MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2023-05-12

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$12.4bn
Staff17 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $12.4bn gross assets
Form ADV · 2026-03-25SEC adviser record

Legal entityMFN PARTNERS MANAGEMENT, LP (US)

Kindhedge funds, futures
Others nearbyBoston, MA

As an employer

Offices in1 country
Private fundshedge 1

US visa salary filings

Filings FY20241
Median salary offered$105,000
Middle half$105,000 – $105,000
Job titles1

Job title	Filings	Median	Range
Quantitative AnalystBoston, MA	1	$105,000	$105,000 – $165,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: MFN PARTNERS MANAGEMENT, LP.

$2.2bn reported value -51.0% vs Q4 2022

15positions

96.7%in top 10

0 new 1 added 14 reduced 1 sold out vs Q4 2022

Holdings, Q1 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	XPO INC COM XPO	XPO	12,675,369	$404.3m18.28%	18.28%	Reduced -12.7m	-12,675,369 -50.0%
2	LITHIA MTRS INC COM LAD	LAD	1,551,077	$355.1m16.05%	16.05%	Reduced -1.6m	-1,551,077 -50.0%
3	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$270.1m12.21%	12.21%	Reduced -4.5m	-4,531,792 -50.0%
4	RXO INC COMMON STOCK RXO	RXO	12,675,369	$248.9m11.25%	11.25%	Reduced -12.7m	-12,675,369 -50.0%
5	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$233.3m10.55%	10.55%	Reduced -5.7m	-5,690,600 -50.0%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,019,183	$209.4m9.47%	9.47%	Reduced -2.0m	-2,019,183 -50.0%
7	HCA HEALTHCARE INC COM HCA	HCA	769,198	$202.8m9.17%	9.17%	Reduced -769.2k	-769,198 -50.0%
8	LIBERTY GLOBAL PLC SHS CL C LBTYK	LBTYK	6,706,460	$136.7m6.18%	6.18%	Reduced -6.7m	-6,706,460 -50.0%
9	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$48.6m2.20%	2.20%	Reduced -6.0m	-6,000,000 -50.0%
10	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$31.0m1.40%	1.40%	Reduced -2.6m	-2,553,191 -50.0%
11	COINBASE GLOBAL INC NOTE 0.500% 6/0 · principal COIN 0.5 06.01.26 · principal	COIN 0.5 06.01.26	43,000,000	$27.7m1.25%	1.25%	Added +7.5m	+7,500,000 21.1%
12	PAR TECHNOLOGY CORP COM PAR	PAR	600,000	$20.4m0.92%	0.92%	Reduced -1.9m	-1,925,914 -76.2%
13	CONSTELLATION ENERGY CORP COM CEG	CEG	225,000	$17.7m0.80%	0.80%	Reduced -3.5m	-3,488,400 -93.9%
14	WARBY PARKER INC CL A COM WRBY	WRBY	462,679	$4.9m0.22%	0.22%	Reduced -1.4m	-1,445,305 -75.8%
15	CYCLERION THERAPEUTICS INC COM COM		3,389,215	$1.5m0.07%	0.07%	Reduced -3.4m	-3,389,215 -50.0%

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
STONECO LTD STNE	STNE	6,000,000	$56.6m6.0m shares