Chris Hohn’s Hedge Fund Had an Incredible 2025. These Top Holdings Crushed the SPY

The hedge funds seemed to have their way with the markets in 2025. Legendary money manager Chris Hohn certainly had an applaud-worthy year, with his TCI Fund Management clocking in an outstanding gain of $18.9 billion. With a nicely-concentrated portfolio in some of the biggest winners, I’d argue that the fund might be in great shape to pull off another impressive showing in 2026. 

In this piece, we’ll check in on two hot holdings in the Hohn hedge fund that helped TCI achieve such an impressive year, and whether or not it still makes sense for retail investors to bet on such stocks after such a heated year. Either way, perhaps Hohn and his team are right to concentrate investment dollars on the absolute best ideas. 

GE Aerospace

GE Aerospace (NYSE:GE | GE Price Prediction) is the largest position in the holdings of TCI Fund Management, comprising more than 27% of the portfolio as of the last quarter. Undoubtedly, the largest holding was also the best performer in the group, with shares up more than 50% last year. In the past two years, shares of GE Aerospace have surged close to 180%. And while shares have since come in, correcting just over 10% in the first month of 2026, I still think the name has a lot to offer.

Sure, a 10% dip might seem less meaningful, given the hot run it’s been on in the past couple of years. Still, some bulls see plenty of room for upside in the year ahead, including the likes of Citi, which added the industrial to its North American equity focus list.

The bank sees a path towards a $1 trillion market cap, and I think that might be a bit too conservative, especially given its dominant position in jet engines that will allow the firm to grow by double-digit percentage points without all too much in the way of competition. With a $380.00 per-share price target, perhaps it’s time to view the industrial titan as an opportunistic buy on recent weakness.

Though time will tell what Hohn does with his fund’s large position, I do think that sticking with it despite its size could be the best move, especially considering the magnitude of very powerful structural tailwinds that lie ahead. In the meantime, there’s a packed backlog, the margin trajectory is good, and, perhaps most importantly, the company is innovating. At 36.2 times trailing price-to-earnings (P/E), shares do seem to be a bargain relative to the growth runway ahead.

Alphabet

Alphabet (NASDAQ:GOOGL) may be a smaller holding (around 3.5% as of the last quarter) in the hedge fund, but it’s been a standout winner, with over 70% in gains in the past year. Undoubtedly, Alphabet seems like a name to hang onto, even as the multiple rerates higher. Indeed, investors don’t really have to look far and wide for cutting-edge AI exposure.

With the tech titan rolling out new AI features (Gemini in Gmail and an AI virtual assistant within Chrome) while also introducing a $7.99 tier for casual Gemini users (Google AI Plus), I do think there’s room for significant monetization. Add the Gemini 3.0 upgrade to AI Overviews into the equation, and it really does feel like Google’s Search moat is getting wider by the day. Even at north of 33.1 times trailing P/E, the shares still seem to discount the company’s AI leadership. 

For long-term investors, perhaps buying and holding shares of the newly-minted $4 trillion titan is the best way to go. The AI giant certainly has what it takes to get bigger, especially as the firm keeps launching new, easily monetizable tools (think AI coding) and products.