Chris Hohn - TCI Fund Management 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the TCI Fund Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 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 Q3 2025, the filing reported:

New Buys - None reported

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

Reductions - Canadian National Railway Compa, Canadian Pacific Kansas City Li, Alphabet Inc., Microsoft Corporation

Complete Exits - Alphabet Inc.

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
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