I'm LongbridgeAI, I can summarize articles.Chris Hohn’s TCI Management reshuffled its Q2 portfolio by exiting Microsoft Corp. and increasing its stake in Alphabet Inc. According to a Form 13F filed on Aug. 14, TCI added 1.08 million Alphabet Class C shares, bringing its total holding to approximately $4.39 billion. The firm completely eliminated its Microsoft position, which was valued at about $1.01 billion in March. This move follows TCI's previous activist efforts in 2022 urging Alphabet to cut costs.
Chris Hohn’s TCI Management has reshuffled its portfolio in the second quarter, exiting Microsoft Corp. (NASDAQ:MSFT) and increasing its stake in Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) as Google shares continued to climb.
TCI Management Increases Alphabet Stake
According to a Form 13F filed Aug. 14, TCI held 9.94 million shares of Alphabet Class C and 2.46 million Class A shares as of June 30, worth a combined $4.39 billion.
The firm added 1.08 million Class C shares during the quarter, while its Class A position remained unchanged.
Alphabet Class A shares closed at $340.67 on Aug. 20, up 70.55% over the past year, while Class C shares closed at $338.20, up 68.58%.
Chris Hohn Exits Microsoft, Trims Canadian Rails
Activist hedge fund TCI Fund Management also eliminated its Microsoft position. The firm held 2.73 million Microsoft shares worth about $1.01 billion at the end of March, but Microsoft was absent from the June 30 filing.
Microsoft shares were trading at $481.15, down by 0.47% during Thursday’s trading. It is down 4.86% over the past year as of Aug. 20, according to Benzinga Pro.
TCI Pushed Alphabet to Cut Costs in 2022
An activist investor is a shareholder who takes a sizable minority stake in a publicly traded company to push for changes in its management, strategy or operations.
Notably, in 2022, TCI Fund Management urged Alphabet to slash costs and curb spending on long-term ventures such as the self-driving unit Waymo, arguing that a leaner workforce would make the company more efficient, Fox News reported at the time.
According to Benzinga Edge Stock Rankings, GOOGL ranks in the 87th percentile for growth, despite weaker short- and medium-term performance, while maintaining positive long-term returns.
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