Chris Hohn’s TCI Fund Management won Fund of the Year for a record fourth time last night at the EuroHedge Awards in Mayfair.
TCI’s $28bn flagship was rewarded after gaining 40.6% in 2019, its best annual return in six years, as key holdings surged in a range of sectors, from technology giants Alphabet and Microsoft to transport firms Airbus and Canadian National and Pacific Railways.
The activist has won Fund of the Year in 2004, 2005 and 2013. Its triumph in 2019 takes it past CQS Directional Opportunities, which has won the award three times.
Selwood Asset Management won three categories at last night’s awards, while Cheyne Capital Management won two awards, including Management Firm of the Year for a record-equalling fourth time.
About 700 hedge fund managers and other industry members gathered at the Grosvenor House Hotel in Mayfair for the annual prize-giving, which has honoured hedge fund performance in Europe every year since 2000.
While established names won most of the awards, there were breakthrough moments for newer industry names including Broad Reach, which won in macro, and Rye Bay, which won the $500m-plus European equity category.
Cheyne’s brace takes its overall number of EuroHedge Awards to 13, one behind Man Group, which has 14 between its GLG and AHL units but did not add to the tally last night. Selwood Asset Management, Toscafund and GSA are all on eight after last night’s awards.
Winners were drawn from across Europe, with Systematica Investments and Petrus Advisers among several victorious firms headquartered outside the UK.
The awards recognised risk-adjusted performance in a strong year for the industry, in which hedge funds returned to form after a difficult 2018. Hedge funds globally averaged mean gains of 9.7%, according to HFM data, and 7.3% on a median basis.
The awards were judged on a long-established quantitative methodology – based on a combination of Sharpe ratios and returns – to identify the best risk-adjusted performance across a range of strategies and asset classes (the methodology is explained here).