MFN Partners Management, LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), MFN Partners Management, LP reported 11 stock positions worth $4.9 billion. Its top holding was Xpo (XPO) at 25.1% of the portfolio, followed by Qxo (QXO, 17.3%) and Rxo (RXO, 15.7%). Compared with Q2 2024, it opened 3 new positions, sold out of 1 and added to 2. The biggest buy was a new position in Qxo (QXO) and the biggest sale an exit from Lithia Motors (LAD).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.9B (Q3 2024)
SEC Filing
0000904454-24-000602 ↗ filed Nov 13, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $4.9B $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 11 stocks · $4.9B
XPO Xpo Inc. 25.05% 11,425,369 $1.2B No change
QXO Qxo Inc. 17.34% 53,908,701 $850.1M New
RXO Rxo Inc. 15.75% 27,577,666 $772.2M Add +59.3%
TLN Talen Energy Corp. 10.91% 3,000,000 $534.7M New
PFSI Pennymac Financial Services 10.53% 4,531,792 $516.5M No change
CNX CNX Resources Corp. 9.96% 15,000,000 $488.6M New
HCA HCA Healthcare Inc. 8.07% 973,898 $395.8M No change
BHC Bausch Health Cos Inc. 1.00% 6,000,000 $49.0M No change
FWRD Forward Air Corp. 0.93% 1,289,358 $45.6M Add +42.7%
IE Ivanhoe Electric Inc. / US 0.44% 2,553,191 $21.6M No change
CYCLERION THERAPEUTICS INC 0.01% 169,460 $437K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $169.1M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$169.1MNo change

Total filed on the 13F, all lines: $5.1B.

Portfolio Sells Q2 2024 → Q3 2024
LAD Lithia Motors Inc. Sold out 0.00% −8.28

Portfolio Buys Q2 2024 → Q3 2024
QXO Qxo Inc. New 17.34% +17.34
TLN Talen Energy Corp. New 10.91% +10.91
CNX CNX Resources Corp. New 9.96% +9.96
FWRD Forward Air Corp. Add +42.7% 0.93% +0.30
RXO Rxo Inc. Add +59.3% 15.75% −0.92

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