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Hedge fund

TCI Fund Management Ltd

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1647251

Reported value
$52.8bn
91% in companies we cover
Positions we cover
9
Largest GE 33.6%
Copy, a year
+16.8%
S&P 500 +14.6%
Copy Sharpe ratio
0.74
S&P 500 0.76

How copying its 13F would have done

$10.0k$20.0k$40.0k 201520172019202120232025 $56.8k$46.0k
CopyS&P 500 $10,000 copying TCI Fund Management Ltd's filed holdings in companies we cover from August 21, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.7% (S&P 500 −31.8%); beta 1.01; alpha +2.4% a year (t = 0.69); last 12 months +7.7% against +12.1%.

Reported value by quarter

TCI Fund Management Ltd: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $10T $20T $30T Reported value, 2015-06-30: $4.3B Reported value, 2015-09-30: $5.1B Reported value, 2015-12-31: $5B Reported value, 2016-03-31: $5.4B Reported value, 2016-06-30: $7.3B Reported value, 2016-09-30: $9B Reported value, 2016-12-31: $9.5B Reported value, 2017-03-31: $11.7B Reported value, 2017-06-30: $13.3B Reported value, 2017-09-30: $14.5B Reported value, 2017-12-31: $16.1B Reported value, 2018-03-31: $18B Reported value, 2018-06-30: $21.3B Reported value, 2018-09-30: $19.1B Reported value, 2018-12-31: $20B Reported value, 2019-03-31: $15.3B Reported value, 2019-06-30: $18.5B Reported value, 2019-09-30: $19.3B Reported value, 2019-12-31: $22.6B Reported value, 2020-03-31: $21.1B Reported value, 2020-06-30: $25.2B Reported value, 2020-09-30: $27.9B Reported value, 2020-12-31: $30.5B Reported value, 2021-03-31: $34.4B Reported value, 2021-06-30: $40.1B Reported value, 2021-09-30: $41.6B Reported value, 2021-12-31: $44.4B Reported value, 2022-03-31: $36.8B Reported value, 2022-06-30: $31.6B Reported value, 2022-09-30: $28.6B Reported value, 2022-12-31: $29.9T Reported value, 2023-03-31: $29.2B Reported value, 2023-06-30: $33.7B Reported value, 2023-09-30: $27.6B Reported value, 2023-12-31: $36B Reported value, 2024-03-31: $39.7B Reported value, 2024-06-30: $40.9B Reported value, 2024-09-30: $44B Reported value, 2024-12-31: $42.4B Reported value, 2025-03-31: $43.4B Reported value, 2025-06-30: $50.7B Reported value, 2025-09-30: $52.7B Reported value, 2025-12-31: $53.6B Reported value, 2026-03-31: $45.2B Reported value, 2026-06-30: $52.8B 2015-06-30 2017-09-30 2019-12-31 2022-03-31 2024-06-30 2026-06-30 $52.8B
View chart data
Period Reported value
2015-06-30 $4.3B
2015-09-30 $5.1B
2015-12-31 $5B
2016-03-31 $5.4B
2016-06-30 $7.3B
2016-09-30 $9B
2016-12-31 $9.5B
2017-03-31 $11.7B
2017-06-30 $13.3B
2017-09-30 $14.5B
2017-12-31 $16.1B
2018-03-31 $18B
2018-06-30 $21.3B
2018-09-30 $19.1B
2018-12-31 $20B
2019-03-31 $15.3B
2019-06-30 $18.5B
2019-09-30 $19.3B
2019-12-31 $22.6B
2020-03-31 $21.1B
2020-06-30 $25.2B
2020-09-30 $27.9B
2020-12-31 $30.5B
2021-03-31 $34.4B
2021-06-30 $40.1B
2021-09-30 $41.6B
2021-12-31 $44.4B
2022-03-31 $36.8B
2022-06-30 $31.6B
2022-09-30 $28.6B
2022-12-31 $29.9T
2023-03-31 $29.2B
2023-06-30 $33.7B
2023-09-30 $27.6B
2023-12-31 $36B
2024-03-31 $39.7B
2024-06-30 $40.9B
2024-09-30 $44B
2024-12-31 $42.4B
2025-03-31 $43.4B
2025-06-30 $50.7B
2025-09-30 $52.7B
2025-12-31 $53.6B
2026-03-31 $45.2B
2026-06-30 $52.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
GEGE Aerospace33.59%$17.7bn47.43M−0.2%
VVisa Inc.19.83%$10.5bn30.49M+0.1%
MCOMoody's Corporation12.30%$6.5bn14.33M0.0%
SPGIS&P Global10.87%$5.7bn14.08M+0.3%
CPCanadian Pacific Kansas City LTD7.44%$3.9bn45.33M−2.6% Reduced
FERFerrovial N.V.2.72%$1.4bn20.94M+1.0% Added
GOOGLAlphabet Inc. (Class A)1.66%$878.1m2.46M0.0%
MLMMartin Marietta Materials1.44%$758.4m1.32MNew
VMCVulcan Materials Company1.37%$721.9m2.45MNew
CompanyBought (value)Shares
MLMMartin Marietta Materials$758.4m1.32M
VMCVulcan Materials Company$721.9m2.45M
SPGIS&P Global$19.0m46.6K
FERFerrovial N.V.$13.7m200.2K
VVisa Inc.$8.9m26.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
MSFTMicrosoft Corporation−$1.0bn−2.73M
CPCanadian Pacific Kansas City LTD−$103.6m−1.20M
GEGE Aerospace−$30.7m−82.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
MSFTMicrosoft Corporation$1.0bn2.73M
  • Industrials48.0%
  • Financials47.1%
  • Materials3.1%
  • Communication Services1.8%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 21, 2015 to November 2, 2026+16.8%+14.6%0.740.76−32.7%1.01
2018 onwardsJanuary 5, 2018 to November 2, 2026+16.6%+13.9%0.700.66−32.7%1.01
Last three yearsNovember 3, 2023 to November 2, 2026+23.3%+21.8%1.041.16−16.0%0.92
Last yearNovember 7, 2025 to November 2, 2026+8.7%+14.2%0.330.84−15.0%0.77

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.