MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2024-08-12

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)

$2.9bn reported value -16.3% vs Q1 2024

10positions

100.0%in top 10

1 new 1 added 2 reduced 1 sold out vs Q1 2024

Holdings, Q2 2024

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	11,425,369	$1.2bn41.12%	41.12%	Reduced -1.2m	-1,250,000 -9.9%
2	RXO INC COMMON STOCK RXO	RXO	17,310,856	$452.7m15.35%	15.35%	Added +1.7m	+1,722,301 11.1%
3	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$428.7m14.54%	14.54%	Unchanged
4	HCA HEALTHCARE INC COM HCA	HCA	973,898	$312.9m10.61%	10.61%	Unchanged
5	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$234.2m7.94%	7.94%	Unchanged
6	LITHIA MTRS INC COM LAD	LAD	890,000	$224.7m7.62%	7.62%	Reduced -661.1k	-661,077 -42.6%
7	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$41.8m1.42%	1.42%	Unchanged
8	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$23.9m0.81%	0.81%	Unchanged
9	FORWARD AIR CORP COM FWRD	FWRD	903,777	$17.2m0.58%	0.58%	New
10	CYCLERION THERAPEUTICS INC COM COM		169,460	$386.4k0.01%	0.01%	Unchanged

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
LIBERTY GLOBAL LTD LBTYK	LBTYK	5,499,107	$97.0m5.5m shares

Trades reported as a company insider in Q2 2024

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
2024-05-15	XPO INC 10% owner	XPO	Sold	1,250,000	$141.2m1.2m shares	-10%
2024-05-09	RXO INC 10% owner	RXO	Bought	61	$1.2k61 shares	+<1%
2024-05-06	RXO INC 10% owner	RXO	Bought	361	$7.4k361 shares	+<1%
2024-05-03	RXO INC 10% owner	RXO	Bought	30,000	$609.9k30.0k shares	+<1%
2024-05-02	RXO INC 10% owner	RXO	Bought	105,065	$2.1m105.1k shares	+1%
2024-04-25	RXO INC 10% owner	RXO	Bought	100,000	$2.0m100.0k shares	+1%
2024-04-24	RXO INC 10% owner	RXO	Bought	100,000	$1.9m100.0k shares	+1%
2024-04-23	RXO INC 10% owner	RXO	Bought	88,551	$1.8m88.6k shares	+0%
2024-04-22	RXO INC 10% owner	RXO	Bought	11,449	$223.0k11.4k shares	+<1%
2024-04-19	RXO INC 10% owner	RXO	Bought	200,000	$3.9m200.0k shares	+1%
2024-04-18	RXO INC 10% owner	RXO	Bought	870,000	$17.0m870.0k shares	+6%
2024-04-17	RXO INC 10% owner	RXO	Bought	175,690	$3.4m175.7k shares	+1%
2024-04-16	RXO INC 10% owner	RXO	Bought	35,985	$727.6k36.0k shares	+<1%
2024-04-12	RXO INC 10% owner	RXO	Bought	5,139	$104.8k5.1k shares	+<1%