13F filing recap · Q2 2025

What did TCI Fund Management buy in Q2 2025?

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

Stock value

$50.71B

Positions

Estimated turnover

5.0%

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 trimmed General Electric and its Canadian rail holdings, while adding to Visa and trimming one Alphabet position during the second quarter. The firm also increased its stakes in Microsoft, Moody’s, S&P Global, and Ferrovial, and reduced Canadian Pacific Kansas City and another Alphabet position.

Increased positions

MSFTMicrosoft Corporation$8.74Breported value+265.4K shares+1.5%VVisa Inc.$6.77Breported value+2.43M shares+14.6%MCOMoody’s Corporation$6.64Breported value+83.9K shares+0.6%SPGIS&P Global Inc.$5.85Breported value+730.4K shares+7.0%FERFerrovial SE$1.04Breported value+137.2K shares+0.7%

Reduced positions

GEGeneral Electric Company$12.23Breported value-60.5K shares-0.1%CPCanadian Pacific Kansas City Ltd/cn$4.19Breported value-2.09M shares-3.8%CNICanadian National Railway Company$2.39Breported value-3.91M shares-14.5%GOOGAlphabet Inc.$2.30Breported value-889.5K shares