TCI Fund Management

Q1 2016 13F · by Chris Hohn, founder

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $5.4B · prev $5.0B
Positions: 7 · prev 7
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

+9.6 pp in · −9.4 pp out

New 1 +9.82 pp
Added 1 −0.19 pp
Trimmed 3 −5.58 pp
Exited 1 −3.81 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions99% of US stock

unresolved Time Warner Cable Inc trimmed+0.61 pp trimmed+0.6161.1%
CMCSA Comcast Corp trimmed−0.19 pp trimmed−0.1922.6%
unresolved Yahoo Inc new+9.82 pp new+9.829.8%
BIDU Baidu, Inc. added−0.19 pp added−0.194.2%
unresolved Abengoa Yield PLC held held1.5%

Positions7 in this filing · 1 exited


unresolvedTime Warner Cable Inc	61.12%	16,126,180	$3.3B	trimmed−1%	+0.61 pp	4 q
CMCSAComcast Corp	22.62%	19,997,460	$1.2B	trimmed−1%	−0.19 pp	4 q
unresolvedYahoo Inc	9.82%	14,403,985	$530M	new	+9.82 pp	new
BIDUBaidu, Inc.	4.22%	1,194,094	$228M	added+3%	−0.19 pp	3 q
unresolvedAbengoa Yield PLC	1.46%	4,422,584	$79M	held	—	2 q
OSGOctave Specialty Group, Inc.	0.58%	1,985,785	$31M	held	—	4 q
MCOMoody's Corporation	0.18%	102,239	$10M	trimmed−97%	−6.00 pp	4 q
AXPAmerican Express Company	—	−2,725,004	—	exited	−3.81 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001647251-16-000013
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet