MHR Fund Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), MHR Fund Management LLC reported 9 stock positions worth $832.0 million. Its top holding was Telesat (TSAT) at 40.8% of the portfolio, followed by Lions Gate Entmnt (21.4%) and Lions Gate Entertainment-B (LGF.B, 14.4%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 1 and reduced 1. The biggest buy was Hafnia (HAFN, shares +31%) and the biggest sale Apollo Global Management (APO, shares −9%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001277742
Portfolio Value
$832.0M (Q1 2025)
SEC Filing
0001011438-25-000322 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.0B Q1 2024 Q2 2024: $820.6M Q2 2024 Q3 2024: $917.0M Q3 2024 Q4 2024: $904.4M Q4 2024 Q1 2025: $832.0M $832.0M Q1 2025 Q2 2025: $901.6M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 9 stocks · $832.0M
TSAT Telesat Corp. 40.82% 18,035,092 $339.6M No change
LIONS GATE ENTMNT CORP 21.41% 20,127,661 $178.1M No change
LGF.B Lions Gate Entertainment-B 14.38% 15,105,523 $119.6M No change
IOVA Iovance Biotherapeutics Inc. 9.77% 24,417,103 $81.3M No change
APO Apollo Global Management Inc. 8.23% 500,000 $68.5M Reduce -9.1%
HAFN Hafnia Ltd. 5.00% 10,000,000 $41.6M Add +31.2%
PAX Patria Investments Ltd. Class A 0.27% 200,000 $2.3M New
DVAX Dynavax Technologies Corp. 0.07% 44,499 $577K No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.05% 167,800 $446K No change

Portfolio Sells Q4 2024 → Q1 2025
APO Apollo Global Management Inc. Reduce -9.1% 8.23% −1.81
GEO The Geo Group Inc. Sold out 0.00% −0.77

Portfolio Buys Q4 2024 → Q1 2025
HAFN Hafnia Ltd. Add +31.2% 5.00% +0.31
PAX Patria Investments Ltd. Class A New 0.27% +0.27

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$1.9BTSAT, LION, HAFN, IOVA, STRZ
Q1 2026 10$1.4BTSAT, LION, HAFN, IOVA, APO
Q4 2025 10$1.2BTSAT, LION, HAFN, IOVA, APO
Q3 2025 10$1.0BTSAT, LION, HAFN, IOVA, APO
Q2 2025 9$901.6MTSAT, LION, HAFN, APO, IOVA
Q1 2025 9$832.0MTSAT, LIONS GATE ENTMNT CORP, LGF.B, IOVA, APO
Q4 2024 9$904.4MTSAT, IOVA, LIONS GATE ENTMNT CORP, LGF.B, APO
Q3 2024 9$917.0MTSAT, IOVA, LIONS GATE ENTMNT CORP, LGF.B, APO
Q2 2024 9$820.6MIOVA, LIONS GATE ENTMNT CORP, TSAT, LGF.B, APO
Q1 2024 10$1.0BIOVA, LIONS GATE ENTMNT CORP, TSAT, LGF.B, TWI