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Chris Hohn's TCI Fund kept its trademark concentrated 11-name book in Q2 2026 ($52.8B, top holding GE Aerospace at 33.6%, top-5 = 84%). Two new positions: Martin Marietta and Vulcan Materials — the two largest US aggregates. Adds: GOOG +12.3%, Visa +0.1%, S&P Global +0.3%, Ferrovial +1%. Trims: GE -0.2%, Canadian Pacific -2.6%, Canadian National -4.2% (all under 5%, essentially flat). One exit: Microsoft (~$1.0B released).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| MLM | Martin Marietta | $758.4M | 1.3M shares | 1.4% | |
| VMC | Vulcan Materials | $721.9M | 2.4M shares | 1.4% |
| Ticker | Name | Note |
|---|---|---|
| MSFT | Microsoft | exited Microsoft; GOOG +12.3% now the sole mega-cap tech expression |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| GE | $17.7B | -0.2% | TRIM |
| V | $10.5B | +0.1% | ADD |
| SPGI | $5.7B | +0.3% | ADD |
| CP | $3.9B | -2.6% | TRIM |
| GOOG | $3.5B | +12.3% | ADD |
| FER | $1.4B | +1% | ADD |
| CNI | $1.1B | -4.2% | TRIM |
The Q2 signal is deliberate: exit Microsoft to fund a US infrastructure-materials pair (MLM + VMC), the direct pick-and-shovel on the AI/data-center build-out + reshoring capex cycle. GOOG +12% keeps the AI application layer via a single mega-cap. Everything else is essentially unchanged - TCI runs long-hold high-conviction, and Q2 marks the first meaningful rotation in years.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.