TCI Fund Management

Q1 2018 13F · by Chris Hohn, founder

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $18.0B · prev $16.1B
Positions: 15 · prev 15
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%

Moves16 since the prior filing

+20.8 pp in · −20.7 pp out

New 2 +0.40 pp
Added 8 +20.40 pp
Trimmed 4 −20.50 pp
Exited 2 −0.24 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions86% of US stock

AABA Altaba Inc. trimmed−4.36 pp trimmed−4.3632.9%
CHTR Charter Comm Inc Del CL A New added−2.30 pp added−2.3018.4%
unresolved Twenty First Centy Fox Inc added+13.00 pp added+13.0014.6%
GOOG Alphabet Inc. Class C added+1.09 pp added+1.0913.5%
MSFT Microsoft Corp added+2.73 pp added+2.737.0%

Positions15 in this filing · 2 exited


AABAAltaba Inc.	32.85%	79,773,273	$5.9B	trimmed−7%	−4.36 pp	4 q
CHTRCharter Comm Inc Del CL A New	18.38%	10,620,701	$3.3B	added+7%	−2.30 pp	8 q
unresolvedTwenty First Centy Fox Inc	14.59%	71,516,090	$2.6B	added×9.6	+13.00 pp	2 q
GOOGAlphabet Inc. Class C	13.54%	2,359,642	$2.4B	added+23%	+1.09 pp	3 q
MSFTMicrosoft Corp	7.01%	13,810,449	$1.3B	added+71%	+2.73 pp	2 q
TWXTime Warner Inc	3.94%	7,496,849	$709M	added×23.7	+3.76 pp	5 q
unresolvedTwenty First Centy Fox Inc	2.34%	11,572,645	$421M	added×10.0	+2.09 pp	2 q
CMCSAComcast Corp	2.26%	11,897,380	$407M	trimmed−83%	−15.34 pp	12 q
GOOGLAlphabet Inc. Class A	2.20%	380,600	$395M	trimmed−1%	−0.32 pp	2 q
MCOMoody's Corporation	1.52%	1,692,623	$273M	added+2%	0.00 pp	12 q
SPGIS&P Global Inc.	0.47%	444,619	$85M	added+7%	+0.03 pp	5 q
NSCNorfolk Southern Corp.	0.45%	593,500	$81M	held	—	4 q
unresolvedMonsanto Co	0.31%	476,500	$56M	new	+0.31 pp	new
unresolvedCanadian Pac Ry Ltd	0.09%	95,200	$17M	new	+0.09 pp	new
UNPUnion Pacific Corp.	0.05%	72,000	$10M	trimmed−89%	−0.48 pp	4 q
OSGOctave Specialty Group, Inc.	—	−1,985,785	—	exited	−0.20 pp	—
EFXEquifax, Incorporated	—	−50,000	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001647251-18-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet