TCI Fund Management

Q4 2018 13F · by Chris Hohn, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $20.0B · prev $19.1B
Positions: 12 · prev 14
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%

Moves12 since the prior filing

+10.5 pp in · −10.3 pp out

New 0 0.00 pp
Added 9 +10.50 pp
Trimmed 1 −6.38 pp
Exited 2 −3.89 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions77% of US stock

unresolved Twenty First Centy Fox Inc held held27.6%
CHTR Charter Comm Inc Del CL A New trimmed−6.38 pp trimmed−6.3816.8%
GOOG Alphabet Inc. Class C added−2.18 pp added−2.1814.4%
MSFT Microsoft Corp added+3.18 pp added+3.1811.1%
unresolved Canadian Pac Ry Ltd added+1.51 pp added+1.517.0%

Positions12 in this filing · 2 exited


unresolvedTwenty First Centy Fox Inc	27.57%	114,502,969	$5.5B	held	—	5 q
CHTRCharter Comm Inc Del CL A New	16.78%	11,772,411	$3.4B	trimmed−13%	−6.38 pp	11 q
GOOGAlphabet Inc. Class C	14.45%	2,787,988	$2.9B	added+5%	−2.18 pp	6 q
MSFTMicrosoft Corp	11.09%	21,817,804	$2.2B	added+65%	+3.18 pp	5 q
unresolvedCanadian Pac Ry Ltd	6.96%	7,835,316	$1.4B	added+60%	+1.51 pp	4 q
UNPUnion Pacific Corp.	5.32%	7,698,818	$1.1B	added+51%	+0.98 pp	7 q
unresolvedTwenty First Centy Fox Inc	5.30%	22,189,801	$1.1B	held	—	5 q
MCOMoody's Corporation	4.19%	5,978,677	$837M	added×2.9	+2.41 pp	15 q
CNICanadian National Railway	3.98%	10,720,483	$795M	added×6.0	+3.15 pp	2 q
GOOGLAlphabet Inc. Class A	2.25%	430,600	$450M	added+13%	−0.16 pp	5 q
SPGIS&P Global Inc.	1.74%	2,040,954	$347M	added×4.6	+1.29 pp	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.37%	2,427,057	$75M	added×9.2	+0.32 pp	2 q
NSCNorfolk Southern Corp.	—	−3,753,454	—	exited	−3.55 pp	—
PCGPG&E Corporation	—	−1,400,611	—	exited	−0.34 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001647251-19-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet