TCI Fund Management Ltd 13F: Quarter-over-Quarter Portfolio Changes
TCI Fund Management Ltd reported a disclosed portfolio value of approximately $52.8 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 16.8% quarter on quarter. Over the quarter, the fund initiated 2 new positions, bought more shares in 4 holdings, trimmed 3 holdings, and exited 1 position.
TCI Fund Management Ltd's top buy was a new stake in Martin Marietta Matls INC (MLM) , equal to 1.4% of the disclosed portfolio. Its top sell was Microsoft CORP (MSFT) . The fund exited the position completely after it had accounted for 2.2% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| MARTIN MARIETTA MATLS INC | MLM | 1.4% | History → |
| VULCAN MATLS CO | VMC | 1.4% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| ALPHABET INC | GOOG | +1.0% | +12.3% | History → |
| FERROVIAL NV | FER | +-0.2% | +1.0% | History → |
| S&P GLOBAL INC | SPGI | +-2.3% | +0.3% | History → |
| VISA INC-CLASS A SHRS | V | +-0.6% | +0.1% | History → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| CANADIAN NATIONAL RAILWAY CO | CNI | -0.1% | 4.2% | History → |
| CANADIAN PACIFIC KANSAS CITY | CP | -0.7% | 2.6% | History → |
| GE AEROSPACE | GE | 3.7% | 0.2% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| MICROSOFT CORP | MSFT | 2.2% |
Net Portfolio Value ChangeQ2 2026
- $45.2BPrior quarter
- $52.8BCurrent quarter
- +$7.6BNet delta
- +16.8%% change
Methodology & FAQ
How TCI Fund Management Ltd Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for TCI Fund Management Ltd: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did TCI Fund Management Ltd buy in Q2 2026?
In Q2 2026, TCI Fund Management Ltd initiated 2 new positions (MARTIN MARIETTA MATLS INC (MLM), VULCAN MATLS CO (VMC)); bought more shares of ALPHABET INC (GOOG), FERROVIAL NV (FER), S&P GLOBAL INC (SPGI), VISA INC-CLASS A SHRS (V).
What stocks did TCI Fund Management Ltd sell in Q2 2026?
In Q2 2026, TCI Fund Management Ltd fully sold 1 position (MICROSOFT CORP (MSFT)); reduced holdings in CANADIAN NATIONAL RAILWAY CO (CNI), CANADIAN PACIFIC KANSAS CITY (CP), GE AEROSPACE (GE).
Which positions did TCI Fund Management Ltd initiate in Q2 2026?
TCI Fund Management Ltd established 2 new positions in Q2 2026: MARTIN MARIETTA MATLS INC (MLM, 1.4%), VULCAN MATLS CO (VMC, 1.4%).
Which existing positions saw the largest allocation increases for TCI Fund Management Ltd in Q2 2026?
Of 4 existing positions with share-count increases in Q2 2026, the largest were: ALPHABET INC (GOOG, +1.0% weight, +12.3% shares), FERROVIAL NV (FER, +-0.2% weight, +1.0% shares), S&P GLOBAL INC (SPGI, +-2.3% weight, +0.3% shares), VISA INC-CLASS A SHRS (V, +-0.6% weight, +0.1% shares).
Which positions did TCI Fund Management Ltd fully exit in Q2 2026?
TCI Fund Management Ltd fully exited 1 position in Q2 2026: MICROSOFT CORP (MSFT, last-reported weight 2.2%).
Which existing positions saw the largest allocation reductions for TCI Fund Management Ltd in Q2 2026?
Of 3 existing positions with share-count reductions in Q2 2026, the largest were: CANADIAN NATIONAL RAILWAY CO (CNI, -0.1% weight, -4.2% shares), CANADIAN PACIFIC KANSAS CITY (CP, -0.7% weight, -2.6% shares), GE AEROSPACE (GE, 3.7% weight, -0.2% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.