CIK: 0001732811
Total reported value
$4.8B
Reporting period: 2026-03-31 · Number of holdings: 10
MFN Partners Management, LP disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $4.8B and a quarterly turnover rate of 199.7%.
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MFN Partners Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.283 — mathematically equivalent to about 4 equally-sized positions, well below its 10 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.43), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 12.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Trim G7553X106
-$24.6B
Trim G7553X114
-$319.7M
New buy XPO
New buy TLN
New buy QXO
New buy RXO
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XPO | Xpo INC | Stock-Industrials | 46.55% | +46.55% | NEW | |
| 2 | TLN | Talen Energy CORP | Stock-Utilities | 20.06% | +20.06% | NEW | |
| 3 | QXO | Qxo INC | Stock-Industrials | 9.54% | +9.54% | NEW | |
| 4 | RXO | Rxo INC | Stock-Other | 8.61% | +8.61% | NEW | |
| 5 | PFSI | Pennymac Financial Services | Stock-Other | 8.30% | +8.30% | NEW | |
| 6 | OXY-WS | Occidental Petroleum-cw27 | Stock-Other | 5.11% | +5.11% | NEW | |
| 7 | BHC | Bausch Health Cos INC | Stock-Healthcare | 0.68% | +0.68% | NEW | |
| 8 | IE | Ivanhoe Electric INC / US | Stock-Other | 0.63% | +0.63% | NEW | |
| 9 | ✓ | Rice Acquisition CORP 3 | Stock-Other | 0.52% | -98.20% | — | |
| 10 | ✓ | Stock-Other | 0.01% | -1.27% | — |
Performance for Q3 2026
-0.7%
Performance Last 4 Quarters
+40.3%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 10 | $4.8B | 100 | |
| 2025-12-31 | 2 | $24.9B | 100 | 1G7553X2G7553X |
| 2025-09-30 | 9 | $5.0B | 33 | |
| 2025-06-30 | 9 | $4.7B | 0 | |
| 2025-03-31 | 10 | $4.3B | 100 | |
| 2024-12-31 | 11 | $5.1B | 0 | |
| 2024-09-30 | 12 | $5.1B | 0 | |
| 2024-06-30 | 10 | $2.9B | 0 | |
| 2024-03-31 | 10 | $3.5B | 0 | |
| 2023-12-31 | 12 | $3.1B | 0 | |
| 2023-09-30 | 13 | $3.0B | 0 | |
| 2023-06-30 | 14 | $3.1B | 0 | |
| 2023-03-31 | 15 | $2.2B | 0 | |
| 2022-12-31 | 16 | $2.3B | 0 | |
| 2022-09-30 | 17 | $2.2B | 0 | |
| 2022-06-30 | 16 | $2.2B | 0 | |
| 2022-03-31 | 20 | $2.9B | 0 | |
| 2021-12-31 | 15 | $2.5B | 0 | |
| 2021-09-30 | 14 | $2.2B | 0 | |
| 2021-06-30 | 14 | $1.9B | 84 | |
| 2021-03-31 | 15 | $1.3B | 62 | |
| 2020-12-31 | 14 | $1.1B | 57 | |
| 2020-09-30 | 16 | $1.2B | 79 | |
| 2020-06-30 | 11 | $717.5M | 94 | |
| 2020-03-31 | 17 | $756.1M | 93 | |
| 2019-12-31 | 11 | $485.3M | 64 | |
| 2019-09-30 | 14 | $668.9M | 43 | |
| 2019-06-30 | 17 | $629.9M | 31 | |
| 2019-03-31 | 15 | $620.0M | 86 | |
| 2018-12-31 | 16 | $589.4M | 0 |
MFN Partners Management, LP's most significant position changes for 2026-03-31: New buy: Xpo INC (XPO); New buy: Talen Energy CORP (TLN); New buy: Qxo INC (QXO); New buy: Rxo INC (RXO); New buy: Pennymac Financial Services (PFSI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | -1.3% | — | Unchanged | |
| 2 | ✓ | Rice Acquisition CORP 3 | -98.2% | — | Unchanged |
| 3 | XPO | Xpo INC | — | NEW | New buy |
| 4 | TLN | Talen Energy CORP | — | NEW | New buy |
| 5 | QXO | Qxo INC | — | NEW | New buy |
| 6 | RXO | Rxo INC | — | NEW | New buy |
| 7 | PFSI | Pennymac Financial Services | — | NEW | New buy |
| 8 | OXY-WS | Occidental Petroleum-cw27 | — | NEW | New buy |
| 9 | BHC | Bausch Health Cos INC | — | NEW | New buy |
| 10 | IE | Ivanhoe Electric INC / US | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-05-01 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-04-27 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
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