Chris Hohn - TCI Fund Management 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the TCI Fund Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - None reported

Increases - Ferrovial, Microsoft Corporation, S&P Global Inc.

Reductions - Canadian National Railway Compa, Canadian Pacific Kansas City Li, Visa 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