Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
TCI Fund Management
quality_growth
B
leaderboard rank榜单排名 #22
Book持仓规模
$45.2B
long US listed only仅美股多头
Positions持仓数
10
90% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
9.2% per quarter每季
Median excess中位超额
-12%
buys vs SPY, since filing买入相对SPY，自申报起 · n 17
Hit rate胜率
35%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Financials (Equal-Weight) — added SPGI (+13.2pp of book this quarter)核心倾向：金融（等权） — 本季度加仓 SPGI（占组合 +13.2pp）
Financials (Equal-Weight)金融（等权）
+13.2pp
47.5% of book held占组合持有
· 3 names标的
· US Sectors (EW)
SPGI
Communication Services (Equal-Weight)通信服务（等权）
+7.2pp
7.2% of book held占组合持有
· 2 names标的
· US Sectors (EW)
GOOG
GOOGL
Magnificent Seven七巨头
+1.6pp
3.8% of book held占组合持有
· 2 names标的
· AI & Technology
GOOGL
AI Software & PlatformsAI 软件与平台
+1.6pp
3.8% of book held占组合持有
· 2 names标的
· AI & Technology
GOOGL
Quantum Computing量子计算
+1.6pp
3.8% of book held占组合持有
· 2 names标的
· AI & Technology
GOOGL
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: · 5 scored quarters已评分季度 · 60% positive为正 · recent-4 median近4季中位 +4% vs all-time对全期 +20%
Median excess by quarter各季度中位超额: █▁▇▄▁ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 2 | +68% | 50% | -7% |
| 2023-12-31 | 3 | -23% | 33% | +4% |
| 2024-03-31 | 2 | +66% | 100% | -6% |
| 2024-06-30 | 2 | +20% | 50% | -2% |
| 2026-03-31 | 3 | -12% | 33% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Financial
47.5%
▲ +5.2pp
Industrials
29.9%
▲ +2.6pp
Unclassified
13.3%
▲ +2.4pp
Communication Services
7.2%
▲ +2.8pp
Technology
2.2%
▼ -12.9pp
Theme categories主题类别
US Sectors (EW) 32.7%
Industrials & Defense 29.9%
Financials 20.4%
AI & Technology 3.8%
Rotating into (QoQ)轮入（环比）
Financial +5.2pp
Communication Services +2.8pp
Industrials +2.6pp
Rotating out of (QoQ)轮出（环比）
Technology -12.9pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Financial 47% · Industrials 30% · Unclassified 13% |
| 2025-12-31 | Financial 42% · Industrials 27% · Technology 15% |
| 2025-09-30 | Financial 41% · Industrials 27% · Technology 16% |
| 2025-06-30 | Financial 38% · Industrials 24% · Technology 17% |
| 2025-03-31 | Financial 40% · Industrials 22% · Unclassified 17% |
| 2024-12-31 | Financial 40% · Unclassified 18% · Industrials 18% |
| 2024-09-30 | Financial 37% · Unclassified 22% · Industrials 21% |
| 2024-06-30 | Financial 36% · Unclassified 24% · Industrials 19% |
| 2024-03-31 | Financial 34% · Unclassified 25% · Industrials 21% |
| 2023-12-31 | Financial 36% · Unclassified 26% · Industrials 15% |
| 2023-09-30 | Financial 38% · Unclassified 31% · Industrials 17% |
| 2023-06-30 | Financial 35% · Unclassified 28% · Industrials 14% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。9 positions shown项持仓 · resolved已解析 9/10 (90%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  GE |
Ge Aerospace | 29.9% | $13.5B | hold | +0% | — | 70 · HIGH | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | +21% |
| 2 |  V |
Visa Inc | 20.4% | $9.2B | hold | +10% | — | 66 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +11% |
| 3 |  MCO |
Moodys Corp | 13.8% | $6.3B | hold | +8% | — | 62 · MODERATE | Financial | Financials (Equal-Weight) | +16% |
| 4 | SPGI |
S&p Global Inc | 13.2% | $6.0B | add | +19% | 1q | 63 · MODERATE | Financial | Financials (Equal-Weight) | +19% |
| 5 |  CP |
Canadian Pacific Kansas City | 8.1% | $3.7B | hold | -2% | — | 44 · LOW | — | Rail | — |
| 6 | GOOG |
Alphabet Inc | 5.6% | $2.5B | add | +16% | 1q | 46 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -12% |
| 7 |  CNI |
Canadian Natl Ry Co | 2.2% | $1.0B | hold | +0% | — | 37 · LOW | — | Rail | — |
| 8 |  MSFT |
Microsoft Corp | 2.2% | $1.0B | trim | -84% | — | 37 · LOW | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | -6% |
| 9 | GOOGL |
Alphabet Inc | 1.6% | $707M | new | — | 1q | 34 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -12% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (3)
| SPGI add |
13.2% | +19% |
| GOOG add |
5.6% | -12% |
| GOOGL new |
1.6% | -12% |
Rotated out of轮出 (1)
| MSFT trim |
-84% | -6% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。