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TCI Fund Management Ltd

CIK 1647251 · latest 13F filed 14 August 2026 · Read the filing on EDGAR

TCI Fund Management Ltd reported 11 US-listed holdings worth $52.77 billion in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: General Electric Co. (33.6%), Visa Inc. (19.8%) and Moody's Corp. (12.3%). Against the quarter before, it opened 2 positions, added to 3, trimmed 3 and sold out of 1.

Reported holdings$52.77B+16.8% on Q1 2026
Positions11+1 on Q1 2026
The largest ten98.6%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
Where the money is
OpenedAdded toHeldTrimmed
GE33.6%V19.8%MCO12.3%SPGI10.9%CP7.4%GOOG6.7%FER2.7%CNI2.1%GOOGL1.7%MLM1.4%VMC1.4%

The 11 largest of its 11 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $44.02 billion in 10 positions$44.0BQ3 24Q4 2024: $42.41 billion in 10 positions$42.4BQ4 24Q1 2025: $43.37 billion in 10 positions$43.4BQ1 25Q2 2025: $50.71 billion in 10 positions$50.7BQ2 25Q3 2025: $52.70 billion in 9 positions$52.7BQ3 25Q4 2025: $53.65 billion in 9 positions$53.6BQ4 25Q1 2026: $45.17 billion in 10 positions$45.2BQ1 26Q2 2026: $52.77 billion in 11 positions$52.8BQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +23.1% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
100110120130Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +23.1%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 2Added 3Held 3Trimmed 3Sold out 1
Opened: 2Added: 3Held: 3Trimmed: 3Sold out: 1

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 2

  1. Martin Marietta Materials Inc. MLM$758.4 million
  2. Vulcan Materials Co. VMC$721.9 million

Added to 3

  1. Alphabet Inc. GOOG+1.1 million shares · +12%
  2. S&P Global Inc. SPGI+46,647 shares · +0%
  3. Ferrovial SE FER+200,227 shares · +1%

Trimmed 3

  1. Canadian Pacific Kansas City LT CP-1.2 million shares · -3%
  2. Canadian Natl Ry Co. CNI-416,512 shares · -4%
  3. General Electric Co. GE-82,198 shares · -0%

Sold out of 1

  1. Microsoft Corp. MSFT$1.01 billion last quarter

What it holds

CompanySharesValueOf its bookChange in shares
General Electric Co. GE47.4M$17.73 billion33.59%-82.2K
Visa Inc. V30.5M$10.46 billion19.83%+26.0K
Moody's Corp. MCO14.3M$6.49 billion12.30%no change
S&P Global Inc. SPGI14.1M$5.74 billion10.87%+46.6K
Canadian Pacific Kansas City LT CP45.3M$3.93 billion7.44%-1.2M
Alphabet Inc. GOOG9.9M$3.51 billion6.65%+1.1M
Ferrovial SE FER20.9M$1.43 billion2.72%+200.2K
Canadian Natl Ry Co. CNI9.4M$1.12 billion2.13%-416.5K
Alphabet Inc. GOOGL2.5M$878.1 million1.66%no change
Martin Marietta Materials Inc. MLM1.3M$758.4 million1.44%new
Vulcan Materials Co. VMC2.4M$721.9 million1.37%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 1 it sold out of are in the box above.