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. (NASDAQ:GOOG) was left largely untouched in the said quarter, with share counts effectively unchanged even as prices fluctuated into year‑end.

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

Rails And Industrials Provide Balance

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

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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