13F filing recap · Q1 2026

What did TCI Fund Management buy in Q1 2026?

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

Stock value

$45.17B

Positions

Estimated turnover

17.4%

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 opened a new position in Alphabet Inc. and added to its existing Alphabet stake as well. It also increased holdings in Visa, Moody’s Corporation, and S&P Global Inc., while trimming Canadian Pacific Kansas City and substantially reducing its Microsoft Corporation position.

New positions

GOOGLAlphabet Inc.$706.53Mreported value+2.46M shares

Increased positions

VVisa Inc.$9.21Breported value+2.74M shares+9.9%MCOMoody’s Corporation$6.25Breported value+1.03M shares+7.7%SPGIS&P Global Inc.$5.97Breported value+2.25M shares+19.0%GOOGAlphabet Inc.$2.54Breported value+1.26M shares

Reduced positions

CPCanadian Pacific Kansas City Ltd/cn$3.66Breported value-1.13M shares-2.4%MSFTMicrosoft Corporation$1.01Breported value-14.05M shares-83.7%