Chris Hohn

TCI Fund Management’s latest 13F shows Sir Christopher Hohn running a portfolio that is both highly concentrated and increasingly defensive. The fund holds $52.8 billion in disclosed equities, with the top five positions accounting for roughly 84% of that total. GE Aerospace is the anchor at 33.6% of the portfolio, a stake worth $17.7 billion. That conviction is paired with large positions in Visa (19.8%), Moody’s (12.3%), and S&P Global (10.9%). The combined weighting in payments and credit ratings firms gives TCI a heavy tilt toward fee-based, oligopolistic financial infrastructure, a structure that generates cash regardless of the economic cycle. Hohn’s recent moves reinforce that theme. The fund added to its Canadian Pacific Kansas City stake, now 7.4% of assets, and holds Canadian National Railway at 2.1%. Rail is another toll-like business with high barriers to entry. Alphabet appears twice in the filing, likely reflecting separate share classes, and together the positions total about 8.3% of the portfolio. TCI also holds Ferrovial, the Spanish infrastructure operator, and Martin Marietta, the aggregates producer. These are asset-heavy, pricing-power businesses, not growth stories. What separates TCI from other activists is the absence of classic campaign targets. Hohn is not agitating for breakups or buybacks at distressed industrials. Instead, he is running a quasi-monopoly portfolio, concentrated in companies with dominant market shares and recurring revenue. The fund’s largest new or increased positions are in businesses that can raise prices without losing customers. That is a bet on inflation resilience and regulatory moats, and it is a stance that looks increasingly out of step with peers chasing AI or energy exposure.