MFN Partners Management, LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), MFN Partners Management, LP reported 9 stock positions worth $2.7 billion. Its top holding was Xpo (XPO) at 44.7% of the portfolio, followed by Rxo (RXO, 16.7%) and Pennymac Financial Services (PFSI, 15.8%). Compared with Q1 2024, it opened 1 new position, sold out of 1, added to 1 and reduced 2. The biggest buy was Rxo (RXO, shares +11%) and the biggest sale Lithia Motors (LAD, shares −43%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$2.7B (Q2 2024)
SEC Filing
0000904454-24-000456 ↗ filed Aug 12, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $2.7B $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 · $2.7B
XPO Xpo Inc. 44.67% 11,425,369 $1.2B Reduce -9.9%
RXO Rxo Inc. 16.67% 17,310,856 $452.7M Add +11.1%
PFSI Pennymac Financial Services 15.79% 4,531,792 $428.7M No change
HCA HCA Healthcare Inc. 11.52% 973,898 $312.9M No change
LAD Lithia Motors Inc. 8.28% 890,000 $224.7M Reduce -42.6%
BHC Bausch Health Cos Inc. 1.54% 6,000,000 $41.8M No change
IE Ivanhoe Electric Inc. / US 0.88% 2,553,191 $23.9M No change
FWRD Forward Air Corp. 0.63% 903,777 $17.2M New
CYCLERION THERAPEUTICS INC 0.01% 169,460 $386K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $234.2M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$234.2MNo change

Total filed on the 13F, all lines: $2.9B.

Portfolio Sells Q1 2024 → Q2 2024
LAD Lithia Motors Inc. Reduce -42.6% 8.28% −5.96
LBTYK Liberty Global Ltd. Class C Sold out 0.00% −2.96
XPO Xpo Inc. Reduce -9.9% 44.67% −2.52

Portfolio Buys Q1 2024 → Q2 2024
RXO Rxo Inc. Add +11.1% 16.67% +6.27
FWRD Forward Air Corp. New 0.63% +0.63

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