TCI Fund Management

Q3 2020 13F · by Chris Hohn, founder

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $27.9B · prev $25.2B
Positions: 13 · prev 18
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

+3.0 pp in · −3.0 pp out

New 0 0.00 pp
Added 3 +2.98 pp
Trimmed 8 +0.81 pp
Exited 5 −3.78 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions72% of US stock

CHTR Charter Comm Inc Del CL A New trimmed+2.19 pp trimmed+2.1923.3%
GOOG Alphabet Inc. Class C trimmed−1.17 pp trimmed−1.1715.6%
unresolved Canadian Pac Ry Ltd trimmed+0.83 pp trimmed+0.8312.2%
MSFT Microsoft Corp trimmed−0.87 pp trimmed−0.8710.8%
V VISA Inc. added+1.48 pp added+1.4810.1%

Positions13 in this filing · 5 exited


CHTRCharter Comm Inc Del CL A New	23.32%	10,410,705	$6.5B	trimmed−0%	+2.19 pp	18 q
GOOGAlphabet Inc. Class C	15.57%	2,953,720	$4.3B	trimmed−1%	−1.17 pp	13 q
unresolvedCanadian Pac Ry Ltd	12.19%	11,172,077	$3.4B	trimmed−1%	+0.83 pp	11 q
MSFTMicrosoft Corp	10.80%	14,314,499	$3.0B	trimmed−1%	−0.87 pp	12 q
VVISA Inc.	10.08%	14,057,890	$2.8B	added+25%	+1.48 pp	6 q
CNICanadian National Railway	7.94%	20,802,265	$2.2B	trimmed−1%	+0.56 pp	9 q
MCOMoody's Corporation	6.81%	6,553,490	$1.9B	trimmed−4%	−0.59 pp	22 q
UNPUnion Pacific Corp.	4.25%	6,016,539	$1.2B	held	—	14 q
GOOGLAlphabet Inc. Class A	3.25%	618,021	$906M	held	—	12 q
SPGIS&P Global Inc.	3.06%	2,362,294	$852M	trimmed−3%	−0.11 pp	15 q
BXPBXP, Inc.	1.49%	5,186,802	$417M	added×3.4	+0.94 pp	2 q
VNOVornado Realty Trust	1.20%	9,926,516	$335M	added×2.4	+0.56 pp	2 q
AMZNAmazon.Com Inc	0.03%	2,800	$9M	trimmed−51%	−0.03 pp	3 q
RTXRTX Corporation	—	−11,551,993	—	exited	−2.82 pp	—
UNVRUnivar Solutions Inc.	—	−12,632,780	—	exited	−0.84 pp	—
MAMastercard Incorporated	—	−97,450	—	exited	−0.11 pp	—
ADBEAdobe Inc.	—	−3,430	—	exited	−0.01 pp	—
ADSKAutodesk Inc	—	−5,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-20-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet