Chris Hohn disclosed in his Q1 2026 13F filing that he initiated a new $707M position in GOOGL while cutting his MSFT stake by 84%. TCI Fund Management's total assets under management stand at $45.2B, with GE as the largest holding at $13.5B (29.8%).
Top 5 Holdings — Q1 2026
- GE: $13.5B (29.8%)
- V: $9.2B (20.4%)
- MCO: $6.3B (13.8%)
- SPGI: $6.0B (13.2%)
- CP: $3.7B (8.1%)
Key Trading Highlights
TCI Fund Management's portfolio remained concentrated in its top four holdings this quarter. GE ($13.5B, 29.8%), V ($9.2B, 20.4%), MCO ($6.3B, 13.8%), and SPGI ($6.0B, 13.2%) together account for 77.2% of total assets. The remaining six positions — CP, GOOG, FER, CNI, MSFT, and GOOGL — are each weighted below 10%.
- GOOGL: New position, $707M — Alphabet Class A stake signals portfolio diversification
- MSFT: Cut 84% to $1.0B — sharp reduction in tech exposure, likely profit-taking
- SPGI: Increased 19% to $6.0B — reinforced conviction in credit ratings and data business
The only new addition this quarter was GOOGL ($707M), and no positions were fully exited. Increases were led by SPGI (+19%), V (+10%), and MCO (+8%), reflecting strengthened conviction in existing index, data, and payments holdings. MSFT, meanwhile, was slashed by 84% in what looks like an effective wind-down, while CP saw a modest 2% trim.
Outlook
TCI continues its high-conviction strategy of concentrating over 77% of assets in four names — GE, V, MCO, and SPGI. The sharp MSFT reduction alongside the new GOOGL stake suggests increasingly selective allocation even within Big Tech, while the added weight in SPGI, V, and MCO reflects sustained long-term conviction in data and payments infrastructure companies.
