TCI
Manager: Chris Hohn
TCI FUND MANAGEMENT LTD · CIK 0001647251 · Form 13F-HR · Accession 0001647251-26-000007
Reported Equity Holdings (USD)
$73.0bn
14 positions · mainly 13F (+ Non-US where noted)
Shown (≥1%)
13
13F + Non-US (Ferrovial once) · 1 under 1% hidden
EURUSD (daily)
1.1193
as of 23 Oct 2026 · ECB / Frankfurter
Largest weights: GE Aerospace 24.3%, Visa Inc. 14.3%, Airbus SE 11.8%. Sorted by USD value. EUR positions marked EUR*; converted to USD at EURUSD 1.1193 as of 23 Oct 2026. EUR FX + local prices updated on each refresh.
Reported Equity Holdings USD
1 name under 1% hidden (still included in Reported Equity Holdings). Weights vs full book — visible weights may sum to under 100%.
Alphabet: GOOGL (Class A) + GOOG (Class C) combined into one line — voting-rights difference ignored for weights.
| # | Issuer | Ticker / listing | CCY | Value (USD) | Weight | Source | As of | Notes |
|---|---|---|---|---|---|---|---|---|
| 1 | GE Aerospace |
GE · NYSE | USD | $17,725.4m | 24.3% | 13F | 13F — 30 Jun 2026 | COM NEW |
| 2 | Visa Inc. |
V · NYSE | USD | $10,462.2m | 14.3% | 13F | 13F — 30 Jun 2026 | COM CL A |
| 3 | Airbus SE |
AIR · Euronext Paris/Amsterdam | EUR* | $8,615.9m est. |
11.8% | Exchange filing (AFM) | Exchange filing — 03 Mar 2026 | Ordinary 38,075,984 + cash-settled swap 1,919,829 (FI included). Price €192.46 (2026-10-23). |
| 4 | Safran |
SAF · Euronext Paris (EPA) | EUR* | $6,760.9m est. |
9.3% | Exchange filing (AMF) | Exchange filing — 03 Oct 2023 | Last AMF threshold notice; % may be stale. Price €271.8 (2026-10-23). Capital now ~418.3M shares (Safran IR). |
| 5 | Moody's Corp. |
MCO · NYSE | USD | $6,492.2m | 8.9% | 13F | 13F — 30 Jun 2026 | COM |
| 6 | S&P Global Inc. |
SPGI · NYSE | USD | $5,735.0m | 7.9% | 13F | 13F — 30 Jun 2026 | COM |
| 7 | Alphabet Inc. |
GOOGL+GOOG · Nasdaq | USD | $4,389.7m | 6.0% | 13F | 13F — 30 Jun 2026 | Class C (GOOG) + Class A (GOOGL) combined into one line (2 13F equity classes; voting rights ignored). Values summed as filed. |
| 8 | Canadian Pacific Kansas City |
CP · NYSE | USD | $3,925.9m | 5.4% | 13F | 13F — 30 Jun 2026 | COM |
| 9 | Aena S.M.E., S.A. |
AENA · BME (Spain) | EUR* | $2,783.9m est. |
3.8% | Annual Report (IAGC) / CNMV | Annual Report — 31 Dec 2025 | Shares — (not in IAGC). Est. USD via 6.257% total VR incl. 3.416% FI. Price €26.5 (2026-10-23). |
| 10 | Cellnex Telecom, S.A. |
CLNX · BME (Spain) | EUR* | $2,031.2m est. |
2.8% | Annual Report (IAGC) / CNMV | Annual Report — 31 Dec 2025 | Shares — (not in IAGC). Est. USD via 10.15% shares; FI 0%. Price €26.2 (2026-10-23). |
| 11 | Ferrovial N.V. |
FER · Nasdaq / BME / Euronext | USD | $1,434.6m | 2.0% | 13F | 13F — 30 Jun 2026 | Dual-listed Nasdaq / BME / Euronext — same NV shares; holdings combined into one row (not double-counted). ORD SHS from 13F. |
| 12 | Canadian National Railway |
CNI · NYSE | USD | $1,124.5m | 1.5% | 13F | 13F — 30 Jun 2026 | COM |
| 13 | Martin Marietta Materials |
MLM · NYSE | USD | $758.4m | 1.0% | 13F | 13F — 30 Jun 2026 | COM |
Methodology
- Reported AUM: Firm-wide AUM is not publicly disclosed. Headline Reported AUM is set equal to Reported Equity Holdings (~$73.9bn) — equity book only, not a substitute for true firm AUM.
- One book: All weights in USD. Reported Equity Holdings = US 13F reported values + Non-US estimated USD values. Ferrovial counted once (13F row only).
- US: SEC Form 13F-HR for TCI Fund Management Ltd (CIK 0001647251). Period end 30 Jun 2026, filed 14 Aug 2026. Table Value column in $m (1 decimal).
- Non-US valuation: When share count known: shares × local price × EURUSD. When share count unknown: ownership % × shares outstanding × local price × EURUSD. Prices from Yahoo Finance dated quotes; FX from ECB reference rate.
- FX (daily): EURUSD = 1.1193 as of 23 Oct 2026 — ECB reference rate via Frankfurter (EUR→USD). Rate source.
- EUR*: EUR* marks names whose market currency is EUR; Value (USD) is converted.
- FI inclusion: Financial instruments / potential interest included in Non-US USD estimates when the primary filing discloses them as part of the aggregate stake (Aena total VR 6.257% includes 3.416% FI; Airbus includes cash-settled swap shares). Cellnex and Safran filings used here have no FI component in the cited %. FI does not always equal economic exposure identical to shares.
- Mixed as-of: US 13F as of period end; Non-US as-of follows each IAGC / exchange filing. Prices and FX are mark-to-market for valuation only — not as-of the ownership filing date.
- Alphabet dual-class: Alphabet Class A (GOOGL) and Class C (GOOG) are combined into one line (summed value, shares, and weight). Voting-rights difference is ignored here. Other dual-class names (e.g. Lennar) stay separate unless noted.
- Reported AUM: Firm / strategy AUM from the manager's site or Form ADV where cited on this page — separate from Reported Equity Holdings.
- Shares / Discretion / Vote columns omitted. Value shown as USD market value ($m, 1 decimal, e.g. $17,700.0m). Weight to 1 decimal.
- Table shows positions with weight ≥ 1.0% only; names under 1% are hidden but still included in Reported Equity Holdings (USD) and the weight denominator.
- Raw data: EDGAR 13F · portfolio_combined.json · holdings.json