MFN Partners Management, LP

Name: MFN Partners Management, LP 13F holdings, Q1 2026
Creator: MFN Partners Management, LP
Published: 2026-05-14

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), MFN Partners Management, LP reported 8 stock positions worth $4.5 billion. Its top holding was Xpo (XPO) at 49.1% of the portfolio, followed by Talen Energy (TLN, 21.1%) and Qxo (QXO, 10.1%). Compared with Q4 2025, it sold out of 1, added to 1 and reduced 1. The biggest buy was Rxo (RXO, shares +2%) and the biggest sale an exit from CNX Resources (CNX).

Most Recent 13F: Q2 2026
Location: BOSTON, MA
CIK: 0001732811
Portfolio Value: $4.5B (Q1 2026)
SEC Filing: 0000904454-26-000287 ↗ filed May 14, 2026

Holdings Value

Holdings 8 stocks · $4.5B


XPO Xpo Inc.	49.06%	11,425,369	$2.2B	No change
TLN Talen Energy Corp.	21.14%	3,000,000	$957.7M	No change
QXO Qxo Inc.	10.05%	23,454,350	$455.5M	Reduce -22.5%
RXO Rxo Inc.	9.07%	28,109,942	$411.0M	Add +1.9%
PFSI Pennymac Financial Services	8.74%	4,531,792	$396.1M	No change
BHC Bausch Health Cos Inc.	0.72%	6,000,000	$32.4M	No change
IE Ivanhoe Electric Inc. / US	0.67%	2,553,191	$30.2M	No change
KRSP Rice Acquisition Corp. 3-A	0.55%	2,400,000	$24.7M	No change

Other holdings (2): bonds, preferreds, convertibles and warrants · $244.4M (not counted above)

Security	Class	Shares / Principal	Value	Change
OXY.WS Occidental Petroleum-CW27	*W EXP 08/03/202	5,690,600	$244.1M	No change
KRSP.WS Rice Acquisition Corp. 3	*W EXP 99/99/999	400,000	$320K	No change

Total filed on the 13F, all lines: $4.8B.

Portfolio Sells Q4 2025 → Q1 2026


CNX CNX Resources Corp.	Sold out	0.00%	−6.64
QXO Qxo Inc.	Reduce -22.5%	10.05%	−2.58

Portfolio Buys Q4 2025 → Q1 2026


RXO Rxo Inc.	Add +1.9%	9.07%	+1.53

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	8	$4.8B	XPO, TLN, RXO, QXO, PFSI
Q1 2026	8	$4.5B	XPO, TLN, QXO, RXO, PFSI
Q4 2025Amended	9	$4.6B	XPO, TLN, PFSI, QXO, RXO
Q3 2025	8	$4.8B	XPO, TLN, QXO, PFSI, RXO
Q2 2025	8	$4.6B	XPO, QXO, TLN, PFSI, RXO
Q1 2025	9	$4.1B	XPO, QXO, TLN, RXO, PFSI
Q4 2024	10	$4.9B	XPO, QXO, RXO, TLN, CNX
Q3 2024	11	$4.9B	XPO, QXO, RXO, TLN, PFSI
Q2 2024	9	$2.7B	XPO, RXO, PFSI, HCA, LAD
Q1 2024	9	$3.3B	XPO, LAD, PFSI, RXO, HCA