Investors / TCI Fund AI Portfolio
Chris Hohn / TCI Fund Management
13F
10 positions · Q1 2026AI holdings · 3 tickers
$4.26B| # | Ticker | Company | Layer | Value | Shares | % of AUM | Entry quarter |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc Class C | InfraAppModel | $2.5B | 8.9M shares | 5.6% | before Q1 2018 |
| 2 | MSFT | Microsoft Corp | InfraAppModel | $1B | 2.7M shares | 2.2% | before Q1 2018 |
| 3 | GOOGL | Alphabet Inc Class A | InfraAppModel | $706.5M | 2.5M shares | 1.6% | before Q1 2018 |
Other holdings · 7 tickers
$40.91B · non-AI| # | Ticker | Company | Value | Shares | % of AUM | Entry quarter |
|---|---|---|---|---|---|---|
| 4 | GE | GENERAL ELECTRIC | $13.5B | 47.5M shares | 29.8% | Q1 2023 |
| 5 | V | VISA INC-CLASS A SHARES | $9.2B | 30.5M shares | 20.4% | Q2 2019 |
| 6 | MCO | MOODY'S CORP | $6.3B | 14.3M shares | 13.8% | before Q1 2018 |
| 7 | SPGI | S&P GLOBAL INC | $6B | 14M shares | 13.2% | before Q1 2018 |
| 8 | CP | CANADIAN PACIFIC KANSAS CITY | $3.7B | 46.5M shares | 8.1% | Q2 2023 |
| 9 | FER | FERROVIAL NV | $1.3B | 20.7M shares | 2.9% | Q2 2024 |
| 10 | CNI | CANADIAN NATL RAILWAY CO | $1B | 9.8M shares | 2.2% | Q3 2018 |
13G/13D
0 active stakes · SEC ≥5% filingsNo active major stakes since latest 13F.
Per SEC rules, investors must disclose ≥5% positions within 5-10 days of crossing the threshold; this section reflects filings since the latest 13F.
Holdings Timeline
Include non-AI changes (225)
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
GOOG
TRIM−5M
TRIM−2M
HOLD
HOLD
HOLD
HOLD
TRIM−420K
TRIM−3M
TRIM−890K
TRIM−5M
HOLD
ADD+1M
MSFT
TRIM−3M
DROP
ADD+11M
TRIM−106K
HOLD
ADD+1M
ADD+2M
ADD+3M
ADD+265K
TRIM−973K
ADD+190K
TRIM−14M
GOOGL
—
—
ADD+157K
ADD+1M
ADD+5M
HOLD
HOLD
TRIM−2M
TRIM−930K
DROP
—
ADD+2M
NEW
ADD
HOLD
TRIM (light → heavy)
Not held
Hover any cell for share + value delta| Period | Action | Ticker | Δ Shares | Δ Value |
|---|---|---|---|---|
| Q1 2026 | TRIM | MSFT | -14,053,541 | $-7.1B |
| Q1 2026 | ADD | GOOGL | +2,457,000 | +$706.5M |
| Q1 2026 | ADD | GOOG | +1,257,200 | +$156M |
| Q4 2025 | ADD | MSFT | +189,749 | $-477.8M |
| Q3 2025 | DROP | GOOGL | -3,155,110 | $-556M |
| Q3 2025 | TRIM | GOOG | -5,369,416 | $-449.9M |
| Q3 2025 | TRIM | MSFT | -973,027 | $-143.2M |
| Q2 2025 | ADD | MSFT | +265,350 | +$2.2B |
| Q2 2025 | TRIM | GOOG | -889,500 | +$135.4M |
| Q2 2025 | TRIM | GOOGL | -930,000 | $-75.7M |
| Q1 2025 | TRIM | GOOG | -2,651,321 | $-978.9M |
| Q1 2025 | ADD | MSFT | +3,306,244 | +$595.9M |
| Q1 2025 | TRIM | GOOGL | -1,942,300 | $-509.3M |
| Q4 2024 | ADD | MSFT | +2,003,047 | +$738.8M |
| Q4 2024 | TRIM | GOOG | -420,000 | +$313.6M |
| Q3 2024 | ADD | MSFT | +1,458,700 | +$452.3M |
| Q2 2024 | ADD | GOOGL | +4,816,819 | +$915.2M |
| Q1 2024 | TRIM | MSFT | -106,275 | +$430.6M |
| Q1 2024 | ADD | GOOGL | +1,053,191 | +$160.7M |
| Q4 2023 | ADD | MSFT | +10,638,165 | +$4B |
| Q4 2023 | ADD | GOOGL | +157,400 | +$22M |
| Q3 2023 | DROP | MSFT | -11,845,241 | $-4B |
| Q3 2023 | TRIM | GOOG | -1,575,400 | $-6.4M |
| Q2 2023 | TRIM | MSFT | -3,453,947 | $-377M |
| Q2 2023 | TRIM | GOOG | -5,026,006 | $-208.7M |
| Q1 2023 | TRIM | GOOG | -31,012,228 | $-2.4B |
| Q1 2023 | DROP | GOOGL | -15,961,420 | $-1.4B |
| Q1 2023 | TRIM | MSFT | -6,969,763 | $-929.8M |
| Q4 2022 | ADD | MSFT | +2,391,274 | +$711M |
| Q4 2022 | ADD | GOOG | +2,109,900 | $-201.8M |
| Q3 2022 | ADD | MSFT | +248,642 | $-411.8M |
| Q3 2022 | ADD | GOOG | +49,955,003 | $-374.4M |
| Q3 2022 | DROP | AMAT | -1,897,488 | $-172.6M |
| Q3 2022 | ADD | GOOGL | +15,193,399 | $-147M |
| Q3 2022 | DROP | KLAC | -155,441 | $-49.6M |
| Q2 2022 | ADD | GOOG | +105,447 | $-1.2B |
| Q2 2022 | ADD | MSFT | +2,364,269 | $-281.6M |
| Q2 2022 | NEW | AMAT | +1,897,488 | +$172.6M |
| Q2 2022 | ADD | GOOGL | +195,000 | +$79.9M |
| Q2 2022 | ADD | KLAC | +155,441 | +$49.6M |
| Q1 2022 | TRIM | GOOG | -581,967 | $-1.9B |
| Q1 2022 | ADD | MSFT | +581,722 | $-287.9M |
| Q1 2022 | TRIM | GOOGL | -45,000 | $-196.7M |
| Q3 2021 | TRIM | MSFT | -3,800,361 | $-845.7M |
| Q2 2021 | DROP | KLAC | -30,600 | $-10.1M |
| Q1 2021 | ADD | MSFT | +6,168,906 | +$1.6B |
| Q1 2021 | NEW | KLAC | +30,600 | +$10.1M |
| Q1 2021 | DROP | AMZN | -2,800 | $-9.1M |
| Q4 2020 | TRIM | GOOG | -1,413 | +$831.3M |
| Q3 2020 | TRIM | GOOG | -30,454 | +$122.3M |
| Q3 2020 | TRIM | MSFT | -140,941 | +$68.9M |
| Q3 2020 | TRIM | AMZN | -2,900 | $-6.9M |
| Q3 2020 | DROP | ADBE | -3,430 | $-1.5M |
| Q2 2020 | ADD | MSFT | +458,722 | +$734.4M |
| Q2 2020 | TRIM | GOOG | -114,701 | +$615.1M |
| Q1 2020 | TRIM | GOOG | -20,813 | $-567.7M |
| Q1 2020 | ADD | MSFT | +3,316,986 | +$523.2M |
| Q1 2020 | NEW | AMZN | +5,700 | +$11.1M |
| Q4 2019 | TRIM | GOOG | -426,948 | $-152.3M |
| Q4 2019 | NEW | ADBE | +3,430 | +$1.1M |
| Q3 2019 | TRIM | MSFT | -5,745,842 | $-715.6M |
| Q3 2019 | ADD | GOOG | +70,541 | +$566M |
| Q3 2019 | ADD | GOOGL | +68,300 | +$159.5M |
| Q2 2019 | ADD | GOOG | +1,083,919 | +$950.6M |
| Q2 2019 | ADD | GOOGL | +354,040 | +$364.9M |
| Q2 2019 | TRIM | MSFT | -1,066,000 | +$137.4M |
| Q1 2019 | TRIM | GOOGL | -234,919 | $-219.7M |
| Q1 2019 | TRIM | MSFT | -4,326,230 | $-153.1M |
| Q1 2019 | TRIM | GOOG | -395,812 | $-80.5M |
| Q4 2018 | ADD | MSFT | +8,605,697 | +$705M |
| Q4 2018 | ADD | GOOG | +126,300 | $-289.4M |
| Q4 2018 | ADD | GOOGL | +50,000 | $-9.5M |
| Q3 2018 | TRIM | MSFT | -598,342 | +$149.2M |
| Q3 2018 | TRIM | GOOG | -110,962 | +$83.3M |
| Q2 2018 | ADD | GOOG | +413,008 | +$658.7M |