MFN Partners Management, LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), MFN Partners Management, LP reported 9 stock positions worth $3.3 billion. Its top holding was Xpo (XPO) at 47.2% of the portfolio, followed by Lithia Motors (LAD, 14.2%) and Pennymac Financial Services (PFSI, 12.6%). Compared with Q4 2023, it sold out of 2, added to 1 and reduced 1. The biggest buy was Rxo (RXO, shares +20%) and the biggest sale an exit from First Citizens Bcshs Class A (FCNCA).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$3.3B (Q1 2024)
SEC Filing
0000904454-24-000283 ↗ filed May 10, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.3B $3.3B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $4.9B Q3 2024 Q4 2024: $4.9B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $4.8B Q3 2025 Q4 2025: $4.6B Q4 2025 Q1 2026: $4.5B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 9 stocks · $3.3B
XPO Xpo Inc. 47.18% 12,675,369 $1.5B No change
LAD Lithia Motors Inc. 14.24% 1,551,077 $466.7M No change
PFSI Pennymac Financial Services 12.59% 4,531,792 $412.8M No change
RXO Rxo Inc. 10.40% 15,588,555 $340.9M Add +19.8%
HCA HCA Healthcare Inc. 9.91% 973,898 $324.8M No change
LBTYK Liberty Global Ltd. Class C 2.96% 5,499,107 $97.0M Reduce -18.0%
BHC Bausch Health Cos Inc. 1.94% 6,000,000 $63.7M No change
IE Ivanhoe Electric Inc. / US 0.76% 2,553,191 $25.0M No change
CYCLERION THERAPEUTICS INC 0.02% 169,460 $542K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $245.3M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$245.3MNo change

Total filed on the 13F, all lines: $3.5B.

Portfolio Sells Q4 2023 → Q1 2024
FCNCA First Citizens Bcshs Class A Sold out 0.00% −3.21
LBTYK Liberty Global Ltd. Class C Reduce -18.0% 2.96% −1.37
WRBY Warby Parker Inc. Class A Sold out 0.00% −0.23

Portfolio Buys Q4 2023 → Q1 2024
RXO Rxo Inc. Add +19.8% 10.40% −0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$4.8BXPO, TLN, RXO, QXO, PFSI
Q1 2026 8$4.5BXPO, TLN, QXO, RXO, PFSI
Q4 2025Amended 9$4.6BXPO, TLN, PFSI, QXO, RXO
Q3 2025 8$4.8BXPO, TLN, QXO, PFSI, RXO
Q2 2025 8$4.6BXPO, QXO, TLN, PFSI, RXO
Q1 2025 9$4.1BXPO, QXO, TLN, RXO, PFSI
Q4 2024 10$4.9BXPO, QXO, RXO, TLN, CNX
Q3 2024 11$4.9BXPO, QXO, RXO, TLN, PFSI
Q2 2024 9$2.7BXPO, RXO, PFSI, HCA, LAD
Q1 2024 9$3.3BXPO, LAD, PFSI, RXO, HCA