TCI Fund Management Ltd

TCI Fund Management is a London-based activist investor founded in 2003 by Chris Hohn, who runs it as portfolio manager from offices on Clifford Street. It is the second-largest hedge fund in the UK and among the largest globally, managing on the order of $77 billion.

The firm takes the name of the Children's Investment Fund Foundation, the charity Hohn co-founded with his then-wife Jamie Cooper; in the early years a share of TCI's fees flowed to it, and the two organisations formally separated in 2012. Hohn's record is the reason the fund is watched: roughly 18% annualised since inception, and $18.9 billion of net gains for investors in 2025 — the largest single-year gain on record for a hedge fund. Cumulative net gains since 2004 run near $70 billion.

TCI's method is a handful of very large, very long-held positions in businesses with pricing power and high barriers to entry — infrastructure, rails, ratings agencies, payments — pushed with public activism when management disappoints. It campaigned against ABN AMRO in 2007, fought CSX in court in 2008, and in November 2022 wrote publicly to Alphabet's CEO demanding deep headcount cuts. The June 2026 13F reports just 11 positions worth $52.8 billion. The tables below cache TCI's four most recent 13F filings; positions in companies R40 tracks are linked to their pages.