TCI Fund Management

Q1 2022 13F · by Chris Hohn, founder

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $36.8B · prev $44.4B
Positions: 11 · 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%

Moves11 since the prior filing

+6.3 pp in · −13.0 pp out

New 0 0.00 pp
Added 3 +6.34 pp
Trimmed 6 −10.19 pp
Exited 2 −2.81 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions70% of US stock

GOOG Alphabet Inc. Class C trimmed−1.25 pp trimmed−1.2518.0%
MSFT Microsoft Corp added+1.82 pp added+1.8214.4%
CNI Canadian National Railway held held13.4%
unresolved Canadian Pac Ry Ltd held held12.5%
V VISA Inc. trimmed+0.73 pp trimmed+0.7312.0%

Positions11 in this filing · 2 exited


GOOGAlphabet Inc. Class C	17.97%	2,370,340	$6.6B	trimmed−20%	−1.25 pp	19 q
MSFTMicrosoft Corp	14.45%	17,264,766	$5.3B	added+3%	+1.82 pp	18 q
CNICanadian National Railway	13.36%	36,699,825	$4.9B	held	—	15 q
unresolvedCanadian Pac Ry Ltd	12.51%	55,860,385	$4.6B	held	—	17 q
VVISA Inc.	11.99%	19,924,121	$4.4B	trimmed−14%	+0.73 pp	12 q
SPGIS&P Global Inc.	7.60%	6,823,072	$2.8B	added+82%	+3.62 pp	21 q
MCOMoody's Corporation	6.67%	7,285,832	$2.5B	added+11%	+0.90 pp	28 q
GOOGLAlphabet Inc. Class A	4.33%	573,021	$1.6B	trimmed−7%	+0.30 pp	18 q
BXPBXP, Inc.	4.09%	11,711,196	$1.5B	trimmed−6%	+0.86 pp	8 q
UNPUnion Pacific Corp.	3.90%	5,252,148	$1.4B	trimmed−15%	+0.42 pp	20 q
CHTRCharter Comm Inc Del CL A New	3.13%	2,111,453	$1.2B	trimmed−78%	−11.25 pp	24 q
MRKTIhs Markit Ltd	—	−7,660,706	—	exited	−2.29 pp	—
AREAlexandria Real Estate Equities, Inc.	—	−1,044,359	—	exited	−0.52 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-22-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet