TCI Fund Management

Q2 2026 13F · by Chris Hohn, founder

As of: Jun 30, 2026
Filed: Aug 14, 2026
US stock: $52.8B · prev $45.2B
Positions: 11 · prev 10
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

+0.7 pp in · +0.7 pp out

New 2 +2.81 pp
Added 4 −2.10 pp
Trimmed 3 +2.97 pp
Exited 1 −2.24 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.1% a year, about 11.1 years per position

Low
Moderate
High

Top 5 positions84% of US stock

Positions11 in this filing · 1 exited


GEGE Aerospace	33.59%	47,428,233	$17.7B	trimmed−0%	+3.74 pp	14 q
VVISA Inc.	19.83%	30,494,133	$10.5B	added0%	−0.56 pp	29 q
MCOMoody's Corporation	12.30%	14,334,027	$6.5B	held	—	45+ q
SPGIS&P Global Inc.	10.87%	14,081,957	$5.7B	added0%	−2.35 pp	38 q
CPCanadian Pacific Kansas City Limited	7.44%	45,325,726	$3.9B	trimmed−3%	−0.66 pp	13 q
GOOGAlphabet Inc. Class C	6.65%	9,938,819	$3.5B	added+12%	+1.03 pp	36 q
FERFerrovial N.V.	2.72%	20,940,441	$1.4B	added0%	−0.22 pp	9 q
CNICanadian National Railway	2.13%	9,433,422	$1.1B	trimmed−4%	−0.11 pp	32 q
GOOGLAlphabet Inc. Class A	1.66%	2,457,000	$878M	held	—	2 q
MLMMartin Marietta Materials	1.44%	1,315,109	$758M	new	+1.44 pp	new
VMCVulcan Materials Company(Holding Company)	1.37%	2,447,004	$722M	new	+1.37 pp	new
MSFTMicrosoft Corp	—	−2,728,412	—	exited	−2.24 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001647251-26-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet