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TCI Fund Management
Extremely concentrated, extremely long-horizon, and quietly one of the best records anywhere.
Each slice is a holding, sized by its share of the portfolio and coloured by its grade — so a green-heavy circle means the weight is in businesses that grow and generate cash, whatever the individual names are.
Each position put through the same five checks on growth and cash generation that every company on this site gets. It describes what the manager owns — not whether buying it now would be sensible.
| GE | GENERAL ELECTRIC CO | 33.6% | $17.7B | 47,428,233 | A+ | $327.09 | 38.57 |
| V | VISA INC. | 19.8% | $10.5B | 30,494,133 | B+ | $367.38 | — |
| MCO | MOODY'S CORPORATION | 12.3% | $6.5B | 14,334,027 | A+ | $468.70 | 29.72 |
| SPGI | S&P Global Inc. | 10.9% | $5.7B | 14,081,957 | A+ | $403.30 | 25.51 |
| GOOGL | Alphabet Inc. | 8.3% | $4.4B | — | C+ | $343.92 | 17.27 |
| CP | CANADIAN PACIFIC KANSAS CITY LTD/CN | 7.4% | $3.9B | 45,325,726 | B+ | $86.91 | 28.70 |
| FER | Ferrovial SE | 2.7% | $1.4B | 20,940,441 | B+ | $55.83 | 38.98 |
| CNI | CANADIAN NATIONAL RAILWAY CO | 2.1% | $1.1B | 9,433,422 | B+ | $120.93 | 21.99 |
| MLM | MARTIN MARIETTA MATERIALS INC | 1.4% | $758.4M | 1,315,109 | B+ | $484.30 | 11.90 |
| VMC | VULCAN MATERIALS COMPANY | 1.4% | $721.9M | 2,447,004 | B+ | $245.00 | 29.17 |
Fundamentals from SEC filings, prices from the last market-data pass. Sort by any column; companies with no figure sort last either way.
From the manager’s quarterly Form 13F. It covers US-listed equities held long, and excludes short positions, bonds, cash, options and anything listed abroad — so it is a slice of the portfolio, not the portfolio. Filings are due 45 days after quarter end, so these positions may have changed before you read them. Read the filing.
Grades and fundamentals are ours, from SEC filings. Nothing here is a recommendation, and following a disclosed portfolio means buying at prices the manager did not pay.