TCI Fund Management Ltd Long-Term Concentrated

CIK: 0001647251 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $53,648,816 (100.0% shares, 0.0% debt)

Holdings (9)

Increased Positions (3)

SPGI S&P GLOBAL INC 11.5%

Value ($000) $6,161,498 (+13.1%) Shares 11,790,310 (+5.4%) Est. Cost $357.47 Unrealized +38.3%

MSFT MICROSOFT CORP 15.1%

Value ($000) $8,116,088 (-5.6%) Shares 16,781,953 (+1.1%) Est. Cost $377.56 Unrealized +32.6%

FER FERROVIAL SE 2.5%

Value ($000) $1,348,163 (+21.0%) Shares 20,740,214 (+6.5%) Est. Cost $39.22 Unrealized +62.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S&P GLOBAL INC	11,790,310 (+5.4%)	$6,161,498 (+13.1%)	11.5%	$357.47	+38.3%	COM	78409V104
MSFT	MICROSOFT CORP	16,781,953 (+1.1%)	$8,116,088 (-5.6%)	15.1%	$377.56	+32.6%	COM	594918104
FER	FERROVIAL SE	20,740,214 (+6.5%)	$1,348,163 (+21.0%)	2.5%	$39.22	+62.4%	ORD SHS	N3168P101

Decreased Positions (3)

CNI CANADIAN NATL RY CO 1.8%

Value ($000) $974,115 (-45.0%) Shares 9,849,934 (-47.5%) Est. Cost $89.56 Unrealized +7.4%

CP CANADIAN PACIFIC KANSAS CITY 6.5%

Value ($000) $3,508,630 (-5.5%) Shares 47,654,423 (-4.4%) Est. Cost $77.51 Unrealized -5.0%

V VISA INC 18.1%

Value ($000) $9,723,166 (+1.5%) Shares 27,724,233 (-1.2%) Est. Cost $256.70 Unrealized +32.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNI	CANADIAN NATL RY CO	9,849,934 (-47.5%)	$974,115 (-45.0%)	1.8%	$89.56	+7.4%	COM	136375102
CP	CANADIAN PACIFIC KANSAS CITY	47,654,423 (-4.4%)	$3,508,630 (-5.5%)	6.5%	$77.51	-5.0%	COM	13646K108
V	VISA INC	27,724,233 (-1.2%)	$9,723,166 (+1.5%)	18.1%	$256.70	+32.6%	COM CL A	92826C839

Unchanged Positions (3)

GOOG ALPHABET INC 4.4%

Value ($000) $2,383,882 Shares 7,596,819 Est. Cost $107.71 Unrealized +165.8%

MCO MOODYS CORP 12.7%

Value ($000) $6,798,636 Shares 13,308,479 Est. Cost $235.53 Unrealized +106.9%

GE GE AEROSPACE 27.3%

Value ($000) $14,634,638 Shares 47,510,431 Est. Cost $82.30 Unrealized +265.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	7,596,819	$2,383,882	4.4%	$107.71	+165.8%	CAP STK CL C	02079K107
MCO	MOODYS CORP	13,308,479	$6,798,636	12.7%	$235.53	+106.9%	COM	615369105
GE	GE AEROSPACE	47,510,431	$14,634,638	27.3%	$82.30	+265.5%	COM NEW	369604301