MFN Partners Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), MFN Partners Management, LP reported 10 stock positions worth $4.9 billion. Its top holding was Xpo (XPO) at 30.5% of the portfolio, followed by Qxo (QXO, 15.2%) and Rxo (RXO, 13.4%). Compared with Q3 2024, it sold out of 1 and reduced 1. The biggest sale was Qxo (QXO, shares −13%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.9B (Q4 2024)
SEC Filing
0000904454-25-000115 ↗ filed Feb 12, 2025

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 Q3 2024 Q4 2024: $4.9B $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 10 stocks · $4.9B
XPO Xpo Inc. 30.45% 11,425,369 $1.5B No change
QXO Qxo Inc. 15.16% 46,908,701 $745.8M Reduce -13.0%
RXO Rxo Inc. 13.36% 27,577,666 $657.5M No change
TLN Talen Energy Corp. 12.28% 3,000,000 $604.4M No change
CNX CNX Resources Corp. 11.18% 15,000,000 $550.0M No change
PFSI Pennymac Financial Services 9.41% 4,531,792 $462.9M No change
HCA HCA Healthcare Inc. 5.94% 973,898 $292.3M No change
BHC Bausch Health Cos Inc. 0.98% 6,000,000 $48.4M No change
FWRD Forward Air Corp. 0.85% 1,289,358 $41.6M No change
IE Ivanhoe Electric Inc. / US 0.39% 2,553,191 $19.3M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $156.8M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$156.8MNo change

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

Portfolio Sells Q3 2024 → Q4 2024
QXO Qxo Inc. Reduce -13.0% 15.16% −2.18
CYCLERION THERAPEUTICS INC Sold out 0.00% −0.01

Portfolio Buys Q3 2024 → Q4 2024
None this quarter.

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