Christopher Hohn's Trades and Holdings in Q2 2026

Breaking down the stocks Christopher Hohn (TCI Fund Management) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from TCI Fund Management's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Sir Christopher Hohn's TCI Fund Management continued its concentrated, value-oriented approach through Q2 2026, completing its retreat from Microsoft over AI-disruption fears while deepening conviction in wide-moat compounders like Moody's and Alphabet, the latter now the fund's top technology bet as it leans into AI monetization rather than legacy software risk. The quarter also saw TCI pivot further into infrastructure and construction materials, rolling its stake in Ferrovial into a new share class while initiating fresh positions in aggregates giants Martin Marietta and Vulcan Materials, underscoring Hohn's long-standing preference for durable, pricing-power-rich businesses tied to global infrastructure spending.

New Investments

Ferrovial Nv

Christopher Hohn bought $1.43B of Ferrovial Nv in Q2 2026. Over the last two quarters, the company has delivered accelerating growth, with Q1 2026 revenue up 10.2% like-for-like to around €2.1 billion and adjusted EBITDA up 15.0%, driven by strong North American highways and solid construction performance. In the current quarter, Q2 2026, revenue increased to about €2.6 billion while operating profit rose sharply (around +47.8% year over year), supporting half-year revenue of €4.7 billion and adjusted EBITDA of €746 million and indicating improving profitability and cash generation. Recent catalysts include robust growth at key toll road and managed lane assets (407 ETR toll revenue up 20.2% and strong Dallas–Fort Worth performance), a net cash position of about €1.3 billion excluding projects, Nasdaq-100 inclusion, and a new $1.079 billion U.S. Army Corps infrastructure contract plus an airport solar milestone, all supporting upside to valuation versus infrastructure peers.

• Q1 2026 revenue grew 10.2% year over year to €2,098 million, with adjusted EBITDA up 15.0%..
• H1 2026 revenue reached €4.701 billion (+11.3% like-for-like) and adjusted EBITDA €746 million (+21.6% like-for-like)..
• Q2 2026 operating profit increased about 47.8% year over year to roughly $367.5 million, while diluted EPS rose 5.2%..

Martin Marietta

Christopher Hohn bought $758.42M of Martin Marietta in Q2 2026. The purchase comes as the company posts record results in the current quarter, with Q2 2026 revenue up 21% year over year to $1.947B, adjusted EPS rising to $5.00 and record adjusted EBITDA of $638M, indicating strengthening core performance even though GAAP diluted EPS from continuing operations declined to $4.26 due to acquisition‑related inventory step‑up and higher depreciation. Compared with the prior quarter’s more mixed picture—where GAAP EPS from continuing operations of $1.31 missed the $1.76 consensus but adjusted EPS of $1.93 beat expectations—the current quarter shows the business gaining momentum operationally, even though the stock slipped about 5% on the print as investors focused on near‑term pricing headwinds and acquisition integration complexity. From a valuation standpoint, upside is supported by raised full‑year revenue guidance to $7.2B–$7.4B, reaffirmed adjusted EBITDA guidance of $2.36B–$2.5B, and year‑to‑date net earnings of $1.764B with diluted EPS of $29.27 boosted by a $1.4B after‑tax gain from the February divestiture of the Midlothian cement and Texas ready‑mix operations.

• Q2 2026 revenue increased 21% year over year to $1.947B, with adjusted EPS up 3.3% to $5.00 and beating consensus by about 8%..
• Q2 2026 adjusted EBITDA from continuing operations reached a record $638M, implying a margin of about 32.8% and rising roughly 13% year over year..
• Year‑to‑date 2026 net earnings attributable to the company are $1.764B with diluted EPS of $29.27, driven by a $1.4B after‑tax gain on the February Midlothian cement divestiture..

Vulcan Materials

Christopher Hohn bought $721.89M of Vulcan Materials in Q2 2026. The purchase comes as the company has moved from a softer finish to 2025 to a strengthening trend in 2026, with Q1 2026 revenue up 7% year over year to $1.76 billion and EPS of $1.35, more than 20% above consensus, driven by aggregates volume and pricing. Momentum has continued in the current quarter, as Q2 2026 revenue grew about 2.5–3.0% year over year to ~$2.16 billion, adjusted EPS reached $2.59 (mid‑single‑digit growth) and beat estimates by roughly 4–5%, while adjusted EBITDA of $654 million and roughly 30% margin show resilient profitability despite about $40 million in energy headwinds. With full‑year 2026 adjusted EBITDA guidance held at $2.4–$2.6 billion and initiatives such as the 2026 Environmental Challenge reinforcing its sustainability profile, the company appears to be gaining operational traction versus the broader construction materials space, supporting a constructive fundamental outlook over the next 12 months.

• Q2 2026 revenue of $2.16 billion, up roughly 2.5–3.0% year over year and about 1–2% above consensus expectations..
• Q2 2026 adjusted EPS of $2.59, rising about 5–6% year over year and beating Street estimates by roughly 4–5%..
• Q1 2026 adjusted EBITDA of $447 million, up 9% year over year, on revenue of $1.76 billion (+7% YoY) and gross margin expansion of 180 bps to 24.1%..

Added, Trimmed, and Exited

Added

TCI Fund Management added to three existing holdings: Alphabet (+1,084,800 shares, raising the position to $3.51B and marking a strong 38.3% quarterly return), Visa (+26,000 shares, position now valued at $10.46B with a 13.6% return), and S&P Global (+46,647 shares, though the position value declined slightly to $5.74B on a -3.9% return).
What it means: The addition to Alphabet stands out given the position was already up nearly 40% for the quarter—Hohn is doubling down on a clear winner rather than trimming into strength, signaling high conviction in continued upside. The modest add to Visa reinforces TCI's long-standing thesis on payment network economics, while the small increase in S&P Global despite a negative return suggests the firm views the pullback as a buying opportunity rather than a signal of deteriorating fundamentals.

Trimmed

TCI Fund Management trimmed three positions: Canadian Pacific (-1,196,197 shares, though the position still returned 7.3% and grew in value to $3.93B), Canadian National (-416,512 shares, with value rising to $1.12B on an 11.0% return), and GE Aerospace (-82,198 shares, a very modest reduction given the position's massive $17.7B value and strong 31.5% return).
What it means: These trims look more like disciplined profit-taking or portfolio rebalancing than a loss of conviction, since all three positions posted solid positive returns during the quarter. The minimal share reduction in GE Aerospace relative to its size and strong performance suggests TCI is simply managing position sizing after a large run-up rather than exiting the thesis, while the rail names (Canadian Pacific and Canadian National) may be seeing capital reallocated toward higher-conviction adds like Alphabet.

Exited

TCI Fund Management fully exited two positions: Ferrovial (formerly Ferrovial SE, $1.33B position) and Microsoft ($1.01B position).
What it means: Notably, the exit from Ferrovial appears to be a technical re-domiciliation rather than a true sale—TCI simultaneously initiated a new, larger position in Ferrovial Nv ($1.43B), suggesting the underlying Ferrovial thesis remains intact following a corporate share-class or listing change. The exit from Microsoft, however, represents a genuine divestment and a notable shift away from mega-cap technology exposure, potentially reflecting profit-taking after a strong run or a reallocation of capital toward the infrastructure and materials names added this quarter (Martin Marietta and Vulcan Materials).

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.