MP
MFN Partners Management, LP — 13F Portfolio Report & Top Holdings (Q2 2026)
MFN Partners Management, LPCIK: 0001732811
Concentrated strategySector-focusedQuality / disciplined sizing
Total reported value
$4.8B
Reporting period: 2026-06-30 · Number of holdings: 9
MFN Partners Management, LP disclosed 9 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $4.8B and a quarterly turnover rate of 22.1%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 22.08
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 18
- Sizing Uniformity
- 87.23
MFN Partners Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.272 — mathematically equivalent to about 4 equally-sized positions, well below its 9 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 1.28), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd RXO
0.0% $364.6M
Sold out OXY-WS
Trim XPO
-13.6% -$196.7M
Add TLN
0.0% $195.1M
Trim QXO
0.0% -$50.2M
Trim PFSI
0.0% -$1.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XPO | Xpo Inc | Stock-Industrials | 41.91% | -4.64% | -13.62% | |
| 2 | TLN | Talen Energy CORP | Stock-Utilities | 23.85% | +3.79% | — | |
| 3 | RXO | Rxo Inc | Stock-Other | 16.04% | +7.43% | — | |
| 4 | QXO | Qxo Inc | Stock-Industrials | 8.38% | -1.16% | — | |
| 5 | PFSI | Pennymac Financial Services | Stock-Other | 8.17% | -0.13% | — | |
| 6 | BHC | Bausch Health Cos Inc | Stock-Healthcare | 0.61% | -0.07% | — | |
| 7 | ✓ | Rice Acquisition CORP 3 | Stock-Other | 0.52% | — | — | |
| 8 | IE | Ivanhoe Electric Inc / US | Stock-Other | 0.51% | -0.12% | — | |
| 9 | ✓ | Stock-Other | 0.01% | — | — |
Portfolio Performance
Performance for Q3 2026
-15.5%
Performance Last 4 Quarters
+4.3%
- Stdev
- +26.6%
- Beta
- +1.37
- Alpha
- -7.1%
- Max Drawdown
- -24.6%
- Annualized Perf
- +18.2%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.43
- Stutzer
- +0.23
- Treynor
- +0.15
- Sterling
- +0.67
- Calmar
- +0.74
- Information Ratio
- +0.01
- Tracking Error
- +20.4%
- Stdev Down
- +14.2%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +64.1%
- Worst 12 Months
- -4.7%
- Efficiency Ratio
- +0.3
- Sharpe
- +0.76
- Stdev Sectors
- +27.2%
- Skewness
- +0.29
- Kurtosis
- -0.57
- Upside Potential
- +3.29
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 9 | $4.8B | 22 | ||
| 2026 Q1 | 10 | $4.8B | 100 | ||
| 2025 Q4 | 9 | $4.7B | 0 | ||
| 2025 Q3 | 9 | $5.0B | 33 | ||
| 2025 Q2 | 9 | $4.7B | 0 | ||
| 2025 Q1 | 10 | $4.3B | 100 | ||
| 2024 Q4 | 11 | $5.1B | 0 | ||
| 2024 Q3 | 12 | $5.1B | 0 | ||
| 2024 Q2 | 10 | $2.9B | 0 | ||
| 2024 Q1 | 10 | $3.5B | 0 | ||
| 2023 Q4 | 12 | $3.1B | 0 | ||
| 2023 Q3 | 13 | $3.0B | 0 | ||
| 2023 Q2 | 14 | $3.1B | 0 | ||
| 2023 Q1 | 15 | $2.2B | 0 | ||
| 2022 Q4 | 16 | $2.3B | 0 | ||
| 2022 Q3 | 17 | $2.2B | 0 | ||
| 2022 Q2 | 16 | $2.2B | 0 | ||
| 2022 Q1 | 20 | $2.9B | 0 | ||
| 2021 Q4 | 15 | $2.5B | 0 | ||
| 2021 Q3 | 14 | $2.2B | 0 | ||
| 2021 Q2 | 14 | $1.9B | 84 | ||
| 2021 Q1 | 15 | $1.3B | 62 | ||
| 2020 Q4 | 14 | $1.1B | 57 | ||
| 2020 Q3 | 16 | $1.2B | 79 | ||
| 2020 Q2 | 11 | $717.5M | 94 | ||
| 2020 Q1 | 17 | $756.1M | 93 | ||
| 2019 Q4 | 11 | $485.3M | 64 | ||
| 2019 Q3 | 14 | $668.9M | 43 | ||
| 2019 Q2 | 17 | $629.9M | 31 | ||
| 2019 Q1 | 15 | $620.0M | 86 | ||
| 2018 Q4 | 16 | $589.4M | 0 |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Holding changes this quarter
MFN Partners Management, LP's most significant position changes for 2026-06-30: Sold out: Occidental Petroleum-cw27 (OXY-WS); Trim: Xpo Inc (XPO) — shares -13.62%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RXO | Rxo Inc | +7.4% | — | Unchanged |
| 2 | TLN | Talen Energy CORP | +3.8% | — | Unchanged |
| 3 | ✓ | Rice Acquisition CORP 3 | — | — | Unchanged |
| 4 | ✓ | — | — | Unchanged | |
| 5 | BHC | Bausch Health Cos Inc | -0.1% | — | Unchanged |
| 6 | IE | Ivanhoe Electric Inc / US | -0.1% | — | Unchanged |
| 7 | PFSI | Pennymac Financial Services | -0.1% | — | Unchanged |
| 8 | QXO | Qxo Inc | -1.2% | — | Unchanged |
| 9 | XPO | Xpo Inc | -4.6% | -13.62% | Trim |
| 10 | OXY-WS | Occidental Petroleum-cw27 | -5.1% | EXIT | Sold out |
Filing History
FAQ
What is MFN Partners Management, LP and what type of investor is it?
MFN Partners Management, LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $4.8B, spread across 9 disclosed positions.
What are MFN Partners Management, LP's largest equity positions?
Based on the latest 13F filing, MFN Partners Management, LP's top holdings by market value are:
1. Xpo Inc (XPO) — $2.0B (41.9%)
2. Talen Energy CORP (TLN) — $1.2B (23.9%)
3. Rxo Inc (RXO) — $775.6M (16.0%)
4. Qxo Inc (QXO) — $405.3M (8.4%)
5. Pennymac Financial Services (PFSI) — $394.7M (8.2%)
What changes did MFN Partners Management, LP make in its most recent portfolio filing?
In the latest quarter, MFN Partners Management, LP took a more defensive posture — trimming 1 positions and completely exiting 1 holdings. The largest of these moves: Sold out: Occidental Petroleum-cw27 (OXY-WS); Trim: Xpo Inc (XPO) — shares -13.62%
What sectors does MFN Partners Management, LP focus on?
MFN Partners Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 67.3%
• Utilities: 31.9%
• Health Care: 0.8%
Investment Profile
MFN Partners Management, LP returned an annualized 18.2% over the trailing 36 months — underperforming the S&P 500 by 7.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.37 (more volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 67.3% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 22 over the past 4 quarters — a shift toward more active trading.
It has added to its RXO position over the past two quarters (+$427.0M, now $775.6M), while trimming PFSI over the same stretch (-$202.8M, still holding $394.7M).
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Developer Access
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REST API
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