,849,934 | $103 | $1,013,208,000+$39,094,000 | 13F2026-03-31 ↗ |
MSFT MICROSOFT CORP | 2.24% | Reduced 83.7% | 2,728,412−14,053,541 | $370 | $1,009,976,000−$7,106,112,000 | 13F2026-03-31 ↗ |
GOOGL ALPHABET INC | 1.56% | New | 2,457,000+2,457,000 | $288 | $706,535,000+$706,535,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GE | GE AEROSPACE | 29.85% | 47,510,431 | $13,482,035,000 |
| V | VISA INC | 20.39% | 30,468,133 | $9,208,689,000 |
| MCO | MOODYS CORP | 13.84% | 14,334,027 | $6,253,219,000 |
| SPGI | S&P GLOBAL INC | 13.22% | 14,035,310 | $5,969,779,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 8.10% | 46,521,923 | $3,659,638,000 |
| GOOG | ALPHABET INC | 5.62% | 8,854,019 | $2,539,864,000 |
| FER | FERROVIAL SE | 2.94% | 20,740,214 | $1,327,928,000 |
| CNI | CANADIAN NATL RY CO | 2.24% | 9,849,934 | $1,013,208,000 |
| MSFT | MICROSOFT CORP | 2.24% | 2,728,412 | $1,009,976,000 |
| GOOGL | ALPHABET INC | 1.56% | 2,457,000 | $706,535,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GE | GE AEROSPACE | 27.28% | 47,510,431 | $14,634,638,000 |
| V | VISA INC | 18.12% | 27,724,233 | $9,723,166,000 |
| MSFT | MICROSOFT CORP | 15.13% | 16,781,953 | $8,116,088,000 |
| MCO | MOODYS CORP | 12.67% | 13,308,479 | $6,798,636,000 |
| SPGI | S&P GLOBAL INC | 11.48% | 11,790,310 | $6,161,498,000 |
| CP | CANADIAN PACIFIC KANSAS CITY | 6.54% | 47,654,423 | $3,508,630,000 |
| GOOG | ALPHABET INC | 4.44% | 7,596,819 | $2,383,882,000 |
| FER | FERROVIAL SE | 2.51% | 20,740,214 | $1,348,163,000 |
| CNI | CANADIAN NATL RY CO | 1.82% | 9,849,934 | $974,115,000 |
Investor background
Christopher Hohn
“You are better off to find a great company which is well managed and well governed.”Christopher Hohn, Financial Times, 2026
Christopher Hohn is the founder and central investment decision-maker of TCI Fund Management, a London-based investment firm established in 2003. Before forming TCI, he worked in corporate finance at Coopers & Lybrand, private equity at Apax Partners and European event-driven investing at Perry Capital. His early career gave him an unusually broad foundation in valuation, corporate governance and complex transactions.
TCI first became prominent as an aggressive activist investor. Its campaigns involving Deutsche Börse, ABN Amro, CSX and J-Power demonstrated Hohn’s willingness to challenge boards, oppose acquisitions and demand changes in strategy or capital allocation. Over time, however, he concluded that investing in a well-managed exceptional business was generally more reliable than attempting to repair a poorly governed company.
Today, TCI runs a highly concentrated global portfolio of businesses with sustainable competitive advantages, pricing power, predictable cash generation and long reinvestment runways. Its research resembles private equity due diligence, but the firm retains the liquidity of public markets. Constructive engagement remains central, while activism is used selectively when governance or capital allocation threatens long-term value.
Hohn qualifies as a super investor because he combines deep fundamental research, concentration, corporate influence and a demonstrated ability to evolve.