Activist investor Chris Hohn’s TCI Fund made its first loss in 13 years in 2022 with the fund ending the year 18% down as Stockmarket prices tumbled during a widespread sell-off in growth stocks, according to a report by Bloomberg.
The report cites an unnamed source as confirming that the fund made only its second ever annual loss since it launched in 2004 as big bets on tech giants including Google parent Alpahabet Inc and Microsoft Corp tanked.
TCI, which builds stake in companies and then agitates for change to increase value, runs a long-biased portfolio spread over a small number of stocks which makes it susceptible to losses when stock fall.
According to a regulatory filing, Alphabet, which fell 39% last year, was TCI’s top holding at the end of September.
