Few hedge fund managers are as outspoken or as consistently successful as Chris Hohn. The billionaire founder of TCI Fund Management has long favored concentrated bets on world-class companies, often holding fewer than 20 names at a time. That focus on quality and conviction has translated into outsized returns, with the fund recently powering past 30%+ gains in 2025.
Hohn’s style is both activist and patient. He presses companies for better governance, sharper capital allocation, and long-term growth strategies, while also giving his holdings years to compound. The result is a portfolio heavy on monopolistic franchises with durable pricing power, a combination that makes TCI one of the most influential hedge funds in the world.
In 2025, a handful of names did much of the heavy lifting. From aerospace to infrastructure and global payments, these companies highlight where Hohn sees enduring growth, and where he’s been proven right. Below are five holdings that have driven much of TCI’s performance, illustrating why concentration remains its edge.
1. General Electric (GE) 23.09% of portfolio
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General Electric has transformed itself from an unwieldy conglomerate into a streamlined aerospace powerhouse. The company now focuses on jet engines, defense, and high-margin services, a pivot that has unlocked significant shareholder value. With airlines expanding fleets and global travel recovering, GE has become a favorite among investors betting on the long-term growth of aviation.
For TCI, GE is the crown jewel. Representing over 23% of the portfolio, it’s Hohn’s largest single bet. The conviction is paying off: GE stock has surged 54.8% over the past year, easily topping the 30% threshold and making it one of the fund’s biggest return engines. Hohn’s willingness to load up on GE underscores his philosophy, back monopolistic leaders in growing industries, and let compounding do the work.
2. Microsoft (MSFT) 16.50% of portfolio
As one of the world’s most valuable companies, Microsoft needs little introduction. Its ecosystem spans cloud computing, enterprise software, gaming, and, most recently, artificial intelligence. Azure cloud remains the biggest growth driver, while Office and Windows continue to deliver consistent cash flows. Add in Microsoft’s aggressive AI integration, and it’s easy to see why it remains a market darling.
For TCI, Microsoft provides both stability and upside. It accounts for 16.5% of the fund, and Hohn has continued to increase his stake modestly. Microsoft has delivered a 23.5% one-year return, not quite at the 30% threshold, but still a powerful contributor to performance. While not the flashiest mover in the portfolio, it has been a reliable compounding engine, an essential ingredient in TCI’s market-beating gains.
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3. Visa (V) 12.78% of portfolio
Visa is a global tollbooth on commerce. Every time a card transaction is processed, Visa earns a fee, regardless of the economic cycle. As digital payments accelerate worldwide, the company has entrenched itself as one of the most dependable growth stories in finance. With its unmatched network, Visa enjoys wide moats and pricing power.
For Hohn, Visa is a core holding, making up nearly 13% of the portfolio. In 2025, TCI added over 2.4 million shares, boosting the stake by nearly 15%. The move has paid off, with Visa stock returning 26.2% over the past year, just shy of the 30% mark. Even so, Visa’s ability to deliver consistent double-digit returns has made it one of the fund’s strongest contributors.
4. Safran SA (SAF) 12.51% of portfolio
Safran is a French aerospace and defense supplier best known for its aircraft engines and critical aviation systems. With air travel surging, demand for Safran’s products and services has skyrocketed, driving earnings momentum and stock price appreciation. Its strong competitive position makes it one of Europe’s most important industrial companies.
Hohn’s bet on Safran has been both bold and profitable. TCI owns over 30 million shares, representing 12.5% of the portfolio, and increased its stake by more than 22% in 2025. Safran has rewarded that conviction with a 47.6% one-year return, making it a standout performer in the fund. For TCI, Safran has become a core engine of returns, pun intended.
5. Ferrovial SE (FER) 7.13% of portfolio
Ferrovial may not be a household name, but as one of the world’s leading infrastructure operators, it plays a vital role in airports, toll roads, and global logistics. Infrastructure has been a major beneficiary of post-pandemic spending and government-led investment, making companies like Ferrovial highly attractive. Its assets generate steady, inflation-linked cash flows, the kind of reliability hedge funds love.
TCI made a massive move in 2025, tripling its stake in Ferrovial by nearly 275%. Today, the holding makes up 7.1% of the portfolio and represents one of Hohn’s most aggressive bets. The company’s stock has delivered a 27% one-year return, just under the 30% bar, but still a powerful driver of fund performance. With infrastructure spending booming worldwide, Ferrovial has cemented its role as one of TCI’s most important holdings.
Why TCI’s High-Conviction Bets Keep Outperforming
Chris Hohn has long argued that fewer, bigger bets produce better results than sprawling diversification. His 2025 portfolio proves the point. By concentrating on aerospace, infrastructure, and digital payments, TCI has not only kept up with the market, it has outpaced it. The fund’s conviction-driven approach continues to pay dividends, both figuratively and literally.
Looking ahead, Hohn is unlikely to change course. He has built his reputation on identifying monopolistic leaders and sticking with them through cycles. With global travel, AI, and infrastructure investment all in secular growth mode, TCI appears well-positioned to extend its market-beating performance. Investors following Hohn’s lead may find that in a noisy market, conviction still wins.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
