13F filing recap · Q3 2025

What did TCI Fund Management buy in Q3 2025?

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

Stock value

$52.70B

Positions

Estimated turnover

11.9%

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 exited Alphabet Inc. and substantially increased its Visa Inc. stake. It also trimmed Microsoft Corporation, Canadian Pacific Kansas City Ltd, and Canadian National Railway Company, while slightly adding to Moody’s Corporation and S&P Global Inc.

Increased positions

VVisa Inc.$9.58Breported value+8.99M shares+47.1%MCOMoody’s Corporation$6.34Breported value+61.5K shares+0.5%SPGIS&P Global Inc.$5.45Breported value+98.2K shares+0.9%

Reduced positions

MSFTMicrosoft Corporation$8.59Breported value-973.0K shares-5.5%CPCanadian Pacific Kansas City Ltd/cn$3.71Breported value-2.96M shares-5.6%GOOGAlphabet Inc.$1.85Breported value-5.37M shares-41.4%CNICanadian National Railway Company$1.77Breported value-4.22M shares

Exited positions

GOOGLAlphabet Inc.$556.03Mprior reported value-3.16M shares-100.0%