Key Takeaways
- • TCI Fund Management, the London-based hedge fund led by Chris Hohn, is down 2 percent year-to-date in 2026 with two months remaining, after a 1 percent gain in October.
- • TCI returned 27.8 percent in 2025, generating $18.9 billion in profits, the most for any firm ever according to LCH Investments' annual survey; Hohn personally earned $4.9 billion, more than any hedge fund manager has ever made in a year.
- • TCI fell 9.4 percent in the first quarter of 2026, including an 11.9 percent drop in March following the launch of the Iran war.
- • The fund's $53 billion U.S. stock portfolio held just 11 stocks at the end of the second quarter, with GE Aerospace representing roughly one-third at a $17.7 billion stake.
- • TCI increased its stake in Spanish infrastructure company Ferrovial to 13 percent in late October, according to TradingView.
Summary
TCI Fund Management continues to recover from an early-2026 loss but remains in negative territory. The London-based hedge fund, headed by Chris Hohn, posted a 1 percent gain in October, when many hedge funds lost money, yet is still down 2 percent for the year with two months remaining. The performance contrasts sharply with 2025, when TCI returned 27.8 percent and generated $18.9 billion in profits for investors, the most for any firm ever according to LCH Investments' annual survey of the 20 most profitable hedge fund managers in a single year. Hohn personally made $4.9 billion in 2025, more than any hedge fund manager has ever made in a year, and topped Institutional Investor's most recent Rich List for the second time in three years.
The 2026 drawdown was concentrated in the first quarter, when TCI declined 9.4 percent after falling 11.9 percent in March following the launch of the Iran war. Once known for activism, TCI now operates essentially as a concentrated long-only portfolio of mostly European- and U.S.-listed stocks. At the end of the second quarter it held just 11 U.S. stocks in a $53 billion U.S. portfolio. GE Aerospace, its largest holding for some time, accounted for roughly one-third of that portfolio with a $17.7 billion stake, making TCI the aircraft engine maker's fourth-largest shareholder; GE's stock fell about 3 percent over the first nine months of the year. Visa accounted for 20 percent of assets and rose nearly 17 percent over the same period, while Moody's and S&P Global each represented more than 13 percent of U.S. assets. TCI also owns both classes of Alphabet shares.
In the second quarter, TCI initiated positions in Martin Marietta Materials and Vulcan Materials, which together make up less than 3 percent of its U.S.-listed assets, and liquidated its remaining Microsoft shares after selling the bulk of that position in the first quarter. Transparency into non-U.S. holdings is more limited. In late October, TCI raised its stake in Spanish infrastructure company Ferrovial to 13 percent, according to TradingView. Ferrovial, which manages toll roads across the U.S., Canada and Europe, fell about 10 percent over the first nine months of the year but has gained roughly 21 percent in the past three weeks. TCI is also a longtime shareholder of Safran, Vinci and Aena.
The 2026 drawdown was concentrated in the first quarter, when TCI declined 9.4 percent after falling 11.9 percent in March following the launch of the Iran war. Once known for activism, TCI now operates essentially as a concentrated long-only portfolio of mostly European- and U.S.-listed stocks. At the end of the second quarter it held just 11 U.S. stocks in a $53 billion U.S. portfolio. GE Aerospace, its largest holding for some time, accounted for roughly one-third of that portfolio with a $17.7 billion stake, making TCI the aircraft engine maker's fourth-largest shareholder; GE's stock fell about 3 percent over the first nine months of the year. Visa accounted for 20 percent of assets and rose nearly 17 percent over the same period, while Moody's and S&P Global each represented more than 13 percent of U.S. assets. TCI also owns both classes of Alphabet shares.
In the second quarter, TCI initiated positions in Martin Marietta Materials and Vulcan Materials, which together make up less than 3 percent of its U.S.-listed assets, and liquidated its remaining Microsoft shares after selling the bulk of that position in the first quarter. Transparency into non-U.S. holdings is more limited. In late October, TCI raised its stake in Spanish infrastructure company Ferrovial to 13 percent, according to TradingView. Ferrovial, which manages toll roads across the U.S., Canada and Europe, fell about 10 percent over the first nine months of the year but has gained roughly 21 percent in the past three weeks. TCI is also a longtime shareholder of Safran, Vinci and Aena.
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