TCI Fund Management LtdTCI Fund Management Ltd

Institutional investor · Portfolio as of Q4 2023

SEC EDGAR SourceSEC Filings

Top Holdings11 positions

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Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction
GEGE

GENERAL ELECTRIC CO COM STOCK

41.7M$5.3B14.8%$78.01+28.99%
4 qtrssince 2023-Q1
Unchanged
0
CNICNI

CANADIAN NATL RAILWAY CO

40.1M$5B14.0%$86.93+37.28%
21 qtrssince 2018-Q4
Decreased
0
MCOMCO

MOODY'S CORP

12M$4.7B13.1%$221.56+72.41%
21 qtrssince 2018-Q4
Increased
75
CPCP

CANADIAN PACIFIC RAILWAY LTD /CAD/

55.5M$4.4B12.2%$79.09-1.75%
3 qtrssince 2023-Q2
Decreased
0
VV

VISA INC-CLASS A SHARES

16.8M$4.4B12.2%$187.09+36.31%
19 qtrssince 2019-Q2
Unchanged
0
MSFTMSFT

MICROSOFT CORP

10.6M$4B11.1%$370.520.00%
1 qtr
New
100
SPGISPGI

S&P GLOBAL INC

9M$4B11.1%$330.57+31.26%
21 qtrssince 2018-Q4
Decreased
0
GOOGGOOG

ALPHABET INC-CL C

16.9M$2.4B6.6%$95.07+47.13%
21 qtrssince 2018-Q4
Unchanged
0
TMOTMO

THERMO FISHER SCIENTIFIC INC

3.1M$1.7B4.6%$522.69+0.92%
5 qtrssince 2022-Q4
Decreased
0
436,695$84.3M0.2%——
3 qtrssince 2023-Q2
Decreased
0
GOOGLGOOGL

ALPHABET INC-CL A

157,400$22M0.1%$138.640.00%
1 qtr
New
42
$36B
AUM
11
Positions
Q4 2023
Filing
Rating · 2.0
Quarterly Portfolio Change
-10%Q3'22$28.6B+5%Q4'22$29.9B-2%Q1'23$29.2B+15%Q2'23$33.7B-18%Q3'23$27.6B+30%Q4'23$36B
Activity profile
$ moved · Q4'23
New57%Increased20%Decreased22%Exited0%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 3.4 years
<1Q0%1-4Q27%1-2Y9%2Y+64%

TCI Fund Management Ltd manages $36B across 11 positions as of Q4 2023. Top holdings: GE (14.8%), CNI (14.0%), MCO (13.1%). Fund DNA: Steady Compounder. HoldingsIntel Rating: 2/5.0.

Q4 2023 Summary

Added 2 new positions, increased 1, trimmed 5. Top move: MSFT (NEW, conviction 100). Portfolio: $36.0B across 11 positions.

Portfolio Allocation

Top holdings by portfolio weight

Total AUM$36B
GE14.78%
CNI14.01%
MCO13.08%
CP12.21%
V12.16%
MSFT11.12%
SPGI11.06%
GOOG6.63%
TMO4.64%
FERGL0.23%
Other0.06%
Sector Breakdown

Portfolio allocation by GICS sector

Sectors6
Industrials41.00%
Financial Services36.31%
Technology11.12%
Communication Services6.69%
Healthcare4.64%
Unknown0.23%
Fund DNA

Behavioral investing profile

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Steady Compounder- primarily Industrials, Financial Services, Technology
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Fund Rating
7-dimension quality assessment
Below Average(2.0 / 5.0)
Track RecordNo data
Conviction49
Concentration100
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Position Outcomes

Best and worst performing positions by estimated return

Top Losers

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

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Side-by-side holdings comparison
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Top conviction positions this quarter
Double-Down Detection
Buying into price weakness
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Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

Security
5Q
SPGISPGIS&P GLOBAL INC
Q2 2025 → Q2 2026+3.7M shares+$470.5M
2Q
GOOGGOOGALPHABET INC-CL C
Q1 2026 → Q2 2026+2.3M shares+$1.1B
2Q
VVVISA INC-CLASS A SHARES
Q1 2026 → Q2 2026+2.8M shares+$739.1M
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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