TCI Fund Management 13F: Q2 2026 Portfolio — $52.77B Across 11 Positions

TCI Fund Management · Chris Hohn · Q2 2026

TCI Fund concentrated further in core holdings while adding Alphabet and materials exposure

Reported value

$52.8B

Filed 2026-08-14

Positions

Quarter ended 2026-06-30

Top 10 weight

98.6%

New2Added2Trimmed2Exited1View the SEC filing

Form 13F reports long US-listed positions only, up to 45 days after quarter end. It excludes shorts, cash, and non-US holdings, so the live book can differ.

TCI Fund Management reported a $52.77B US-listed portfolio in its Q2 2026 Form 13F, filed with the SEC on 2026-08-14 for the quarter ended 2026-06-30. The book holds 11 positions, led by Ge Aerospace at 33.6% of reported value; the top three together account for 66%. Against the Q1 2026 filing, the manager opened 2 new positions, added to 2, trimmed 2, and exited 1.

Top 11 holdings

Portfolio allocation

Ge AerospaceGE33.6%
VisaV19.8%
MoodysMCO12.3%
S&P GlobalSPGI10.9%
Canadian Pacific Kansas CityCP7.4%
AlphabetGOOG6.7%
FerrovialFER2.7%
Canadian Natl RyCNI2.1%
AlphabetGOOGL1.7%
Martin Marietta MatlsMLM1.4%
Other holdings1.4%

Share of reported 13F value

#	Holding	Action	Weight	Value	Shares vs prior quarter
1	Ge AerospaceGE	Unchanged	33.6%	$17.7B	-0.2%
2	VisaV	Unchanged	19.8%	$10.5B	+0.1%
3	MoodysMCO	Unchanged	12.3%	$6.49B	0.0%
4	S&P GlobalSPGI	Unchanged	10.9%	$5.74B	+0.3%
5	Canadian Pacific Kansas CityCP	Trimmed	7.4%	$3.93B	-2.6%
6	AlphabetGOOG	Added	6.7%	$3.51B	+12.3%
7	FerrovialFER	Added	2.7%	$1.43B	+1.0%
8	Canadian Natl RyCNI	Trimmed	2.1%	$1.12B	-4.2%
9	AlphabetGOOGL	Unchanged	1.7%	$878M	0.0%
10	Martin Marietta MatlsMLM	New	1.4%	$758M	New
11	Vulcan MatlsVMC	New	1.4%	$722M	New

Values and share counts as reported for 2026-06-30; weights are share of reported 13F value.

Actions compare share counts against the prior quarter's filing, so they do not move with price.

New positions and exits

New positions

Martin Marietta Matls$758M
Vulcan Matls$722M

Closed out

Microsoft$1.01B

Read on the quarter

What the moves add up to

TCI Fund Management’s Q2 2026 moves reinforce an ultra-concentrated structure, with the top 10 accounting for 98.6% of the portfolio. The largest positions were maintained broadly unchanged: Ge Aerospace at 33.59% (share count down 0.2%), Visa at 19.83% (up 0.1%), and Moodys at 12.3% (flat). This suggests the quarter’s repositioning was selective rather than a broad de-risking.

On the constructive side, the firm added to Alphabet (GOOG) where the position weight sits at 6.65% and share count rose 12.3% on the quarter, alongside a smaller add to Ferrovial (FER) at 2.72% (up 1.0%). These increases were paired with trims in cyclical/industrial rail exposure—Canadian Pacific Kansas City (CP) was trimmed (down 2.6%) to 7.44%, and Canadian Natl Ry (CNI) was trimmed (down 4.2%) to 2.13%.

The only complete exit was Microsoft (MSFT), while two entirely new positions were initiated: Martin Marietta Matls (MLM) and Vulcan Matls (VMC), together adding materials exposure within the same concentrated envelope (portfolio positions count: 11).

Context

How to read this filing

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.

Positions may have changed since the reporting date. Weight changes also reflect price moves, not only buying or selling — the action tags on this page are derived from share counts, which do not move with price.