Tci Fund Management LTD — AI-Powered 13F Analysis
Tci Fund Management LTDCIK: 0001647251
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$45.2B
Reporting period: 2026-03-31 · Number of holdings: 10
TCI FUND MANAGEMENT LTD disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $45.2B and a quarterly turnover rate of 21.4%.
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Personality snowflake
- Concentration
- 71.64
- Portfolio Stability
- 21.42
- Momentum/Contrarian
- 100
- Sector conviction
- 100
- Diversification
- 20
- Sizing Uniformity
- 90.62
Tci Fund Management LTD's disclosed holdings carry a Herfindahl concentration index of 0.179 — mathematically equivalent to about 6 equally-sized positions, close to its 10 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.94), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 10.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Recent moves
Trim MSFT
-83.7% -$7.1B
Add GE
0.0% -$1.2B
Add V
+9.9% -$514.5M
Add SPGI
+19.0% -$191.7M
Add CP
-2.4% $151.0M
Add GOOG
+16.5% $156.0M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
TCI is running a surgical capital rotation: dumping MSFT from a 15% weight to a stub position while padding V, MCO, and SPGI — telegraphing a regime switch from mega-cap tech to regulated financial infrastructure. This is alpha-seeking through sector concentration, not hedging.
Macro & Fundamentals
The 49% Financials / 41% Industrials split prices in a persistent expansion with sticky rates that benefit credit-sensitive moats like rating agencies and payment networks. The opposing thesis: a slowdown would crater these cyclicals and make the sold tech the de facto safe haven, leaving this portfolio caught in a late-cycle positioning squeeze.
Blind Spots / Risks
V alone is ~20% of the fund and Financials + Industrials make up 90% of net assets — a single recession or credit event creates a catastrophic single-point-of-failure. The extreme momentum_contrarian score (100) suggests this is the quintessential crowded trade in infrastructure names; if the macro consensus pivots, factor crowding and multiple compression will hit faster than TCI’s low turnover can react.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GE | General Electric | Stock-Industrials | 29.85% | +2.57% | — | |
| 2 | V | Visa Inc-class A Shares | Stock-Financials | 20.39% | +2.27% | +9.90% | |
| 3 | MCO | Moody's CORP | Stock-Financials | 13.84% | +1.17% | +7.71% | |
| 4 | SPGI | S&p Global INC | Stock-Financials | 13.22% | +1.74% | +19.04% | |
| 5 | CP | Canadian Pacific Kansas City | Stock-Industrials | 8.10% | +1.56% | -2.38% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.62% | +1.18% | +16.55% | |
| 7 | ✓ | Ferrovial Se | Stock-Other | 2.94% | +0.43% | — | |
| 8 | CNI | Canadian Natl Railway Co | Stock-Industrials | 2.24% | +0.42% | — | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 2.24% | -12.89% | -83.74% | |
| 10 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.56% | +1.56% | NEW |
Portfolio Performance
Performance for Q3 2026
+7.4%
Performance Last 4 Quarters
+13%
Based on 65% of reported portfolio value with available pricing
- Stdev
- +14.9%
- Beta
- +0.88
- Alpha
- -3.8%
- Max Drawdown
- -10.6%
- Annualized Perf
- +12%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +1.57
- Stutzer
- +0.25
- Treynor
- +0.14
- Sterling
- +0.64
- Calmar
- +1.13
- Information Ratio
- -0.63
- Tracking Error
- +9.7%
- Stdev Down
- +7.9%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +27%
- Worst 12 Months
- +3%
- Efficiency Ratio
- +0.33
- Sharpe
- +0.83
- Stdev Sectors
- +20.4%
- Skewness
- +0.27
- Kurtosis
- -0.43
- Upside Potential
- +3.38
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 10 | $45.2B | 21 | |
| 2025-12-31 | 9 | $53.6B | 7 | |
| 2025-09-30 | 9 | $52.7B | 26 | |
| 2025-06-30 | 10 | $50.7B | 0 | |
| 2025-03-31 | 10 | $43.4B | 100 | |
| 2024-12-31 | 10 | $42.4B | 0 | |
| 2024-09-30 | 10 | $44.0B | 0 | |
| 2024-06-30 | 10 | $40.9B | 0 | |
| 2024-03-31 | 10 | $39.7B | 0 | |
| 2023-12-31 | 11 | $36.0B | 0 | |
| 2023-09-30 | 9 | $27.6B | 0 | |
| 2023-06-30 | 10 | $33.7B | 0 | |
| 2023-03-31 | 9 | $29.2B | 0 | |
| 2022-12-31 | 10 | $29.9B | 0 | |
| 2022-09-30 | 10 | $28.6B | 0 | |
| 2022-06-30 | 13 | $31.6B | 0 | |
| 2022-03-31 | 11 | $36.8B | 0 | |
| 2021-12-31 | 13 | $44.4B | 0 | |
| 2021-09-30 | 13 | $41.6B | 0 | |
| 2021-06-30 | 13 | $40.1B | 92 | |
| 2021-03-31 | 13 | $34.4B | 17 | |
| 2020-12-31 | 13 | $30.5B | 10 | |
| 2020-09-30 | 13 | $27.9B | 17 | |
| 2020-06-30 | 18 | $25.2B | 32 | |
| 2020-03-31 | 18 | $21.1B | 22 | |
| 2019-12-31 | 17 | $22.6B | 18 | |
| 2019-09-30 | 15 | $19.3B | 13 | |
| 2019-06-30 | 13 | $18.5B | 31 | |
| 2019-03-31 | 13 | $15.3B | 54 | |
| 2018-12-31 | 12 | $20.0B | 26 | |
| 2018-09-30 | 14 | $19.1B | 35 | |
| 2018-06-30 | 12 | $21.3B | 46 | |
| 2018-03-31 | 15 | $18.0B | 42 | |
| 2017-12-31 | 15 | $16.1B | 32 | |
| 2017-09-30 | 11 | $14.5B | 15 | |
| 2017-06-30 | 9 | $13.3B | 77 | |
| 2017-03-31 | 7 | $11.7B | 21 | |
| 2016-12-31 | 5 | $9.5B | 15 | |
| 2016-09-30 | 6 | $9.0B | 21 | |
| 2016-06-30 | 6 | $7.3B | 100 | |
| 2016-03-31 | 7 | $5.4B | 27 | |
| 2015-12-31 | 7 | $5.0B | 7 | |
| 2015-09-30 | 6 | $5.1B | 18 | |
| 2015-06-30 | 5 | $4.3B | 0 |
Holding changes this quarter
Tci Fund Management LTD's most significant position changes for 2026-03-31: New buy: Alphabet Inc-cl A (GOOGL); Trim: Microsoft CORP (MSFT) — shares -83.74%; Add: Visa Inc-class A Shares (V) — shares +9.90%; Add: S&p Global INC (SPGI) — shares +19.04%; Trim: Canadian Pacific Kansas City (CP) — shares -2.38%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GE | General Electric | +2.6% | — | Unchanged |
| 2 | V | Visa Inc-class A Shares | +2.3% | +9.90% | Add |
| 3 | SPGI | S&p Global INC | +1.7% | +19.04% | Add |
| 4 | CP | Canadian Pacific Kansas City | +1.6% | -2.38% | Trim |
| 5 | GOOG | Alphabet Inc-cl C | +1.2% | +16.55% | Add |
| 6 | MCO | Moody's CORP | +1.2% | +7.71% | Add |
| 7 | ✓ | Ferrovial Se | +0.4% | — | Unchanged |
| 8 | CNI | Canadian Natl Railway Co | +0.4% | — | Unchanged |
| 9 | MSFT | Microsoft CORP | -12.9% | -83.74% | Trim |
| 10 | GOOGL | Alphabet Inc-cl A | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
FAQ
What is Tci Fund Management LTD and what type of investor is it?
Tci Fund Management LTD is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $45.2B, spread across 10 disclosed positions.
What are Tci Fund Management LTD's largest equity positions?
Based on the latest 13F filing, Tci Fund Management LTD's top holdings by market value are:
1. General Electric (GE) — $13.5B (29.9%)
2. Visa Inc-class A Shares (V) — $9.2B (20.4%)
3. Moody's CORP (MCO) — $6.3B (13.8%)
4. S&p Global INC (SPGI) — $6.0B (13.2%)
5. Canadian Pacific Kansas City (CP) — $3.7B (8.1%)
What changes did Tci Fund Management LTD make in its most recent portfolio filing?
In the latest reported quarter, Tci Fund Management LTD made 7 notable position adjustments: 1 new positions were initiated, 4 existing holdings were added to, 2 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Alphabet Inc-cl A (GOOGL); Trim: Microsoft CORP (MSFT) — shares -83.74%; Add: Visa Inc-class A Shares (V) — shares +9.90%; Add: S&p Global INC (SPGI) — shares +19.04%; Trim: Canadian Pacific Kansas City (CP) — shares -2.38%
What sectors does Tci Fund Management LTD focus on?
Tci Fund Management LTD is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 48.9%
• Industrials: 41.4%
• Communication Services: 7.4%
• Information Technology: 2.3%
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