Chris Hohn portfolio
Latest holdings of TCI Fund Management as of Q2 2026: 11 positions worth $52.8B, decoded into plain English.
Portfolio summary and charts
- General Electric (GE) is the largest position at 33.6% of a $52.8B portfolio.
- Biggest buy: opened a new position in Martin Marietta Materials, about $758M of new money.
- Biggest sale: sold out of Microsoft, about $1.0B.
- Very high conviction: the top 10 holdings make up 99%, and the portfolio behaves like 5 equal-sized bets.
Every box is a position, sized by its weight
What this meansGeneral Electric alone is 34% of the portfolio, and the top three make up 66%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansFinancials is the biggest slice at 43% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 5 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Martin Marietta Materials, worth about $758M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $40.9B to $52.8B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 11 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | GE General Electric | Technology | 33.59% | Hold | 47,428,233 | $17.7B |
| 2 | V Visa | Financials | 19.83% | Hold | 30,494,133 | $10.5B |
| 3 | MCO Moody's | Financials | 12.30% | Hold | 14,334,027 | $6.5B |
| 4 | SPGI S&P Global | Financials | 10.87% | Hold | 14,081,957 | $5.7B |
| 5 | CP Canadian Pacific Kansas City | Industrials | 7.44% | Trimmed −3% | 45,325,726 | $3.9B |
| 6 | GOOG Alphabet (Class C) | Communication | 6.65% | Added +12% | 9,938,819 | $3.5B |
| 7 | FER Ferrovial | Industrials | 2.72% | Added +1% | 20,940,441 | $1.4B |
| 8 | CNI Canadian National Railway | Industrials | 2.13% | Trimmed −4% | 9,433,422 | $1.1B |
| 9 | GOOGL Alphabet (Class A) | Communication | 1.66% | Hold | 2,457,000 | $878M |
| 10 | MLM Martin Marietta Materials | Materials | 1.44% | New | 1,315,109 | $758M |
| 11 | VMC Vulcan Materials | Materials | 1.37% | New | 2,447,004 | $722M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001647251-26-000007 · all filings on EDGAR.
Chris Hohn
Sir Chris Hohn founded The Children’s Investment Fund (TCI) in 2003. It has been one of the best-performing large hedge funds, owning a few monopoly-like businesses with pricing power and pushing for change when needed.
Philosophy in brief
- Own businesses with durable barriers to entry and pricing power.
- Concentrate in your best ideas.
- Engage hard when governance or strategy falls short.
How to read this page
Who else is trading these holdings
- 01GE General Electric8 congressional trades disclosed (5 buys)33.6% of portfolio
- 02V Visa7 congressional trades disclosed (2 buys)19.8% of portfolio
- 03MCO Moody's1 congressional trade disclosed (0 buys)12.3% of portfolio
- 04SPGI S&P Global8 congressional trades disclosed (1 buys)10.9% of portfolio
- 06GOOG Alphabet (Class C)11 congressional trades disclosed (7 buys)6.7% of portfolio
- 09GOOGL Alphabet (Class A)24 congressional trades disclosed (7 buys)1.7% of portfolio
- 10MLM Martin Marietta Materials8 congressional trades disclosed (6 buys)1.4% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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