PaperPanda Fund Terminal
Chris Hohn
TCI FUND MANAGEMENT LTD · CIK: 1647251 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $53,648,816,254 · 9 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 GE
|
GE AEROSPACE | COM | 27.3% | $14,634,638,061 | 47,510,431 | - | - |
| 2 |
 V
|
VISA INC | COM | 18.1% | $9,723,165,755 | 27,724,233 | REDUCE | -333,118 |
| 3 |
 MSFT
|
MICROSOFT CORP | COM | 15.1% | $8,116,088,110 | 16,781,953 | ADD | +189,749 |
| 4 |
 MCO
|
MOODYS CORP | COM | 12.7% | $6,798,636,497 | 13,308,479 | - | - |
| 5 |
 SPGI
|
S&P GLOBAL INC | COM | 11.5% | $6,161,498,103 | 11,790,310 | ADD | +600,440 |
| 6 |
 CP
|
CANADIAN PACIFIC KANSAS CITY | COM | 6.5% | $3,508,630,329 | 47,654,423 | REDUCE | -2,211,312 |
| 7 |
 GOOG
|
ALPHABET INC | COM | 4.4% | $2,383,881,802 | 7,596,819 | - | - |
| 8 |
 FER
|
FERROVIAL SE | COM | 2.5% | $1,348,162,940 | 20,740,214 | ADD | +1,269,548 |
| 9 |
 CNI
|
CANADIAN NATL RY CO | COM | 1.8% | $974,114,657 | 9,849,934 | REDUCE | -8,917,840 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | ADD | +189,749 | +1.1% | 16,781,953 | $8,116,088,110 |
| 2 | V | VISA INC | REDUCE | -333,118 | -1.2% | 27,724,233 | $9,723,165,755 |
| 3 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -2,211,312 | -4.4% | 47,654,423 | $3,508,630,329 |
| 4 | FER | FERROVIAL SE | ADD | +1,269,548 | +6.5% | 20,740,214 | $1,348,162,940 |
| 5 | CNI | CANADIAN NATL RY CO | REDUCE | -8,917,840 | -47.5% | 9,849,934 | $974,114,657 |
| 6 | SPGI | S&P GLOBAL INC | ADD | +600,440 | +5.4% | 11,790,310 | $6,161,498,103 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | REDUCE | -973,027 | -5.5% | 16,592,204 | $8,593,932,062 |
| 2 | V | VISA INC | ADD | +8,989,793 | +47.1% | 28,057,351 | $9,578,218,484 |
| 3 | MCO | MOODYS CORP | ADD | +61,500 | +0.5% | 13,308,479 | $6,341,224,074 |
| 4 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -2,961,150 | -5.6% | 49,865,735 | $3,713,514,827 |
| 5 | CNI | CANADIAN NATL RY CO | REDUCE | -4,221,292 | -18.4% | 18,767,774 | $1,769,673,250 |
| 6 | SPGI | S&P GLOBAL INC | ADD | +98,247 | +0.9% | 11,189,870 | $5,446,221,628 |
| 7 | GOOG | ALPHABET INC | REDUCE | -5,369,416 | -41.4% | 7,596,819 | $1,850,205,267 |
| 8 | - | ALPHABET INC | SOLD | -3,155,110 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | ADD | +265,350 | +1.5% | 17,565,231 | $8,737,121,552 |
| 2 | V | VISA INC | ADD | +2,429,996 | +14.6% | 19,067,558 | $6,769,936,468 |
| 3 | MCO | MOODYS CORP | ADD | +83,872 | +0.6% | 13,246,979 | $6,644,552,197 |
| 4 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -2,086,400 | -3.8% | 52,826,885 | $4,188,853,262 |
| 5 | CNI | CANADIAN NATL RY CO | REDUCE | -3,910,012 | -14.5% | 22,989,066 | $2,394,409,913 |
| 6 | SPGI | S&P GLOBAL INC | ADD | +730,354 | +7.0% | 11,091,623 | $5,848,501,892 |
| 7 | GOOG | ALPHABET INC | REDUCE | -889,500 | -6.4% | 12,966,235 | $2,300,080,427 |
| 8 | GE | GE AEROSPACE | REDUCE | -60,516 | -0.1% | 47,510,431 | $12,228,709,835 |
| 9 | FER | FERROVIAL SE | ADD | +137,238 | +0.7% | 19,470,666 | $1,038,720,350 |
| 10 | - | ALPHABET INC | REDUCE | -930,000 | -22.8% | 3,155,110 | $556,025,035 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | ADD | +3,306,244 | +23.6% | 17,299,881 | $6,494,202,329 |
| 2 | V | VISA INC | REDUCE | -159,625 | -1.0% | 16,637,562 | $5,830,799,979 |
| 3 | MCO | MOODYS CORP | REDUCE | -83,662 | -0.6% | 13,163,107 | $6,129,927,299 |
| 4 | CNI | CANADIAN NATL RY CO | REDUCE | -2,794,686 | -9.4% | 26,899,078 | $2,619,619,831 |
| 5 | SPGI | S&P GLOBAL INC | REDUCE | -38,808 | -0.4% | 10,361,269 | $5,264,560,779 |
| 6 | GOOG | ALPHABET INC | REDUCE | -2,651,321 | -16.1% | 13,855,735 | $2,164,681,479 |
| 7 | GE | GE AEROSPACE | ADD | +1,571,071 | +3.4% | 47,570,947 | $9,521,325,042 |
| 8 | - | ALPHABET INC | REDUCE | -1,942,300 | -32.2% | 4,085,110 | $631,721,410 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | ADD | +2,003,047 | +16.7% | 13,993,637 | $5,898,317,996 |
| 2 | CNI | CANADIAN NATL RY CO | REDUCE | -5,743,513 | -16.2% | 29,693,764 | $3,013,663,064 |
| 3 | GOOG | ALPHABET INC | REDUCE | -420,000 | -2.5% | 16,507,056 | $3,143,603,745 |
| 4 | GE | GE AEROSPACE | REDUCE | -2,180,500 | -4.5% | 45,999,876 | $7,672,319,318 |
| 5 | FER | FERROVIAL SE | ADD | +238,184 | +1.2% | 19,333,428 | $812,723,953 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MCO | MOODYS CORP | ADD | +1,047,858 | +8.6% | 13,246,769 | $5,575,962,475 |
| 2 | SPGI | S&P GLOBAL INC | ADD | +1,367,466 | +15.1% | 10,400,077 | $4,638,434,342 |
| 3 | GE | GE AEROSPACE | ADD | +1,371,161 | +2.9% | 48,180,376 | $7,659,234,373 |
| 4 | - | THERMO FISHER SCIENTIFIC INC | SOLD | -1,517,639 | Exit | - | - |
| 5 | FER | FERROVIAL SE | NEW BUY | +19,095,244 | New | 19,095,244 | $741,761,207 |
| 6 | - | ALPHABET INC | ADD | +4,816,819 | +397.9% | 6,027,410 | $1,097,892,732 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | REDUCE | -106,275 | -1.0% | 10,531,890 | $4,430,976,761 |
| 2 | MCO | MOODYS CORP | ADD | +149,300 | +1.2% | 12,198,911 | $4,794,537,990 |
| 3 | CP | CANADIAN PACIFIC KANSAS CITY | REDUCE | -601,100 | -1.1% | 54,913,285 | $4,842,877,121 |
| 4 | CNI | CANADIAN NATL RY CO | REDUCE | -583,928 | -1.5% | 39,488,385 | $5,201,441,009 |
| 5 | - | FERGUSON PLC NEW | SOLD | -436,695 | Exit | - | - |
| 6 | GE | GENERAL ELECTRIC CO | ADD | +5,159,139 | +12.4% | 46,809,215 | $8,216,421,509 |
| 7 | - | THERMO FISHER SCIENTIFIC INC | REDUCE | -1,628,743 | -51.8% | 1,517,639 | $882,066,963 |
| 8 | - | ALPHABET INC | ADD | +1,053,191 | +669.1% | 1,210,591 | $182,714,500 |
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