Chris Hohn - TCI Fund Management Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Chris Hohn's TCI Fund Management portfolio reflects a highly concentrated, high-conviction approach across 10 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 85% of total exposure and GE Aerospace alone contributing ~30%. While the portfolio includes 10 positions, economic outcomes are highly concentrated in a narrow set of large-cap financial names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, industrials, and communication services. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.