Chris Hohn’s TCI in Q2 2026: GE Aerospace is a third of $53 billion, two new materials stocks, Microsoft gone

TCI Fund Management, the firm Chris Hohn founded and runs, filed its 13F for the second quarter of 2026 on August 14. It lists 11 lines — ten companies, with Alphabet’s two share classes counted together — worth $52.77 billion on June 30, 2026, up from $45.17 billion three months earlier. It is one of the most concentrated portfolios this site tracks: GE Aerospace alone is 33.6%, and the five largest positions are 84.9%. The full list is on Chris Hohn’s page.

What changed

Two companies entered the portfolio: Martin Marietta Materials (1.3 million shares, $758.4 million) and Vulcan Materials (2.4 million shares, $721.9 million), together 2.8%. Neither had appeared in TCI’s 13F filings since 2016. One left: Microsoft. TCI first reported it at the end of 2017 and held as many as 22.3 million shares at the end of 2022; it cut the stake from 16.8 million shares at the end of 2025 to 2.7 million in March 2026, and to zero by June 30.

Elsewhere the changes were small. TCI added 9.6% to Alphabet (12.4 million shares across both classes), 1.0% to Ferrovial, 0.3% to S&P Global and 0.1% to Visa, and trimmed Canadian National Railway by 4.2%, Canadian Pacific Kansas City by 2.6% and GE Aerospace by 0.2%. Moody’s was unchanged.

The S&P Global spin-off after quarter-end

On July 1, 2026, the day after the 13F date, S&P Global completed the spin-off of Mobility Global (MBGL), giving one MBGL share for every S&P Global share held on June 15. The 13F values TCI’s 14.1 million S&P Global shares at the real June 30 price of $407.26; price histories adjusted for the spin-off show a lower figure. Anyone valuing the stake today has to add the Mobility Global shares that came with it. More in our S&P Global analysis.

The same shares at today’s prices

Repriced at the October 9, 2026 close — counting the Mobility Global shares, and assuming nothing changed since June 30 — the positions would be worth about $50.56 billion, 4.2% less. GE Aerospace fell 17.5% from its June 30 close, Ferrovial 26.9%, and Martin Marietta and Vulcan Materials 17.1% each, while Visa rose 12.3%. The next 13F, for the third quarter, is due by mid-November.

A 13F covers only U.S.-listed long positions: it does not show short positions, shares listed outside the United States, cash or other assets, so this is TCI’s U.S. stock portfolio rather than everything the firm owns. Not investment advice.