TCI Fund Management Ltd 13F: Quarter-over-Quarter Portfolio Changes
TCI Fund Management Ltd reported a disclosed portfolio value of approximately $45.2 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 15.8% quarter on quarter. Over the quarter, the fund initiated 1 new position, bought more shares in 4 holdings, and trimmed 2 holdings.
TCI Fund Management Ltd's top buy was S&p Global INC (SPGI) . The fund bought 19.0% more shares, lifting the position's portfolio weight by 1.7 percentage points. Its top sell was Microsoft (MSFT) . The fund sold 83.7% of its previously reported shares, reducing the position's portfolio weight by 12.9 percentage points.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ALPHABET CL A | GOOGL | 1.6% | History → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| S&P GLOBAL INC | SPGI | +1.7% | +19.0% | History → |
| ALPHABET CL C | GOOG | +1.2% | +16.5% | History → |
| VISA | V | +2.3% | +9.9% | History → |
| MOODYS CORP | MCO | +1.2% | +7.7% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| MICROSOFT | MSFT | -12.9% | 83.7% | History → |
| CANADIAN PACIFIC KANSAS CITY | CP | 1.6% | 2.4% | History → |
Net Portfolio Value ChangeQ1 2026
- $53.6BPrior quarter
- $45.2BCurrent quarter
- $-8.5BNet delta
- -15.8%% 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 Q1 2026?
In Q1 2026, TCI Fund Management Ltd initiated 1 new position (ALPHABET CL A (GOOGL)); bought more shares of S&P GLOBAL INC (SPGI), ALPHABET CL C (GOOG), VISA (V), MOODYS CORP (MCO).
What stocks did TCI Fund Management Ltd sell in Q1 2026?
In Q1 2026, TCI Fund Management Ltd reduced holdings in MICROSOFT (MSFT), CANADIAN PACIFIC KANSAS CITY (CP).
Which positions did TCI Fund Management Ltd initiate in Q1 2026?
TCI Fund Management Ltd established 1 new position in Q1 2026: ALPHABET CL A (GOOGL, 1.6%).
Which existing positions saw the largest allocation increases for TCI Fund Management Ltd in Q1 2026?
Of 4 existing positions with share-count increases in Q1 2026, the largest were: S&P GLOBAL INC (SPGI, +1.7% weight, +19.0% shares), ALPHABET CL C (GOOG, +1.2% weight, +16.5% shares), VISA (V, +2.3% weight, +9.9% shares), MOODYS CORP (MCO, +1.2% weight, +7.7% shares).
Which positions did TCI Fund Management Ltd fully exit in Q1 2026?
TCI Fund Management Ltd fully exited no positions in Q1 2026.
Which existing positions saw the largest allocation reductions for TCI Fund Management Ltd in Q1 2026?
Of 2 existing positions with share-count reductions in Q1 2026, the largest were: MICROSOFT (MSFT, -12.9% weight, -83.7% shares), CANADIAN PACIFIC KANSAS CITY (CP, 1.6% weight, -2.4% 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.