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Hedge fund TCI lost 2.1 pct in VW, Porsche investments in Q1 - letter

Reuters - UK Focus

LONDON, May 23 (Reuters) - Activist hedge fund TCI lost 1.1 percent in its investment in Porsche and 1 percent in Volkswagen (LSE: 0P6N.L - news) in the first three months of the year, an investor letter seen by Reuters showed.

Billionaire Chris Hohn's London-based hedge fund lost $123 million from its Porsche investment and $113 million from Volkswagen (Xetra: 766400 - news) (VW) but expects the car manufacturer's stock could yet double to 200 euros ($223.80).

"We think the humbling experience of the crisis, together with significant management changes, will provoke VW to cut costs aggressively," Hohn said in the quarterly letter to investors.

Overall the hedge fund lost 0.3 percent for the first three months of the year in its main fund bouncing back from an 8.4 percent loss in January to post gains of 3.9 percent in February and 4.8 percent in March, the letter showed.

Total (LSE: 524773.L - news) assets at the end of March were $10.99 billion, up 0.5 percent from the end of December. (Reporting by Maiya Keidan; editing by Simon Jessop)