Chris Hohn's TCI Fund Keeps Big Tech Core Intact While Adding To Moody's And S&P Stakes In Q4

The latest fourth quarter 2025 13F from TCI Fund Management shows the London-based hedge fund running a tightly focused, nine‑stock, $53.6 billion U.S. equity portfolio dominated by GE Aerospace, Visa Inc., Microsoft Corp., and a growing bet on the credit‑ratings firms.

Concentrated $53.6 Billion Portfolio

Christopher Hohn's flagship fund remains one of the most concentrated in the hedge‑fund universe, with the top five holdings accounting for more than four‑fifths of disclosed U.S. equities.

GE Aerospace, Visa, and Microsoft continue to anchor the book, reflecting Hohn's longstanding preference for dominant, cash‑generative franchises.

"We back a handful of world‑class businesses and let compounding do the work" is how Hohn has often described his philosophy, a stance mirrored in the latest filing.

Big Tech Stable, Ratings Exposure Grows

TCI's big tech core in Microsoft and Alphabet Inc. was left largely untouched in the said quarter, with share counts effectively unchanged even as prices fluctuated into year‑end.

Instead, Hohn deployed incremental capital into Moody's Corp. and S&P Global Inc., modestly increasing the value of both positions as he doubled down on the pair's oligopoly over global credit ratings and financial data.

The move tilts the portfolio further toward fee‑based, asset‑light financials alongside payments giant Visa.

Rails And Industrials Provide Balance

Outside tech and financials, TCI continues to hold sizable stakes in Canadian Pacific Kansas City Ltd. , Canadian National Railway Co. (TSE: CN), and Spanish infrastructure group Ferrovial SE (BME: FER), giving the portfolio long‑duration exposure to North American rail volumes and European transport assets.

Those positions offer a counterweight to the software‑ and data‑heavy core while preserving the fund's characteristic focus on infrastructure‑like cash flows.

TCI's Nine U.S. Equity Holdings, Q4 2025

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