MFN Partners Management, LP In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), MFN Partners Management, LP reported 8 stock positions worth $4.8 billion . Its top holding was Xpo (XPO) at 41.9% of the portfolio, followed by Talen Energy (TLN, 23.8% ) and Rxo (RXO, 16.0% ). Compared with Q1 2026, it reduced 1. The biggest sale was Xpo (XPO, shares −14% ).
Location BOSTON, MA
CIK 0001732811
Portfolio Value $4.8B (Q2 2026) Holdings 8 stocks · $4.8B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 XPO Xpo Inc. 9,869,691 $2.0B Reduce -13.6% TLN Talen Energy Corp. 3,000,000 $1.2B No change RXO Rxo Inc. 28,109,942 $775.6M No change QXO Qxo Inc. 23,454,350 $405.3M No change PFSI Pennymac Financial Services 4,531,792 $394.7M No change BHC Bausch Health Cos Inc. 6,000,000 $29.6M No change KRSP Rice Acquisition Corp. 3-A 2,400,000 $25.2M No change IE Ivanhoe Electric Inc. / US 2,553,191 $24.5M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $396K (not counted above) Security Class Shares / Principal Value Change KRSP.WS Rice Acquisition Corp. 3 *W EXP 99/99/999 400,000 $396K No change
Total filed on the 13F, all lines: $4.8B.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ XPO Xpo Inc. Reduce -13.6% 41.92% −7.15
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ None this quarter.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 5,690,600 $244.1Mbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 8 $4.8B XPO, TLN, RXO, QXO, PFSI Q1 2026 8 $4.5B XPO, TLN, QXO, RXO, PFSI Q4 2025 Amended 9 $4.6B XPO, TLN, PFSI, QXO, RXO Q3 2025 8 $4.8B XPO, TLN, QXO, PFSI, RXO Q2 2025 8 $4.6B XPO, QXO, TLN, PFSI, RXO Q1 2025 9 $4.1B XPO, QXO, TLN, RXO, PFSI Q4 2024 10 $4.9B XPO, QXO, RXO, TLN, CNX Q3 2024 11 $4.9B XPO, QXO, RXO, TLN, PFSI Q2 2024 9 $2.7B XPO, RXO, PFSI, HCA, LAD Q1 2024 9 $3.3B XPO, LAD, PFSI, RXO, HCA