Christopher Hohn's Trades and Holdings in Q3 2025

Breaking down the stocks Christopher Hohn (TCI Fund Management) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from TCI Fund Management's 13F filed on November 14, 2025.

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
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Sir Christopher Hohn's TCI Fund Management maintained its highly concentrated activist approach in Q3 2025, holding just nine positions totaling $52.7 billion with General Electric (now GE Aerospace) commanding 27% of the portfolio as the fund's largest position, followed by substantial stakes in Visa, Microsoft, Moody's, and S&P Global. The London-based hedge fund continued its focus on high-quality companies with predictable free cash flow and sustainable competitive advantages, while Ferrovial, a global infrastructure operator experiencing strong growth in its North American highways and construction divisions, represented one of its key holdings in the portfolio.

New Investments

TCI Fund Management did not open any new positions during Q3 2025.

Added, Trimmed, and Exited

Added

TCI Fund Management made a massive addition to Visa (V), increasing the position by approximately 47% (adding nearly 9 million shares), making it one of their largest holdings. The fund also made minor additions to S&P Global (SPGI) and Moody's (MCO), though these represented less than 1% increases in share count.
What it means: The aggressive accumulation of Visa signals strong conviction in the payments giant's competitive moat and growth prospects, particularly as digital payments continue to gain share globally. This concentrated bet aligns with TCI's value-oriented philosophy of backing businesses with durable competitive advantages. The token additions to the credit rating agencies suggest these are maintenance adjustments rather than material strategic shifts, likely aimed at maintaining target allocation levels in what TCI views as essential financial infrastructure businesses with pricing power.

Trimmed

TCI Fund Management significantly reduced exposure to Alphabet (GOOG) by 41% and Canadian National (CNI) by 18%, while making smaller trims to Canadian Pacific Kansas City (CP), Microsoft (MSFT), both reduced by approximately 5-6%.
What it means: The substantial reduction in Alphabet and both Canadian railways suggests TCI may be reallocating capital away from positions facing near-term headwinds or valuation concerns. The Alphabet trim could reflect concerns about AI competition pressures or regulatory challenges, while the railway reductions may indicate worries about North American trade volumes or the funds being redeployed to higher-conviction opportunities like Visa. The modest Microsoft trim appears more like portfolio rebalancing than a fundamental view change, maintaining meaningful exposure while harvesting gains to fund other positions.

Exited

TCI Fund Management did not fully exit any positions during Q3 2025.

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.