Tci Fund Management LTD

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

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.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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

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	1GE 2V 3MCO Top holdings2026-03-31 1.GE 2.V 3.MCO 4.SPGI 5.CP 6.GOOG 7.N3168P 8.CNI 9.MSFT 10.GOOGL
2025-12-31	9	$53.6B	7	1GE 2V 3MSFT Top holdings2025-12-31 1.GE 2.V 3.MSFT 4.MCO 5.SPGI 6.CP 7.GOOG 8.N3168P 9.CNI
2025-09-30	9	$52.7B	26	1GE 2V 3MSFT Top holdings2025-09-30 1.GE 2.V 3.MSFT 4.MCO 5.SPGI 6.CP 7.GOOG 8.CNI 9.N3168P
2025-06-30	10	$50.7B	0	1GE 2MSFT 3V Top holdings2025-06-30 1.GE 2.MSFT 3.V 4.MCO 5.SPGI 6.CP 7.CNI 8.GOOG 9.N3168P 10.GOOGL
2025-03-31	10	$43.4B	100	1GE 2MSFT 3MCO Top holdings2025-03-31 1.GE 2.MSFT 3.MCO 4.V 5.SPGI 6.CP 7.CNI 8.GOOG 9.N3168P 10.GOOGL
2024-12-31	10	$42.4B	0	1GE 2MCO 3MSFT Top holdings2024-12-31 1.GE 2.MCO 3.MSFT 4.V 5.SPGI 6.CP 7.GOOG 8.CNI 9.GOOGL 10.N3168P
2024-09-30	10	$44.0B	0	1GE 2MCO 3SPGI Top holdings2024-09-30 1.GE 2.MCO 3.SPGI 4.MSFT 5.CP 6.V 7.CNI 8.GOOG 9.GOOGL 10.N3168P
2024-06-30	10	$40.9B	0	1GE 2MCO 3MSFT Top holdings2024-06-30 1.GE 2.MCO 3.MSFT 4.CNI 5.SPGI 6.V 7.CP 8.GOOG 9.GOOGL 10.N3168P
2024-03-31	10	$39.7B	0	1GE 2CNI 3CP Top holdings2024-03-31 1.GE 2.CNI 3.CP 4.MCO 5.V 6.MSFT 7.SPGI 8.GOOG 9.TMO 10.GOOGL
2023-12-31	11	$36.0B	0	1GE 2CNI 3MCO Top holdings2023-12-31 1.GE 2.CNI 3.MCO 4.CP 5.V 6.MSFT 7.SPGI 8.GOOG 9.TMO 10.FERG
2023-09-30	9	$27.6B	0	1GE 2CNI 3CP Top holdings2023-09-30 1.GE 2.CNI 3.CP 4.V 5.SPGI 6.MCO 7.GOOG 8.TMO 9.FERG
2023-06-30	10	$33.7B	0	1CNI 2GE 3CP Top holdings2023-06-30 1.CNI 2.GE 3.CP 4.V 5.MSFT 6.SPGI 7.MCO 8.GOOG 9.TMO 10.FERG
2023-03-31	9	$29.2B	0	1MSFT 2V 3CNI Top holdings2023-03-31 1.MSFT 2.V 3.CNI 4.13645T 5.SPGI 6.MCO 7.GE 8.GOOG 9.TMO
2022-12-31	10	$29.9B	0	1MSFT 2GOOG 3CNI Top holdings2022-12-31 1.MSFT 2.GOOG 3.CNI 4.13645T 5.V 6.SPGI 7.MCO 8.GOOGL 9.TMO 10.UNP
2022-09-30	10	$28.6B	0	1GOOG 2MSFT 3CNI Top holdings2022-09-30 1.GOOG 2.MSFT 3.CNI 4.13645T 5.V 6.SPGI 7.MCO 8.GOOGL 9.UNP 10.BXP
2022-06-30	13	$31.6B	0	1GOOG 2MSFT 3CNI Top holdings2022-06-30 1.GOOG 2.MSFT 3.CNI 4.V 5.13645T 6.SPGI 7.MCO 8.GOOGL 9.UNP 10.BXP
2022-03-31	11	$36.8B	0	1GOOG 2MSFT 3CNI Top holdings2022-03-31 1.GOOG 2.MSFT 3.CNI 4.13645T 5.V 6.SPGI 7.MCO 8.GOOGL 9.BXP 10.UNP
2021-12-31	13	$44.4B	0	1GOOG 2CHTR 3MSFT Top holdings2021-12-31 1.GOOG 2.CHTR 3.MSFT 4.V 5.CNI 6.13645T 7.MCO 8.GOOGL 9.SPGI 10.UNP
2021-09-30	13	$41.6B	0	1GOOG 2CHTR 3MSFT Top holdings2021-09-30 1.GOOG 2.CHTR 3.MSFT 4.V 5.CNI 6.13645T 7.MCO 8.SPGI 9.GOOGL 10.BXP
2021-06-30	13	$40.1B	92	1CHTR 2GOOG 3MSFT Top holdings2021-06-30 1.CHTR 2.GOOG 3.MSFT 4.13645T 5.V 6.CNI 7.SPGI 8.MCO 9.GOOGL 10.BXP
2021-03-31	13	$34.4B	17	1CHTR 2GOOG 3MSFT Top holdings2021-03-31 1.CHTR 2.GOOG 3.MSFT 4.13645T 5.V 6.CNI 7.SPGI 8.MCO 9.UNP 10.GOOGL
2020-12-31	13	$30.5B	10	1CHTR 2GOOG313645T Top holdings2020-12-31 1.CHTR 2.GOOG 3.13645T 4.MSFT 5.V 6.CNI 7.MCO 8.UNP 9.GOOGL 10.BXP
2020-09-30	13	$27.9B	17	1CHTR 2GOOG313645T Top holdings2020-09-30 1.CHTR 2.GOOG 3.13645T 4.MSFT 5.V 6.CNI 7.MCO 8.UNP 9.GOOGL 10.SPGI
2020-06-30	18	$25.2B	32	1CHTR 2GOOG 3MSFT Top holdings2020-06-30 1.CHTR 2.GOOG 3.MSFT 4.13645T 5.V 6.MCO 7.CNI 8.UNP 9.GOOGL 10.SPGI
2020-03-31	18	$21.1B	22	1CHTR 2GOOG313645T Top holdings2020-03-31 1.CHTR 2.GOOG 3.13645T 4.MSFT 5.CNI 6.MCO 7.RTN1USD 8.V 9.UNP 10.GOOGL
2019-12-31	17	$22.6B	18	1CHTR 2GOOG313645T Top holdings2019-12-31 1.CHTR 2.GOOG 3.13645T 4.CNI 5.MSFT 6.RTN1USD 7.MCO 8.ELV 9.UNP 10.GOOGL
2019-09-30	15	$19.3B	13	1GOOG 2CHTR313645T Top holdings2019-09-30 1.GOOG 2.CHTR 3.13645T 4.CNI 5.MSFT 6.MCO 7.ELV 8.UNP 9.GOOGL 10.SPGI
2019-06-30	13	$18.5B	31	1CHTR 2GOOG313645T Top holdings2019-06-30 1.CHTR 2.GOOG 3.13645T 4.MSFT 5.CNI 6.MCO 7.ELV 8.UNP 9.GOOGL 10.SPGI
2019-03-31	13	$15.3B	54	1CHTR 2GOOG 3MSFT Top holdings2019-03-31 1.CHTR 2.GOOG 3.MSFT 4.13645T 5.UNP 6.CNI 7.MCO 8.SPGI 9.FOXA 10.GOOGL
2018-12-31	12	$20.0B	26	1XXI 2CHTR 3GOOG Top holdings2018-12-31 1.XXI 2.CHTR 3.GOOG 4.MSFT 5.13645T 6.UNP 7.XXI 8.MCO 9.CNI 10.GOOGL
2018-09-30	14	$19.1B	35	1XXI 2CHTR 3GOOG Top holdings2018-09-30 1.XXI 2.CHTR 3.GOOG 4.MSFT 5.13645T 6.XXI 7.UNP 8.NSC 9.GOOGL 10.MCO
2018-06-30	12	$21.3B	46	1XXI 2AABAUSD 3CHTR Top holdings2018-06-30 1.XXI 2.AABAUSD 3.CHTR 4.GOOG 5.MSFT 6.XXI 7.GOOGL 8.13645T 9.NSC 10.MCO
2018-03-31	15	$18.0B	42	1AABAUSD 2CHTR 3XXI Top holdings2018-03-31 1.AABAUSD 2.CHTR 3.XXI 4.GOOG 5.MSFT 6.TWXCHF 7.XXI 8.CMCSA 9.GOOGL 10.MCO
2017-12-31	15	$16.1B	32	1AABAUSD 2CHTR 3CMCSA Top holdings2017-12-31 1.AABAUSD 2.CHTR 3.CMCSA 4.GOOG 5.MSFT 6.GOOGL 7.XXI 8.MCO 9.UNP 10.NSC
2017-09-30	11	$14.5B	15	1AABAUSD 2CHTR 3CMCSA Top holdings2017-09-30 1.AABAUSD 2.CHTR 3.CMCSA 4.GOOG 5.MCO 6.NSC 7.UNP 8.SPGI 9.OSG 10.TWXCHF
2017-06-30	9	$13.3B	77	1AABAUSD 2CHTR 3CMCSA Top holdings2017-06-30 1.AABAUSD 2.CHTR 3.CMCSA 4.MCO 5.SPGI 6.OSG 7.NSC 8.UNP 9.TWXCHF
2017-03-31	7	$11.7B	21	1CHTR29843323CMCSA Top holdings2017-03-31 1.CHTR 2.984332 3.CMCSA 4.MCO 5.OSG 6.SPGI 7.TWXCHF
2016-12-31	5	$9.5B	15	1CHTR29843323CMCSA Top holdings2016-12-31 1.CHTR 2.984332 3.CMCSA 4.OSG 5.MCO
2016-09-30	6	$9.0B	21	19843322CHTR 3CMCSA Top holdings2016-09-30 1.984332 2.CHTR 3.CMCSA 4.OSG 5.G0751N 6.MCO
2016-06-30	6	$7.3B	100	19843322CHTR 3CMCSA Top holdings2016-06-30 1.984332 2.CHTR 3.CMCSA 4.G0751N 5.OSG 6.MCO
2016-03-31	7	$5.4B	27	188732J2CMCSA3984332 Top holdings2016-03-31 1.88732J 2.CMCSA 3.984332 4.BIDU 5.G00349 6.OSG 7.MCO
2015-12-31	7	$5.0B	7	188732J2CMCSA 3MCO Top holdings2015-12-31 1.88732J 2.CMCSA 3.MCO 4.BIDU 5.AXP 6.G00349 7.OSG
2015-09-30	6	$5.1B	18	188732J2CMCSA 3MCO Top holdings2015-09-30 1.88732J 2.CMCSA 3.MCO 4.AXP 5.BIDU 6.OSG
2015-06-30	5	$4.3B	0	188732J2CMCSA 3MCO Top holdings2015-06-30 1.88732J 2.CMCSA 3.MCO 4.AXP 5.OSG

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%.

Position changes disclosed by Tci Fund Management LTD for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

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%