MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2025-05-13

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)

$4.3bn reported value -16.2% vs Q4 2024

10positions

100.0%in top 10

0 new 0 added 1 reduced 1 sold out vs Q4 2024

Holdings, Q1 2025

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	$1.2bn28.89%	28.89%	Unchanged
2	QXO INC COM NEW QXO	QXO	46,908,701	$635.1m14.93%	14.93%	Unchanged
3	TALEN ENERGY CORP COM TLN	TLN	3,000,000	$599.0m14.08%	14.08%	Unchanged
4	RXO INC COMMON STOCK RXO	RXO	27,577,666	$526.7m12.38%	12.38%	Unchanged
5	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$453.7m10.66%	10.66%	Unchanged
6	HCA HEALTHCARE INC COM HCA	HCA	973,898	$336.5m7.91%	7.91%	Unchanged
7	CNX RES CORP COM CNX	CNX	8,350,000	$262.9m6.18%	6.18%	Reduced -6.7m	-6,650,000 -44.3%
8	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$157.5m3.70%	3.70%	Unchanged
9	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$38.8m0.91%	0.91%	Unchanged
10	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$14.8m0.35%	0.35%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
FORWARD AIR CORP FWRD	FWRD	1,289,358	$41.6m1.3m shares

Trades reported as a company insider in Q1 2025

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
2025-01-06	CNX RES CORP 10% owner	CNX	Sold	1,075,000	$33.4m1.1m shares	-7%