Hohn, founder of TCI Fund Management, achieved a $18.9 billion trading profit in 2025, surpassing Citadel’s previous annual record. The result underscores a strong performance across global equity and fixed-income markets.
- Chris Hohn’s TCI Fund Management generated $18.9 billion in trading profit in 2025.
- The result surpasses Citadel’s prior record of $17.2 billion annual profit.
- TCI’s assets under management reached $43 billion by December 31, 2025.
- The fund achieved a 44% return on capital, outperforming the S&P 500’s 18% gain.
- Key trades included long positions in European utilities and U.S. semiconductors.
- The performance has prompted renewed institutional interest in active hedge fund strategies.
Chris Hohn, founder and lead manager of TCI Fund Management, delivered a $18.9 billion profit in 2025—marking the largest single-year trading return in the history of hedge fund performance. The figure exceeds the previous benchmark set by Citadel, which reported a $17.2 billion profit in its best year to date. Hohn’s success was driven by strategic positioning in equities, particularly within technology and energy sectors, alongside aggressive short positions in overvalued financial instruments during periods of market volatility. The $18.9 billion gain reflects a 44% return on TCI’s total assets under management, which reached $43 billion by year-end. This performance places TCI among the top-performing hedge funds globally and solidifies Hohn’s reputation as a leading macro investor. Key trades included long positions in European utilities during the energy transition and early entry into U.S. semiconductor stocks ahead of regulatory and supply chain shifts. Market participants note the outcome has prompted renewed interest in active management, particularly in long-term equity strategies. Asset managers and institutional investors are reevaluating risk exposure and performance incentives, with several major pension funds announcing plans to increase allocations to hedge funds following TCI’s results. The performance also highlights the growing influence of concentrated, conviction-driven strategies in a high-fee environment. TCI’s return outpaced the S&P 500’s 18% gain and the MSCI World Index’s 14% rise, demonstrating the potential for alpha generation even in a broadly rising market. The achievement is expected to influence compensation models and performance benchmarks across the asset management sector.