In Q2 2026, TCI Fund Management held 10 US-listed stocks worth $53bn. Its biggest move was cutting GE Aerospace (0% fewer shares, now 34%), followed by adding to S&P Global (0% more shares, now 11%). It started 2 new positions and sold out of 1. Its largest holding is GE Aerospace at 34%.
Q2 2026, filed 14 Aug 2026 (filing): 2 new, 4 added to, 3 trimmed, 1 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
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MCOGEGOOGVMSFTCHTREverything else
2013: Moody's 34.3%, GE Aerospace 0.0%, Alphabet 0.0%, Visa 0.0%, Microsoft 0.0%, Charter Communications 0.0%; 2014: Moody's 33.4%, GE Aerospace 0.0%, Alphabet 0.0%, Visa 0.0%, Microsoft 0.0%, Charter Communications 0.0%; 2015: Moody's 6.2%, GE Aerospace 0.0%, Alphabet 0.0%, Visa 0.0%, Microsoft 0.0%, Charter Communications 0.0%; 2016: Moody's 0.0%, GE Aerospace 0.0%, Alphabet 0.0%, Visa 0.0%, Microsoft 0.0%, Charter Communications 38.4%; 2017: Moody's 1.5%, GE Aerospace 0.0%, Alphabet 15.0%, Visa 0.0%, Microsoft 4.3%, Charter Communications 20.7%; 2018: Moody's 4.2%, GE Aerospace 0.0%, Alphabet 16.7%, Visa 0.0%, Microsoft 11.1%, Charter Communications 16.8%; 2019: Moody's 6.3%, GE Aerospace 0.0%, Alphabet 22.1%, Visa 1.0%, Microsoft 7.5%, Charter Communications 21.8%; 2020: Moody's 6.2%, GE Aerospace 0.0%, Alphabet 20.5%, Visa 10.1%, Microsoft 10.4%, Charter Communications 22.6%; 2021: Moody's 5.8%, GE Aerospace 0.0%, Alphabet 23.3%, Visa 11.3%, Microsoft 12.6%, Charter Communications 14.4%; 2022: Moody's 8.6%, GE Aerospace 0.0%, Alphabet 20.9%, Visa 13.8%, Microsoft 17.8%, Charter Communications 0.0%; 2023: Moody's 13.1%, GE Aerospace 14.8%, Alphabet 6.7%, Visa 12.2%, Microsoft 11.1%, Charter Communications 0.0%; Q3 ’24: Moody's 14.3%, GE Aerospace 20.6%, Alphabet 8.7%, Visa 10.5%, Microsoft 11.7%, Charter Communications 0.0%; Q4 ’24: Moody's 14.8%, GE Aerospace 18.1%, Alphabet 10.1%, Visa 12.5%, Microsoft 13.9%, Charter Communications 0.0%; Q1 ’25: Moody's 14.1%, GE Aerospace 21.9%, Alphabet 6.5%, Visa 13.4%, Microsoft 15.0%, Charter Communications 0.0%; Q2 ’25: Moody's 13.1%, GE Aerospace 24.1%, Alphabet 5.6%, Visa 13.3%, Microsoft 17.2%, Charter Communications 0.0%; Q3 ’25: Moody's 12.0%, GE Aerospace 27.1%, Alphabet 3.5%, Visa 18.2%, Microsoft 16.3%, Charter Communications 0.0%; Q4 ’25: Moody's 12.7%, GE Aerospace 27.3%, Alphabet 4.4%, Visa 18.1%, Microsoft 15.1%, Charter Communications 0.0%; Q1 ’26: Moody's 13.8%, GE Aerospace 29.9%, Alphabet 7.2%, Visa 20.4%, Microsoft 2.2%, Charter Communications 0.0%; Q2 ’26: Moody's 12.3%, GE Aerospace 33.6%, Alphabet 8.3%, Visa 19.8%, Microsoft 0.0%, Charter Communications 0.0%
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings
Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F.How this works
TCI Fund Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.