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

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