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TCI Fund Management Ltd Portfolio Holdings

Q2 2025•10 long positions•$50.7B portfolio value

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Holding10	Sector	Position↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 General Electric GE	Aerospace & Defense Industrials	$12.2B 24.12%	4.46% 47.5M shares	47.6M → 47.5M −$15.6M	-0.13%	$265.26B Mega Cap	Q1 2023 Held for 2y 7m
2 Microsoft MSFT	Software - Infrastructure Technology	$8.7B 17.23%	0.236% 17.6M shares	17.3M → 17.6M +$132.0M	+1.53%	$3.64T Mega Cap	Q4 2017 Held for 7y 10m
3 Visa V	Financial - Credit Services Financial Services	$6.8B 13.35%	0.976% 19.1M shares	16.6M → 19.1M +$862.8M	+14.61%	$686.91B Mega Cap	Q2 2019 Held for 6y 4m
4 Moody's MCO	Financial - Data & Stock Exchanges Financial Services	$6.6B 13.1%	7.36% 13.2M shares	13.2M → 13.2M +$42.1M	+0.64%	$88.0B Large Cap	Q2 2015 Held for 10y 4m
5 S&P Global SPGI	Financial - Data & Stock Exchanges Financial Services	$5.8B 11.53%	3.62% 11.1M shares	10.4M → 11.1M +$385.1M	+7.05%	$160.39B Large Cap	Q1 2017 Held for 8y 7m
6 Canadian Pacific Kansas City CP	Railroads Industrials	$4.2B 8.26%	5.68% 52.8M shares	54.9M → 52.8M −$165.4M	-3.8%	$73.7B Large Cap	Q1 2018 Held for 7y 7m
7 Canadian National Railway CNI	Railroads Industrials	$2.4B 4.72%	3.66% 23.0M shares	26.9M → 23.0M −$407.2M	-14.54%	$64.1B Large Cap	Q3 2018 Held for 7y 1m
8 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$2.3B 4.54%	0.107% 13.0M shares	13.9M → 13.0M −$157.8M	-6.42%	$2.04T Mega Cap	Q3 2017 Held for 8y 1m
9 Ferrovial FER	Industrial - Infrastructure Operations Industrials	$1.0B 2.05%	2.71% 19.5M shares	19.3M → 19.5M +$7.3M	+0.71%	$37.5B Large Cap	Q2 2024 Held for 1y 4m
10 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$556.0M 1.1%	0.026% 3.2M shares	4.1M → 3.2M −$163.9M	-22.77%	$2.04T Mega Cap	Q4 2023 Held for 1y 10m