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SPZCOTCI FUND MANAGEMENT LTD · CIK 1647251Data at close 2026-08-21

13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only

13F portfolio $52.8BPositions 11Top 10 98.6%Effective N 5.2

Filer13F 2026-Q2

CIK1647251	Reported quarter2026-Q2
Prior quarter2026-Q1	Filed2026-08-14
Reported value$52.8B	Positions11

Authorized signatory: Angus Milne · Head of Compliance — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager.

Owners & officers (ADV Schedule A): HOHN, CHRISTOPHER, ANTHONY (DIRECTOR/CEO) · MILNE, ANGUS, DERRICK MURRAY (DIRECTOR/CCO) · TCI FUND MANAGEMENT (UK) LIMITED (OWNER)

Reported 2026-Q2 · filed 2026-08-14

Implied return1.14y vs SPY

Cumulative+11.5%	CAGR+10.0%
vs SPY−11.9pp	Vol (ann.)15.6%
Sharpe0.69	Max drawdown−16.5%
Beta0.76	Avg coverage100%
Quarters replayed4

2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returns

Contribution10 of 12 names

Ticker	Avg wt	Return	Contrib.
GE	28.5%	+31.4%	+8.50pp
MSFT · exited	10.1%	−4.1%	−4.59pp
SPGI	11.5%	−21.9%	−2.87pp
GOOG	4.8%	+65.8%	+2.51pp
CP	7.4%	+30.4%	+2.14pp
V	18.5%	+6.7%	+1.85pp
CNI	2.7%	+38.0%	+0.78pp
GOOGL	0.8%	+67.8%	+0.52pp
FER	2.5%	+15.6%	+0.34pp
MCO	12.8%	−1.8%	−0.19pp

Carino-linked; contributions sum to the book return — modeled, not actual results.

2025-08-24 → 2026-08-24 · book +8.8% · SPY +20.0% · largest absolute contributors first · HYPOTHETICAL

Top holdings11 of 11 · 100.0% of book

Holding	Weight	Value	Δ shares
GE	33.6%	$17.7B	−0.2%
V	19.8%	$10.5B	+0.1%
MCO	12.3%	$6.5B	+0.0%
SPGI	10.9%	$5.7B	+0.3%
CP	7.4%	$3.9B	−2.6%
GOOG	6.7%	$3.5B	+12.3%
FER	2.7%	$1.4B	+1.0%
CNI	2.1%	$1.1B	−4.2%
GOOGL	1.7%	$878M	+0.0%
MLM	1.4%	$758M	new
VMC	1.4%	$722M	new

Weights as filed for 2026-Q2 · Δ vs 2026-Q1

Sector split4 sectors

Sector	N	Weight
Industrials	4	45.9%
Financials	3	43.0%
Communication Services	2	8.3%
Materials	2	2.8%

SIC-derived, not GICS

Sector history8 of 44 quarters

Sector	2024-Q2	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4	2026-Q1
Financials	35.7%	37.0%	39.5%	39.7%	38.0%	40.5%	42.3%	47.4%
Industrials	42.5%	42.6%	36.5%	38.9%	39.1%	39.6%	38.1%	43.1%
Communication Services	10.3%	8.7%	10.1%	6.4%	5.6%	3.5%	4.4%	7.2%
Information Technology	11.5%	11.7%	13.9%	15.0%	17.2%	16.3%	15.1%	2.2%
Real Estate	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Health Care	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Utilities	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Consumer Discretionary	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Materials	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Unclassified	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Top-10 concentration	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

SIC-derived, not GICS · 100% of the latest book classified · share of the filed book, per quarter

Basis & disclosures

As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
As filed — the holdings and weights are the 13F itself; no return engine produced them
Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology