MHR Fund Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), MHR Fund Management LLC reported 9 stock positions worth $901.6 million. Its top holding was Telesat (TSAT) at 48.9% of the portfolio, followed by Lionsgate Studios (LION, 24.3%) and Hafnia (HAFN, 7.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 3 and reduced 1. The biggest buy was a new position in Lionsgate Studios (LION) and the biggest sale an exit from Lions Gate Entmnt.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001277742
Portfolio Value
$901.6M (Q2 2025)
SEC Filing
0001011438-25-000450 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $901.6M $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 · $901.6M
TSAT Telesat Corp. 48.89% 18,035,092 $440.8M No change
LION Lionsgate Studios Corp. 24.26% 37,648,498 $218.7M New
HAFN Hafnia Ltd. 7.67% 13,865,532 $69.2M Add +38.7%
APO Apollo Global Management Inc. 7.47% 475,000 $67.4M Reduce -5.0%
IOVA Iovance Biotherapeutics Inc. 5.53% 28,967,103 $49.8M Add +18.6%
STRZ Starz Entertainment Corp. 5.10% 2,863,232 $46.0M New
PAX Patria Investments Ltd. Class A 0.98% 627,982 $8.8M Add +214.0%
DVAX Dynavax Technologies Corp. 0.05% 44,499 $441K No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.04% 167,800 $359K No change

Portfolio Sells Q1 2025 → Q2 2025
LIONS GATE ENTMNT CORP Sold out 0.00% −21.41
LGF.B Lions Gate Entertainment-B Sold out 0.00% −14.38
APO Apollo Global Management Inc. Reduce -5.0% 7.47% −0.75

Portfolio Buys Q1 2025 → Q2 2025
LION Lionsgate Studios Corp. New 24.26% +24.26
STRZ Starz Entertainment Corp. New 5.10% +5.10
HAFN Hafnia Ltd. Add +38.7% 7.67% +2.67
PAX Patria Investments Ltd. Class A Add +214.0% 0.98% +0.71
IOVA Iovance Biotherapeutics Inc. Add +18.6% 5.53% −4.25

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