Great investors · Chris Hohn · Q2 2025
What Chris Hohn bought and sold in Q2 2025
TCI Fund Management 13F portfolio as of Jun 30, 2025: 10 positions worth $50.7 bn. Largest: GE, MSFT, V, MCO. Filed with the SEC on Aug 14, 2025.
The 13F is filed by TCI Fund Management, not by Chris Hohn personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q2 2025
- IncreasedVisaV+1.7 pp
- IncreasedS&P GlobalSPGI+0.8 pp
Sells in Q2 2025
- ReducedCanadian National RailwayCNI−0.8 pp
3 companies with material moves, out of 7 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
TCI Fund Management's Q2 2025 13F lists 10 lines of US-listed securities worth $50.7 bn; the largest is GE at 24.1% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 8:47 AM ET.
Against the previous quarter, it opened no new positions, closed none, added to 3 (V, SPGI and MSFT) and trimmed 4 (CNI, CP, GOOG and GOOGL). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | GE Aerospace GE | 47.5 M | $12.2 bn | 24.1% | no change |
| 2 | Microsoft MSFT | 17.6 M | $8.7 bn | 17.2% | +1.5% |
| 3 | Visa V | 19.1 M | $6.8 bn | 13.4% | +15% |
| 4 | Moody's MCO | 13.2 M | $6.6 bn | 13.1% | no change |
| 5 | S&P Global SPGI | 11.1 M | $5.8 bn | 11.5% | +7% |
| 6 | Canadian Pacific Kansas City CP | 52.8 M | $4.2 bn | 8.26% | −3.8% |
| 7 | Canadian National Railway CNI | 23.0 M | $2.4 bn | 4.72% | −15% |
| 8 | Alphabet GOOG | 13.0 M | $2.3 bn | 4.54% | −6.4% |
| 9 | Ferrovial FER | 19.5 M | $1.0 bn | 2.05% | no change |
| 10 | Alphabet GOOGL | 3.2 M | $556M | 1.10% | −23% |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: TCI Fund Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.