Chris Hohn TCI Fund Management
Sir Chris Hohn is the founder of TCI Fund Management, a London-based firm known for concentrated, long-term equity portfolios and occasional activism. TCI’s process emphasizes high-quality businesses with durable competitive advantages, often held for years. Hohn is also known for philanthropy through the Children’s Investment Fund Foundation, which supports health, education, and climate initiatives.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian Pacific Kansas City
CP
|
+$520M |
| 2 |
Union Pacific
UNP
|
+$504M |
| 3 |
Norfolk Southern
NSC
|
+$209M |
| 4 |
Canadian National Railway
CNI
|
+$155M |
| 5 |
PG&E
PCG
|
+$62.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$4.18B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$133M |
| 3 |
Microsoft
MSFT
|
+$64.9M |
| 4 |
Charter Communications
CHTR
|
+$10.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 75.35% |
| 2 | Industrials | 14.17% |
| 3 | Technology | 7.91% |
| 4 | Financials | 2.23% |
| 5 | Utilities | 0.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $5.3B | 27.78% |
114,502,969
| – | – |
2017 Q4
3 quarters
|
|
|
2
Charter Communications
CHTR
$15.3B
| $4.42B | 23.16% |
13,573,841
-34,000
| -0.2% | -$10.4M |
2016 Q2
9 quarters
|
|
|
3
Alphabet (Google) Class C
GOOG
$3.57T
| $3.18B | 16.63% |
53,233,760
-2,219,240
| -4% | -$133M |
2017 Q3
4 quarters
|
|
|
4
Microsoft
MSFT
$3.87T
| $1.51B | 7.91% |
13,212,107
-598,342
| -4% | -$64.9M |
2017 Q4
3 quarters
|
|
|
5
Canadian Pacific Kansas City
CP
$81.4B
| $1.04B | 5.45% |
24,558,465
+13,001,715
| +113% | +$520M |
2018 Q1
2 quarters
|
|
|
TFCF
6
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $1.02B | 5.32% |
22,189,801
| – | – |
2017 Q4
3 quarters
|
|
|
7
Union Pacific
UNP
$179B
| $829M | 4.34% |
5,088,727
+3,345,294
| +192% | +$504M |
2017 Q2
5 quarters
|
|
|
8
Norfolk Southern
NSC
$74.1B
| $677M | 3.55% |
3,753,454
+1,225,366
| +48% | +$209M |
2017 Q2
5 quarters
|
|
9
Alphabet (Google) Class A
GOOGL
$3.6T
| $459M | 2.41% |
7,612,000
| – | – |
2017 Q4
3 quarters
|
|
10
Moody's
MCO
$87.8B
| $339M | 1.78% |
2,030,192
+337,569
| +20% | +$59.4M |
2015 Q2
13 quarters
|
|
|
11
Canadian National Railway
CNI
$76.3B
| $159M | 0.83% |
+1,772,000
| New | +$155M |
2018 Q3
0 quarters
|
|
12
S&P Global
SPGI
$137B
| $86.9M | 0.45% |
444,619
| – | – |
2017 Q1
6 quarters
|
|
|
13
PG&E
PCG
$28.8B
| $64.4M | 0.34% |
+1,400,611
| New | +$62.4M |
2018 Q3
0 quarters
|
|
14
Liberty Media Corporation Series C Common Stock
FWONK
$27.6B
| $9.9M | 0.05% |
+274,073
| New | +$9.7M |
2018 Q3
0 quarters
|
|
|
AABA
15
DELISTED
Altaba Inc
AABA
| – | – |
-57,057,273
| Closed | -$4.18B | – |
|
Similar funds
Chris Hohn's Q3 2018 Portfolio in Review
As of Q3 2018, Chris Hohn held 15 positions worth $19.1B, down 10% from $21.3B the previous quarter. Its ten largest holdings account for 98% of the portfolio.
Chris Hohn withdrew a net $2.87B in Q3 2018, closing 1 position and reducing 3 holdings. Its most notable exit was Altaba Inc, an estimated $4.18B position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 75% of assets, up from 67% a quarter earlier, followed by Industrials and Technology.
Against the trend, Chris Hohn opened a new position in Canadian National Railway worth $159M.
- Chris Hohn's largest Q3 2018 buy was Canadian National Railway: 1,772,000 shares worth $159M.
- Chris Hohn added most to Canadian Pacific Kansas City in Q3 2018, an estimated $520M increase.
- Chris Hohn's biggest Q3 2018 reduction was Alphabet (Google) Class C, cutting an estimated $133M.
- Chris Hohn fully exited Altaba Inc in Q3 2018, selling an estimated $4.18B.
- Chris Hohn's ten largest holdings make up 98% of its $19.1B portfolio in Q3 2018.
- Chris Hohn opened 3 new positions and closed 1 in Q3 2018.
- Chris Hohn's portfolio value fell 10% quarter-over-quarter to $19.1B.
Based on TCI Fund Management's 13F filing for Q3 2018, filed 14 Nov 2018.