MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2024-02-13

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)

$3.1bn reported value +4.3% vs Q3 2023

12positions

99.8%in top 10

1 new 2 added 1 reduced 2 sold out vs Q3 2023

Holdings, Q4 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	$1.1bn35.72%	35.72%	Unchanged
2	LITHIA MTRS INC COM LAD	LAD	1,551,077	$510.7m16.43%	16.43%	Unchanged
3	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$400.5m12.89%	12.89%	Unchanged
4	RXO INC COMMON STOCK RXO	RXO	13,008,225	$302.6m9.74%	9.74%	Added +332.9k	+332,856 2.6%
5	HCA HEALTHCARE INC COM HCA	HCA	973,898	$263.6m8.48%	8.48%	Added +204.7k	+204,700 26.6%
6	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$221.5m7.13%	7.13%	Unchanged
7	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	6,706,460	$125.0m4.02%	4.02%	New
8	FIRST CTZNS BANCSHARES INC N CL A FCNCA	FCNCA	65,294	$92.7m2.98%	2.98%	Reduced -132.3k	-132,329 -67.0%
9	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$48.1m1.55%	1.55%	Unchanged
10	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$25.7m0.83%	0.83%	Unchanged
11	WARBY PARKER INC CL A COM WRBY	WRBY	462,679	$6.5m0.21%	0.21%	Unchanged
12	CYCLERION THERAPEUTICS INC COM COM		169,460	$567.7k0.02%	0.02%	Unchanged

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
LIBERTY GLOBAL PLC LBTYK	LBTYK	6,706,460	$124.5m6.7m shares
COINBASE GLOBAL INC COIN 0.5 06.01.26	COIN 0.5 06.01.26	136,953,000	$103.5m137.0m shares

Trades reported as a company insider in Q4 2023

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2023-11-21	RXO INC 10% owner	RXO	Bought	23,223	$462.8k23.2k shares	+<1%
2023-11-20	RXO INC 10% owner	RXO	Bought	43,678	$862.2k43.7k shares	+<1%
2023-11-17	RXO INC 10% owner	RXO	Bought	26,648	$528.7k26.6k shares	+<1%
2023-11-16	RXO INC 10% owner	RXO	Bought	69,307	$1.4m69.3k shares	+0%
2023-11-15	RXO INC 10% owner	RXO	Bought	100,000	$2.0m100.0k shares	+1%
2023-11-14	RXO INC 10% owner	RXO	Bought	39,478	$772.2k39.5k shares	+<1%
2023-11-13	RXO INC 10% owner	RXO	Bought	30,522	$554.0k30.5k shares	+<1%