Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
TCI Fund Management
quality_growth
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #22WATCH观察
Book持仓规模
$52.8B
long US listed only仅美股多头
Positions持仓数
11
91% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
9.3% per quarter每季
Median excess中位超额
-9%
buys vs SPY, since filing买入相对SPY，自披露起 · n 22
Hit rate胜率
36%
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: Communication Services (Equal-Weight) — added GOOG (+6.7pp of book this quarter)核心倾向：通信服务（等权） — 本季度加仓 GOOG（占组合 +6.7pp）
Communication Services (Equal-Weight)通信服务（等权）
+6.7pp
8.3% of book held占组合持有
· 2 names标的
· US Sectors (EW)
GOOG
Materials (Equal-Weight)材料（等权）
+2.8pp
2.8% of book held占组合持有
· 2 names标的
· US Sectors (EW)
MLM
VMC
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——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，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 6 scored quarters已评分季度 · 33% positive为正 · recent-4 median近4季中位 +3% vs all-time对全期 -11%
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 | 4 | -62% | 25% | -6% |
| 2023-12-31 | 3 | -24% | 33% | +6% |
| 2024-03-31 | 2 | +53% | 100% | -6% |
| 2024-06-30 | 2 | +13% | 50% | -2% |
| 2026-03-31 | 3 | -15% | 33% | -18% |
| 2026-06-30 | 3 | -6% | 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，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Industrials
43.2%
▲ +3.0pp
Financial
43.0%
▼ -4.5pp
Communication Services
8.3%
▲ +1.1pp
Basic Materials
2.8%
▲ +2.8pp
Unclassified
2.7%
▼ -0.2pp
Theme categories主题类别
Industrials & Defense 33.6%
US Sectors (EW) 32.6%
Financials 19.8%
AI & Technology 1.7%
Rotating into (QoQ)轮入（环比）
Industrials +3.0pp
Basic Materials +2.8pp
Communication Services +1.1pp
Rotating out of (QoQ)轮出（环比）
Financial -4.5pp
Technology -2.2pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Industrials 43% · Financial 43% · Communication Services 8% |
| 2026-03-31 | Financial 47% · Industrials 40% · Communication Services 7% |
| 2025-12-31 | Financial 42% · Industrials 36% · Technology 15% |
| 2025-09-30 | Financial 41% · Industrials 38% · Technology 16% |
| 2025-06-30 | Financial 38% · Industrials 37% · Technology 17% |
| 2025-03-31 | Financial 40% · Industrials 37% · Technology 15% |
| 2024-12-31 | Financial 40% · Industrials 35% · Technology 14% |
| 2024-09-30 | Industrials 41% · Financial 37% · Technology 12% |
| 2024-06-30 | Industrials 41% · Financial 36% · Technology 12% |
| 2024-03-31 | Industrials 46% · Financial 34% · Technology 11% |
| 2023-12-31 | Industrials 41% · Financial 36% · Technology 11% |
| 2023-09-30 | Industrials 48% · Financial 38% · Communication Services 8% |
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.截至披露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。10 positions shown项持仓 · resolved已解析 10/11 (91%) · 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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  GE |
Ge Aerospace | 33.6% | $17.7B | hold | -0% | — | 70 · HIGH | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -12% |
| 2 |  V |
Visa Inc | 19.8% | $10.5B | hold | +0% | — | 66 · MODERATE | Financial | Payments & Fintech, Financials (Equal-Weight) | +5% |
| 3 |  MCO |
Moodys Corp | 12.3% | $6.5B | hold | +0% | — | 63 · MODERATE | Financial | Financials (Equal-Weight) | +1% |
| 4 |  SPGI |
S&p Global Inc | 10.9% | $5.7B | hold | +0% | — | 60 · MODERATE | Financial | Financials (Equal-Weight) | +2% |
| 5 |  CP |
Canadian Pacific Kansas City | 7.4% | $3.9B | hold | -3% | — | 46 · MODERATE | Industrials | Rail | -3% |
| 6 | GOOG |
Alphabet Inc | 6.7% | $3.5B | add | +12% | 2q | 52 · MODERATE | Communication Services | Communication Services (Equal-Weight) | +3% |
| 7 |  CNI |
Canadian Natl Ry Co | 2.1% | $1.1B | hold | -4% | — | 39 · LOW | Industrials | Rail | -2% |
| 8 |  GOOGL |
Alphabet Inc | 1.7% | $878M | hold | +0% | — | 36 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | +3% |
| 9 | MLM |
Martin Marietta Matls Inc | 1.4% | $758M | new | — | 1q | 27 · LOW | Basic Materials | Materials (Equal-Weight) | -6% |
| 10 | VMC |
Vulcan Matls Co | 1.4% | $722M | new | — | 1q | 24 · LOW | Basic Materials | Materials (Equal-Weight) | -9% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，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)
| GOOG add |
6.7% | +3% |
| MLM new |
1.4% | -6% |
| VMC new |
1.4% | -9% |
Rotated out of轮出 (1)
 MSFT exit |
-100% | +4% |
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，以披露日为锚，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, reported long positions from managers with at least $100M in Section 13(f) securities. 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——衡量披露日之后持仓的表现，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。