Chris Hohn Portfolio 2025 | TCI Fund Management 13F Holdings

Biography

Sir Christopher Hohn is the founder of TCI Fund Management, one of the highest-returning hedge funds in the world over the past two decades. Born in Surrey, England, Hohn studied at Southampton University before earning his MBA from Harvard Business School. He founded TCI in 2003 after working at Perry Capital, and structured it with a charitable component — a significant portion of TCI's profits flow to the Children's Investment Fund Foundation (CIFF), which has become one of the largest philanthropic organizations in the UK.

TCI's strategy is built on extreme concentration — typically holding fewer than 15 positions — with very long holding periods and active engagement with management teams. Hohn is known for being both a patient long-term owner and a fierce activist when companies fail to meet expectations. He was a key figure in the hostile takeover bid for the London Stock Exchange in 2004 and has waged public campaigns against railroad companies, airlines, and European banks. He has also become a leading voice on climate risk in corporate governance.

Investment Philosophy

We invest in companies with strong competitive positions, high returns on capital, and management teams that allocate capital well. Then we hold them for years and let compounding do the work.
— Chris Hohn, TCI Fund Management

Notable Trades

WIN

ABN AMRO campaign (2007)

TCI's letter to ABN AMRO's board demanding a breakup helped trigger a bidding war that valued the bank at €71B, generating substantial returns.

WIN

Railroad compounders

TCI has made enormous returns holding major North American railroad companies for extended periods, benefiting from pricing power and volume growth.

WIN

Visa / Mastercard

Long-term positions in payment network duopolists have been core to TCI's returns, with near-monopoly economics and decades-long growth runways.

LOSS

Various airline positions

TCI's 2019 position in airlines preceded the COVID pandemic, which devastated the sector. Hohn was vocal about management's poor capital allocation.

CURRENT

Technology mega-caps

TCI's concentrated portfolio includes major technology platforms and financial infrastructure companies held for multi-year periods.

Top Holdings — TCI Fund Management

Top 5 Holdings · Q4 2025 Filed Feb 17, 2026

1

GE AEROSPACE

GE

27.3%

2

VISA INC

V

18.1%

3

MICROSOFT CORP

MSFT

15.1%

4

MOODYS CORP

MCO

12.7%

5

S&P GLOBAL INC

SPGI

11.5%