Profil et philosophie d'investissement

TCI Fund Management, le fonds de Chris Hohn, reste ancré dans des valeurs industrielles et des services financiers dotés de fortes barrières concurrentielles. Au premier trimestre 2026, son énorme position dans GE Aerospace est demeurée le principal moteur du portefeuille, aux côtés de Visa et Moody's. La stratégie de Hohn combine une analyse fondamentale approfondie avec un engagement en faveur de la gouvernance d'entreprise et de la transparence climatique, ciblant des entreprises capables de composer leurs rendements quelle que soit la volatilité macroéconomique.

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.

Trades emblématiques

Stratégie actuelle (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.

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.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 39,4 Md €. Positions: 10 positions.