13F filing recap · Q2 2026

What did TCI Fund Management buy in Q2 2026?

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

Stock value

$52.77B

Positions

Estimated turnover

6.3%

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 new positions in Martin Marietta Materials and Vulcan Materials, while exiting Microsoft entirely. The fund also added to Alphabet and made slight increases in Visa, S&P Global, and Ferrovial. It trimmed General Electric, Canadian Pacific Kansas City, and Canadian National Railway.

New positions

MLMMartin Marietta Materials Inc$758.42Mreported value+1.32M shares VMCVulcan Materials Company$721.89Mreported value+2.45M shares

Increased positions

VVisa Inc.$10.46Breported value+26.0K shares+0.1%SPGIS&P Global Inc.$5.74Breported value+46.6K shares+0.3%GOOGAlphabet Inc.$3.51Breported value+1.08M shares+12.3%FERFerrovial SE$1.43Breported value+200.2K shares

Reduced positions

GEGeneral Electric Company$17.73Breported value-82.2K shares-0.2%CPCanadian Pacific Kansas City Ltd/cn$3.93Breported value-1.20M shares-2.6%CNICanadian National Railway Company$1.12Breported value-416.5K shares-4.2%

Exited positions

MSFTMicrosoft Corporation$1.01Bprior reported value-2.73M shares-100.0%