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TCI Fund Management

TCI Fund Management Portfolio holdings

AUM $45.2B
1-Year Est. Return 12.74%
This Fund
S&P 500
This Quarter Est. Return
+3.46%
1 Year Est. Return
+12.74%
3 Year Est. Return
+72.29%
5 Year Est. Return
+86.18%
10 Year Est. Return
+564.76%
AUM
$53.6B
AUM Growth
+$949M
Cap. Flow
-$660M
Cap. Flow %
-1.23%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
3
Reduced
3
Closed
–

Top Buys

1
SPGI icon
S&P Global
SPGI
+$297M
2
MSFT icon
Microsoft
MSFT
+$95.1M
3
FER icon
Ferrovial N.V. Ordinary Shares
FER
+$81.1M

Top Sells

1
CNI icon
Canadian National Railway
CNI
+$857M
2
CP icon
Canadian Pacific Kansas City
CP
+$163M
3
V icon
Visa
V
+$113M

Sector Composition

1 Financials 42.28%
2 Industrials 38.15%
3 Technology 15.13%
4 Communication Services 4.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GE icon
1
GE Aerospace
GE
$361B
$14.6B 27.28%
47,510,431
– –
V icon
2
Visa
V
$694B
$9.72B 18.12%
27,724,233
-333,118
-1% -$113M
MSFT icon
3
Microsoft
MSFT
$2.98T
$8.12B 15.13%
16,781,953
+189,749
+1% +$95.1M
MCO icon
4
Moody's
MCO
$90.7B
$6.8B 12.67%
13,308,479
– –
SPGI icon
5
S&P Global
SPGI
$135B
$6.16B 11.48%
11,790,310
+600,440
+5% +$297M
CP icon
6
Canadian Pacific Kansas City
CP
$82.5B
$3.51B 6.54%
47,654,423
-2,211,312
-4% -$163M
GOOG icon
7
Alphabet (Google) Class C
GOOG
$4.32T
$2.38B 4.44%
7,596,819
– –
FER icon
8
Ferrovial N.V. Ordinary Shares
FER
$45.6B
$1.35B 2.51%
20,940,443
+1,281,805
+7% +$81.1M
CNI icon
9
Canadian National Railway
CNI
$77.8B
$974M 1.82%
9,849,934
-8,917,840
-48% -$857M

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AS
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TCI Fund Management's Q4 2025 Portfolio in Review

As of Q4 2025, TCI Fund Management held 9 positions worth $53.6B, up 1.8% from $52.7B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q4 2025: portfolio turnover was 0%. TCI Fund Management opened no new positions and made no exits, leaving the 9-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 41% a quarter earlier, followed by Industrials and Technology.

  • TCI Fund Management added most to S&P Global in Q4 2025, an estimated $297M increase.
  • TCI Fund Management's biggest Q4 2025 reduction was Canadian National Railway, cutting an estimated $857M.
  • TCI Fund Management's ten largest holdings make up 100% of its $53.6B portfolio in Q4 2025.
  • TCI Fund Management opened 0 new positions and closed 0 in Q4 2025.
  • TCI Fund Management's portfolio value rose 1.8% quarter-over-quarter to $53.6B.

Based on TCI Fund Management's 13F filing for Q4 2025, filed 17 Feb 2026.