TCI Fund Management

Q2 2019 13F · by Chris Hohn, founder

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $18.5B · prev $15.3B
Positions: 13 · prev 13
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

+12.0 pp in · −10.9 pp out

New 2 +5.40 pp
Added 5 +6.60 pp
Trimmed 3 −7.39 pp
Exited 2 −3.47 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions75% of US stock

CHTR Charter Comm Inc Del CL A New trimmed−1.69 pp trimmed−1.6920.7%
GOOG Alphabet Inc. Class C added+1.93 pp added+1.9320.3%
unresolved Canadian Pac Ry Ltd added−0.33 pp added−0.3312.9%
MSFT Microsoft Corp trimmed−1.61 pp trimmed−1.6111.9%
CNI Canadian National Railway added+1.95 pp added+1.959.5%

Positions13 in this filing · 2 exited


CHTRCharter Comm Inc Del CL A New	20.71%	9,716,058	$3.8B	trimmed−2%	−1.69 pp	13 q
GOOGAlphabet Inc. Class C	20.27%	3,476,095	$3.8B	added+45%	+1.93 pp	8 q
unresolvedCanadian Pac Ry Ltd	12.90%	10,157,465	$2.4B	added+3%	−0.33 pp	6 q
MSFTMicrosoft Corp	11.87%	16,425,574	$2.2B	trimmed−6%	−1.61 pp	7 q
CNICanadian National Railway	9.48%	18,992,423	$1.8B	added+48%	+1.95 pp	4 q
MCOMoody's Corporation	6.35%	6,022,912	$1.2B	held	—	17 q
ELVElevance Health, Inc.	4.59%	3,012,085	$850M	new	+4.59 pp	new
UNPUnion Pacific Corp.	4.31%	4,727,781	$800M	trimmed−38%	−4.09 pp	9 q
GOOGLAlphabet Inc. Class A	3.21%	549,721	$595M	added×2.8	+1.70 pp	7 q
SPGIS&P Global Inc.	2.44%	1,982,414	$452M	held	—	10 q
UNVRUnivar Solutions Inc.	1.87%	15,764,300	$347M	added×4.4	+1.35 pp	2 q
EFXEquifax, Incorporated	1.19%	1,634,083	$221M	held	—	2 q
VVISA Inc.	0.81%	870,100	$151M	new	+0.81 pp	new
FOXAFox Corporation Class A	—	−11,050,164	—	exited	−2.65 pp	—
FOXFox Corporation Class B	—	−3,516,883	—	exited	−0.82 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-19-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet