TCI Fund Management
Chris HohnLONDON, X0files as TCI FUND MANAGEMENT LTD
$52.8bn in 11 US stocks at the end of 30 June 2026. The top 10 are 98.6% of the money. It changed about 7.7% of the portfolio this quarter.
Value
$52.8bn
Stocks
11
Top 10 share
98.6%
Turnover
7.7%
What changed this quarter
New
Bought for the first time this quarter.
- Martin Marietta MaterialsMLM1.4% of the fund
- Vulcan MaterialsVMC1.4% of the fund
Added
Bought more of a stock they already held.
- AlphabetGOOG6.7% of the fund+12%
Cut
Sold some of their stake.
- Canadian Pacific Kansas CityCP7.4% of the fund-3%
- Canadian National RailwayCNI2.1% of the fund-4%
Sold out
Sold their entire stake.
- MicrosoftMSFT-100%
Holdings
- Canadian National RailwayCNI
- Share
- 2.1%
- Value
- $1.1bn
- Shares
- 9,433,422
-4%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| General ElectricGE | 33.6% | $17.7bn | 47,428,233 | Held |
| VisaV | 19.8% | $10.5bn | 30,494,133 | Held |
| Moody'sMCO | 12.3% | $6.5bn | 14,334,027 | Held |
| S&P GlobalSPGI | 10.9% | $5.7bn | 14,081,957 | Held |
| Canadian Pacific Kansas CityCP | 7.4% | $3.9bn | 45,325,726 | -3% |
| AlphabetGOOG | 6.7% | $3.5bn | 9,938,819 | +12% |
| FerrovialFER | 2.7% | $1.4bn | 20,940,441 | Held |
| Canadian National RailwayCNI | 2.1% | $1.1bn | 9,433,422 | -4% |
| AlphabetGOOGL | 1.7% | $878m | 2,457,000 | Held |
| Martin Marietta MaterialsMLM | 1.4% | $758m | 1,315,109 | New |
| Vulcan MaterialsVMC | 1.4% | $722m | 2,447,004 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 4.1% since 30 June 2025.
Where the money is
Industrials45.9%
Financial services43.0%
Media & telecom8.3%
Materials2.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.