Most of the world’s best hedge funds have advanced quantitative models and deep investing teams across several asset classes, but in another standout year for old-fashioned stock investing, none fared better than British billionaire Chris Hohn.

His TCI Fund Management earned an estimated $18.9 billion in net gains for investors last year, the largest single-year gain on record for a hedge fund, according to Edmond de Rothschild’s annual report ranking the world’s top 20 hedge funds. The London-based fund, which has $77 billion in assets under management, has earned $40 billion in gains in just the last three years thanks to the roaring stock market and generated a reported net return of 27% last year. Forbes now estimates that Hohn’s personal fortune is worth $11.8 billion, up from $9.2 billion a year ago.

TCI has a concentrated stock portfolio in just a handful of stocks—its latest quarterly SEC filing reported $52.7 billion divided among nine U.S. listed equities, including GE Aerospace, Microsoft, Visa, Moody’s and S&P Global. GE Aerospace, the main offshoot of General Electric after it spun off its healthcare and energy businesses in 2022, was TCI’s largest single position........

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