TCI Fund Management Ltd

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, TCI Fund Management Ltd maintained a portfolio of 9 distinct positions. They heavily accumulated shares in MICROSOFT CORP, increasing their position by 1.1%. The fund also reduced its exposure to CANADIAN NATL RY CO by 47.5%.
PCA Score Concentration Risk
Risk ENB
Total Positions
9
Quarter
2025 Q4
Top Holding
GE (27.3%)
Top 10 Concentration
100.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-9 of 9
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
GE
GE AEROSPACE
Industrials 27.28% 27.12% #1
Prev: #1
10.0 no change no change
P
S
47,510,431 $14,634,638,061 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
V
VISA INC
Financial Services 18.12% 18.18% #2
Prev: #2
7.3 -333,118 -1.2%
P
S
27,724,233 $9,723,165,755 2019 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
MSFT
MICROSOFT CORP
Technology 15.13% 16.31% #3
Prev: #3
8.1 189,749 1.1%
P
S
16,781,953 $8,116,088,110 2017 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MCO
MOODYS CORP
Financial Services 12.67% 12.03% #4
Prev: #4
5.1 no change no change
P
S
13,308,479 $6,798,636,497 2015 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SPGI
S&P GLOBAL INC
Financial Services 11.48% 10.33% #5
Prev: #5
6.6 600,440 5.4%
P
S
11,790,310 $6,161,498,103 2017 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
CP
CANADIAN PACIFI...
Industrials 6.54% 7.05% #6
Prev: #6
2.6 -2,211,312 -4.4%
P
S
47,654,423 $3,508,630,329 2018 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
GOOG
ALPHABET INC
Communication Services 4.44% 3.51% #7
Prev: #7
1.8 no change no change
P
S
7,596,819 $2,383,881,802 2017 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FER
FERROVIAL SE
Industrials 2.51% 2.11% #8 1
Prev: #9
3.0 1,269,548 6.5%
P
S
20,740,214 $1,348,162,940 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CNI
CANADIAN NATL R...
Industrials 1.82% 3.36% #9 1
Prev: #8
0.9 -8,917,840 -47.5%
P
S
9,849,934 $974,114,657 2018 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-9 of 9 holdings

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