MFN Partners Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), MFN Partners Management, LP reported 9 stock positions worth $4.1 billion. Its top holding was Xpo (XPO) at 30.0% of the portfolio, followed by Qxo (QXO, 15.5%) and Talen Energy (TLN, 14.6%). Compared with Q4 2024, it sold out of 1 and reduced 1. The biggest sale was CNX Resources (CNX, shares −44%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.1B (Q1 2025)
SEC Filing
0000904454-25-000244 ↗ filed May 13, 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 Q4 2024 Q1 2025: $4.1B $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 · $4.1B
XPO Xpo Inc. 30.00% 11,425,369 $1.2B No change
QXO Qxo Inc. 15.50% 46,908,701 $635.1M No change
TLN Talen Energy Corp. 14.62% 3,000,000 $599.0M No change
RXO Rxo Inc. 12.86% 27,577,666 $526.7M No change
PFSI Pennymac Financial Services 11.07% 4,531,792 $453.7M No change
HCA HCA Healthcare Inc. 8.21% 973,898 $336.5M No change
CNX CNX Resources Corp. 6.42% 8,350,000 $262.9M Reduce -44.3%
BHC Bausch Health Cos Inc. 0.95% 6,000,000 $38.8M No change
IE Ivanhoe Electric Inc. / US 0.36% 2,553,191 $14.8M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $157.5M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$157.5MNo change

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q4 2024 → Q1 2025
CNX CNX Resources Corp. Reduce -44.3% 6.42% −4.76
FWRD Forward Air Corp. Sold out 0.00% −0.85

Portfolio Buys Q4 2024 → Q1 2025
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