MFN Partners Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), MFN Partners Management, LP reported 8 stock positions worth $4.8 billion. Its top holding was Xpo (XPO) at 30.7% of the portfolio, followed by Talen Energy (TLN, 26.5%) and Qxo (QXO, 15.2%). Compared with Q2 2025, it reduced 1. The biggest sale was Qxo (QXO, shares −18%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.8B (Q3 2025)
SEC Filing
0000904454-25-000585 ↗ filed Nov 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 Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $4.8B $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 · $4.8B
XPO Xpo Inc. 30.73% 11,425,369 $1.5B No change
TLN Talen Energy Corp. 26.55% 3,000,000 $1.3B No change
QXO Qxo Inc. 15.17% 38,250,850 $729.1M Reduce -18.5%
PFSI Pennymac Financial Services 11.68% 4,531,792 $561.4M No change
RXO Rxo Inc. 8.82% 27,577,666 $424.1M No change
CNX CNX Resources Corp. 5.58% 8,350,000 $268.2M No change
BHC Bausch Health Cos Inc. 0.81% 6,000,000 $38.7M No change
IE Ivanhoe Electric Inc. / US 0.67% 2,553,191 $32.0M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $145.1M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$145.1MNo change

Total filed on the 13F, all lines: $5.0B.

Portfolio Sells Q2 2025 → Q3 2025
QXO Qxo Inc. Reduce -18.5% 15.17% −7.01

Portfolio Buys Q2 2025 → Q3 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