TCI Fund Management Ltd

Top Holdings13 positions

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Activity:AllNewIncreasedDecreasedExitedUnchangedFirst report

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
CHTR Charter Communications Inc	9.7M	$3.8B	20.7%	—	$285.08	+38.62%	3 qtrssince 2018-Q4	Decreased 0
GOOG Alphabet Inc	3.5M	$3.8B	20.3%	—	$51.99	+2.97%	3 qtrssince 2018-Q4	Increased 87
??Canadian Pacific Railway Ltd	10.2M	$2.4B	12.9%	—	—	—	3 qtrssince 2018-Q4	Increased 67
MSFT Microsoft Corp	16.4M	$2.2B	11.9%	—	$94.43	+32.94%	3 qtrssince 2018-Q4	Decreased 0
CNI Canadian National Railway Co	19M	$1.8B	9.5%	—	$70.78	+13.68%	3 qtrssince 2018-Q4	Increased 88
MCO Moody's Corp	6M	$1.2B	6.3%	—	$131.27	+39.94%	3 qtrssince 2018-Q4	Unchanged 0
ELV Anthem Inc	3M	$850M	4.6%	—	$258.63	0.00%	1 qtr	New 91
UNP Union Pacific Corp	4.7M	$799.5M	4.3%	—	$117.13	+24.93%	3 qtrssince 2018-Q4	Decreased 0
GOOGL Alphabet Inc	549,721	$595.2M	3.2%	—	$52.96	+1.26%	3 qtrssince 2018-Q4	Increased 96
SPGI S&P Global Inc	2M	$451.6M	2.4%	—	$150.41	+34.78%	3 qtrssince 2018-Q4	Unchanged 0
UNVR Univar Inc	15.8M	$347.4M	1.9%	—	—	—	2 qtrssince 2019-Q1	Increased 82
EFX Equifax Inc	1.6M	$221M	1.2%	—	$112.23	+14.49%	2 qtrssince 2019-Q1	Unchanged 0
V Visa Inc	870,100	$151M	0.8%	—	$164.84	0.00%	1 qtr	New 62

$18.5B

AUM

13

Positions

Q2 2019

Filing

HI score · 5.0/5

Quarterly 13F Value Change

Activity profile

$ moved · Q2'19

New20%Increased50%Decreased20%Exited10%

Composition

Equity vs derivatives

Equity100%Puts0%Calls0%

Holding period

Avg 1.5 quarters

<1Q15%1-4Q85%1-2Y0%2Y+0%

TCI Fund Management Ltd manages $18.5B across 13 positions as of Q2 2019. Top holdings: CHTR (20.7%), GOOG (20.3%), Canadian Pacific Railway Ltd (12.9%). Fund DNA: Concentrated Value. HoldingsIntel Score: 5/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

MCO3Q held

Moody's Corp

Avg $131.27 · $315.8M est. P&L

—

Est. P&L

+39.94%

CHTR3Q held

Charter Communications Inc

Avg $285.08 · $1.1B est. P&L

—

Est. P&L

+38.62%

SPGI3Q held

S&P Global Inc

Avg $150.41 · $103.7M est. P&L

—

Est. P&L

+34.78%

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.