MHR Fund Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), MHR Fund Management LLC reported 10 stock positions worth $1.0 billion. Its top holding was Telesat (TSAT) at 46.8% of the portfolio, followed by Lionsgate Studios (LION, 25.4%) and Hafnia (HAFN, 10.1%). Compared with Q2 2025, it opened 1 new position, added to 2 and reduced 1. The biggest buy was Hafnia (HAFN, shares +24%) and the biggest sale Apollo Global Management (APO, shares −16%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001277742
Portfolio Value
$1.0B (Q3 2025)
SEC Filing
0001011438-25-000575 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.0B $1.0B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 10 stocks · $1.0B
TSAT Telesat Corp. 46.81% 18,035,092 $477.9M No change
LION Lionsgate Studios Corp. 25.44% 37,648,498 $259.8M No change
HAFN Hafnia Ltd. 10.08% 17,186,714 $102.9M Add +23.9%
IOVA Iovance Biotherapeutics Inc. 6.16% 28,967,103 $62.9M No change
APO Apollo Global Management Inc. 5.21% 399,505 $53.2M Reduce -15.9%
STRZ Starz Entertainment Corp. 4.13% 2,863,232 $42.2M No change
PAX Patria Investments Ltd. Class A 1.14% 800,000 $11.7M Add +27.4%
GFF Griffon Corp. 0.93% 125,000 $9.5M New
DVAX Dynavax Technologies Corp. 0.04% 44,499 $442K No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.04% 167,800 $404K No change

Portfolio Sells Q2 2025 → Q3 2025
APO Apollo Global Management Inc. Reduce -15.9% 5.21% −2.26

Portfolio Buys Q2 2025 → Q3 2025
HAFN Hafnia Ltd. Add +23.9% 10.08% +2.41
GFF Griffon Corp. New 0.93% +0.93
PAX Patria Investments Ltd. Class A Add +27.4% 1.14% +0.16

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