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

According to the SEC 13F filed on Nov 14, 2025, the TCI Fund Management portfolio showed several notable changes in holdings as of quarter-end Sep 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 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