Chris Hohn's Q1 2026 13F moves
TL;DR
TCI Fund Management's Q1 2026 13F-HR (filed 2026-05-15) shows the most concentrated stance in years: Microsoft cut from a 17.1% top-3 holding to just 2.6% (the headline move), GE Aerospace deepened to 34.4% of the $39.2B portfolio, Visa to 23.5%, Moody's added to 16.0%, and Canadian Pacific to 9.3%. GE + Visa together now hold 57.9% of the entire book. Just 9 holdings — Hohn's signature ultra-concentration intact. Every move is reconstructable from EDGAR using Form 13F-HR.
The Q1 2026 picture
TCI is the most concentrated 13F filer HoldLens tracks. Q4 2025 held 8 positions; Q1 2026 holds 9 (a split-class Alphabet add). With under 10 positions in a $39B portfolio, every percentage-point move is a meaningful capital reallocation. The Q1 2026 13F has one such move that dwarfs the rest: Microsoft trimmed from 17.1% to 2.6% — a top-3 holding cut to a token position. That capital didn't leave; it redistributed inside the already-concentrated GE + Visa + Moody's + CP core.
The Microsoft move (the headline)
- Microsoft (MSFT) — 18.2% in Q3 2025, 17.1% in Q4 2025, 2.6% in Q1 2026. From a roughly $8.1B position to roughly $1.0B in a single quarter. MSFT had been a TCI top-3 holding for multiple consecutive quarters; the Q1 reduction removes that status and effectively re-tags MSFT as a residual rather than core holding.
Concentration deepenings (where the capital went)
- GE Aerospace (GE) — 30.2% → 30.8% → 34.4%. Already TCI's largest position; the Q1 add takes the weight above one-third of the entire book. Hohn has historically been a board-level activist at GE and supported the 2024 Aerospace/Vernova split; the concentration reads as long-thesis continuation.
- Visa (V) — 20.3% → 20.5% → 23.5%. The payment-network thesis deepens. With GE + V combined at 57.9% of the book, TCI is effectively a two-name conviction fund at the top.
- Moody's (MCO) — 13.4% → 14.3% → 16.0%. Credit-ratings franchise added through the quarter. MCO is a long-running TCI holding aligned with the “global infrastructure of capital markets” thesis.
- Canadian Pacific Kansas City (CP) — 7.9% → 7.4% → 9.3%. Rail infrastructure exposure deepened despite cyclical pressure on freight.
- Ferrovial (FERROVIAL SE) — 2.4% → 2.8% → 3.4%. Infrastructure-operator (toll roads, airports) position steadily added.
- Canadian National Railway (CNI) — 3.7% → 2.1% → 2.6%. Small add after a Q4 trim.
Alphabet split-position (added)
- Alphabet Class C (GOOG) — added from 5.0% to 6.5%.
- Alphabet Class A (GOOGL) — brand-new at 1.8%. The combined Alphabet weight is now 8.3%, up from 5.0% in Q4. Notable that TCI added Alphabet while gutting Microsoft — these are the two large-cap mega-tech names TCI has historically held, and the Q1 13F reads as “swap inside mega-tech” of a different shape than Tepper or Ackman (see comparison below).
What the pattern signals
The headline pattern is even-tighter conviction within an already ultra-concentrated book. GE + Visa combined now control 57.9% of the portfolio (vs 51.3% in Q4). Adding Moody's and CP, the top-4 positions hold 83.2% of the book. With just 9 names total, TCI is the purest single-thesis-cluster portfolio HoldLens tracks: aerospace infrastructure + payment networks + ratings agency + rail infrastructure + Spanish toll roads. The common-thread is “hard infrastructure with toll-booth economics.”
The Microsoft reduction is the single most-interpreted move. The position had been built deliberately and held at scale for multiple quarters. Cutting it from 17.1% to 2.6% in one quarter — while simultaneously adding Alphabet — reads either as (a) thesis-revision specific to MSFT, or (b) a relative-value pivot inside mega-tech (GOOG looked better than MSFT at Q1 prices). The 13F alone cannot distinguish between these; subsequent commentary or follow-on filings will clarify.
For comparison: this quarter's superinvestor recaps have shown four distinct mega-tech patterns. Tepper rotated China-to-US-tech with AMZN at #1. Ackman swapped Alphabet for Microsoft at 15.3%. Druckenmiller trimmed both AMZN and GOOGL. Hohn gutted MSFT and added Alphabet. Four superinvestors, four different reads on mega-tech — and each fully public in the EDGAR record.
How to verify this yourself
Every position change above is reconstructable from public SEC EDGAR filings. Steps:
- Open TCI Fund Management's 13F-HR filing history on EDGAR (CIK 0001647251).
- Compare the Q1 2026 13F (filed 2026-05-15) line-by-line against the Q4 2025 13F (filed Feb 2026).
- Position changes appear as: new CUSIP rows (Alphabet Class A is new), increased share counts (adds like GE, V, MCO), decreased share counts (the Microsoft trim is the headline), and removed CUSIP rows (none this quarter — all Q4 holdings remain).
- Cross-reference with HoldLens's machine-readable /api/v1/snapshot/2026-Q1.json for a pre-computed summary across all 30 tracked managers including TCI.
Our view
Six historical trades reconstructable from SEC EDGAR alone. Each essay traces the trade through 13F + Form 4 + DEF 14A filings.
Berkshire's 1988-89 KO purchase — $1.3B → ~$28B, untouched 37 years.
Berkshire's 2016-onward AAPL accumulation — largest equity position in firm history.
The $5B preferred + 700M-share warrants at $7.14 strike. ~$13B paper gain at 2017 exercise.
Appaloosa's $2B March 2009 distressed-bank bet (BAC + C + AIG). ~$7B returned. $4B Tepper payday.
Scion Capital's 2005-2008 subprime CDS trade — ~489% net return.
Pershing Square's 2012-2018 multi-year activist campaign.
September 16, 1992. The single-day macro trade that broke the Bank of England.
1997-2023 hold + board seat — the canonical long-duration value position.
2013-2016 long-side activism — public letter to Tim Cook, ~$2B realized gain.
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Every tracked manager's Q1 2026 moves + top consensus positions, in one place.
Every position, ConvictionScore, and quarter-over-quarter change — live, SEC-sourced.
Not investment advice. Sourced from public SEC EDGAR Form 13F-HR filings (TCI Fund Management CIK 0001647251). All position changes verifiable from Form 13F-HR alone. 13F-HR data is a 45-day-lagged snapshot of long-only U.S.-listed positions — see 45-day lag explained and methodology.