TCI Fund Management

Q4 2015 13F · by Chris Hohn, founder

As of: Dec 31, 2015
Filed: Feb 11, 2016
US stock: $5.0B · prev $5.1B
Positions: 7 · prev 6
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves6 since the prior filing

+1.7 pp in · −1.7 pp out

New 1 +1.71 pp
Added 0 0.00 pp
Trimmed 5 −1.71 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.8% a year, about 14.6 years per position

Low
Moderate
High

Top 5 positions98% of US stock

unresolved Time Warner Cable Inc trimmed+1.86 pp trimmed+1.8660.5%
CMCSA Comcast Corp trimmed−0.59 pp trimmed−0.5922.8%
MCO Moody's Corporation trimmed−1.35 pp trimmed−1.356.2%
BIDU Baidu, Inc. trimmed+0.44 pp trimmed+0.444.4%
AXP American Express Company trimmed−2.07 pp trimmed−2.073.8%

Positions7 in this filing · 0 exited


unresolvedTime Warner Cable Inc	60.51%	16,233,532	$3.0B	trimmed−2%	+1.86 pp	3 q
CMCSAComcast Corp	22.81%	20,126,160	$1.1B	trimmed−4%	−0.59 pp	3 q
MCOMoody's Corporation	6.18%	3,067,555	$308M	trimmed−21%	−1.35 pp	3 q
BIDUBaidu, Inc.	4.41%	1,161,833	$220M	trimmed−21%	+0.44 pp	2 q
AXPAmerican Express Company	3.81%	2,725,004	$190M	trimmed−32%	−2.07 pp	3 q
unresolvedAbengoa Yield PLC	1.71%	4,422,584	$85M	new	+1.71 pp	new
OSGOctave Specialty Group, Inc.	0.56%	1,985,785	$28M	held	—	3 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001647251-16-000011
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet