Chris Hohn — TCI Fund Management Ltd 13F Holdings Tracker (Q2 2026)
TCI Fund Management LtdCIK: 0001647251
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$52.8B
Reporting period: 2026-06-30 · Number of holdings: 11
TCI Fund Management Ltd disclosed 11 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $52.8B and a quarterly turnover rate of 20.6%.
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Personality snowflake
- Concentration
- 76.36
- Portfolio Stability
- 20.6
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 22
- Sizing Uniformity
- 89
TCI Fund Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.191 — mathematically equivalent to about 5 equally-sized positions, well below its 11 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.10), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 9.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GE
-0.2% $4.2B
Trim SPGI
+0.3% -$234.8M
Sold out MSFT
Trim MCO
0.0% $238.9M
New buy MLM
New buy VMC
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
TCI Fund Management's positioning this quarter shows a clear capital rotation: core holdings GE and V tell opposite stories — GE was actively trimmed while its weight still rose from 29.85% to 33.59% (price appreciation overwhelmed the share reduction), whereas V was added but its weight fell slightly to 19.83%, implying the added shares were not enough to offset price weakness. The fund fully exited MSFT (small position) and initiated fresh positions in two construction-materials firms (MLM, VMC), reinforcing a shift away from tech and into industrial/materials value chains.
Macro & Fundamentals
The observable sector flows — reducing software exposure, adding to building materials — line up with a potential reflationary or infrastructure-driven thesis, though this is a limited-data inference rather than a confirmed causal claim. The fund's momentum tilt (+9.14 pct pts above neutral) and full sector-conviction score (100) suggest they are leaning into industries with recent strength rather than merely diversifying.
Blind Spots / Risks
With an HHI of 0.19 and just 11 holdings, this book has zero structural margin for error: the top two positions (GE + V) now account for over 53% of the portfolio, and the diversification score sits at 22/100. Notably, the dataset does not include shares-change percentages for any position, so we cannot parse how much weight drift came from active trading versus price action — a real analytical constraint for attributing this quarter's moves.
AI-assisted summary drawn from this institution's SEC EDGAR filings, covering historical data only. Not a substitute for professional investment advice — cross-check against the primary source filing below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GE | General Electric | Stock-Industrials | 33.59% | +3.74% | -0.17% | |
| 2 | V | Visa Inc-class A Shares | Stock-Financials | 19.83% | -0.56% | +0.09% | |
| 3 | MCO | Moody's CORP | Stock-Financials | 12.30% | -1.54% | — | |
| 4 | SPGI | S&p Global Inc | Stock-Financials | 10.87% | -2.35% | +0.33% | |
| 5 | CP | Canadian Pacific Kansas City | Stock-Industrials | 7.44% | -0.66% | -2.57% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.65% | +1.03% | +12.25% | |
| 7 | ✓ | Ferrovial Se | Stock-Other | 2.72% | -0.22% | +0.97% | |
| 8 | CNI | Canadian Natl Railway Co | Stock-Industrials | 2.13% | -0.11% | -4.23% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.66% | +0.10% | — | |
| 10 | MLM | Martin Marietta Materials | Stock-Materials | 1.44% | +1.44% | NEW | |
| 11 | VMC | Vulcan Materials Co | Stock-Materials | 1.37% | +1.37% | NEW |
Portfolio Performance
Performance for Q3 2026
-3.3%
Performance Last 4 Quarters
+4.2%
- Stdev
- +15.6%
- Beta
- +1
- Alpha
- -2.2%
- Max Drawdown
- -11.8%
- Annualized Perf
- +19.9%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.3
- Stutzer
- +0.36
- Treynor
- +0.19
- Sterling
- +1.19
- Calmar
- +1.69
- Information Ratio
- -0.23
- Tracking Error
- +9.4%
- Stdev Down
- +8.4%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +39.6%
- Worst 12 Months
- +4.2%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.25
- Stdev Sectors
- +19.4%
- Skewness
- -0.12
- Kurtosis
- +0.47
- Upside Potential
- +3.77
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 11 | $52.8B | 21 | ||
| 2026 Q1 | 10 | $45.2B | 21 | ||
| 2025 Q4 | 9 | $53.6B | 7 | ||
| 2025 Q3 | 9 | $52.7B | 26 | ||
| 2025 Q2 | 10 | $50.7B | 0 | ||
| 2025 Q1 | 10 | $43.4B | 100 | ||
| 2024 Q4 | 10 | $42.4B | 0 | ||
| 2024 Q3 | 10 | $44.0B | 0 | ||
| 2024 Q2 | 10 | $40.9B | 0 | ||
| 2024 Q1 | 10 | $39.7B | 0 | ||
| 2023 Q4 | 11 | $36.0B | 0 | ||
| 2023 Q3 | 9 | $27.6B | 0 | ||
| 2023 Q2 | 10 | $33.7B | 0 | ||
| 2023 Q1 | 9 | $29.2B | 0 | ||
| 2022 Q4 | 10 | $29.9B | 0 | ||
| 2022 Q3 | 10 | $28.6B | 0 | ||
| 2022 Q2 | 13 | $31.6B | 0 | ||
| 2022 Q1 | 11 | $36.8B | 0 | ||
| 2021 Q4 | 13 | $44.4B | 0 | ||
| 2021 Q3 | 13 | $41.6B | 0 | ||
| 2021 Q2 | 13 | $40.1B | 92 | ||
| 2021 Q1 | 13 | $34.4B | 17 | ||
| 2020 Q4 | 13 | $30.5B | 10 | ||
| 2020 Q3 | 13 | $27.9B | 17 | ||
| 2020 Q2 | 18 | $25.2B | 32 | ||
| 2020 Q1 | 18 | $21.1B | 22 | ||
| 2019 Q4 | 17 | $22.6B | 18 | ||
| 2019 Q3 | 15 | $19.3B | 13 | ||
| 2019 Q2 | 13 | $18.5B | 31 | ||
| 2019 Q1 | 13 | $15.3B | 54 | ||
| 2018 Q4 | 12 | $20.0B | 26 | ||
| 2018 Q3 | 14 | $19.1B | 35 | ||
| 2018 Q2 | 12 | $21.3B | 46 | ||
| 2018 Q1 | 15 | $18.0B | 42 | ||
| 2017 Q4 | 15 | $16.1B | 32 | ||
| 2017 Q3 | 11 | $14.5B | 15 | ||
| 2017 Q2 | 9 | $13.3B | 77 | ||
| 2017 Q1 | 7 | $11.7B | 21 | ||
| 2016 Q4 | 5 | $9.5B | 15 | ||
| 2016 Q3 | 6 | $9.0B | 21 | ||
| 2016 Q2 | 6 | $7.3B | 100 | ||
| 2016 Q1 | 7 | $5.4B | 27 | ||
| 2015 Q4 | 7 | $5.0B | 7 | ||
| 2015 Q3 | 6 | $5.1B | 18 | ||
| 2015 Q2 | 5 | $4.3B | 0 |
Holding changes this quarter
TCI Fund Management Ltd's most significant position changes for 2026-06-30: Sold out: Microsoft CORP (MSFT); New buy: Martin Marietta Materials (MLM); New buy: Vulcan Materials Co (VMC); Trim: General Electric (GE) — shares -0.17%; Add: S&p Global Inc (SPGI) — shares +0.33%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GE | General Electric | +3.7% | -0.17% | Trim |
| 2 | MLM | Martin Marietta Materials | +1.4% | NEW | New buy |
| 3 | VMC | Vulcan Materials Co | +1.4% | NEW | New buy |
| 4 | GOOG | Alphabet Inc-cl C | +1% | +12.25% | Add |
| 5 | GOOGL | Alphabet Inc-cl A | +0.1% | — | Unchanged |
| 6 | CNI | Canadian Natl Railway Co | -0.1% | -4.23% | Trim |
| 7 | ✓ | Ferrovial Se | -0.2% | +0.97% | Add |
| 8 | V | Visa Inc-class A Shares | -0.6% | +0.09% | Add |
| 9 | CP | Canadian Pacific Kansas City | -0.7% | -2.57% | Trim |
| 10 | MCO | Moody's CORP | -1.5% | — | Unchanged |
| 11 | MSFT | Microsoft CORP | -2.2% | EXIT | Sold out |
| 12 | SPGI | S&p Global Inc | -2.4% | +0.33% | Add |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is TCI Fund Management Ltd and what type of investor is it?
TCI Fund Management Ltd is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $52.8B, spread across 11 disclosed positions.
What are TCI Fund Management Ltd's largest equity positions?
Based on the latest 13F filing, TCI Fund Management Ltd's top holdings by market value are:
1. General Electric (GE) — $17.7B (33.6%)
2. Visa Inc-class A Shares (V) — $10.5B (19.8%)
3. Moody's CORP (MCO) — $6.5B (12.3%)
4. S&p Global Inc (SPGI) — $5.7B (10.9%)
5. Canadian Pacific Kansas City (CP) — $3.9B (7.4%)
What changes did TCI Fund Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, TCI Fund Management Ltd made 10 notable position adjustments: 2 new positions were initiated, 4 existing holdings were added to, 3 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Microsoft CORP (MSFT); New buy: Martin Marietta Materials (MLM); New buy: Vulcan Materials Co (VMC); Trim: General Electric (GE) — shares -0.17%; Add: S&p Global Inc (SPGI) — shares +0.33%
What sectors does TCI Fund Management Ltd focus on?
TCI Fund Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 44.4%
• Financials: 44.2%
• Communication Services: 8.6%
• Materials: 2.9%
Investment Profile
TCI Fund Management Ltd returned an annualized 19.9% over the trailing 36 months — underperforming the S&P 500 by 2.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.00 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 44.4% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its GOOG position over the past two quarters (+$1.1B, now $3.5B), while trimming SPGI over the same stretch (-$426.5M, still holding $5.7B).
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Developer Access
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