中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Activist

Chris Hohn

Q2 2026 13F: 11 holdings worth about $52.8B; that quarter 2 new, 2 added, 2 trimmed, 1 sold out.

Firm: Tci Fund Management Ltd
Filer: TCI Fund Management Ltd CIK 1647251, Childrens Investment Fund Management (UK) LLP CIK 1362598
Last filed: Aug 14, 2026 | Activist | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 11 holdings, top 10 = 99%, stocks $52.8B, options 0%; all four rules met
  • Source for the value approach: Home | TCI (TCI Fund Management Ltd): “TCI is a value orientated, fundamental investor which invests globally in strong businesses with sustainable competitive advantages.” (checked 2026-10-11)

Full selection rules →

13F value
$52.8B
previous $45.2B (+16.8%)
Holdings
11
2 new / 1 sold out
Net deploymentest.
+1.5%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
99%
overlap with the composite 11%
Turnoverest.
2.4%
held 23 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
Sold outMSFTMicrosoft Corp−2.73M—−1.93$370.17 → $373.02$371.60
NewMLMMartin Marietta Materials+1.32M—+1.44$588.68 → $576.70$582.69
NewVMCVulcan Materials CO+2.45M—+1.37$272.30 → $295.01$283.65
AddedGOOGLAlphabet Inc+1.08M+12%+0.73$287.56 → $357.37$322.47
TrimmedCPCanadian Pacific Kansas City Ltd/cn−1.20M−3%−0.20$78.66 → $86.65$82.66
TrimmedCNICanadian National Railway−416.5K−4%−0.09$102.82 → $119.21$111.01
AddedFERFerrovial N.V+200.2K+1%+0.03$64.03 → $68.51$66.27
II

All Holdings (10 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
GEGeneral ElectricIndustrials33.6%29.8%47.43M$17.7BHeldQ1 202314$105.40est.$373.73+255%History
VVisa IncFinancials19.8%20.4%30.49M$10.5BHeldQ2 201929$265.10est.$343.09+29%History
MCOMoody’s CorpFinancials12.3%13.8%14.33M$6.5BHeldQ4 201255$262.63est.$452.92+72%History
SPGIS&P Global IncFinancials10.9%13.2%14.08M$5.7BHeldQ1 201738$397.79est.$407.26+2%History
GOOGLAlphabet IncInformation technology8.3%7.2%9.94M$4.4BAdded +12%Q3 201736$155.87est.$357.37+129%History
CPCanadian Pacific Kansas City Ltd/cnIndustrials7.4%8.1%45.33M$3.9BTrimmed −3%Q1 201834$48.80est.$86.65+78%History
FERFerrovial N.VIndustrials2.7%2.9%20.94M$1.4BAdded +1%Q2 20249$40.57est.$68.51+69%History
CNICanadian National RailwayIndustrials2.1%2.2%9.43M$1.1BTrimmed −4%Q3 201832$99.01est.$119.21+20%History
MLMMartin Marietta MaterialsMaterials1.4%—1.32M$758.4MNewQ2 20261$582.69est.$576.70−1%History
VMCVulcan Materials COMaterials1.4%—2.45M$721.9MNewQ2 20261$283.65est.$295.01+4%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapGEGeneral ElectricVVisa IncMCOMoody’s CorpSPGIS&P Global IncGOOGLAlphabet IncCPCanadian Pacific Ka…FERFerrovial…CNIMLMMartin Ma…VMCVulcan M…
IV

Over Time

From Q1 2006, 82 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$20.0B$40.0BQ1 2006Q2 2008Q3 2010Q4 2012Q1 2015Q2 2017Q3 2019Q4 2021Q1 2024Q2 2026

Holdings

Holdings051015Q1 2006Q2 2008Q3 2010Q4 2012Q1 2015Q2 2017Q3 2019Q4 2021Q1 2024Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 2006Q2 2008Q3 2010Q4 2012Q1 2015Q2 2017Q3 2019Q4 2021Q1 2024Q2 2026

Turnover (Est.)

Turnover0%20%40%60%Q1 2006Q2 2008Q3 2010Q4 2012Q1 2015Q2 2017Q3 2019Q4 2021Q1 2024Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 2006Q2 2008Q3 2010Q4 2012Q1 2015Q2 2017Q3 2019Q4 2021Q1 2024Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 82 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20261121$52.8B2.4%+1.5%13F-HR
Q1 20261010$45.2B7.2%−4.7%13F-HR
Q4 2025900$53.6B0.9%−1.3%13F-HR
Q3 2025901$52.7B5.7%+0.5%13F-HR
Q2 20251000$50.7B1.8%+1.3%13F-HR
Q1 20251000$43.4B2.7%+1.0%13F-HR
Q4 20241000$42.4B2.0%−0.5%13F-HR
Q3 20241000$44.0B1.1%+0.4%13F-HR
Q2 20241011$40.9B2.1%+4.9%13F-HR
Q1 20241001$39.7B2.6%−0.5%13F-HR
Q4 20231120$36.0B0.5%+15.0%13F-HR
Q3 2023901$27.6B0.0%−13.2%13F-HR
Q2 20231010$33.7B6.4%+5.1%13F-HR
Q1 2023912$29.2B10.7%−11.2%13F-HR
Q4 20221011$29.9B4.0%−1.1%13F-HR
Q3 20221003$28.6B1.6%−0.7%13F-HR
Q2 20221331$31.6B3.5%+4.2%13F-HR
Q1 20221102$36.8B4.4%−15.4%13F-HR
Q4 20211300$44.4B2.1%+0.8%13F-HR
Q3 20211311$41.6B3.7%+3.4%13F-HR
Q2 20211322$40.1B0.2%+4.0%13F-HR
Q1 20211322$34.4B1.0%+7.7%13F-HR
Q4 20201300$30.5B0.6%+0.4%13F-HR
Q3 20201305$27.9B4.1%−0.3%13F-HR
Q2 20201833$25.2B7.7%−0.1%13F-HR
Q1 20201832$21.1B4.5%+8.8%13F-HR
Q4 20191731$22.6B3.2%+4.1%13F-HR
Q3 20191520$19.3B4.8%+1.2%13F-HR
Q2 20191322$18.5B7.2%+15.0%13F-HR
Q1 20191343$15.3B7.6%−35.5%13F-HR
Q4 20181202$20.0B6.2%+13.5%13F-HR
Q3 20181431$19.1B8.9%−11.4%13F-HR
Q2 20181203$21.3B14.4%+11.0%13F-HR
Q1 20181522$18.0B16.1%+11.4%13F-HR
Q4 20171540$16.1B9.6%+9.0%13F-HR
Q3 20171120$14.5B4.0%−1.5%13F-HR
Q2 2017931$13.3B32.0%+11.2%13F-HR
Q1 2017720$11.7B0.0%+8.3%13F-HR
Q4 2016501$9.5B0.5%+6.8%13F-HR
Q3 2016600$9.0B0.6%+8.9%13F-HR 13F-HR
Q2 2016623$7.3B56.3%+33.9%13F-HR 13F-HR
Q1 2016711$5.4B9.6%+0.2%13F-HR 13F-HR
Q4 2015710$5.0B1.6%−5.0%13F-HR 13F-HR
Q3 2015610$5.1B0.0%+20.5%13F-HR 13F-HR
Q2 2015521$4.3B1.5%+39.8%13F-HR 13F-HR
Q1 2015411$2.8B23.2%+6.4%13F-HR
Q4 2014403$2.6B13.3%+5.5%13F-HR
Q3 2014701$2.3B9.1%+0.6%13F-HR
Q2 2014841$2.3B11.6%+82.5%13F-HR
Q1 2014511$1.2B0.6%−46.7%13F-HR
Q4 2013500$2.2B0.0%+1.6%13F-HR
Q3 2013511$2.0B44.4%+7.3%13F-HR
Q2 2013510$1.7B0.5%+6.5%13F-HR
Q1 2013402$1.5B19.0%−9.3%13F-HR
Q4 2012630$1.4B18.1%−3.9%13F-HR
Q3 2012301$1.4B0.0%−13.4%13F-HR
Q2 2012400$1.5B0.9%−21.9%13F-HR
Q1 2012406$1.7B0.0%−23.0%13F-HR
Q4 20111001$1.9B0.0%−24.8%13F-HR
Q3 20111114$2.1B40.8%+4.0%13F-HR
Q2 20111443$2.6B27.5%+10.1%13F-HR
Q1 20111323$2.2B31.1%−17.0%13F-HR
Q4 20101454$2.4B12.6%−36.4%13F-HR
Q3 20101322$3.4B6.1%−24.2%13F-HR
Q2 20101312$4.0B24.2%−0.9%13F-HR
Q1 20101435$4.6B6.4%+14.3%13F-HR
Q4 20091642$3.9B4.1%+48.6%13F-HR
Q3 200914100$2.4B0.6%+126.1%13F-HR
Q2 2009431$982.3M62.9%+15.0%13F-HR
Q1 2009203$727.6M0.0%−54.2%13F-HR
Q4 2008504$1.9B7.3%−43.5%13F-HR
Q3 2008922$5.4B5.1%+22.1%13F-HR
Q2 2008922$5.3B6.6%+22.0%13F-HR
Q1 2008950$3.9B0.0%+62.1%13F-HR
Q4 2007401$2.4B4.8%+16.2%13F-HR
Q3 2007 *521$1.9B20.1%+28.7%13F-HR
Q2 2007 *400$1.5B0.0%−22.3%13F-HR
Q1 2007 *431$1.9B5.6%+142.6%13F-HR
Q4 2006 *214$711.3M1.8%−9.5%13F-HR 13F-HR/A
Q3 2006 *511$693.0M2.2%−7.0%13F-HR
Q2 2006 *541$687.0M3.8%+65.1%13F-HR
Q1 2006 *200$462.0M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
MSFTMicrosoft CorpQ4 2023 – Q2 202617%—
GOOGLAlphabet IncQ4 2023 – Q3 20253%—
TMOThermo Fisher Scientific IncQ4 2022 – Q2 20246%—
MSFTMicrosoft CorpQ4 2017 – Q3 202318%—
UNPUnion Pacific CorpQ2 2017 – Q1 20238%—
GOOGLAlphabet IncQ4 2017 – Q1 20235%—
BXPBXP IncQ2 2020 – Q4 20224%—
CHTRCharter Communications, Inc /moQ2 2016 – Q2 202238%—
—Ihs Markit LtdQ3 2021 – Q1 20222%Acquired or delisted Mar 10, 2022
RTXRTX CorpQ2 2020 – Q3 20203%—
RTN.ARaytheon CoQ3 2019 – Q2 20207%Acquired or delisted Apr 13, 2020
ELVElevance Health, IncQ2 2019 – Q2 20205%—
FOXAFox CorpQ1 2019 – Q2 20193%—
—Twenty-First Century Fox, IncQ4 2017 – Q1 201928%Acquired or delisted Apr 1, 2019
—Twenty-First Century Fox, IncQ4 2017 – Q1 20195%Acquired or delisted Apr 1, 2019
NSCNorfolk Southern CorpQ2 2017 – Q4 20184%—
AABAAltaba IncQ2 2017 – Q3 201839%Acquired or delisted Oct 7, 2019
CMCSAComcast CorpQ2 2015 – Q2 201829%—
TWXTime Warner IncQ1 2017 – Q2 20184%Acquired or delisted Jul 6, 2018
OSGOctave Specialty Group IncQ2 2013 – Q1 20185%—
—Altaba IncQ1 2016 – Q2 201741%Acquired or delisted Oct 7, 2019
TWCTime Warner CableQ2 2014 – Q2 201682%Acquired or delisted Jul 25, 2016
BIDUBaidu, IncQ3 2015 – Q2 20164%—
AXPAmerican Express CoQ2 2015 – Q1 20166%—
SPGIS&P Global IncQ4 2012 – Q1 201512%—
TWXTime Warner IncQ2 2014 – Q4 20142%Acquired or delisted Jul 6, 2018
CMCSAComcast CorpQ2 2014 – Q3 20149%—
—Twenty-First Century Fox, IncQ3 2013 – Q2 201443%Acquired or delisted Apr 1, 2019
DISWalt Disney CoQ2 2010 – Q1 201437%—
—Twenty-First Century Fox, IncQ3 2011 – Q3 201379%Acquired or delisted Apr 1, 2019
UNPUnion Pacific CorpQ2 2011 – Q1 201314%—
VIABViacom IncQ1 2010 – Q1 201222%Acquired or delisted Dec 16, 2019
ORCLOracle CorpQ3 2009 – Q1 201211%—
—Elevance Health, IncQ4 2009 – Q1 201210%Still filing with the SEC
—Paramount GlobalQ4 2010 – Q3 201130%Acquired or delisted Aug 18, 2025
UPSUnited Parcel ServiceQ1 2011 – Q3 20114%—
KOCoca-Cola CoQ2 2009 – Q2 201134%—
TAPMolson Coors Beverage CoQ3 2009 – Q2 201113%—
VVisa IncQ3 2008 – Q1 201156%—
UNPUnion Pacific CorpQ4 2009 – Q1 201124%—