TCI Fund Management Letters & Research Archive

TCI Fund Management is a London hedge fund founded in 2003 by Chris Hohn, named for its early philanthropic ties to children's charity. It runs an unusually concentrated, long-term book of high-quality, monopoly-like businesses (railroads, rating agencies, Visa, GE Aerospace) and made its name as an aggressive activist.

4 pieces · 2023–2025 · updated every Monday

2025

11-12TCI Letter to the Board of AenaA major shareholder, TCI, wrote to Aena's board warning them not to bow to political pressure to freeze airport fees (like landing charges and rent). It argues that under Spanish law, directors must r…→

2023

03-23TCI Letter to the Board of CellnexThis is an open letter from TCI, a major shareholder owning over 3% of Cellnex Telecom, to the board. They're unhappy that it's been more than two months since the CEO quit and no replacement has been…→02-20TCI Letter to the Board of AirbusThis article is about an open letter from TCI, a major Airbus shareholder (owning over 3%), opposing Airbus's plan to buy a stake in Evidian, a highly indebted company. TCI argues the deal would waste…→01-20TCI Letter to the Board of Alphabet→