We break down the stocks Christopher Hohn (TCI Fund Management) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from TCI Fund Management's 13F filed on August 14, 2024.
Who are Christopher Hohn and TCI Fund Management?
TCI Fund Management (The Children's Investment Fund) is a value-oriented hedge fund founded in 2003 by activist investor Sir Christopher Hohn. The firm has delivered exceptional returns since inception while donating a significant portion of its profits to children's charities through the Children's Investment Fund Foundation. TCI employs a fundamental, research-intensive approach to invest globally in businesses with sustainable competitive advantages. Hohn frequently employs activist strategies to drive corporate governance improvements and strategic changes in portfolio companies.
TCIfund.com
Wikipedia on Christopher Hohn
Portfolio Changes in Q2 2024
New positions
TCI Fund Management initiated a new position in Ferrovial (FER), purchasing 19.1 million shares valued at $742 million.
Bought
The firm significantly increased its stake in Alphabet (GOOGL), adding 4.8 million shares to bring the total position to 6.0 million shares worth $1.1 billion. TCI Fund Management also added to positions in S&P Global (SPGI) with 1.4 million additional shares, General Electric (GE) with 1.4 million more shares, and Moody's (MCO) with over 1 million additional shares.
Sold
TCI Fund Management completely liquidated its position in Thermo Fisher (TMO), selling all 1.5 million shares that were valued at $882 million.
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FER | Ferrovial | 100.0% | NEW | $741.76M |
Ferrovial FER
Christopher Hohn bought $741.76M of Ferrovial in Q2 2024. Ferrovial delivered robust Q1 2025 results with 19.1% adjusted EBITDA growth to €309 million, driven by strong North American highway performance and a record €14.6 billion construction order book. The company is outperforming infrastructure peers through pricing power in toll roads and strategic contract wins, with shares up 30.45% in recent months. Recent investments in Canadian toll road expansions and operational resilience against weather disruptions position it for sustained growth.
- 19.1% year-over-year EBITDA growth in Q1 2025 driven by North American highway assets.
- Construction division achieved record €14.6 billion order book in Q1 2025.
- Stock price gained 30.45% year-to-date through May 2025.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| GE | General Electric | 18.7% | Added (+3%) | $7.66B |
| MCO | Moody's | 13.6% | Added (+9%) | $5.58B |
| MSFT | Microsoft | 11.5% | $4.71B | |
| CNI | Canadian National | 11.4% | $4.67B | |
| SPGI | S&P Global | 11.3% | Added (+15%) | $4.64B |
| V | Visa | 10.8% | $4.41B | |
| CP | Canadian Pacific Kansas City | 10.6% | $4.32B | |
| GOOG | Alphabet | 7.6% | $3.1B | |
| GOOGL | Alphabet | 2.7% | Added (+398%) | $1.1B |
| FER | Ferrovial | 1.8% | NEW | $741.76M |
| TMO | Thermo Fisher | 0.0% | Exited | $0 |
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