{
  "investorId": "tci",
  "displayName": "TCI",
  "managerName": "Chris Hohn",
  "title": "Top Investors - Copycat",
  "combinedValueUsd": 72961827619,
  "positionCount": 14,
  "us13fValueUsd": 52769884406,
  "us13fPositions": 11,
  "nonUsEstimatedValueUsd": 20191943213,
  "fx": {
    "pair": "EURUSD",
    "rate": 1.1193,
    "asOf": "2026-10-23",
    "source": "ECB reference rate via Frankfurter (EUR\u2192USD)",
    "sourceUrl": "https://api.frankfurter.app/latest?from=EUR&to=USD",
    "quoteStyle": "usd_per_ccy",
    "note": "USD per 1 EUR"
  },
  "quotes": {
    "AENA.MC": {
      "price": 26.5,
      "ccy": "EUR",
      "asOf": "2026-10-23",
      "source": "Yahoo Finance AENA.MC"
    },
    "CLNX.MC": {
      "price": 26.2,
      "ccy": "EUR",
      "asOf": "2026-10-23",
      "source": "Yahoo Finance CLNX.MC"
    },
    "AIR.PA": {
      "price": 192.46,
      "ccy": "EUR",
      "asOf": "2026-10-23",
      "source": "Yahoo Finance AIR.PA"
    },
    "SAF.PA": {
      "price": 271.8,
      "ccy": "EUR",
      "asOf": "2026-10-23",
      "source": "Yahoo Finance SAF.PA"
    }
  },
  "methodology": {
    "weights": "All weights in USD. Reported Equity Holdings = US 13F reported values + Non-US estimated USD values. Ferrovial counted once (13F row only).",
    "nonUsValuation": "When share count known: shares \u00d7 local price \u00d7 EURUSD. When share count unknown: ownership % \u00d7 shares outstanding \u00d7 local price \u00d7 EURUSD. Prices from Yahoo Finance dated quotes; FX from ECB reference rate.",
    "fiRule": "Financial instruments / potential interest included in Non-US USD estimates when the primary filing discloses them as part of the aggregate stake (Aena total VR 6.257% includes 3.416% FI; Airbus includes cash-settled swap shares). Cellnex and Safran filings used here have no FI component in the cited %. FI does not always equal economic exposure identical to shares.",
    "mixedAsOf": "US 13F as of period end; Non-US as-of follows each IAGC / exchange filing. Prices and FX are mark-to-market for valuation only \u2014 not as-of the ownership filing date.",
    "eurStar": "EUR* marks names whose market currency is EUR; Value (USD) is converted.",
    "alphabetDualClass": "Alphabet Class A (GOOGL) and Class C (GOOG) are combined into one line (summed value, shares, and weight). Voting-rights difference is ignored here. Other dual-class names (e.g. Lennar) stay separate unless noted.",
    "shareClasses": "Alphabet Class A (GOOGL) and Class C (GOOG) are combined into one line (summed value, shares, and weight). Voting-rights difference is ignored here. Other dual-class names (e.g. Lennar) stay separate unless noted."
  },
  "holdings": [
    {
      "id": "us-369604301",
      "issuer": "GE Aerospace",
      "ticker": "GE",
      "listing": "GE \u00b7 NYSE",
      "ccy": "USD",
      "shares": 47428233,
      "valueUsd": 17725353519,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM NEW",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 1,
      "weightPct": 24.294
    },
    {
      "id": "us-92826C839",
      "issuer": "Visa Inc.",
      "ticker": "V",
      "listing": "V \u00b7 NYSE",
      "ccy": "USD",
      "shares": 30494133,
      "valueUsd": 10462232091,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM CL A",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 2,
      "weightPct": 14.3393
    },
    {
      "id": "airbus",
      "issuer": "Airbus SE",
      "ticker": "AIR",
      "listing": "AIR \u00b7 Euronext Paris/Amsterdam",
      "ccy": "EUR*",
      "shares": 38075984,
      "sharesPotential": 1919829,
      "valueUsd": 8615917154,
      "valueEur": 7697594170,
      "valueEstimated": true,
      "valuationMethod": "(ordinary 38,075,984 + swap FI 1,919,829) \u00d7 \u20ac192.46",
      "source": "Exchange filing (AFM)",
      "sourceDetail": "AFM substantial holdings \u2014 TCI / Airbus SE",
      "asOf": "Exchange filing \u2014 03 Mar 2026",
      "asOfDate": "2026-03-03",
      "notes": "Ordinary 38,075,984 + cash-settled swap 1,919,829 (FI included). Price \u20ac192.46 (2026-10-23).",
      "fiIncluded": true,
      "pctOwnership": 5.08,
      "priceEur": 192.46,
      "primarySourceUrls": [
        {
          "label": "AFM substantial holdings \u2014 TCI / Airbus SE",
          "url": "https://www.afm.nl/en/sector/registers/meldingenregisters/substantiele-deelnemingen/details?id=189321",
          "role": "primary"
        }
      ],
      "rank": 3,
      "weightPct": 11.8088
    },
    {
      "id": "safran",
      "issuer": "Safran",
      "ticker": "SAF",
      "listing": "SAF \u00b7 Euronext Paris (EPA)",
      "ccy": "EUR*",
      "shares": 22223357,
      "valueUsd": 6760917229,
      "valueEur": 6040308433,
      "valueEstimated": true,
      "valuationMethod": "22,223,357 shares (AMF) \u00d7 \u20ac271.8",
      "source": "Exchange filing (AMF)",
      "sourceDetail": "AMF BDIF 223C1584",
      "asOf": "Exchange filing \u2014 03 Oct 2023",
      "asOfDate": "2023-10-03",
      "notes": "Last AMF threshold notice; % may be stale. Price \u20ac271.8 (2026-10-23). Capital now ~418.3M shares (Safran IR).",
      "fiIncluded": false,
      "pctOwnership": 5.2,
      "priceEur": 271.8,
      "freshnessNote": "No later TCI/Hohn Safran AMF franchissement found in 2024\u20132026 BDIF searches; % may have changed without a new threshold crossing.",
      "primarySourceUrls": [
        {
          "label": "AMF BDIF 223C1584 (9 Oct 2023 PDF)",
          "url": "https://bdif.amf-france.org/back/api/v1/documents/2023/223C1584/2650280DC13CAF378D98D20D1F1F8B91ABEF978D6CBF16E6100620F057CFE011.pdf",
          "role": "primary"
        },
        {
          "label": "Safran URD 2025 announcement (IR; URD PDF blocked to bots)",
          "url": "https://www.safran-group.com/pressroom/availability-safran-s-2025-universal-registration-document-urd-2026-03-31",
          "role": "primary",
          "note": "URD \u00a76.3 not extracted this pass \u2014 % from AMF notice"
        }
      ],
      "rank": 4,
      "weightPct": 9.2664
    },
    {
      "id": "us-615369105",
      "issuer": "Moody's Corp.",
      "ticker": "MCO",
      "listing": "MCO \u00b7 NYSE",
      "ccy": "USD",
      "shares": 14334027,
      "valueUsd": 6492167509,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 5,
      "weightPct": 8.898
    },
    {
      "id": "us-78409V104",
      "issuer": "S&P Global Inc.",
      "ticker": "SPGI",
      "listing": "SPGI \u00b7 NYSE",
      "ccy": "USD",
      "shares": 14081957,
      "valueUsd": 5735017808,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 6,
      "weightPct": 7.8603
    },
    {
      "id": "us-alphabet-GOOGL-GOOG",
      "issuer": "Alphabet Inc.",
      "ticker": "GOOGL+GOOG",
      "listing": "GOOGL+GOOG \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 12395819,
      "valueUsd": 4389741007,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "Class C (GOOG) + Class A (GOOGL) combined into one line (2 13F equity classes; voting rights ignored). Values summed as filed.",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 7,
      "weightPct": 6.0165
    },
    {
      "id": "us-13646K108",
      "issuer": "Canadian Pacific Kansas City",
      "ticker": "CP",
      "listing": "CP \u00b7 NYSE",
      "ccy": "USD",
      "shares": 45325726,
      "valueUsd": 3925911608,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 8,
      "weightPct": 5.3808
    },
    {
      "id": "aena",
      "issuer": "Aena S.M.E., S.A.",
      "ticker": "AENA",
      "listing": "AENA \u00b7 BME (Spain)",
      "ccy": "EUR*",
      "shares": null,
      "valueUsd": 2783875390,
      "valueEur": 2487157500,
      "valueEstimated": true,
      "valuationMethod": "mkt cap \u00d7 6.257% total VR (incl. FI) = 1,500,000,000 \u00d7 \u20ac26.5 \u00d7 6.257%",
      "source": "Annual Report (IAGC) / CNMV",
      "sourceDetail": "Aena IAGC 2025 / CNMV",
      "asOf": "Annual Report \u2014 31 Dec 2025",
      "asOfDate": "2025-12-31",
      "notes": "Shares \u2014 (not in IAGC). Est. USD via 6.257% total VR incl. 3.416% FI. Price \u20ac26.5 (2026-10-23).",
      "fiIncluded": true,
      "pctOwnership": 6.257,
      "priceEur": 26.5,
      "sharesOutstanding": 1500000000,
      "primarySourceUrls": [
        {
          "label": "Aena IAGC 2025 (EN PDF)",
          "url": "https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576873452094&ssbinary=true",
          "role": "primary"
        },
        {
          "label": "CNMV IAGC 2025",
          "url": "https://www.cnmv.es/webservices/verdocumento/ver?e=48H0ghu5pdctx0Q8%2BdrxgOH%2BSF8mxoNln6zAECO86cADAeVNxCRAwLPil3Xzyzk3",
          "role": "primary"
        },
        {
          "label": "Aena holdings & treasury stock (IR)",
          "url": "https://www.aena.es/en/shareholders-and-investors/aena-share/holdings-and-treasury-stock.html",
          "role": "primary"
        }
      ],
      "rank": 9,
      "weightPct": 3.8155
    },
    {
      "id": "cellnex",
      "issuer": "Cellnex Telecom, S.A.",
      "ticker": "CLNX",
      "listing": "CLNX \u00b7 BME (Spain)",
      "ccy": "EUR*",
      "shares": null,
      "valueUsd": 2031233440,
      "valueEur": 1814735495,
      "valueEstimated": true,
      "valuationMethod": "mkt cap \u00d7 10.15% = 682,410,971 (IAGC) \u00d7 \u20ac26.2 \u00d7 10.15%",
      "source": "Annual Report (IAGC) / CNMV",
      "sourceDetail": "Cellnex IAGC 2025 / CNMV notice 25 Nov 2025",
      "asOf": "Annual Report \u2014 31 Dec 2025",
      "asOfDate": "2025-12-31",
      "notes": "Shares \u2014 (not in IAGC). Est. USD via 10.15% shares; FI 0%. Price \u20ac26.2 (2026-10-23).",
      "fiIncluded": false,
      "pctOwnership": 10.15,
      "priceEur": 26.2,
      "sharesOutstanding": 682410971,
      "primarySourceUrls": [
        {
          "label": "Cellnex IAGC 2025 (EN PDF)",
          "url": "https://www.cellnex.com/app/uploads/2026/02/IAGC-25-EN.pdf",
          "role": "primary"
        },
        {
          "label": "CNMV significant holdings (Cellnex)",
          "url": "https://www.cnmv.es/portal/consultas/derechosvoto/ps_ac_ini?lang=en&nif=A64907306",
          "role": "primary"
        },
        {
          "label": "Cellnex IR shareholder structure",
          "url": "https://www.cellnex.com/sections/shareholder-structure/",
          "role": "primary"
        }
      ],
      "rank": 10,
      "weightPct": 2.784
    },
    {
      "id": "us-N3168P101",
      "issuer": "Ferrovial N.V.",
      "ticker": "FER",
      "listing": "FER \u00b7 Nasdaq / BME / Euronext",
      "ccy": "USD",
      "shares": 20940441,
      "valueUsd": 1434611939,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "Dual-listed Nasdaq / BME / Euronext \u2014 same NV shares; holdings combined into one row (not double-counted). ORD SHS from 13F.",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 11,
      "weightPct": 1.9663
    },
    {
      "id": "us-136375102",
      "issuer": "Canadian National Railway",
      "ticker": "CNI",
      "listing": "CNI \u00b7 NYSE",
      "ccy": "USD",
      "shares": 9433422,
      "valueUsd": 1124534915,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 12,
      "weightPct": 1.5413
    },
    {
      "id": "us-573284106",
      "issuer": "Martin Marietta Materials",
      "ticker": "MLM",
      "listing": "MLM \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1315109,
      "valueUsd": 758423360,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 13,
      "weightPct": 1.0395
    },
    {
      "id": "us-929160109",
      "issuer": "Vulcan Materials Co.",
      "ticker": "VMC",
      "listing": "VMC \u00b7 NYSE",
      "ccy": "USD",
      "shares": 2447004,
      "valueUsd": 721890650,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1647251/000164725126000007/"
        }
      ],
      "rank": 14,
      "weightPct": 0.9894
    }
  ],
  "updatedAt": "2026-10-15",
  "alphabetCombined": true,
  "alphabetCombinedNote": "GOOGL (Class A) + GOOG (Class C) combined into one line \u2014 voting-rights difference ignored for weights."
}