TCI FUND MANAGEMENT LTD
Long book
$45.17B
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+20.4%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsTCI FUND MANAGEMENT LTD is a high-conviction value investor, running a $45.17B US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: GENERAL ELECTRIC, VISA INC-CLASS A SHARES, MOODY'S CORP, S&P GLOBAL INC, CANADIAN PACIFIC KANSAS CITY.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.0%
Q2 2024
+7.5%
Q3 2024
-3.0%
Q4 2024
+1.4%
Q1 2025
+15.9%
Q2 2025
+4.3%
Q3 2025
+3.2%
Q4 2025
-11.9%
Q1 2026
+20.4%
Sector allocation
Services media 47%
Industrials 43%
Technology 9%
Long book by quarter
What does TCI FUND own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GE GENERAL ELECTRIC | Industrials | 47.5M | $13.48B | 29.8% | Held |
| V VISA INC-CLASS A SHARES | Services media | 30.5M | $9.21B | 20.4% | +9.9% |
| MCO MOODY'S CORP | Services media | 14.3M | $6.25B | 13.8% | +7.7% |
| SPGI S&P GLOBAL INC | Services media | 14.0M | $5.97B | 13.2% | +19.0% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 46.5M | $3.66B | 8.1% | -2.4% |
| GOOG ALPHABET INC-CL C | Technology | 8.9M | $2.54B | 5.6% | +16.5% |
| FER FERROVIAL NV | Industrials | 20.7M | $1.33B | 2.9% | Held |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 9.8M | $1.01B | 2.2% | Held |
| MSFT MICROSOFT CORP | Technology | 2.7M | $1.01B | 2.2% | -83.7% |
| GOOGL ALPHABET INC-CL A | Technology | 2.5M | $706.5M | 1.6% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $45.17B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 9 | $53.65B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 9 | $52.70B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 10 | $50.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 10 | $43.37B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 10 | $42.41B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 10 | $44.02B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $40.92B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 10 | $39.66B | canonical | SEC ↗ |