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Investors / TCI Fund AI Portfolio
Chris Hohn / TCI Fund Management
13F
11 positions · Q2 2026AI holdings · 2 tickers
$4.39BOther holdings · 9 tickers
$48.38B · non-AI| # | Ticker | Company | Value | Shares | % of AUM | Entry quarter |
|---|---|---|---|---|---|---|
| 3 | GE | $17.7B | 33.6% | |||
| 4 | V | $10.5B | 19.8% | |||
| 5 | MCO | $6.5B | 12.3% | |||
| 6 | SPGI | $5.7B | 10.9% | |||
| 7 | CP | $3.9B | 7.4% | |||
| 8 | FER | $1.4B | 2.7% | |||
| 9 | CNI | $1.1B | 2.1% | |||
| 10 | MLM | $758.4M | 1.4% | |||
| 11 | VMC | $721.9M | 1.4% |
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 (232)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
GOOG
TRIM−2M
HOLD
HOLD
HOLD
HOLD
TRIM−420K
TRIM−3M
TRIM−890K
TRIM−5M
HOLD
ADD+1M
ADD+1M
GOOGL
—
NEW+157K
ADD+1M
ADD+5M
HOLD
HOLD
TRIM−2M
TRIM−930K
—
—
NEW+2M
HOLD
MSFT
—
NEW+11M
TRIM−106K
HOLD
ADD+1M
ADD+2M
ADD+3M
ADD+265K
TRIM−973K
ADD+190K
TRIM−14M
DROP
Not held
low → high position value
Hover any cell for share + value delta| Period | Action | Ticker | Δ Shares | Δ Value |
|---|---|---|---|---|
| Q2 2026 | DROP | MSFT | -2,728,412 | $-1B |
| Q2 2026 | ADD | GOOG | +1,084,800 | +$971.8M |
| Q1 2026 | TRIM | MSFT | -14,053,541 | $-7.1B |
| Q1 2026 | NEW | GOOGL | +2,457,000 | +$706.5M |
| Q1 2026 | ADD | GOOG | +1,257,200 | +$156M |
| Q4 2025 | ADD | MSFT | +189,749 | $-477.8M |
| 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 | NEW | MSFT | +10,638,165 | +$4B |
| Q4 2023 | NEW | GOOGL | +157,400 | +$22M |
| 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 | 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 | +2,915,050 | $-374.4M |
| Q3 2022 | DROP | AMAT | -1,897,488 | $-172.6M |
| Q3 2022 | ADD | GOOGL | +601,000 | $-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 | NEW | 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 |
| 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 |