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Chris Hohn

TCI Fund Management

Concentrated quality investor

$53.65B

Portfolio Value

9

Holdings

Q4 '25

Period

2026-02-17

Filed

📈

Simulated 13F Return

⚠️ Approximation

Total Return

+30.65%

Q4 '24 → Q3 '25

Annualized

+43%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

+16.93%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

VREDUCED
18.1% of portfolio
-1% shares-0.1pp
MSFTINCREASED
15.1% of portfolio
+1% shares-1.2pp
SPGIINCREASED
11.5% of portfolio
+5% shares+1.2pp
CPREDUCED
6.5% of portfolio
-4% shares-0.5pp
FERINCREASED
2.5% of portfolio
+7% shares+0.4pp
CNIINCREASED
1.8% of portfolio
-48% shares-1.5pp

📊 Sector Breakdown

Portfolio allocation by sector

Financials 29.6%Industrials 27.3%Unknown 23.5%Technology 19.6%

💼 Holdings

🔍

9 of 9 positions · $53.65B

This quarter: increased 4, reduced 2. Net buyer.

GE
27.3%
27.3% of portfolio
Filed ~$308
—📄
VREDUCED
18.1%
18.1% of portfolio (was 18.2%, trimmed)
Filed ~$351
—📄
MSFTINCREASED
15.1%
15.1% of portfolio (was 16.3%, added)
Filed ~$484
—📄
MCO
12.7%
12.7% of portfolio
Filed ~$511
—📄
SPGIINCREASED
11.5%
11.5% of portfolio (was 10.3%, added)
Filed ~$523
—📄
CPREDUCED
6.5%
6.5% of portfolio (was 7.0%, trimmed)
Filed ~$74
—📄
GOOG
4.4%
4.4% of portfolio
Filed ~$314
—📄
FERINCREASED
2.5%
2.5% of portfolio (was 2.1%, added)
Filed ~$65
—📄
CNIINCREASED
1.8%
1.8% of portfolio (was 3.4%, added)
Filed ~$99
—📄