MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2025-11-13

SEC-registered investment adviser since 2018 · limited partnership

$5.0bn reported value +6.0% vs Q2 2025

9positions

100.0%in top 10

0 new 0 added 1 reduced 0 sold out vs Q2 2025

Holdings, Q3 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	$1.5bn29.83%	29.83%	Unchanged
2	TALEN ENERGY CORP COM TLN	TLN	3,000,000	$1.3bn25.77%	25.77%	Unchanged
3	QXO INC COM NEW QXO	QXO	38,250,850	$729.1m14.72%	14.72%	Reduced -8.7m	-8,657,851 -18.5%
4	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$561.4m11.34%	11.34%	Unchanged
5	RXO INC COMMON STOCK RXO	RXO	27,577,666	$424.1m8.57%	8.57%	Unchanged
6	CNX RES CORP COM CNX	CNX	8,350,000	$268.2m5.42%	5.42%	Unchanged
7	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$145.1m2.93%	2.93%	Unchanged
8	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$38.7m0.78%	0.78%	Unchanged
9	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$32.0m0.65%	0.65%	Unchanged