Chris Hohn, the British billionaire hedge fund manager and philanthropist, has long been known for his activist style and disciplined portfolio management at The Children’s Investment Fund Management (TCI). His latest quarterly filing offers a window into how one of the world’s most influential investors is positioning in a market defined by shifting interest rates, tech dominance, and global industrial realignment.
Who Is Chris Hohn?
Hohn founded TCI in 2003 after stints at Perry Capital and Apax Partners. Educated at the University of Southampton and Harvard Business School, he built TCI into a powerhouse managing tens of billions of dollars. Beyond finance, Hohn is equally recognized for philanthropy: through the Children’s Investment Fund Foundation, he channels significant profits into child welfare and climate initiatives, earning a reputation as one of the world’s most generous investors.
Portfolio Additions: Tech and Financial Services in Focus
The latest filing shows Hohn leaning further into technology and financial services, with notable increases in several blue-chip names:
-
Microsoft (MSFT) – Now representing 17.2% of the portfolio, Microsoft remains Hohn’s largest tech bet. The fund added 265,350 shares, bringing the total to 17.6 million shares valued at $8.7 billion. The modest 1.5% increase underscores steady conviction in Microsoft’s cloud and AI-driven growth.
-
Visa (V) – One of the biggest percentage increases, with Hohn adding 2.43 million shares, a 14.6% boost. The position is now worth $6.77 billion, or 13.4% of the portfolio. Visa’s global payments network continues to benefit from digital transaction growth.
-
Moody’s (MCO) – A smaller increase of 83,872 shares (+0.6%), bringing the stake to $6.64 billion. Moody’s remains a core holding, reflecting Hohn’s long-term confidence in credit ratings and financial analytics.
-
S&P Global (SPGI) – Shares increased by 7%, with the position now valued at $5.85 billion. Like Moody’s, S&P Global is a key player in financial data and benchmarks, sectors that remain resilient even in volatile markets.
-
Ferrovial (FER) – A European infrastructure play, Ferrovial saw a 0.7% increase in shares. The $1.04 billion position reflects Hohn’s interest in long-term infrastructure assets, particularly in transport and construction.
Portfolio Reductions: Trimming Industrials and Alphabet
While adding to tech and finance, Hohn trimmed positions in industrials and Alphabet, signaling a rebalancing of risk:
-
General Electric (GE) – Still the largest single holding at 24.1% of the portfolio, GE was trimmed slightly, with 60,516 shares sold (a 0.1% reduction). The $12.2 billion stake shows Hohn’s continued conviction in GE’s industrial turnaround, even as he takes some profits.
-
Canadian Pacific Kansas City (CPKC) – Reduced by 3.8%, with over 2 million shares sold. The $4.19 billion position remains significant, but the cut suggests caution around North American rail valuations.
-
Canadian National Railway (CNI) – A sharper reduction of 14.5%, with nearly 3.9 million shares sold. The $2.39 billion stake indicates Hohn is scaling back exposure to Canadian railroads more broadly.
-
Alphabet (GOOG & GOOGL) – Combined, Alphabet holdings were cut by over 1.8 million shares. Class C shares (GOOG) were reduced by 6.4%, while Class A shares (GOOGL) saw a steep 22.8% cut. Together, Alphabet now represents about 5.6% of the portfolio, down from prior levels. The move suggests Hohn is moderating exposure to mega-cap tech after a strong run.
Reading the Strategy
Hohn's Q2 2025 portfolio adjustments reflect a few clear themes:
-
Tech and finance remain core pillars – Microsoft, Visa, Moody’s, and S&P Global all saw increases, reinforcing TCI’s conviction in scalable, high-margin businesses.
-
Selective trimming in industrials – While GE remains a massive holding, Canadian railroads were cut back, perhaps reflecting valuation concerns or shifting trade dynamics.
-
Caution on mega-cap tech – Alphabet reductions suggest Hohn is rebalancing exposure to avoid concentration risk, even as he adds to Microsoft.
-
Infrastructure as a steady play – The Ferrovial increase highlights interest in long-term, stable cash flow assets.
The Bottom Line
Chris Hohn's latest moves show a manager balancing conviction with caution. By adding to Microsoft, Visa, Moody’s, and S&P Global, he's doubling down on companies with durable competitive advantages. At the same time, trimming Alphabet and Canadian railroads signals a pragmatic approach to risk management.
For investors tracking institutional flows, the message is clear: Hohn is keeping one foot firmly in the growth engines of tech and finance, while carefully managing exposure to cyclical sectors. As always with TCI, the portfolio reflects a mix of activist conviction and disciplined rebalancing—a strategy that has made Chris Hohn one of the most closely watched hedge fund managers in the world.