A slump in profits at TCI Fund Management has prompted the hedge fund firm to halve the dividend payment made to the its parent company, which is owned by billionaire founder Christopher Hohn, according to a report by Bloomberg.

The report cites a filing with the UK's Companies House as revealing that the payment for ending February fell to $346m from $690m in the previous year. TCI Fund Management (UK) Ltd — where Hohn is the sole director — also disclosed a profit before tax of around $200m, down from $1.06bn in 2022.

The hedge fund, which was founded in 2003 and is best known for taking stakes in companies and then agitating for change to help boost share prices, lost money in 2022 for the first time in 13 years as global stock markets fell, breaking a winning streak of 13 straight profitable years as stocks tumbled. The activist investor has a net worth of $6.2 billion on the Bloomberg Billionaires Index.