TCI Fund Management: full 13F, sectors and history

What changed this quarter

6 positions with a change (2 new, 1 added to, 2 trimmed, 1 sold). 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Microsoft−1.9 ppof portfolioSold out
  2.2% → —
• Martin Marietta Materials+1.4 ppof portfolioNew
  — → 1.4%
• Vulcan Materials+1.4 ppof portfolioNew
  — → 1.4%
• Alphabet+12%more sharesIncreased
  5.6% → 6.7%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• GE AerospaceGE33.6%Since Q1 2023 · 14 quartersDetails ▾
• VisaV19.8%Since Q2 2019 · 29 quartersDetails ▾
• Moody'sMCO12.3%Since at least Q2 2015 · 45 quartersDetails ▾
• S&P GlobalSPGI10.9%Since Q1 2017 · 38 quartersDetails ▾
• AlphabetGOOG · GOOGL8.3%Since Q3 2017 · 36 quartersDetails ▾
• Canadian Pacific Kansas CityCP7.4%Since Q2 2023 · 13 quartersDetails ▾
• FerrovialFER2.7%Since Q2 2024 · 9 quartersDetails ▾
• Canadian National RailwayCNI2.1%Since Q3 2018 · 32 quartersDetails ▾
• Martin Marietta MaterialsMLM1.4%Since Q2 2026 · 1 quarterDetails ▾
• Vulcan MaterialsVMC1.4%Since Q2 2026 · 1 quarterDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.