UK activist hedge fund manager The Children's Investment Fund Management has claimed a US victory while suffering a setback in Japan after taking on companies on both sides of the Pacific in the same 24 hour period.

TCI and Brazilian hedge fund manager 3G Capital Partners claimed last night that four of their five nominees had won election to the 12-strong board of directors at CSX, a US railroad company that yesterday held a special shareholder meeting for the purpose. CSX said the votes were too close to call.