13F filing recap · Q1 2025

What did TCI Fund Management buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$43.37B

Positions

Estimated turnover

6.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

TCI Fund Management added to its Microsoft position and made a slight increase to General Electric. The fund trimmed Moody’s, Visa, S&P Global, and Canadian National Railway, while reducing its Alphabet stake across two listings.

Increased positions

GEGeneral Electric Company$9.52Breported value+1.57M shares+3.4%MSFTMicrosoft Corporation$6.49Breported value+3.31M shares+23.6%

Reduced positions

MCOMoody’s Corporation$6.13Breported value-83.7K shares-0.6%VVisa Inc.$5.83Breported value-159.6K shares-1.0%SPGIS&P Global Inc.$5.26Breported value-38.8K shares-0.4%CNICanadian National Railway Company$2.62Breported value-2.79M shares