TCI Fund Management is off to a rough start in 2026 after a significant drop in March.

The London-based hedge fund headed by Chris Hohn was down 11.9 percent, a bigger loss than those of many other hedge funds that were in the red for the month after the U.S. launched its unexpected war against Iran. TCI is off 9.4 percent for the quarter, according to someone who has seen the results. The S&P 500 fell 4.6 percent in the first quarter, and the Nasdaq Composite was down 7.1 percent.

This was a setback for Hohn, who last year posted a 27.8 percent gain. In 2025, TCI 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.

TCI, once known for its activism, is essentially a concentrated long-only portfolio of mostly Europe- and U.S.-listed stocks. It held just nine U.S. stocks at the end of the fourth quarter. All of its largest holdings suffered significant losses either in March or for the first quarter.

For example, GE Aerospace, the firm’s largest U.S. holding for some time, accounting for nearly one-quarter of TCI’s more than $53 billion in U.S. assets at year-end, dropped more than 17 percent in March. It was still down less than 8 percent for the quarter.

Payments giant Visa is TCI’s second-biggest U.S. long, making up more than 18 percent of U.S. assets. Its stock steadily declined through the first quarter and finished down nearly 14 percent for the period.

No. 3 long Microsoft plummeted more than 23 percent in the first quarter. Credit ratings giant Moody’s, the hedge fund’s fourth-largest U.S. long, fell 14.5 percent. And financial information company S&P Global, the fifth-biggest long, saw an 18.5 percent slump.

Together, the five stocks accounted for nearly 85 percent of U.S. assets at year-end.

TCI’s non-U.S. listed stocks did not fare much better.

Longtime holding Safran, a Paris-listed aerospace and defense company, dropped about 18 percent in March, though it was down only about 6 percent for the quarter. Spanish infrastructure company Ferrovial fell 12 percent-plus in March. However, since bottoming out on March 20, the stock has rebounded by more than 13 percent. And Vinci, the French construction and concessions company, declined nearly 9 percent in March. But its stock rose more than 6 percent for the quarter, and it has rebounded by nearly 9 percent since its March 20 bottom.

Spanish airport operator Aena was profitable in the first quarter, climbing more than 7 percent.