TCI Fund Management Ltd
The positions TCI Fund Management Ltd reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
- Martin Marietta Matls Inc$758m · 1.4%
- Vulcan Matls Co$722m · 1.4%
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- Microsoft Corp (MSFT)$1.0bn held before
Every reported position, Q2 2026
11 positions, sorted by weight
| Position | Weight ↑ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
Vulcan Matls Co COM · CUSIP 929160109 | 1.4% | $722m | 2,447,004 | No earlier filing | New |
Martin Marietta Matls Inc COM · CUSIP 573284106 | 1.4% | $758m | 1,315,109 | No earlier filing | New |
Alphabet Inc CAP STK CL A · CUSIP 02079K305 | 1.7% | $878m | 2,457,000 | +$172m 0 shares | Held |
Canadian Natl Ry Co COM · CUSIP 136375102 | 2.1% | $1.1bn | 9,433,422 | +$111m -416,512 shares | Trimmed |
Ferrovial NV ORD SHS · CUSIP N3168P101 | 2.7% | $1.4bn | 20,940,441 | +$107m +200,227 shares | Added |
Alphabet Inc CAP STK CL C · CUSIP 02079K107 | 6.7% | $3.5bn | 9,938,819 | +$972m +1,084,800 shares | Added |
Canadian Pacific Kansas City COM · CUSIP 13646K108 | 7.4% | $3.9bn | 45,325,726 | +$266m -1,196,197 shares | Trimmed |
S&P Global Inc (SPGI) COM · CUSIP 78409V104 | 11% | $5.7bn | 14,081,957 | -$235m +46,647 shares | Added |
Moodys Corp COM · CUSIP 615369105 | 12% | $6.5bn | 14,334,027 | +$239m 0 shares | Held |
Visa Inc (V) COM CL A · CUSIP 92826C839 | 20% | $10.5bn | 30,494,133 | +$1.3bn +26,000 shares | Added |
Ge Aerospace COM NEW · CUSIP 369604301 | 34% | $17.7bn | 47,428,233 | +$4.2bn -82,198 shares | Trimmed |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 14 Aug 2026 | $52.8bn | 11 | 99% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 15 May 2026 | $45.2bn | 10 | 100% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 17 Feb 2026 | $53.6bn | 9 | 100% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 14 Nov 2025 | $52.7bn | 9 | 100% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 14 Aug 2025 | $50.7bn | 10 | 100% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $43.4bn | 10 | 100% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $42.4bn | 10 | 100% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $44.0bn | 10 | 100% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
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