TCI Fund Management

Q3 2019 13F · by Chris Hohn, founder

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $19.3B · prev $18.5B
Positions: 15 · 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%

Moves13 since the prior filing

+4.7 pp in · −4.8 pp out

New 2 +1.28 pp
Added 9 +3.38 pp
Trimmed 2 −4.79 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions73% of US stock

GOOG Alphabet Inc. Class C added+2.16 pp added+2.1622.4%
CHTR Charter Comm Inc Del CL A New added+1.05 pp added+1.0521.8%
unresolved Canadian Pac Ry Ltd added−0.43 pp added−0.4312.5%
CNI Canadian National Railway added−0.57 pp added−0.578.9%
MSFT Microsoft Corp trimmed−4.17 pp trimmed−4.177.7%

Positions15 in this filing · 0 exited


GOOGAlphabet Inc. Class C	22.43%	3,546,636	$4.3B	added+2%	+2.16 pp	9 q
CHTRCharter Comm Inc Del CL A New	21.76%	10,174,272	$4.2B	added+5%	+1.05 pp	14 q
unresolvedCanadian Pac Ry Ltd	12.47%	10,807,584	$2.4B	added+6%	−0.43 pp	7 q
CNICanadian National Railway	8.91%	19,102,713	$1.7B	added+1%	−0.57 pp	5 q
MSFTMicrosoft Corp	7.70%	10,679,732	$1.5B	trimmed−35%	−4.17 pp	8 q
MCOMoody's Corporation	6.40%	6,022,912	$1.2B	held	—	18 q
ELVElevance Health, Inc.	5.08%	4,080,597	$980M	added+35%	+0.49 pp	2 q
UNPUnion Pacific Corp.	4.10%	4,882,781	$791M	added+3%	−0.21 pp	10 q
GOOGLAlphabet Inc. Class A	3.92%	618,021	$755M	added+12%	+0.71 pp	8 q
SPGIS&P Global Inc.	2.52%	1,982,414	$486M	held	—	11 q
UNVRUnivar Solutions Inc.	1.80%	16,679,200	$346M	added+6%	−0.07 pp	3 q
RTNRaytheon Company	1.19%	1,169,860	$230M	new	+1.19 pp	new
VVISA Inc.	1.06%	1,183,542	$204M	added+36%	+0.25 pp	2 q
EFXEquifax, Incorporated	0.57%	780,639	$110M	trimmed−52%	−0.62 pp	3 q
ADSKAutodesk Inc	0.09%	113,000	$17M	new	+0.09 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-19-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet