Chris Hohn – TCI Fund Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the TCI Fund Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys –

None reported

Increases – Moody's Corporation, S&P Global Inc., Visa Inc.

Reductions – Canadian National Railway Compa, Canadian Pacific Kansas City Li, Alphabet Inc., Microsoft Corporation

Complete Exits – Alphabet Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-4,221,292	-18.4%	$1.77B	18,767,774
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-2,961,150	-5.6%	$3.71B	49,865,735
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-5,369,416	-41.4%	$1.85B	7,596,819
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell - Position Exit	-3,155,110	-100.0%	$0.00	-
Q3 2025	MCO Moody's Corporation	Moody's Corporation	Buy	+61,500	+0.5%	$6.34B	13,308,479
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-973,027	-5.5%	$8.59B	16,592,204
Q3 2025	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+98,247	+0.9%	$5.45B	11,189,870
Q3 2025	V Visa Inc.	Visa Inc.	Buy	+8,989,793	+47.1%	$9.58B	28,057,351
Q2 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-3,910,012	-14.5%	$2.39B	22,989,066
Q2 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-2,086,400	-3.8%	$4.19B	52,826,885
Q2 2025	FER.MC Ferrovial	Ferrovial	Buy	+137,238	+0.7%	$1.04B	19,470,666
Q2 2025	GE GE Aerospace	GE Aerospace	Sell	-60,516	-0.1%	$12.23B	47,510,431
Q2 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-889,500	-6.4%	$2.30B	12,966,235
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-930,000	-22.8%	$556.03M	3,155,110
Q2 2025	MCO Moody's Corporation	Moody's Corporation	Buy	+83,872	+0.6%	$6.64B	13,246,979
Q2 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+265,350	+1.5%	$8.74B	17,565,231
Q2 2025	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+730,354	+7.0%	$5.85B	11,091,623
Q2 2025	V Visa Inc.	Visa Inc.	Buy	+2,429,996	+14.6%	$6.77B	19,067,558
Q1 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-2,794,686	-9.4%	$2.62B	26,899,078
Q1 2025	GE GE Aerospace	GE Aerospace	Buy	+1,571,071	+3.4%	$9.52B	47,570,947
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,651,321	-16.1%	$2.16B	13,855,735
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-1,942,300	-32.2%	$631.72M	4,085,110
Q1 2025	MCO Moody's Corporation	Moody's Corporation	Sell	-83,662	-0.6%	$6.13B	13,163,107
Q1 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+3,306,244	+23.6%	$6.49B	17,299,881
Q1 2025	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-38,808	-0.4%	$5.26B	10,361,269
Q1 2025	V Visa Inc.	Visa Inc.	Sell	-159,625	-1.0%	$5.83B	16,637,562
Q4 2024	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-5,743,513	-16.2%	$3.01B	29,693,764
Q4 2024	FER.MC Ferrovial	Ferrovial	Buy	+238,184	+1.2%	$812.72M	19,333,428
Q4 2024	GE GE Aerospace	GE Aerospace	Sell	-2,180,500	-4.5%	$7.67B	45,999,876
Q4 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-420,000	-2.5%	$3.14B	16,507,056