{"data":{"id":"sw_b0fa43870aca4d58150b","slug":"chris-hohn-s-tci-fund-holds-52-77b-across-just-11-stocks-in-q2-2026","title":"Chris Hohn's TCI Fund Holds $52.77B Across Just 11 Stocks in Q2 2026","subheadline":"TCI Fund Management's latest 13F shows GE Aerospace at $17.73B, roughly a third of a portfolio concentrated in eleven positions.","summary":"TCI Fund Management's Q2 2026 13F filing shows a $52.77 billion portfolio spread across just 11 stocks, with GE Aerospace alone accounting for $17.73 billion, underscoring Chris Hohn's long-standing concentrated investing approach.","body":"Chris Hohn's TCI Fund Management reported a $52.77 billion U.S. equity portfolio spread across just 11 stocks as of the second quarter of 2026, according to the fund's latest 13F filing with the Securities and Exchange Commission. The filing, dated August 14, 2026, shows GE Aerospace as the single largest position at $17.73 billion, or roughly a third of the reported portfolio value, even after the fund trimmed its share count during the quarter. The disclosure first stood out in data tracked on Trade Filings, a Madison Labs research site, which compiles 13F filings from EDGAR into manager-level portfolio histories.\n\nThe filing details a portfolio that has changed little in structure over the past two years, even as its reported value has grown. TCI held 10 positions in each of the prior eight quarters tracked by the filing history, dating back to Q2 2024, when the reported value stood at $40.92 billion. The move to 11 positions this quarter, combined with the jump to $52.77 billion from $45.17 billion in Q1 2026, reflects both market appreciation in existing holdings and the addition of new exposure, rather than a broadening of the fund's investment universe. Sector data in the filing shows Industrials exposure up 2.8 percentage points quarter-over-quarter, while Financial Services exposure declined 4.4 percentage points, a shift consistent with GE Aerospace's continued weight alongside trims elsewhere.\n\nFor a fund managing tens of billions of dollars, holding just 11 names is an unusually tight structure compared with most institutional managers, who typically spread capital across dozens or hundreds of positions to diversify company-specific risk. TCI's approach, which Hohn has followed for years through his London-based firm, treats 13F disclosures as a proxy for a small number of high-conviction, long-duration bets rather than a diversified index-like book. The filing itself notes the fund's positions have shown long streaks of continuous holding across quarters, with several names (including Visa, Moody's, S&P Global and Canadian Pacific Kansas City), appearing as holdings across multiple reporting periods rather than as recent additions.\n\nThe concentration matters to investors who track institutional filings because it means TCI's reported returns, as measured by U.S. long equity exposure, are tied disproportionately to the fortunes of a handful of companies. GE Aerospace's $17.73 billion position, built on roughly 47.43 million shares even after a trim this quarter, dwarfs the next-largest holding, Visa at $10.46 billion. Moody's and S&P Global together account for roughly $12.23 billion, meaning credit-ratings and financial-data exposure remains a meaningful theme within the portfolio even as the Financial Services sector weighting declined overall. Smaller positions in Alphabet, Ferrovial, Canadian National Railway, Martin Marietta Materials, Vulcan Materials and Microsoft round out the 11-name book, with some of these appearing only as new or reduced-size positions in the most recent quarter.\n\nIt is worth noting that 13F filings capture only U.S. reportable long equity positions and exclude cash, bonds, short positions and non-U.S. holdings, so the $52.77 billion figure does not represent TCI's total assets under management. The filing record shows reported values fluctuating between roughly $40 billion and $53 billion over the past nine quarters, a range that reflects both market moves in the underlying names and changes in position sizing rather than fund-level inflows or outflows, which 13F data does not directly disclose.\n\nThe disclosure lands amid a broader market backdrop in which mega-cap technology and AI-linked names have driven sharp single-day moves; Nvidia shares climbed after posting quarterly revenue of $96.2 billion and guiding to a $108 billion outlook, while Salesforce, Palo Alto Networks, ServiceNow and Broadcom each posted double-digit percentage gains in recent trading. TCI's portfolio, by contrast, holds no direct exposure to those names, underscoring the degree to which its bets sit apart from the momentum trades dominating headlines elsewhere in equities this week. Bitcoin traded near $79,381 and Ethereum near $2,496, both little changed on the day, offering a separate point of reference for market participants tracking cross-asset sentiment alongside equity filings.\n\nInvestors and analysts who follow institutional positioning will likely watch TCI's next 13F filing, due in mid-November for the third quarter of 2026, for any further changes to the GE Aerospace stake following this quarter's trim, as well as whether the fund's Industrials tilt continues to expand relative to Financial Services. Any shifts in position count, from 11 back toward the 9-to-10 range seen in recent years, would also be notable given the fund's historical preference for a narrow set of long-duration holdings.","source":{"name":"Trade Filings","slug":"tradefilings"},"category":"Institutional Investors","article_type":"News","license":"Free to republish, in full or in part, with attribution to SourceWire and a link to the original article. No fees, registration, or permission required.","quality_score":88,"human_reviewed":false,"original_url":"https://tradefilings.com/manager/tci-fund-management-ltd","featured_image":null,"published_at":"2026-08-28T11:30:02.138876+00:00","updated_at":"2026-08-28T11:30:02.138876+00:00","is_demo":false,"attribution":"Via SourceWire. Discovered via Trade Filings.","attribution_html":"Via SourceWire. Discovered via Trade Filings."},"meta":{"demo_data":false}}