What TCI Fund Management Ltd changed, 2015 to 2026
45 quarterly 13F filings, from Q2 2015 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.
Reported book
$52.8bn
$4.3bn at Q2 2015
Positions
11
5 at Q2 2015
Top ten weight
99%
100% at Q2 2015
Typical quarterly turnover
about 4%
Estimated from share changes
- Q2 2015: $4.3bn
- Q3 2015: $5.1bn
- Q4 2015: $5.0bn
- Q1 2016: $5.4bn
- Q2 2016: $7.3bn
- Q3 2016: $9.0bn
- Q4 2016: $9.5bn
- Q1 2017: $11.7bn
- Q2 2017: $13.3bn
- Q3 2017: $14.5bn
- Q4 2017: $16.1bn
- Q1 2018: $18.0bn
- Q2 2018: $21.3bn
- Q3 2018: $19.1bn
- Q4 2018: $20.0bn
- Q1 2019: $15.3bn
- Q2 2019: $18.5bn
- Q3 2019: $19.3bn
- Q4 2019: $22.6bn
- Q1 2020: $21.1bn
- Q2 2020: $25.2bn
- Q3 2020: $27.9bn
- Q4 2020: $30.5bn
- Q1 2021: $34.4bn
- Q2 2021: $40.1bn
- Q3 2021: $41.6bn
- Q4 2021: $44.4bn
- Q1 2022: $36.8bn
- Q2 2022: $31.6bn
- Q3 2022: $28.6bn
- Q4 2022: $29.9bn
- Q1 2023: $29.2bn
- Q2 2023: $33.7bn
- Q3 2023: $27.6bn
- Q4 2023: $36.0bn
- Q1 2024: $39.7bn
- Q2 2024: $40.9bn
- Q3 2024: $44.0bn
- Q4 2024: $42.4bn
- Q1 2025: $43.4bn
- Q2 2025: $50.7bn
- Q3 2025: $52.7bn
- Q4 2025: $53.6bn
- Q1 2026: $45.2bn
- Q2 2026: $52.8bn
- Q2 2015: 100%
- Q3 2015: 100%
- Q4 2015: 100%
- Q1 2016: 100%
- Q2 2016: 100%
- Q3 2016: 100%
- Q4 2016: 100%
- Q1 2017: 100%
- Q2 2017: 100%
- Q3 2017: 100%
- Q4 2017: 99%
- Q1 2018: 99%
- Q2 2018: 98%
- Q3 2018: 98%
- Q4 2018: 98%
- Q1 2019: 97%
- Q2 2019: 96%
- Q3 2019: 95%
- Q4 2019: 94%
- Q1 2020: 95%
- Q2 2020: 95%
- Q3 2020: 97%
- Q4 2020: 97%
- Q1 2021: 97%
- Q2 2021: 97%
- Q3 2021: 96%
- Q4 2021: 94%
- Q1 2022: 97%
- Q2 2022: 99%
- Q3 2022: 100%
- Q4 2022: 100%
- Q1 2023: 100%
- Q2 2023: 100%
- Q3 2023: 100%
- Q4 2023: 100%
- Q1 2024: 100%
- Q2 2024: 100%
- Q3 2024: 100%
- Q4 2024: 100%
- Q1 2025: 100%
- Q2 2025: 100%
- Q3 2025: 100%
- Q4 2025: 100%
- Q1 2026: 100%
- Q2 2026: 99%
The positions that defined it
Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| General Electric Co(GE) | Q1 2023 | $17.7bnQ2 2026 | $17.7bn | |
| Visa Inc(V)Common Class A | Q2 2019 | $10.5bnQ2 2026 | $10.5bn | |
| Moodys Corp(MCO) | Q2 2015 | $6.8bnQ4 2025 | $6.5bn | |
| S&P Global Inc(SPGI) | Q2 2017 | $6.2bnQ4 2025 | $5.7bn | |
| Canadian Pacific Kansas City(CP) | Q2 2023 | $4.8bnQ1 2024 | $3.9bn | |
| Alphabet Inc(GOOG)Capital Stock Class C | Q3 2017 | $8.5bnQ4 2021 | $3.5bn | |
| Ferrovial Se(FER) | Q2 2024 | $1.4bnQ2 2026 | $1.4bn | |
| Canadian Natl Ry Co(CNI) | Q3 2018 | $5.2bnQ1 2024 | $1.1bn | |
| Alphabet Inc(GOOGL)Capital Stock Class A | Q4 2017 | $1.8bnQ4 2021 | $878m | |
| Martin Marietta Matls Inc(MLM) | Q2 2026 | $758mQ2 2026 | $758m | |
| Vulcan Matls Co(VMC) | Q2 2026 | $722mQ2 2026 | $722m | |
| Microsoft Corp(MSFT) | Q4 2017 | $8.7bnQ2 2025 | Soldlast listed Q1 2026 | |
| Charter Communications Inc N(CHTR)Class A | Q2 2016 | $7.5bnQ3 2021 | Soldlast listed Q1 2022 | |
| Altaba Inc | Q2 2017 | $6.0bnQ4 2017 | Soldlast listed Q2 2018 | |
| Twenty First Centy Fox IncClass A | Q4 2017 | $5.7bnQ2 2018 | Soldlast listed Q4 2018 | |
| Canadian Pac Ry LTD | Q1 2018 | $4.6bnQ1 2022 | Soldlast listed Q1 2023 | |
| Yahoo Inc | Q1 2016 | $4.0bnQ1 2017 | Soldlast listed Q1 2017 | |
| Comcast Corp New(CMCSA)Class A | Q2 2015 | $3.6bnQ2 2017 | Soldlast listed Q1 2018 | |
| Comcast Corp New(CMCSA)CLA | Q1 2017 | $3.4bnQ1 2017 | Soldlast listed Q1 2017 |
Quarter by quarter
Q1 2024: $39.7bn across 10 positions
Against Q4 2023: 0 new, 3 added to, 4 trimmed, 1 sold out, across all 10 positions.
Turnover about 3% of the book, estimated from share changes at quarter-end prices.
Largest additions
- General Electric Co (GE)+$2.9bn
- Alphabet Inc (GOOGL)+$161m
- Moodys Corp (MCO)+$88m
Largest reductions
- Thermo Fisher Scientific Inc (TMO)-$788m
- Canadian Natl Ry Co (CNI)$164m
- Microsoft Corp (MSFT)$431m
- Canadian Pacific Kansas City (CP)$450m
Opened
Nothing new among the largest positions.
Sold out
- Ferguson PLC Newwas $84m
Largest positions, Q1 2024
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| General Electric Co (GE) | $8.2bn | 20.7% | Added |
| Canadian Natl Ry Co (CNI) | $5.2bn | 13.1% | Trimmed |
| Canadian Pacific Kansas City (CP) | $4.8bn | 12.2% | Trimmed |
| Moodys Corp (MCO) | $4.8bn | 12.1% | Added |
| Visa Inc (V) | $4.7bn | 11.8% | Held |
| Microsoft Corp (MSFT) | $4.4bn | 11.2% | Trimmed |
| S&P Global Inc (SPGI) | $3.8bn | 9.7% | Held |
| Alphabet Inc (GOOG) | $2.6bn | 6.5% | Held |
| Thermo Fisher Scientific Inc (TMO) | $882m | 2.2% | Trimmed |
| Alphabet Inc (GOOGL) | $183m | 0.5% | Added |
The books most like this one
Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.
| Manager | Overlap | Stocks in both | Overlap over time | |
|---|---|---|---|---|
| Trian Fund Management LP | 34% | 1 | Compare | |
| Egerton Capital UK LLP | 31% | 5 | Compare | |
| Akre Capital Management LLC | 18% | 2 | Compare | |
| Polen Capital Management LLC | 14% | 4 | Compare | |
| ValueAct Holdings LP | 14% | 1 | Compare | |
| Markel Group Inc | 12% | 7 | Compare | |
| Pershing Square Capital Management LP | 11% | 2 | Compare | |
| Baupost Group LLC | 11% | 2 | Compare |
The filings behind it
Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.
| Quarter | Filer | Book | Amended | Filing |
|---|---|---|---|---|
| Q2 2026 | TCI Fund Management Ltd | $52.8bn | 13F-HR | |
| Q1 2026 | TCI Fund Management Ltd | $45.2bn | 13F-HR | |
| Q4 2025 | TCI Fund Management Ltd | $53.6bn | 13F-HR | |
| Q3 2025 | TCI Fund Management Ltd | $52.7bn | 13F-HR | |
| Q2 2025 | TCI Fund Management Ltd | $50.7bn | 13F-HR | |
| Q1 2025 | TCI Fund Management Ltd | $43.4bn | 13F-HR | |
| Q4 2024 | TCI Fund Management Ltd | $42.4bn | 13F-HR | |
| Q3 2024 | TCI Fund Management Ltd | $44.0bn | 13F-HR | |
| Q2 2024 | TCI Fund Management Ltd | $40.9bn | 13F-HR | |
| Q1 2024 | TCI Fund Management Ltd | $39.7bn | 13F-HR | |
| Q4 2023 | TCI Fund Management Ltd | $36.0bn | 13F-HR | |
| Q3 2023 | TCI Fund Management Ltd | $27.6bn | 13F-HR | |
| Q2 2023 | TCI Fund Management Ltd | $33.7bn | 13F-HR | |
| Q1 2023 | TCI Fund Management Ltd | $29.2bn | 13F-HR | |
| Q4 2022 | TCI Fund Management Ltd | $29.9bn | 13F-HR | |
| Q3 2022 | TCI Fund Management Ltd | $28.6bn | 13F-HR | |
| Q2 2022 | TCI Fund Management Ltd | $31.6bn | 13F-HR | |
| Q1 2022 | TCI Fund Management Ltd | $36.8bn | 13F-HR | |
| Q4 2021 | TCI Fund Management Ltd | $44.4bn | 13F-HR | |
| Q3 2021 | TCI Fund Management Ltd | $41.6bn | 13F-HR | |
| Q2 2021 | TCI Fund Management Ltd | $40.1bn | 13F-HR | |
| Q1 2021 | TCI Fund Management Ltd | $34.4bn | 13F-HR | |
| Q4 2020 | TCI Fund Management Ltd | $30.5bn | 13F-HR | |
| Q3 2020 | TCI Fund Management Ltd | $27.9bn | 13F-HR | |
| Q2 2020 | TCI Fund Management Ltd | $25.2bn | 13F-HR | |
| Q1 2020 | TCI Fund Management Ltd | $21.1bn | 13F-HR | |
| Q4 2019 | TCI Fund Management Ltd | $22.6bn | 13F-HR | |
| Q3 2019 | TCI Fund Management Ltd | $19.3bn | 13F-HR | |
| Q2 2019 | TCI Fund Management Ltd | $18.5bn | 13F-HR | |
| Q1 2019 | TCI Fund Management Ltd | $15.3bn | 13F-HR | |
| Q4 2018 | TCI Fund Management Ltd | $20.0bn | 13F-HR | |
| Q3 2018 | TCI Fund Management Ltd | $19.1bn | 13F-HR | |
| Q2 2018 | TCI Fund Management Ltd | $21.3bn | 13F-HR | |
| Q1 2018 | TCI Fund Management Ltd | $18.0bn | 13F-HR | |
| Q4 2017 | TCI Fund Management Ltd | $16.1bn | 13F-HR | |
| Q3 2017 | TCI Fund Management Ltd | $14.5bn | 13F-HR | |
| Q2 2017 | TCI Fund Management Ltd | $13.3bn | 13F-HR | |
| Q1 2017 | TCI Fund Management Ltd | $11.7bn | 13F-HR | |
| Q4 2016 | TCI Fund Management Ltd | $9.5bn | 13F-HR | |
| Q3 2016 | TCI Fund Management Ltd | $9.0bn | 13F-HR | |
| Q2 2016 | TCI Fund Management Ltd | $7.3bn | 13F-HR | |
| Q1 2016 | TCI Fund Management Ltd | $5.4bn | 13F-HR | |
| Q4 2015 | TCI Fund Management Ltd | $5.0bn | 13F-HR | |
| Q3 2015 | TCI Fund Management Ltd | $5.1bn | 13F-HR | |
| Q2 2015 | TCI Fund Management Ltd | $4.3bn | 13F-HR |
Reading this record
A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.
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