# TCI Fund Management: 13F portfolio, Q2 2026

Investment firm, London.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/0001647251-26-000007-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/tci-fund-management
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $52.8B (Q1 2026: $45.2B)
- Positions: 11 (Q1 2026: 10)
- Top 10 holdings: 98.6% of the portfolio
- This quarter: 2 new, 4 added to, 3 trimmed, 1 sold out

## What TCI Fund Management did in Q2 2026
TCI Fund Management opened new positions in Martin Marietta Materials and Vulcan Materials. It sold out of Microsoft. General Electric is still the largest holding, at 33.6% of the portfolio.

## Biggest buys
- Martin Marietta Materials (MLM): New
- Vulcan Materials (VMC): New
- Alphabet (GOOG): +12%
- Ferrovial (FER): +1.0%
- S&P Global (SPGI): +0.3%

## Biggest sells
- Microsoft (MSFT): Sold out
- Canadian National Railway (CNI): −4%
- Canadian Pacific Kansas City (CP): −3%
- General Electric (GE): −0.2%

## Top 11 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | General Electric | GE | 33.6% | $17.7B | −0.2% | Q3 2024 or earlier |
| 2 | Visa | V | 19.8% | $10.5B | +0.1% | Q3 2024 or earlier |
| 3 | Moodys | MCO | 12.3% | $6.5B | No change | Q3 2024 or earlier |
| 4 | S&P Global | SPGI | 10.9% | $5.7B | +0.3% | Q3 2024 or earlier |
| 5 | Canadian Pacific Kansas City | CP | 7.4% | $3.9B | −3% | Q3 2024 or earlier |
| 6 | Alphabet | GOOG | 6.7% | $3.5B | +12% | Q3 2024 or earlier |
| 7 | Ferrovial | FER | 2.7% | $1.4B | +1.0% | Q3 2024 or earlier |
| 8 | Canadian National Railway | CNI | 2.1% | $1.1B | −4% | Q3 2024 or earlier |
| 9 | Alphabet | GOOGL | 1.7% | $878.1M | No change | Q3 2024 or earlier |
| 10 | Martin Marietta Materials | MLM | 1.4% | $758.4M | New | Q2 2026 |
| 11 | Vulcan Materials | VMC | 1.4% | $721.9M | New | Q2 2026 |

## Other value investors
- Third Avenue Management: https://valuepeg.com/managers/third-avenue
- Third Point (Dan Loeb): https://valuepeg.com/managers/third-point
- Tiger Global Management (Chase Coleman): https://valuepeg.com/managers/tiger-global
- Trian Fund Management: https://valuepeg.com/managers/trian-fund-management
- Triple Frond Partners: https://valuepeg.com/managers/triple-frond-partners

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.