Chris Hohn - TCI Fund Management 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 14, 2025, the TCI Fund Management portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2025. 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 Q2 2025, the filing reported:

New Buys - None reported

Increases - Ferrovial, Moody's Corporation, Microsoft Corporation, S&P Global Inc., Visa Inc.

Reductions - Canadian National Railway Compa, Canadian Pacific Kansas City Li, GE Aerospace, Alphabet Inc., Alphabet 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
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