TCI Fund Management Ltd
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +3.0% per quarter — versus +0.6% per quarter from simply owning every 13F stock. It beat that baseline in only 63.2% of quarters (excess t = 0.84, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 11 holdings of 11 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GE | $17.7B | | HOLD |
| V | $10.5B | | HOLD |
| MCO | $6.5B | | HOLD |
| SPGI | $5.7B | | HOLD |
| CP | $3.9B | | TRIM −3% |
| GOOG | $3.5B | | ADD +12% |
| FER.MC | $1.4B | | HOLD |
| CNI | $1.1B | | TRIM −4% |
| GOOGL | $878M | | HOLD |
| MLM | $758M | | NEW |
| VMC | $722M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.