TCI Fund Management continues to chip away at its early-2026 loss. But the London-based hedge fund headed by Chris Hohn remains in the red. It posted a small 1 percent gain in October, when many hedge funds lost money. Even so, it is down 2 percent for the year with two months remaining.
This year’s performance is a stark difference from last year, when TCI returned 27.8 percent. In 2025, it 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 himself personally made $4.9 billion in 2025, more than any hedge fund manager has ever made in a year. As a result, he topped Institutional Investor’s most recent Rich List for the second time in three years.
In the first quarter of 2026, however, TCI was down 9.4 percent after dropping 11.9 percent in March, following the launch of the Iran war.
Once known for its activism, TCI is essentially a concentrated long-only portfolio of mostly Europe- and U.S.-listed stocks. It held just 11 U.S. stocks in its $53 billion U.S. stock portfolio at the end of the second quarter.
GE Aerospace, its largest holding for some time, accounted for roughly one-third of the U.S. 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.
Shares of Visa accounted for 20 percent of assets. It added nearly 17 percent over the first nine months. Credit ratings agencies Moody’s and S&P Global each represented more than 13 percent of U.S. assets. And TCI owns one high-profile Magnificent Seven stock: both classes of Google parent Alphabet.
In the second quarter, it made two new investments in companies specializing in heavy construction materials: Martin Marietta Materials and Vulcan Materials. Together, they make up less than 3 percent of TCI’s U.S.-listed assets. In the same quarter, TCI liquidated its remaining shares in Microsoft after selling the bulk of its position in the first quarter.
There is less transparency into the non-U.S. holdings.
But in late October, TCI increased its stake in Spanish infrastructure company Ferrovial to 13 percent, according to TradingView. The company manages toll roads in the U.S., Canada, and Europe, among other businesses. The stock declined about 10 percent over the first nine months of the year but is up approximately 21 percent in just the past three weeks.
TCI has also been a longtime shareholder of French aerospace and defense group Safran, French construction and concessions company Vinci, and Spanish airport operator Aena.
