13F filing recap · Q4 2025

What did TCI Fund Management buy in Q4 2025?

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

Stock value

$53.65B

Positions

Estimated turnover

3.1%

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 Visa, Microsoft, S&P Global, and Canadian Pacific Kansas City, while adding to Ferrovial. It also substantially reduced its Canadian National Railway position.

Increased positions

MSFTMicrosoft Corporation$8.12Breported value+189.7K shares+1.1%SPGIS&P Global Inc.$6.16Breported value+600.4K shares+5.4%FERFerrovial SE$1.35Breported value+1.27M shares+6.5%

Reduced positions

VVisa Inc.$9.72Breported value-333.1K shares-1.2%CPCanadian Pacific Kansas City Ltd/cn$3.51Breported value-2.21M shares-4.4%CNICanadian National Railway Company$974.11Mreported value-8.92M shares-47.5%