TCI Fund Management Ltd

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 10
Portfolio value:: $45,170,871,000
Filed:: May 15, 2026
CIK:: 1647251

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 15, 261 new4 added1 reduced
≡	MSFT – MICROSOFT CORP	Reduce 84.00%	−14,053,541	−12.89
Q4 2025filed Feb 17, 261 added1 reduced
≡	CNI – CANADIAN NATL RY CO	Reduce 48.00%	−8,917,840	−1.54
Q3 2025filed Nov 14, 251 added4 reduced1 exited
≡	CNI – CANADIAN NATL RY CO	Reduce 18.00%	−4,221,292	−1.36
≡	CP – CANADIAN PACIFIC KANSAS CITY	Reduce 6.00%	−2,961,150	−1.21
≡	GOOGL – ALPHABET INC	Sell	−3,155,110	−1.10
≡	GOOG – ALPHABET INC	Reduce 41.00%	−5,369,416	−1.03
Q2 2025filed Aug 14, 252 added3 reduced
≡	CNI – CANADIAN NATL RY CO	Reduce 15.00%	−3,910,012	−1.32
≡	GOOG – ALPHABET INC	Reduce 6.00%	−889,500	−0.45
≡	GOOGL – ALPHABET INC	Reduce 23.00%	−930,000	−0.36
Q1 2025filed May 15, 251 added3 reduced
≡	GOOG – ALPHABET INC	Reduce 16.00%	−2,651,321	−2.42
≡	GOOGL – ALPHABET INC	Reduce 32.00%	−1,942,300	−1.23
≡	CNI – CANADIAN NATL RY CO	Reduce 9.00%	−2,794,686	−1.07
Q4 2024filed Feb 14, 251 added1 reduced
≡	CNI – CANADIAN NATL RY CO	Reduce 16.00%	−5,743,513	−2.32
Q3 2024filed Nov 14, 241 added1 reduced
≡	CNI – CANADIAN NATL RY CO	Reduce 10.00%	−4,051,108	−1.97
Q2 2024filed Aug 14, 241 new3 added1 exited
≡	TMO – THERMO FISHER SCIENTIFIC INC	Sell	−1,517,639	−2.22
Q1 2024filed May 15, 242 added1 reduced1 exited
≡	TMO – THERMO FISHER SCIENTIFIC INC	Reduce 52.00%	−1,628,743	−2.42
≡	FERG – FERGUSON PLC NEW	Sell	−436,695	−0.23
Q4 2023filed Feb 14, 242 new1 added1 reduced
≡	FERG – FERGUSON PLC NEW	Reduce 11.00%	−53,974	−0.06
Q3 2023filed Nov 14, 232 reduced1 exited
≡	MSFT – MICROSOFT CORP	Sell	−11,845,241	−11.98
≡	V – VISA INC	Reduce 6.00%	−988,982	1.47
≡	GOOG – ALPHABET INC	Reduce 9.00%	−1,575,400	1.45