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TCI FUND MANAGEMENT LTD

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13F filer, CIK 1647251, LONDON, United Kingdom

TCI FUND MANAGEMENT LTD reported $53,648,816,254 across 9 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001647251-26-000002

Period
2025-12-31
Reported value
$53.6B
Holdings
9
Top 10 weight
100%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPGIadded+600,440$314M
MSFTadded+189,749$91.8M
FERadded+1,269,548$82.5M

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
CNIreduced-8,917,840-$882M
CPreduced-2,211,312-$163M
Vreduced-333,118-$117M

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, Q4 2025

Share positions as resolved from 13F-HR 0001647251-26-000002, largest first. % of portfolio is the value over $53,648,816,254, 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; 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; 2025Q4: 47,510,431 shares 47,510,431$14.6B27.28%0Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 27,724,233 shares 27,724,233$9.72B18.12%-333,118Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 16,781,953 shares 16,781,953$8.12B15.13%+189,749Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 13,308,479 shares 13,308,479$6.8B12.67%0Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 11,790,310 shares 11,790,310$6.16B11.48%+600,440Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 47,654,423 shares 47,654,423$3.51B6.54%-2,211,312Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,596,819 shares 7,596,819$2.38B4.44%0Timeline
FERFERROVIAL NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 20,740,214 shares 20,740,214$1.35B2.51%+1,269,548Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,849,934 shares 9,849,934$974M1.82%-8,917,840Timeline

How Q4 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 0001647251-26-000002 base2026-02-17acceptance time not in the bulk data set