How can so few positions hold so much money?

Concentration is the strategy. TCI buys a small number of very large companies in size, so a book of more than 50 billion dollars fits into around 11 names.

Is this the whole fund?

No. A 13F covers US-listed shares only. TCI is a London firm and its holdings on other exchanges never appear on this form.

What does TCI stand for?

The Children's Investment Fund. The firm was set up to pass part of its profits to a foundation of that name, which still receives them.

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Hedge fund

The TCI Fund Management portfolio

Eleven positions hold more than 50 billion dollars. The firm buys very few companies on purpose.

Size$52.8BPositions9Turnover55%Current weights, 12 m+6.3%

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The TCI Fund Management portfolio

Size$52.8B

Current weights, 12 m+6.3%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

GE AerospaceGE33.6%since 2023$319.78−0.0%—$17.7B

Visa Inc.V19.8%since 2019$367.98+1.8%—$10.5B

33.6%

GE AerospaceGE · $319.78−0.0%

19.8%

Visa Inc.V · $367.98+1.8%

Moody's CorporationMCO12.3%since 2015$467.59−1.3%—$6.5B

S&P Global Inc.SPGI10.9%since 2017$403.25−0.8%—$5.7B

Alphabet Inc.GOOG8.3%since 2017$339.01+1.2%—$4.4B

Canadian Pacific Kansas City Ltd.CP7.4%since 2023$87.32−1.1%—$3.9B

Canadian National Railway CompanyCNI2.1%since 2018$119.92+0.4%—$1.1B

Martin Marietta Materials, Inc.MLM1.4%since 2026$480.10−2.1%—$758M

Vulcan Materials CompanyVMC1.4%since 2026$241.70−1.1%—$722M

12.3%

Moody's CorporationMCO · $467.59−1.3%

10.9%

S&P Global Inc.SPGI · $403.25−0.8%

8.3%

Alphabet Inc.GOOG · $339.01+1.2%

7.4%

Canadian Pacific Kansas City Ltd.CP · $87.32−1.1%

2.1%

Canadian National Railway CompanyCNI · $119.92+0.4%

1.4%

Martin Marietta Materials, Inc.MLM · $480.10−2.1%

1.4%

Vulcan Materials CompanyVMC · $241.70−1.1%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +6.3% above is the 12-month change these weights would have produced. It is not TCI Fund Management's return.

Why people follow this portfolio

TCI Fund Management is the London firm Chris Hohn founded in 2003. These are its US-listed positions from the latest filing.

Chris Hohn runs one of the most concentrated large portfolios in the industry. The latest filing holds around 11 positions worth more than 50 billion dollars together, which means each position is worth several billion. The firm looks for companies with a strong competitive position and predictable cash flow, then buys large stakes and holds them.

Holding periods run to years. Several of the names in the filing have been there since the last decade, and the quarter-to-quarter changes are usually adjustments rather than new ideas. Hohn has argued that a manager who cannot name a reason to hold a company for five years should not own it at all.

The firm also runs an activist side and has campaigned publicly on executive pay and on climate disclosure. Part of its profits goes to the Children's Investment Fund Foundation, which is where the initials come from.

Where this data comes from

Positions come from the 13F form the firm files with the SEC each quarter. The form covers long positions in US-listed shares only, so European and other non-US holdings of the same firm do not appear.

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Frequently asked questions

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