Chris Hohn
TCI Fund Management
Profile & Investment Philosophy
Chris Hohn's TCI Fund Management remains anchored in high-moat industrials and financial services. In Q1 2026, his massive position in GE Aerospace continued to be the portfolio's primary driver, alongside Visa and Moody's. Hohn's strategy combines deep fundamental analysis with a commitment to corporate governance and climate transparency, targeting businesses that can compound returns regardless of macro volatility.
Track Record
Chris Hohn's TCI Fund Management has compounded at roughly 18% net annualized since launch in 2003, one of the strongest long-term records of any equity hedge fund. The flagship Master Fund manages around $60 billion and has scaled without sacrificing concentration. TCI delivered a record 32% in 2023 and another year of strong double-digit gains in 2024, after a sharp 2022 drawdown driven by long-duration growth exposure. The Children's Investment Fund Foundation, financed by TCI's fees, has distributed several billion dollars to global child-health causes, an unusual structure that ties the alpha directly to philanthropy.
Signature Trades
Current Strategy (2026)
TCI's 2026 13F is an exercise in extreme concentration: roughly 10 holdings cover almost the entire equity book. GE Aerospace is now the largest position at about 30% of the portfolio, reflecting Hohn's view that commercial aerospace aftermarket is a multi-decade duopoly with pricing power. Microsoft, Visa, Moody's, S&P Global, Alphabet and Canadian Pacific Kansas City round out a portfolio dominated by network-effect monopolies and rail. There is no traditional energy, no banks and no cyclicals. The book trades with very low turnover, and the activist channel has gone quieter as the existing positions compound. Hohn continues to lobby publicly on board-level climate disclosure, applying activism to ESG without exiting carbon-heavy holdings.
BMI Counter-Take
Hohn proves that concentration plus governance pressure beats diversification plus passivity. The risk is the inverse of the strength: a single GE Aerospace mistake would hurt visibly. We like the discipline of refusing to add a 30th name just to look prudent, and we like that fees fund a foundation rather than a Connecticut yacht. But the portfolio works only if you actually understand each business at TCI's depth. Retail copy-cats who buy GE Aerospace at 30% allocation because Hohn does are imitating the symptom, not the underwriting. Use TCI as a quality screen, not as a position-sizing template.
Current Portfolio
LATEST 13F 2026-03-31Latest SEC Form 13F filing. Total portfolio value: $45.2 B. Holdings: 10 positions.
| Security | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|
| GE Aerospace | 47.5 M | — | $13.5 B | 29.9 % |
| Visa Inc. | 30.5 M | +9.90% | $9.21 B | 20.4 % |
| Moodys Corp. | 14.3 M | +7.71% | $6.25 B | 13.8 % |
| S&P Global Inc. | 14.0 M | +19.04% | $5.97 B | 13.2 % |
| Canadian Pacific Kansas City | 46.5 M | -2.38% | $3.66 B | 8.10 % |
| Alphabet Inc. | 8.85 M | +16.55% | $2.54 B | 5.62 % |
| Ferrovial Se | 20.7 M | — | $1.33 B | 2.94 % |
| Canadian Natl Ry Co. | 9.85 M | — | $1.01 B | 2.24 % |
| Microsoft Corp. | 2.73 M | -83.74% | $1.01 B | 2.24 % |
| Alphabet Inc. | 2.46 M | ★ NEW | $707 M | 1.56 % |
SOURCE: SEC Form 13F (2026-05-15). BMI Smart Money Tracker.