TCI Fund’s Chris Hohn Leads 2025 Hedge Fund Gains With $18.9B Profit - MSFT, GE, V Positions Drive Return

London-based TCI Fund Management, led by British investor Chris Hohn, generated $18.9 billion in net profits for clients in 2025, the highest annual return for any hedge fund, according to Forbes and Edmond de Rothschild’s Top 20 Hedge Fund Managers report. TCI, managing $77 billion in assets, achieved a 27% return last year, fueled by concentrated bets on equities including GE Aerospace (GE-US), Microsoft (MSFT-US), Visa (V-US), Moody’s (MCO-US), and S&P Global (SPGI-US). As of September 2025, GE Aerospace was TCI’s largest holding at $14.2 billion; its stock rose 85% in 2025. Airbus and Safran holdings also gained over 40%. Since its 2004 launch, TCI has delivered $68.4 billion in net gains. Hohn’s personal wealth rose to $11.8 billion from $9.2 billion in 2024. TCI paid $82 million in dividends to Hohn’s parent company and donated $797 million to charity, including $637 million to the Children’s Investment Foundation, which he founded. D.E. Shaw and Bridgewater Associates ranked second and third, earning an estimated $12.7 billion and $15.6 billion, respectively. The top 20 firms, all founded before 2005, collectively generated $970 billion in lifetime profits.