TCI Fund Management

Q2 2022 13F · by Chris Hohn, founder

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $31.6B · prev $36.8B
Positions: 13 · prev 11
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%

Moves10 since the prior filing

+4.7 pp in · −4.3 pp out

New 3 +0.83 pp
Added 5 +3.82 pp
Trimmed 1 −1.12 pp
Exited 1 −3.13 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions71% of US stock

GOOG Alphabet Inc. Class C added−0.83 pp added−0.8317.1%
MSFT Microsoft Corp added+1.50 pp added+1.5015.9%
CNI Canadian National Railway held held13.1%
V VISA Inc. held held12.4%
unresolved Canadian Pac Ry Ltd held held12.3%

Positions13 in this filing · 1 exited


GOOGAlphabet Inc. Class C	17.14%	2,475,787	$5.4B	added+4%	−0.83 pp	20 q
MSFTMicrosoft Corp	15.95%	19,629,035	$5.0B	added+14%	+1.50 pp	19 q
CNICanadian National Railway	13.06%	36,699,825	$4.1B	held	—	16 q
VVISA Inc.	12.41%	19,924,121	$3.9B	held	—	13 q
unresolvedCanadian Pac Ry Ltd	12.35%	55,860,385	$3.9B	held	—	18 q
SPGIS&P Global Inc.	9.35%	8,768,321	$3.0B	added+29%	+1.75 pp	22 q
MCOMoody's Corporation	7.10%	8,246,207	$2.2B	added+13%	+0.43 pp	29 q
GOOGLAlphabet Inc. Class A	5.30%	768,021	$1.7B	added+34%	+0.97 pp	19 q
UNPUnion Pacific Corp.	3.54%	5,252,148	$1.1B	held	—	21 q
BXPBXP, Inc.	2.97%	10,564,496	$940M	trimmed−10%	−1.12 pp	9 q
AMATApplied Materials Inc	0.55%	1,897,488	$173M	new	+0.55 pp	new
KLACKLA Corporation	0.16%	155,441	$50M	new	+0.16 pp	new
LRCXLam Research Corp	0.12%	89,545	$38M	new	+0.12 pp	new
CHTRCharter Comm Inc Del CL A New	—	−2,111,453	—	exited	−3.13 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001647251-22-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet