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 |
RTN
Raytheon Company
RTN
|
+$1.19B |
| 2 |
Canadian National Railway
CNI
|
+$124M |
| 3 |
Northrop Grumman
NOC
|
+$61.1M |
| 4 |
TransDigm Group
TDG
|
+$47.3M |
| 5 |
Canadian Pacific Kansas City
CP
|
+$40M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$551M |
| 2 |
Equifax
EFX
|
+$110M |
| 3 |
Elevance Health
ELV
|
+$22.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 43.95% |
| 2 | Industrials | 31.66% |
| 3 | Financials | 9.71% |
| 4 | Technology | 7.55% |
| 5 | Healthcare | 5.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$18.4B
| $4.94B | 21.84% |
10,174,272
| – | – |
|
|
2
Alphabet (Google) Class C
GOOG
$4.2T
| $4.17B | 18.45% |
62,393,760
-8,538,960
| -12% | -$551M |
|
|
3
Canadian Pacific Kansas City
CP
$82.2B
| $2.8B | 12.38% |
54,890,420
+852,500
| +2% | +$40M |
|
|
4
Canadian National Railway
CNI
$76.7B
| $1.85B | 8.19% |
20,480,913
+1,378,200
| +7% | +$124M |
|
5
Microsoft
MSFT
$3.68T
| $1.68B | 7.45% |
10,679,732
| – | – |
|
|
RTN
6
DELISTED
Raytheon Company
RTN
| $1.49B | 6.6% |
6,815,694
+5,645,834
| +483% | +$1.19B |
|
7
Moody's
MCO
$84B
| $1.43B | 6.33% |
6,022,912
| – | – |
|
|
8
Elevance Health
ELV
$86.8B
| $1.21B | 5.35% |
4,000,170
-80,427
| -2% | -$22.1M |
|
9
Union Pacific
UNP
$174B
| $906M | 4.01% |
5,012,781
+130,000
| +3% | +$22.3M |
|
|
10
Alphabet (Google) Class A
GOOGL
$4.23T
| $828M | 3.66% |
12,360,420
| – | – |
|
11
S&P Global
SPGI
$123B
| $541M | 2.39% |
1,982,414
| – | – |
|
|
UNVR
12
DELISTED
Univar Solutions Inc.
UNVR
| $404M | 1.79% |
16,679,200
| – | – |
|
13
Visa
V
$680B
| $222M | 0.98% |
1,183,542
| – | – |
|
|
14
Northrop Grumman
NOC
$83.2B
| $59.7M | 0.26% |
+173,700
| New | +$61.1M |
|
|
15
TransDigm Group
TDG
$69.5B
| $48.4M | 0.21% |
+86,480
| New | +$47.3M |
|
16
Autodesk
ADSK
$53.1B
| $20.7M | 0.09% |
113,000
| – | – |
|
17
Adobe
ADBE
$105B
| $1.13M | 0.01% |
+3,430
| New | +$1.01M |
|
|
18
Equifax
EFX
$21.2B
| – | – |
-780,639
| Closed | -$110M |
|
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Chris Hohn's Q4 2019 Portfolio in Review
As of Q4 2019, Chris Hohn held 18 positions worth $22.6B, up 17% from $19.3B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Chris Hohn deployed $806M of net new capital in Q4 2019, opening 3 new positions and adding to 4 existing holdings. Its largest new stake was Northrop Grumman: 173,700 shares worth $59.7M.
By sector, the portfolio is most concentrated in Communication Services at 44% of assets, down from 48% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Alphabet (Google) Class C, an estimated $551M trimmed.
- Chris Hohn's largest Q4 2019 buy was Northrop Grumman: 173,700 shares worth $59.7M.
- Chris Hohn added most to Raytheon Company in Q4 2019, an estimated $1.19B increase.
- Chris Hohn's biggest Q4 2019 reduction was Alphabet (Google) Class C, cutting an estimated $551M.
- Chris Hohn fully exited Equifax in Q4 2019, selling an estimated $110M.
- Chris Hohn's ten largest holdings make up 94% of its $22.6B portfolio in Q4 2019.
- Chris Hohn opened 3 new positions and closed 1 in Q4 2019.
- Chris Hohn's portfolio value rose 17% quarter-over-quarter to $22.6B.
Based on TCI Fund Management's 13F filing for Q4 2019, filed 14 Feb 2020.