(Bloomberg) -- TCI Fund Management halved its dividend payment to the parent company owned by billionaire founder Christopher Hohn in a year that saw profits slump at the London-based investment firm.

The payout for the year through February fell to $346 million from $690 million the year before, according to a filing with the UK’s Companies House. TCI Fund Management (UK) Ltd. — where Hohn is the sole director — also disclosed a profit before tax of around $200 million, down from $1.06 billion in 2022. 

Hohn’s fund lost money in 2022, 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.

His firm is best known for taking stakes in companies and agitating for change to help boost share prices. It was founded in 2003 and manages assets for institutional investors, including sovereign wealth funds, corporate and public pension plans, foundations, endowments and for some of the world’s leading family offices.

TCI Fund Management did not respond to a request for comment.

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