Chris Hohn
TCI Fund Management
Founder of TCI. Holds about ten large positions in monopoly-like businesses and is known for activist pressure on climate disclosure.
13F portfolio value
Q2 2026
$52.77B
1-year growth
+4.1%
2-year growth
+28.9%
Positions
11
Top 10 share
98.6%
Quarterly turnover
2.5%
Last filed
Aug 14, 2026
Source: SEC EDGAR · Photo: Foreign, Commonwealth & Development Office (CC BY 2.0)
Q2 2026: summary
MakklerAI- GE rose to 33.6% of TCI’s $52.8B portfolio from 29.8% in the prior quarter, while Visa eased to 19.8% from 20.4%.
- TCI added 12.3% to its GOOG shares, bringing the position to 6.7% of the portfolio, and opened 1.4% positions in both MLM and VMC.
- TCI exited MSFT and reduced CP by 2.6% and CNI by 4.2%; CP now represents 7.4% and CNI 2.1%.
- The 11-stock portfolio had 2.5% turnover, and its top 10 holdings accounted for 98.6% of value, versus 10 positions in the prior quarter.
Portfolio value (13F)
$40.92BQ2 2024
$44.02BQ3 2024
$42.41BQ4 2024
$43.37BQ1 2025
$50.71BQ2 2025
$52.70BQ3 2025
$53.65BQ4 2025
$45.17BQ1 2026
$52.77BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $52.77B | 11 | 2 | 2 | 2 | 1 | 2.5% |
| Q1 2026 | $45.17B | 10 | 1 | 4 | 2 | 0 | 7.3% |
| Q4 2025 | $53.65B | 9 | 0 | 3 | 3 | 0 | 0.9% |
| Q3 2025 | $52.70B | 9 | 0 | 2 | 4 | 1 | 5.7% |
| Q2 2025 | $50.71B | 10 | 0 | 5 | 4 | 0 | 1.8% |
| Q1 2025 | $43.37B | 10 | 0 | 2 | 5 | 0 | 2.5% |
| Q4 2024 | $42.41B | 10 | 0 | 2 | 3 | 0 | 2.0% |
| Q3 2024 | $44.02B | 10 | 0 | 1 | 1 | 0 | 1.1% |
| Q2 2024 | $40.92B | 10 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| GE | 18.7% | 20.6% | 18.1% | 22.0% | 24.1% | 27.1% | 27.3% | 29.8% | 33.6% |
| V | 10.8% | 10.5% | 12.5% | 13.4% | 13.4% | 18.2% | 18.1% | 20.4% | 19.8% |
| MCO | 13.6% | 14.3% | 14.8% | 14.1% | 13.1% | 12.0% | 12.7% | 13.8% | 12.3% |
| SPGI | 11.3% | 12.2% | 12.2% | 12.1% | 11.5% | 10.3% | 11.5% | 13.2% | 10.9% |
| CP | 10.6% | 10.7% | 9.4% | 8.9% | 8.3% | 7.0% | 6.5% | 8.1% | 7.4% |
| GOOG | 7.6% | 6.4% | 7.4% | 5.0% | 4.5% | 3.5% | 4.4% | 5.6% | 6.7% |
| Ferrovial Se | 1.8% | 1.9% | 1.9% | 2.0% | 2.0% | 2.1% | 2.5% | 2.9% | 2.7% |
| CNI | 11.4% | 9.4% | 7.1% | 6.0% | 4.7% | 3.4% | 1.8% | 2.2% | 2.1% |
| GOOGL | 2.7% | 2.3% | 2.7% | 1.5% | 1.1% | — | — | 1.6% | 1.7% |
| MLM | — | — | — | — | — | — | — | — | 1.4% |
| VMC | — | — | — | — | — | — | — | — | 1.4% |
MakklerAI
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