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TCI FUND MANAGEMENT LTD

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13F filer, CIK 1647251, LONDON, United Kingdom

TCI FUND MANAGEMENT LTD reported $52,699,548,227 across 9 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001647251-25-000014

Period
2025-09-30
Reported value
$52.7B
Holdings
9
Top 10 weight
100%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Vadded+8,989,793$3.07B
SPGIadded+98,247$47.8M
MCOadded+61,500$29.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GOOGreduced-5,369,416-$1.31B
GOOGLexited-3,155,110-$556M
MSFTreduced-973,027-$504M
CNIreduced-4,221,292-$398M
CPreduced-2,961,150-$221M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001647251-25-000014, largest first. % of portfolio is the value over $52,699,548,226, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,180,376 shares; 2024Q4: 45,999,876 shares; 2025Q1: 47,570,947 shares; 2025Q2: 47,510,431 shares; 2025Q3: 47,510,431 shares 47,510,431$14.3B27.12%0Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,797,187 shares; 2024Q4: 16,797,187 shares; 2025Q1: 16,637,562 shares; 2025Q2: 19,067,558 shares; 2025Q3: 28,057,351 shares 28,057,351$9.58B18.18%+8,989,793Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,990,590 shares; 2024Q4: 13,993,637 shares; 2025Q1: 17,299,881 shares; 2025Q2: 17,565,231 shares; 2025Q3: 16,592,204 shares 16,592,204$8.59B16.31%-973,027Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,246,769 shares; 2024Q4: 13,246,769 shares; 2025Q1: 13,163,107 shares; 2025Q2: 13,246,979 shares; 2025Q3: 13,308,479 shares 13,308,479$6.34B12.03%+61,500Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,400,077 shares; 2024Q4: 10,400,077 shares; 2025Q1: 10,361,269 shares; 2025Q2: 11,091,623 shares; 2025Q3: 11,189,870 shares 11,189,870$5.45B10.33%+98,247Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,913,285 shares; 2024Q4: 54,913,285 shares; 2025Q1: 54,913,285 shares; 2025Q2: 52,826,885 shares; 2025Q3: 49,865,735 shares 49,865,735$3.71B7.05%-2,961,150Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,927,056 shares; 2024Q4: 16,507,056 shares; 2025Q1: 13,855,735 shares; 2025Q2: 12,966,235 shares; 2025Q3: 7,596,819 shares 7,596,819$1.85B3.51%-5,369,416Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,437,277 shares; 2024Q4: 29,693,764 shares; 2025Q1: 26,899,078 shares; 2025Q2: 22,989,066 shares; 2025Q3: 18,767,774 shares 18,767,774$1.77B3.36%-4,221,292Timeline
FERFERROVIAL NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,095,244 shares; 2024Q4: 19,333,428 shares; 2025Q1: 19,333,428 shares; 2025Q2: 19,470,666 shares; 2025Q3: 19,470,666 shares 19,470,666$1.11B2.11%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
GOOGLALPHABET INC3,155,110$556Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001647251-25-000014 base2025-11-14acceptance time not in the bulk data set