What if you had copied TCI Fund Management?
Chris Hohn
The verdict
Copying TCI Fund Management's 13F filings from Feb 2020 would have turned $10,000 into $25,234, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +14.8% a year against +14.4% for the S&P 500, 0.4 points a year ahead. Its worst fall was 32.2%, from Nov 8, 2021 to Nov 3, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying TCI Fund Management$25,234
- S&P 500$24,639
- Bought their first portfolio and never traded$20,230
If you had bought their first portfolio and never traded, you would have ended at $20,230, so following every move earned $5,004 more.
- $10,000 copied
- $25,234
- +152.3%, +14.8% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $20,230
- Bought their first portfolio and never traded
- Worst fall
- −32.2%
- Nov 8, 2021 to Nov 3, 2022
- Trades
- 55
- 33 buys, 22 sales over 27 filings; about 33% of the copy traded a year
The moves that made the most
- GEGeneral Electric+$5,560
Held since May 2023, the stock up 324%
- VVisa Inc-Class a Shares+$2,337
Held since Feb 2020, the stock up 110%
- GOOGAlphabet+$2,038
Held since Feb 2020, the stock up 281%
- MSFTMicrosoft+$1,737
Held from Feb 2020 to Aug 2026, the stock up 146%
- MCOMoody's+$1,358
Held since Feb 2020, the stock up 93%
- SPGIS&P Global+$937
Held since Feb 2020, the stock up 72%
The moves that cost the most
Held from Feb 2020 to Aug 2022, the stock down 10%
- BXP−$89
Held from Aug 2020 to Feb 2023, the stock down 6%
Held from Feb 2020 to Aug 2020, the stock down 6%
Held from Aug 2021 to May 2022, the stock down 18%
- TDGTransdigm−$11
Held from Feb 2020 to May 2020, the stock down 42%
Held since Aug 2026, the stock down 1%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +16.3% | +13.1% | +3.2 |
| 2021 | +30.0% | +28.7% | +1.3 |
| 2022 | −25.5% | −18.2% | −7.3 |
| 2023 | +38.4% | +26.2% | +12.2 |
| 2024 | +17.8% | +24.9% | −7.1 |
| 2025 | +26.6% | +17.7% | +8.9 |
| 2026to Nov 2026 | +8.5% | +11.5% | −3.0 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.