Christopher Hohn's Trades and Holdings in Q1 2026

Breaking down the stocks Christopher Hohn (TCI Fund Management) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from TCI Fund Management's 13F filed on May 15, 2026.

Who are Sir Christopher Hohn and TCI Fund Management?

TCI Fund Management (The Children's Investment Fund) is a value-oriented hedge fund founded in 2003 by activist investor Sir Christopher Hohn. The firm has delivered exceptional returns since inception while donating a significant portion of its profits to children's charities through the Children's Investment Fund Foundation. TCI employs a fundamental, research-intensive approach to invest globally in businesses with sustainable competitive advantages. Hohn frequently employs activist strategies to drive corporate governance improvements and strategic changes in portfolio companies.

TCIfund.com
Wikipedia on Christopher Hohn
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Sir Christopher Hohn's TCI Fund Management maintained its signature hyper-concentrated, long-duration approach as of Q1 2026, deploying roughly $45 billion across just ten U.S.-listed positions — anchored by dominant stakes in aerospace, infrastructure, and technology — with no new positions initiated or exited, underscoring the fund's conviction-driven preference for compounding capital in a handful of wide-moat franchises over the long term. Hohn's portfolio, headlined by GE Aerospace, Ferrovial, Canadian National Railway, and Alphabet, reflects his core thesis of owning businesses with high barriers to entry and durable pricing power, while selectively employing activist engagement to unlock shareholder value when corporate governance or capital allocation falls short.

New Investments

TCI Fund Management did not open any new positions during Q1 2026.

Added, Trimmed, and Exited

Added

TCI Fund Management added to four existing positions during Q1 2026: Visa (V) was increased by approximately 2.7 million shares (~10%), S&P Global (SPGI) by approximately 2.2 million shares (~19%), Alphabet (GOOG) by approximately 1.3 million shares (~17%), and Moody's (MCO) by approximately 1.0 million shares (~8%).
What it means: The additions to Moody's (MCO) and S&P Global (SPGI) are particularly telling — both are dominant players in financial data, ratings, and analytics, with wide economic moats and recurring revenue models. Paired with the top-up in Visa (V), another high-quality compounder with network-effect advantages, this signals that Sir Christopher Hohn is doubling down on businesses with durable pricing power and structurally high returns on capital. The increase in Alphabet (GOOG) adds a growth-oriented dimension, suggesting continued conviction in AI-driven monetization despite broader market volatility.

Trimmed

TCI Fund Management made two trims in Q1 2026: most dramatically, Microsoft (MSFT) was reduced by approximately 14.1 million shares — an ~84% cut that slashed the position from roughly 16.8 million to 2.7 million shares — while Canadian Pacific Kansas City (CP) saw a modest reduction of approximately 1.1 million shares (~2%).
What it means: The near-total exit from Microsoft (MSFT) is the defining move of the quarter. TCI had built a substantial position, but reducing it by ~84% suggests either a significant reassessment of valuation — Microsoft having traded at elevated multiples amid AI enthusiasm — or a strategic decision to rotate that capital into positions with more compelling risk/reward profiles, such as the financial data franchises topped up this quarter. This is consistent with Hohn's value-oriented discipline: even high-quality businesses can become expensive. The minor trim in Canadian Pacific Kansas City (CP) appears largely routine and does not suggest a change in long-term thesis on the railroad.

Exited

TCI Fund Management did not fully exit any positions in Q1 2026.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.