Chris Hohn - TCI Fund

Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

Chris Hohn - TCI Fund

Currency in USD · Last updated May 25, 2025

Asset Allocation

Position	Category/Sector	Target Weight
CNI Canadian National Railway Company	Industrials	6%
CP Canadian Pacific Railway Limited	Industrials	9%
FERG Ferguson plc	Industrials	3%
GE General Electric Company	Industrials	22%
GOOG Alphabet Inc	Communication Services	6%
MCO Moody's Corporation	Financial Services	14%
MSFT Microsoft Corporation	Technology	15%
SPGI S&P Global Inc.	Financial Services	12%
V Visa Inc.	Financial Services	13%

Benchmark

S&P 500

Rebalance

Performance

Performance Chart

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The earliest data available for this chart is Apr 3, 2014, corresponding to the inception date of GOOG

Returns By Period

As of May 25, 2025, the Chris Hohn - TCI Fund returned 12.27% Year-To-Date and 20.11% of annualized return in the last 10 years.

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	-1.34%	5.80%	-2.79%	9.39%	14.45%	10.68%
Chris Hohn - TCI Fund	12.27%	10.64%	9.64%	17.03%	24.06%	20.11%
Portfolio components:
GE General Electric Company	39.83%	17.92%	28.96%	40.05%	49.45%	7.39%
MSFT Microsoft Corporation	7.21%	16.45%	8.37%	5.46%	20.69%	27.26%
MCO Moody's Corporation	-0.41%	7.05%	-1.92%	15.23%	13.78%	16.95%
V Visa Inc.	12.24%	5.49%	14.46%	29.74%	13.93%	18.65%
SPGI S&P Global Inc.	2.59%	5.98%	-0.51%	17.25%	11.27%	18.28%
CP Canadian Pacific Railway Limited	10.98%	9.72%	4.92%	1.14%	11.58%	-6.81%
CNI Canadian National Railway Company	4.05%	7.53%	-4.50%	-15.43%	7.19%	7.88%
GOOG Alphabet Inc	-10.85%	5.03%	2.04%	-3.37%	19.30%	20.40%
FERG Ferguson plc	3.20%	5.13%	-13.86%	-12.92%	21.66%	14.17%

*Annualized

Monthly Returns

The table below presents the monthly returns of Chris Hohn - TCI Fund, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2025	8.69%	-0.27%	-5.38%	0.78%	8.62%								12.27%
2024	2.64%	5.36%	4.67%	-0.41%	3.71%	0.89%	3.62%	2.42%	2.13%	-4.74%	6.06%	-3.91%	24.09%
2023	12.29%	-2.69%	7.77%	3.82%	1.75%	6.85%	1.58%	-1.04%	-4.64%	-1.00%	12.21%	4.82%	48.33%
2022	-4.55%	-2.87%	3.56%	-10.92%	-1.43%	-8.26%	12.08%	-5.25%	-12.69%	11.43%	9.55%	-5.09%	-16.91%
2021	-3.15%	7.88%	4.47%	5.54%	2.32%	2.53%	2.02%	1.50%	-4.50%	9.34%	-5.24%	2.73%	27.20%
2020	7.55%	-8.16%	-13.56%	7.00%	5.86%	3.23%	0.49%	7.33%	-2.54%	-0.02%	16.53%	3.58%	26.63%
2019	14.44%	6.13%	1.91%	5.92%	-4.75%	7.37%	3.93%	-3.48%	-1.14%	6.12%	5.94%	2.47%	53.16%
2018	4.25%	-2.47%	-2.92%	2.71%	4.11%	-0.32%	3.30%	2.49%	-3.07%	-8.79%	-2.76%	-7.72%	-11.64%
2017	3.87%	3.25%	1.14%	2.28%	1.98%	0.07%	1.91%	0.71%	2.08%	-0.17%	0.66%	-8.68%	8.85%
2016	-6.56%	-0.26%	8.66%	-1.01%	1.43%	-2.40%	8.27%	1.94%	-0.15%	-2.29%	1.57%	33.22%	44.60%
2015	-5.05%	8.59%	-2.06%	5.80%	-1.40%	-2.24%	4.21%	-5.85%	-1.63%	9.40%	3.72%	-0.25%	12.50%
2014				-1.18%	4.77%	1.68%	-0.46%	4.09%	1.12%	3.44%	2.16%	-2.51%	13.63%

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Expense Ratio

Chris Hohn - TCI Fund has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of Chris Hohn - TCI Fund is 73, indicating average performance compared to other portfolios on our website. Here’s a breakdown of how it compares using common performance measures.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Portfolio components

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
GE General Electric Company	1.23	1.79	1.27	2.13	6.64
MSFT Microsoft Corporation	0.24	0.51	1.07	0.24	0.54
MCO Moody's Corporation	0.62	0.91	1.13	0.59	1.94
V Visa Inc.	1.37	1.81	1.27	1.94	6.80
SPGI S&P Global Inc.	0.81	1.15	1.16	0.87	2.99
CP Canadian Pacific Railway Limited	0.07	0.16	1.02	-0.01	-0.05
CNI Canadian National Railway Company	-0.67	-0.91	0.90	-0.53	-1.04
GOOG Alphabet Inc	-0.09	-0.02	1.00	-0.17	-0.37
FERG Ferguson plc	-0.39	-0.46	0.95	-0.44	-0.89

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Chris Hohn - TCI Fund Sharpe ratios as of May 25, 2025 (values are recalculated daily):

1-Year: 0.89
5-Year: 1.23
10-Year: 0.84
All Time: 0.86

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.49 to 1.03, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of Chris Hohn - TCI Fund compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend yield

Chris Hohn - TCI Fund provided a 0.78% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	0.78%	0.82%	0.69%	0.89%	0.69%	0.74%	0.82%	2.23%	1.91%	1.65%	1.63%	1.72%
Portfolio components:
GE General Electric Company	0.52%	0.67%	0.25%	0.38%	0.34%	0.37%	0.36%	4.88%	4.81%	2.94%	2.95%	3.52%
MSFT Microsoft Corporation	0.72%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%	2.48%
MCO Moody's Corporation	0.76%	0.72%	0.79%	1.00%	0.63%	0.77%	0.84%	1.26%	1.03%	1.57%	1.36%	1.17%
V Visa Inc.	0.65%	0.68%	0.72%	0.76%	0.62%	0.56%	0.56%	0.67%	0.61%	0.75%	0.64%	0.64%
SPGI S&P Global Inc.	0.72%	0.73%	0.82%	0.99%	0.65%	0.82%	0.84%	1.18%	0.97%	1.34%	1.34%	1.35%
CP Canadian Pacific Railway Limited	0.68%	0.76%	0.72%	0.77%	0.84%	0.76%	0.93%	1.07%	0.93%	0.04%	0.17%	0.13%
CNI Canadian National Railway Company	2.35%	2.44%	1.85%	2.34%	2.00%	1.71%	1.94%	1.88%	1.55%	1.70%	1.73%	1.31%
GOOG Alphabet Inc	0.47%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FERG Ferguson plc	1.82%	1.84%	1.57%	2.76%	2.34%	2.33%	2.27%	9.77%	1.99%	2.15%	2.77%	2.59%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Chris Hohn - TCI Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Chris Hohn - TCI Fund was 38.70%, occurring on Mar 23, 2020. Recovery took 159 trading sessions.

The current Chris Hohn - TCI Fund drawdown is 2.27%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-38.7%	Feb 20, 2020	23	Mar 23, 2020	159	Nov 5, 2020	182
-30.83%	Nov 10, 2021	224	Sep 30, 2022	157	May 17, 2023	381
-26.5%	Oct 23, 2017	295	Dec 24, 2018	81	Apr 23, 2019	376
-17.1%	Feb 19, 2025	35	Apr 8, 2025	23	May 12, 2025	58
-13.46%	Nov 23, 2015	55	Feb 11, 2016	34	Apr 1, 2016	89

Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 9 assets, with an effective number of assets of 7.25, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	^GSPC	FERG	GE	CP	CNI	GOOG	V	MSFT	SPGI	MCO	Portfolio
^GSPC	1.00	0.35	0.52	0.56	0.59	0.70	0.69	0.75	0.68	0.70	0.87
FERG	0.35	1.00	0.26	0.26	0.26	0.22	0.24	0.23	0.28	0.28	0.37
GE	0.52	0.26	1.00	0.33	0.36	0.30	0.34	0.29	0.33	0.35	0.68
CP	0.56	0.26	0.33	1.00	0.74	0.35	0.42	0.38	0.42	0.43	0.61
CNI	0.59	0.26	0.36	0.74	1.00	0.38	0.44	0.41	0.43	0.44	0.62
GOOG	0.70	0.22	0.30	0.35	0.38	1.00	0.53	0.68	0.49	0.50	0.65
V	0.69	0.24	0.34	0.42	0.44	0.53	1.00	0.57	0.59	0.60	0.72
MSFT	0.75	0.23	0.29	0.38	0.41	0.68	0.57	1.00	0.56	0.58	0.71
SPGI	0.68	0.28	0.33	0.42	0.43	0.49	0.59	0.56	1.00	0.82	0.75
MCO	0.70	0.28	0.35	0.43	0.44	0.50	0.60	0.58	0.82	1.00	0.77
Portfolio	0.87	0.37	0.68	0.61	0.62	0.65	0.72	0.71	0.75	0.77	1.00

The correlation results are calculated based on daily price changes starting from Apr 4, 2014

Go to the full Correlations tool for more customization options

Performance Analysis

Risk Analysis

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Chris Hohn - TCI Fund

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Expense Ratio

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

Risk-Adjusted Performance Indicators

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table

Performance Analysis

Risk Analysis

Optimization

Factor Model

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