TCI Fund Management 13F, Q3 2025
Chris Hohn · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1647251
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| GE AEROSPACE | GE | $14.29B | 27.1% | unchanged |
| VISA INC | V | $9.58B | 18.2% | +47% shares |
| MICROSOFT CORP | MSFT | $8.59B | 16.3% | -6% shares |
| MOODYS CORP | MCO | $6.34B | 12.0% | unchanged |
| S&P GLOBAL INC | SPGI | $5.45B | 10.3% | unchanged |
| CANADIAN PACIFIC KANSAS CITY | CP | $3.71B | 7.0% | -6% shares |
| ALPHABET INC | GOOG | $1.85B | 3.5% | -41% shares |
| CANADIAN NATL RY CO | CNI | $1.77B | 3.4% | -18% shares |
| FERROVIAL SE | $1.11B | 2.1% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, TCI Fund Management opened 0 new positions, added to 1, trimmed 4, left 4 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001647251-25-000014, filed by TCI Fund Management Ltd. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.