Chris Hohn – TCI Fund Management Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the TCI Fund Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys –
None reported
Increases – Ferrovial, Microsoft Corporation, S&P Global Inc.
Complete Exits –
None reported
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | CNI Canadian National Railway Compa | Canadian National Railway Compa | Sell | -8,917,840 | -47.5% | $974.11M | 9,849,934 |
Q4 2025 | CP Canadian Pacific Kansas City Li | Canadian Pacific Kansas City Li | Sell | -2,211,312 | -4.4% | $3.51B | 47,654,423 |
Q4 2025 | FER.MC Ferrovial | Ferrovial | Buy | +1,269,548 | +6.5% | $1.35B | 20,740,214 |
Q4 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Buy | +189,749 | +1.1% | $8.12B | 16,781,953 |
Q4 2025 | SPGI S&P Global Inc. | S&P Global Inc. | Buy | +600,440 | +5.4% | $6.16B | 11,790,310 |
Q4 2025 | V Visa Inc. | Visa Inc. | Sell | -333,118 | -1.2% | $9.72B | 27,724,233 |
Q3 2025 | CNI Canadian National Railway Compa | Canadian National Railway Compa | Sell | -4,221,292 | -18.4% | $1.77B | 18,767,774 |
Q3 2025 | CP Canadian Pacific Kansas City Li | Canadian Pacific Kansas City Li | Sell | -2,961,150 | -5.6% | $3.71B | 49,865,735 |
Q3 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Sell | -5,369,416 | -41.4% | $1.85B | 7,596,819 |
Q3 2025 | GOOGL Alphabet Inc. | Alphabet Inc. | Sell - Position Exit | -3,155,110 | -100.0% | $0.00 | - |
Q3 2025 | MCO Moody's Corporation | Moody's Corporation | Buy | +61,500 | +0.5% | $6.34B | 13,308,479 |
Q3 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Sell | -973,027 | -5.5% | $8.59B | 16,592,204 |
Q3 2025 | SPGI S&P Global Inc. | S&P Global Inc. | Buy | +98,247 | +0.9% | $5.45B | 11,189,870 |
Q3 2025 | V Visa Inc. | Visa Inc. | Buy | +8,989,793 | +47.1% | $9.58B | 28,057,351 |
Q2 2025 | CNI Canadian National Railway Compa | Canadian National Railway Compa | Sell | -3,910,012 | -14.5% | $2.39B | 22,989,066 |
Q2 2025 | CP Canadian Pacific Kansas City Li | Canadian Pacific Kansas City Li | Sell | -2,086,400 | -3.8% | $4.19B | 52,826,885 |
Q2 2025 | FER.MC Ferrovial | Ferrovial | Buy | +137,238 | +0.7% | $1.04B | 19,470,666 |
Q2 2025 | GE GE Aerospace | GE Aerospace | Sell | -60,516 | -0.1% | $12.23B | 47,510,431 |
Q2 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Sell | -889,500 | -6.4% | $2.30B | 12,966,235 |
Q2 2025 | GOOGL Alphabet Inc. | Alphabet Inc. | Sell | -930,000 | -22.8% | $556.03M | 3,155,110 |
Q2 2025 | MCO Moody's Corporation | Moody's Corporation | Buy | +83,872 | +0.6% | $6.64B | 13,246,979 |
Q2 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Buy | +265,350 | +1.5% | $8.74B | 17,565,231 |
Q2 2025 | SPGI S&P Global Inc. | S&P Global Inc. | Buy | +730,354 | +7.0% | $5.85B | 11,091,623 |
Q2 2025 | V Visa Inc. | Visa Inc. | Buy | +2,429,996 | +14.6% | $6.77B | 19,067,558 |
Q1 2025 | CNI Canadian National Railway Compa | Canadian National Railway Compa | Sell | -2,794,686 | -9.4% | $2.62B | 26,899,078 |
Q1 2025 | GE GE Aerospace | GE Aerospace | Buy | +1,571,071 | +3.4% | $9.52B | 47,570,947 |
Q1 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Sell | -2,651,321 | -16.1% | $2.16B | 13,855,735 |
Q1 2025 | GOOGL Alphabet Inc. | Alphabet Inc. | Sell | -1,942,300 | -32.2% | $631.72M | 4,085,110 |
Q1 2025 | MCO Moody's Corporation | Moody's Corporation | Sell | -83,662 | -0.6% | $6.13B | 13,163,107 |
Q1 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Buy | +3,306,244 | +23.6% | $6.49B | 17,299,881 |