Tci Fund Investment: A Guide To Getting Started

TCI Fund Management, established in 2003 by Christopher Hohn, is a value-based investment manager that brings a long-term, owner-oriented investing philosophy to the public markets. TCI is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is registered with the United States Securities and Exchange Commission. The fund seeks to invest in high-quality companies with sustainable competitive advantages and predictable free cash flow. TCI conducts deep fundamental research, engages with management, and adopts a long-term investment horizon. TCI's real estate lending business was established in 2014, investing in high-quality assets in prime locations, mainly in major cities across North America and Europe.

TCI's investment philosophy

TCI Fund Management, established in June 2003 by Christopher Hohn, is a value-based investment manager that brings a long-term, owner-oriented investing philosophy to the public markets. TCI is the investment manager of The Children's Investment Master Fund and its two feeder funds, which were launched in January 2004.

TCI seeks to invest in high-quality companies with sustainable competitive advantages and predictable free cash flow. The fund looks for investment opportunities in strong businesses with cheap valuations due to corporate governance risk that is misunderstood and over-discounted by the market.

TCI is a value-oriented, fundamental investor that invests globally in strong businesses with sustainable competitive advantages. It adopts a private equity approach, conducting deep fundamental research, constructively engaging with management, and taking a long-term investment horizon. TCI is also an opportunistic investor, investing in corporate transformations and special situations, and will use activism when appropriate to drive outcomes.

TCI's real estate lending business, established in 2014, invests alongside The Children's Investment Fund Foundation (UK). These funds focus on first mortgage and senior secured lending on high-quality assets in prime locations, mainly in major cities in North America and Europe.

TCI Fund Management's history

TCI Fund Management, or TCI Fund Management Limited, was established in June 2003 by Christopher Hohn. It is the investment manager of The Children's Investment Master Fund and its two feeder funds, which were launched in January 2004. TCI is a value-based investment manager, aiming to bring a long-term, owner-oriented investing philosophy to the public markets. It is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is registered with the United States Securities and Exchange Commission as an Exempt Reporting Adviser.

TCI seeks to invest in high-quality companies with sustainable competitive advantages and predictable free cash flow. It takes a private equity approach, conducting deep fundamental research, constructively engaging with management, and adopting a long-term investment horizon. TCI is also an opportunistic investor, investing from time to time in corporate transformations and special situations. It will drive outcomes through activism when appropriate.

TCI's top holdings include General Electric Company, Moody's Corporation, Microsoft Corporation, Canadian National Railway Company, and S&P Global Inc. Its top industries are "Insurance Carriers", "Business Services", and "Communications".

TCI's real estate lending business was established in 2014. The TCI Real Estate Partners Lending Funds invest alongside The Children's Investment Fund Foundation (UK). These funds focus on first mortgage and senior secured lending on high-quality assets in prime locations, with a concentration on major cities in North America and Europe.

TCI's real estate lending business

TCI Fund Management, established in June 2003 by Christopher Hohn, is a value-oriented investment manager that brings a long-term, owner-oriented investing philosophy to the public markets. TCI's real estate lending business was established in 2014.

TCI's regulatory and legal environment

TCI Fund Management, established in June 2003, is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) and is registered with the United States Securities and Exchange Commission as an Exempt Reporting Adviser. TCI Fund Management also includes:

• TCI Advisory Services LLP
• TCI Real Estate Partners Limited
• Ave Capital Limited
• TCI Fund Management (US) Inc.
• TCI Fund Services LLP
• TCI Fund Management (Ireland) Limited, regulated by the Central Bank of Ireland

As such, TCI operates within a complex and multi-jurisdictional regulatory and legal environment. This environment is subject to frequent changes and updates, which TCI must stay abreast of to remain compliant and in good standing. The regulatory and legal environment can be very influential in how TCI carries out its business activities. For example, the introduction of new taxation laws can change the basis of investment decisions. TCI must also comply with each country's laws and regulations in the regions it does business, which may differ significantly and depend on the political culture of the country.

TCI's top holdings and portfolio structure

TCI Fund Management, established in 2003, is a value-based investment manager that brings a long-term, owner-oriented investing philosophy to the public markets. TCI is the investment manager of The Children's Investment Master Fund and its two feeder funds. The fund was launched in January 2004 and is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

TCI's top holdings include General Electric Company (US:GE), Moody's Corporation (US:MCO), Microsoft Corporation (US:MSFT), Canadian National Railway Company (US:CNI), and S&P Global Inc. (US:SPGI). TCI's portfolio also includes Ferrovial SE (US:FER) and Alphabet Inc. (GOOG/GOOGL).

TCI's portfolio structure is concentrated to maximise alpha. The fund seeks to invest in high-quality companies with sustainable competitive advantages and predictable free cash flow. TCI conducts deep fundamental research, engages with management, and adopts a long-term investment horizon. The fund is opportunistic and invests in corporate transformations and special situations, using activism when appropriate.

TCI's real estate lending business was established in 2014. The TCI Real Estate Partners Lending Funds invest in first mortgage and senior secured lending on high-quality assets in prime locations, focusing on major cities in North America and Europe.

Frequently asked questions