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 |
Visa
V
|
+$1.16B |
| 2 |
RTN
Raytheon Company
RTN
|
+$715M |
| 3 |
Microsoft
MSFT
|
+$545M |
| 4 |
Moody's
MCO
|
+$192M |
| 5 |
Union Pacific
UNP
|
+$164M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Elevance Health
ELV
|
+$855M |
| 2 |
Northrop Grumman
NOC
|
+$59.7M |
| 3 |
TransDigm Group
TDG
|
+$48.4M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$28.2M |
| 5 |
Autodesk
ADSK
|
+$19.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 42.16% |
| 2 | Industrials | 30.01% |
| 3 | Financials | 15.41% |
| 4 | Technology | 10.49% |
| 5 | Materials | 0.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$18.4B
| $4.56B | 21.64% |
10,444,772
+270,500
| +3% | +$132M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.2T
| $3.6B | 17.11% |
61,977,500
-416,260
| -0.7% | -$28.2M |
|
3
Canadian Pacific Kansas City
CP
$82.2B
| $2.48B | 11.76% |
56,145,625
+1,255,205
| +2% | +$61.8M |
|
|
4
Microsoft
MSFT
$3.68T
| $2.21B | 10.48% |
13,996,718
+3,316,986
| +31% | +$545M |
|
5
Canadian National Railway
CNI
$76.7B
| $1.63B | 7.74% |
20,911,901
+430,988
| +2% | +$37.6M |
|
|
6
Moody's
MCO
$84B
| $1.44B | 6.84% |
6,812,696
+789,784
| +13% | +$192M |
|
|
RTN
7
DELISTED
Raytheon Company
RTN
| $1.37B | 6.49% |
10,428,073
+3,612,379
| +53% | +$715M |
|
|
8
Visa
V
$680B
| $1.19B | 5.63% |
7,361,749
+6,178,207
| +522% | +$1.16B |
|
|
9
Union Pacific
UNP
$174B
| $847M | 4.02% |
6,004,644
+991,863
| +20% | +$164M |
|
|
10
Alphabet (Google) Class A
GOOGL
$4.23T
| $718M | 3.41% |
12,360,420
| – | – |
|
11
S&P Global
SPGI
$123B
| $594M | 2.82% |
2,424,946
+442,532
| +22% | +$121M |
|
|
12
Elevance Health
ELV
$86.8B
| $196M | 0.93% |
861,377
-3,138,793
| -78% | -$855M |
|
|
UNVR
13
DELISTED
Univar Solutions Inc.
UNVR
| $170M | 0.81% |
15,843,001
-836,199
| -5% | -$15.5M |
|
14
Linde
LIN
$223B
| $28.9M | 0.14% |
+167,130
| New | +$33M |
|
15
Mastercard
MA
$499B
| $23.5M | 0.11% |
+97,450
| New | +$29M |
|
16
Amazon
AMZN
$2.83T
| $11.1M | 0.05% |
+114,000
| New | +$11M |
|
17
Adobe
ADBE
$105B
| $1.09M | 0.01% |
3,430
| – | – |
|
|
18
Autodesk
ADSK
$53.1B
| $781K | ﹤0.01% |
5,000
-108,000
| -96% | -$19.8M |
|
|
19
Northrop Grumman
NOC
$83.2B
| – | – |
-173,700
| Closed | -$59.7M |
|
|
20
TransDigm Group
TDG
$69.5B
| – | – |
-86,480
| Closed | -$48.4M |
|
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Chris Hohn's Q1 2020 Portfolio in Review
As of Q1 2020, Chris Hohn held 20 positions worth $21.1B, down 6.8% from $22.6B the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Chris Hohn deployed $2.18B of net new capital in Q1 2020, opening 3 new positions and adding to 9 existing holdings. Its largest new stake was Linde: 167,130 shares worth $28.9M.
By sector, the portfolio is most concentrated in Communication Services at 42% of assets, down from 44% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Elevance Health, an estimated $855M trimmed.
- Chris Hohn's largest Q1 2020 buy was Linde: 167,130 shares worth $28.9M.
- Chris Hohn added most to Visa in Q1 2020, an estimated $1.16B increase.
- Chris Hohn's biggest Q1 2020 reduction was Elevance Health, cutting an estimated $855M.
- Chris Hohn fully exited Northrop Grumman in Q1 2020, selling an estimated $59.7M.
- Chris Hohn's ten largest holdings make up 95% of its $21.1B portfolio in Q1 2020.
- Chris Hohn opened 3 new positions and closed 2 in Q1 2020.
- Chris Hohn's portfolio value fell 6.8% quarter-over-quarter to $21.1B.
Based on TCI Fund Management's 13F filing for Q1 2020, filed 15 May 2020.