MFN Partners Management, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), MFN Partners Management, LP reported 8 stock positions worth $4.6 billion. Its top holding was Xpo (XPO) at 31.7% of the portfolio, followed by Qxo (QXO, 22.2%) and Talen Energy (TLN, 19.2%). Compared with Q1 2025, it sold out of 1. The biggest sale was an exit from HCA Healthcare (HCA).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.6B (Q2 2025)
SEC Filing
0000904454-25-000404 ↗ filed Aug 8, 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 Q1 2025 Q2 2025: $4.6B $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 8 stocks · $4.6B
XPO Xpo Inc. 31.68% 11,425,369 $1.4B No change
QXO Qxo Inc. 22.18% 46,908,701 $1.0B No change
TLN Talen Energy Corp. 19.15% 3,000,000 $872.3M No change
PFSI Pennymac Financial Services 9.91% 4,531,792 $451.5M No change
RXO Rxo Inc. 9.52% 27,577,666 $433.5M No change
CNX CNX Resources Corp. 6.17% 8,350,000 $281.2M No change
BHC Bausch Health Cos Inc. 0.88% 6,000,000 $40.0M No change
IE Ivanhoe Electric Inc. / US 0.51% 2,553,191 $23.2M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $117.9M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$117.9MNo change

Total filed on the 13F, all lines: $4.7B.

Portfolio Sells Q1 2025 → Q2 2025
HCA HCA Healthcare Inc. Sold out 0.00% −8.21

Portfolio Buys Q1 2025 → Q2 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