MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2025-08-08

SEC-registered investment adviser since 2018 · limited partnership

$4.7bn reported value +9.8% vs Q1 2025

9positions

100.0%in top 10

0 new 0 added 0 reduced 1 sold out vs Q1 2025

Holdings, Q2 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
1	XPO INC COM XPO	XPO	11,425,369	$1.4bn30.88%	30.88%	Unchanged
2	QXO INC COM NEW QXO	QXO	46,908,701	$1.0bn21.62%	21.62%	Unchanged
3	TALEN ENERGY CORP COM TLN	TLN	3,000,000	$872.3m18.67%	18.67%	Unchanged
4	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$451.5m9.66%	9.66%	Unchanged
5	RXO INC COMMON STOCK RXO	RXO	27,577,666	$433.5m9.28%	9.28%	Unchanged
6	CNX RES CORP COM CNX	CNX	8,350,000	$281.2m6.02%	6.02%	Unchanged
7	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$117.9m2.52%	2.52%	Unchanged
8	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$40.0m0.86%	0.86%	Unchanged
9	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$23.2m0.50%	0.50%	Unchanged

Security	Ticker	Shares held before	Value then
HCA HEALTHCARE INC HCA	HCA	973,898	$336.5m973.9k shares