TCI Fund Management Limited 13F holdings and portfolio analysis

Directly following the baseline exposes an investor to a very top-heavy portfolio with significant single-name and sector risk. In the baseline artifact, GE is 30.60%, Visa 20.34%, Microsoft 16.97%, Moody's 14.22%, and S&P Global 12.89%, so the top 5 total 95.02% and the full portfolio is effectively only 6 names. Sector exposure is concentrated in Financials at 47.45% and Industrials at 30.60%, with Information Technology at 16.97% and Communication Services at 4.98%. That structure helped generate 18.06% annualized return and 5.06 alpha, but it also came with -34.39% max drawdown and explicit risk notes about concentration and filing lag.

The baseline trade-off is best illustrated by a mix of strong excess-return quarters and weaker lag periods. Strong periods include 2024-09-30 with 9.53% optimized return versus 2.76% for SPY, a +6.77-point excess, and 2023-12-31 with 11.38% versus 4.96%, a +6.42-point excess. But there were also weaker windows such as 2024-06-30, when baseline returned 7.37% against SPY's 9.83%, a -2.46-point lag, and 2025-06-30, when it returned just 0.54% versus 4.20%, a -3.66-point lag. Turnover was modest in some better periods, such as 6.86% in 2024-09-30, but much heavier in others like 39.72% in 2023-12-31, showing that excess return did not come with uniformly low implementation demands.

A user should inspect three things next: concentration, turnover behavior, and the lagged implementation risk. Concentration is the first filter because the baseline top 5 are 95.02% and GE alone is 30.60%. Turnover is the second because quarterly turnover ranged from 5.59% to 39.72% in recent periods, affecting realism and trading friction even though total estimated cost is only 2.6761. Third, the risk notes explicitly say the backtest trades after disclosure deadlines, so users should verify whether the baseline's 18.06% annualized return and 5.06 alpha still look attractive after accepting that lag and a -34.39% drawdown profile.