TCI Fund Management

Q2 2023 13F · by Chris Hohn, founder

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+21.8 pp in · −21.9 pp out

Very concentrated · behaves like 8 equal-sized positions

High turnover · 77% a year, about 1.3 years per position


CNICanadian National Railway	14.71%	40,888,953	$5.0B	added+11%	−0.12 pp	20 q
GEGE Aerospace	13.59%	41,650,076	$4.6B	added+60%	+5.04 pp	2 q
CPCanadian Pacific Kansas City Limited	13.41%	55,860,385	$4.5B	new	+13.41 pp	new
VVISA Inc.	12.55%	17,786,169	$4.2B	trimmed−8%	−2.34 pp	17 q
MSFTMicrosoft Corp	11.98%	11,845,241	$4.0B	trimmed−23%	−3.12 pp	23 q
SPGIS&P Global Inc.	11.11%	9,329,611	$3.7B	held	—	26 q
MCOMoody's Corporation	10.87%	10,520,317	$3.7B	added+1%	0.00 pp	33 q
GOOGAlphabet Inc. Class C	6.65%	18,502,456	$2.2B	trimmed−21%	−1.73 pp	24 q
TMOThermo Fisher Scientific, Inc.	4.92%	3,173,182	$1.7B	added×3.8	+3.27 pp	3 q
FERGFerguson Enterprises Inc.	0.23%	490,669	$77M	new	+0.23 pp	new
unresolvedCanadian Pac Ry Ltd	—	−55,860,385	—	exited	−14.72 pp	—