TCI Fund Management

Q1 2019 13F · by Chris Hohn, founder

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $15.3B · prev $20.0B
Positions: 13 · prev 12
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

+18.0 pp in · −18.0 pp out

New 4 +5.26 pp
Added 3 +12.76 pp
Trimmed 6 +15.23 pp
Exited 3 −33.24 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions76% of US stock

CHTR Charter Comm Inc Del CL A New trimmed+5.62 pp trimmed+5.6222.4%
GOOG Alphabet Inc. Class C trimmed+3.89 pp trimmed+3.8918.3%
MSFT Microsoft Corp trimmed+2.39 pp trimmed+2.3913.5%
unresolved Canadian Pac Ry Ltd added+6.27 pp added+6.2713.2%
UNP Union Pacific Corp. trimmed+3.08 pp trimmed+3.088.4%

Positions13 in this filing · 3 exited


CHTRCharter Comm Inc Del CL A New	22.40%	9,878,803	$3.4B	trimmed−16%	+5.62 pp	12 q
GOOGAlphabet Inc. Class C	18.34%	2,392,176	$2.8B	trimmed−14%	+3.89 pp	7 q
MSFTMicrosoft Corp	13.48%	17,491,574	$2.1B	trimmed−20%	+2.39 pp	6 q
unresolvedCanadian Pac Ry Ltd	13.23%	9,818,894	$2.0B	added+25%	+6.27 pp	5 q
UNPUnion Pacific Corp.	8.40%	7,683,577	$1.3B	trimmed−0%	+3.08 pp	8 q
CNICanadian National Railway	7.53%	12,857,534	$1.2B	added+20%	+3.55 pp	3 q
MCOMoody's Corporation	7.13%	6,022,912	$1.1B	added+1%	+2.94 pp	16 q
SPGIS&P Global Inc.	2.73%	1,982,414	$417M	trimmed−3%	+0.99 pp	9 q
FOXAFox Corporation Class A	2.65%	11,050,164	$406M	new	+2.65 pp	new
GOOGLAlphabet Inc. Class A	1.51%	195,681	$230M	trimmed−55%	−0.74 pp	6 q
EFXEquifax, Incorporated	1.27%	1,634,083	$194M	new	+1.27 pp	new
FOXFox Corporation Class B	0.82%	3,516,883	$126M	new	+0.82 pp	new
UNVRUnivar Solutions Inc.	0.52%	3,616,902	$80M	new	+0.52 pp	new
unresolvedTwenty First Centy Fox Inc	—	−114,502,969	—	exited	−27.57 pp	—
unresolvedTwenty First Centy Fox Inc	—	−22,189,801	—	exited	−5.30 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−2,427,057	—	exited	−0.37 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-19-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet