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TCI Fund Management

Superinvestor

TCI Fund Management Ltd

SEC CIK
0001647251
Manager
Chris Hohn
Style
Activist, Quality
Latest filing
Aug 14, 2026

The latest 13F from TCI Fund Management covers Q2 2026 (filed Aug 14, 2026): 11 long positions worth $52.8B. The top 10 holdings make up 98.6% of the portfolio, and the largest is General Electric Co (GE) at 33.6%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Full comparison

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

New
2
Est. +$1.48B
Added
4
Est. +$424.9M
Reduced
3
Est. −$184.0M
Sold out
1
Est. −$1.01B

Top 5 holdings

Share of this quarter's portfolio value

  1. GEGeneral Electric Co
    33.6%$17.7BHistory
  2. VVisa Inc.
    19.8%$10.5BHistory
  3. MCOMoodys Corp
    12.3%$6.49BHistory
  4. SPGIS&P Global Inc.
    10.9%$5.74BHistory
  5. CPCanadian Pacific Kansas City Ltd
    7.4%$3.93BHistory

Share of portfolio

Top 5 holdings and the other 6 positions, by share of portfolio value

  1. GE33.6%
  2. V19.8%
  3. MCO12.3%
  4. SPGI10.9%
  5. CP7.4%
  6. Other 6 positions16.0%

Biggest buys

New and added positions, by estimated amount bought

  1. MLMMartin Marietta Materials Inc
    +$758.4MNewHistory
  2. VMCVulcan Materials CO
    +$721.9MNewHistory
  3. GOOGAlphabet Inc.
    +$383.3MAddedHistory
  4. SPGIS&P Global Inc.
    +$19.0MAddedHistory
  5. FERFerrovial N.V.
    +$13.7MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MLMMartin Marietta Materials Inc
    +1.44 pp0.0% → 1.4%History
  2. VMCVulcan Materials CO
    +1.37 pp0.0% → 1.4%History
  3. GOOGAlphabet Inc.
    +1.03 pp5.6% → 6.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MSFTMicrosoft Corp
    −$1.01BSold outHistory
  2. CPCanadian Pacific Kansas City Ltd
    −$103.6MReducedHistory
  3. CNICanadian National Railway Co
    −$49.7MReducedHistory
  4. GEGeneral Electric Co
    −$30.7MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MSFTMicrosoft Corp
    −2.24 pp2.2% → 0.0%History
  2. CPCanadian Pacific Kansas City Ltd
    −0.66 pp8.1% → 7.4%History
  3. CNICanadian National Railway Co
    −0.11 pp2.2% → 2.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$52.8B
+$7.60B (+16.8%) vs. prior quarter
Positions
11
+1 vs. prior quarter
Top 10 concentration
98.6%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
17.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $53.6B (Q4 2025)

Q1 2021: $34.4BQ2 2021: $40.1BQ3 2021: $41.6BQ4 2021: $44.4BQ1 2022: $36.8BQ2 2022: $31.6BQ3 2022: $28.6BQ4 2022: $29.9BQ1 2023: $29.2BQ2 2023: $33.7BQ3 2023: $27.6BQ4 2023: $36.0BQ1 2024: $39.7BQ2 2024: $40.9BQ3 2024: $44.0BQ4 2024: $42.4BQ1 2025: $43.4BQ2 2025: $50.7BQ3 2025: $52.7BQ4 2025: $53.6BQ1 2026: $45.2BQ2 2026: $52.8B
Q1 2021Q2 2026
13F filings of TCI Fund Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202611$52.8BGEVMCOvs. Q1 2026SEC
Q1 2026May 15, 202610$45.2BGEVMCOvs. Q4 2025SEC
Q4 2025Feb 17, 20269$53.6BGEVMSFTvs. Q3 2025SEC
Q3 2025Nov 14, 20259$52.7BGEVMSFTvs. Q2 2025SEC
Q2 2025Aug 14, 202510$50.7BGEMSFTVvs. Q1 2025SEC
Q1 2025May 15, 202510$43.4BGEMSFTMCOvs. Q4 2024SEC
Q4 2024Feb 14, 202510$42.4BGEMCOMSFTvs. Q3 2024SEC
Q3 2024Nov 14, 202410$44.0BGEMCOSPGIvs. Q2 2024SEC
Q2 2024Aug 14, 202410$40.9BGEMCOMSFTvs. Q1 2024SEC
Q1 2024May 15, 202410$39.7BGECNICPvs. Q4 2023SEC
Q4 2023Feb 14, 202411$36.0BGECNIMCOvs. Q3 2023SEC
Q3 2023Nov 14, 20239$27.6BGECNICPvs. Q2 2023SEC
Q2 2023Aug 14, 202310$33.7BCNIGECPvs. Q1 2023SEC
Q1 2023May 15, 20239$29.2BMSFTVCNIvs. Q4 2022SEC
Q4 2022Feb 14, 202310$29.9BMSFTGOOGCNIvs. Q3 2022SEC
Q3 2022Nov 14, 202210$28.6BGOOGMSFTCNIvs. Q2 2022SEC
Q2 2022Aug 15, 202213$31.6BGOOGMSFTCNIvs. Q1 2022SEC
Q1 2022May 16, 202211$36.8BGOOGMSFTCNIvs. Q4 2021SEC
Q4 2021Feb 14, 202213$44.4BGOOGCHTRMSFTvs. Q3 2021SEC
Q3 2021Nov 15, 202113$41.6BGOOGCHTRMSFTvs. Q2 2021SEC
Q2 2021Aug 16, 202113$40.1BCHTRGOOGMSFTvs. Q1 2021SEC
Q1 2021May 17, 202113$34.4BCHTRGOOGMSFT–SEC

13D and 13G filings

Companies where TCI Fund Management reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where TCI Fund Management owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
MCOMoodys Corp13G/A8.21%14.3M shares–Feb 14, 20234 filingsMay 15, 2026SEC

Latest filings

26 filings on file made by TCI Fund Management or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by TCI Fund Management
CompanyFiled (ET)FormStakeChangeEvent dateFiling
MCOMoodys CorpMay 15, 20268:30 AM ET13G/A8.21%14.3M shares–Mar 31, 2026SEC
CNICanadian National Railway CoApr 30, 202511:14 AM ET13D/A4.20%26.2M shares–Below 5%Apr 28, 2025SEC
CNICanadian National Railway CoNov 4, 202413D/AOld format–––SEC
CPCanadian Pacific Kansas City LtdFeb 14, 202413G/AOld format–––SEC
MCOMoodys CorpFeb 14, 202413G/AOld format–––SEC
MCOMoodys CorpDec 18, 202313G/AOld format–––SEC
CNICanadian National Railway CoNov 9, 202313D/AOld format–––SEC
BXPBXP, Inc.Feb 14, 202313G/AOld format–––SEC
MCOMoodys CorpFeb 14, 202313GOld format–New–SEC
CHTRCharter Communications, Inc.Feb 14, 202313G/AOld format–––SEC
CPCanadian Pacific Kansas City LtdFeb 14, 202213G/AOld format–––SEC
CHTRCharter Communications, Inc.Feb 14, 202213G/AOld format–––SEC
BXPBXP, Inc.Feb 14, 202213G/AOld format–––SEC
CNICanadian National Railway CoJan 26, 202213D/AOld format–––SEC
CNICanadian National Railway CoOct 18, 202113D/AOld format–––SEC
CNICanadian National Railway CoSep 27, 202113D/AOld format–––SEC
CNICanadian National Railway CoSep 17, 202113D/AOld format–––SEC
CNICanadian National Railway CoSep 13, 202113D/AOld format–––SEC
CNICanadian National Railway CoSep 7, 202113D/AOld format–––SEC
CNICanadian National Railway CoAug 31, 202113D/AOld format–––SEC