TCI Fund Management

Q3 2024 13F · by Chris Hohn, founder

Picture100.0% US stock

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

+0.2 pp in · −2.0 pp out

Very concentrated · behaves like 8 equal-sized positions

Low turnover · 4.3% a year, about 23.2 years per position


GEGE Aerospace	20.64%	48,180,376	$9.1B	held	—	7 q
MCOMoody's Corporation	14.28%	13,246,769	$6.3B	held	—	38 q
SPGIS&P Global Inc.	12.21%	10,400,077	$5.4B	held	—	31 q
MSFTMicrosoft Corp	11.72%	11,990,590	$5.2B	added+14%	+0.22 pp	4 q
CPCanadian Pacific Kansas City Limited	10.67%	54,913,285	$4.7B	held	—	6 q
VVISA Inc.	10.49%	16,797,187	$4.6B	held	—	22 q
CNICanadian National Railway	9.43%	35,437,277	$4.2B	trimmed−10%	−1.97 pp	25 q
GOOGAlphabet Inc. Class C	6.43%	16,927,056	$2.8B	held	—	29 q
GOOGLAlphabet Inc. Class A	2.27%	6,027,410	$1000M	held	—	4 q
FERFerrovial N.V.	1.86%	19,095,244	$820M	held	—	2 q