TCI Fund Management

Q1 2021 13F · by Chris Hohn, founder

As of: Mar 31, 2021
Filed: May 17, 2021
US stock: $34.4B · prev $30.5B
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%

Moves9 since the prior filing

+6.5 pp in · −4.9 pp out

New 2 +0.06 pp
Added 4 +6.45 pp
Trimmed 1 −4.23 pp
Exited 2 −0.63 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.8 years per position

Low
Moderate
High

Top 5 positions71% of US stock

CHTR Charter Comm Inc Del CL A New trimmed−4.23 pp trimmed−4.2318.4%
GOOG Alphabet Inc. Class C held held17.7%
MSFT Microsoft Corp added+3.57 pp added+3.5714.0%
unresolved Canadian Pac Ry Ltd held held12.4%
V VISA Inc. held held8.6%

Positions13 in this filing · 2 exited


CHTRCharter Comm Inc Del CL A New	18.37%	10,252,881	$6.3B	trimmed−2%	−4.23 pp	20 q
GOOGAlphabet Inc. Class C	17.73%	2,952,307	$6.1B	held	—	15 q
MSFTMicrosoft Corp	14.02%	20,483,405	$4.8B	added+43%	+3.57 pp	14 q
unresolvedCanadian Pac Ry Ltd	12.37%	11,172,077	$4.3B	held	—	13 q
VVISA Inc.	8.64%	14,057,890	$3.0B	held	—	8 q
CNICanadian National Railway	7.00%	20,773,418	$2.4B	held	—	11 q
SPGIS&P Global Inc.	6.00%	5,853,460	$2.1B	added×2.5	+3.45 pp	17 q
MCOMoody's Corporation	5.69%	6,562,790	$2.0B	added0%	−0.55 pp	24 q
UNPUnion Pacific Corp.	3.85%	6,016,539	$1.3B	held	—	16 q
GOOGLAlphabet Inc. Class A	3.70%	618,021	$1.3B	held	—	14 q
BXPBXP, Inc.	2.57%	8,753,638	$886M	added+5%	−0.02 pp	4 q
KLACKLA Corporation	0.03%	30,600	$10M	new	+0.03 pp	new
LRCXLam Research Corp	0.03%	17,300	$10M	new	+0.03 pp	new
VNOVornado Realty Trust	—	−4,904,776	—	exited	−0.60 pp	—
AMZNAmazon.Com Inc	—	−2,800	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-21-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet