{
  "id": 19311408,
  "title": "Chris Hohn's TCI continues to recover following record-breaking 2025",
  "url": "https://urgent.news/2026/11/10/chris-hohns-tci-continues-to-recover-following-record-breaking-2025",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-10T09:03:00.000Z",
  "source": {
    "name": "Hedgeweek",
    "slug": "hedgeweek",
    "url": "https://hedgeweek.com/news/chris-hohns-tci-continues-to-recover-following-record-breaking-2025"
  },
  "original_language": "en",
  "account": "TCI Fund Management, a London-based hedge fund managed by Chris Hohn, experienced a 1% gain in October as it continues its recovery from a challenging start to 2026. However, the firm's heavily concentrated equity portfolio remains in the red for the year. In contrast, TCI achieved an impressive 27.8% return and generated $18.9bn in profits for investors in 2025, the highest annual profit ever recorded by a hedge fund manager. Hohn's personal earnings were estimated at $4.9bn during that year. Performance declined significantly in the first quarter of 2026, with TCI losing 9.4%, including an 11.9% drop in March following the outbreak of the Iran war. Despite this, the October recovery brings the fund approximately 2% down for 2026, with two months left in the year. TCI has transitioned from its activist past into a highly concentrated equity investment platform, with substantial exposure to US and European-listed companies. At the end of the second quarter, the US stock portfolio was worth around $53bn and contained only 11 holdings. The largest position was GE Aerospace, representing about one-third of the portfolio through a $17.7bn stake. Visa accounted for roughly 20% of US assets, while Moody's and S&P Global each had over 13%. The portfolio also included Alphabet, although TCI had sold most of its shares in Microsoft during the second quarter. The fund added Martin Marietta Materials and Vulcan Materials, which together accounted for less than 3% of its US-listed assets. TCI maintained exposure to European infrastructure and industrial companies, increasing its stake in Spanish infrastructure group Ferrovial to around 13% in late October. The company operates toll roads across the US, Canada, and Europe. TCI also remains a long-term shareholder in French aerospace and defense group Safran, construction and concessions company Vinci, and Spanish airport operator Aena.",
  "summary": "TCI Fund Management, the London-based hedge fund manager led by Chris Hohn, gained 1% in October as it continued to recover from a difficult start to 2026, although the firm's concentrated equity portfolio remains in negative territory for the year, according to the Institutional Investor. The latest performance contrasts with TCI's exceptional results in 2025, when the firm returned 27.8% and…",
  "key_points": [
    "TCI hedge fund led by Chris Hohn gained 1% in October",
    "Fund achieved record 27.8% return and $18.9bn profit in 2025",
    "TCI portfolio heavily concentrated in US and European equities"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}