MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2026-05-14

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)

$4.8bn reported value +0.9% vs Q4 2025

10positions

100.0%in top 10

0 new 1 added 1 reduced 1 sold out vs Q4 2025

Holdings, Q1 2026

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	$2.2bn46.55%	46.55%	Unchanged
2	TALEN ENERGY CORP COM TLN	TLN	3,000,000	$957.7m20.06%	20.06%	Unchanged
3	QXO INC COM NEW QXO	QXO	23,454,350	$455.5m9.54%	9.54%	Reduced -6.8m	-6,822,976 -22.5%
4	RXO INC COMMON STOCK RXO	RXO	28,109,942	$411.0m8.61%	8.61%	Added +532.3k	+532,276 1.9%
5	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$396.1m8.30%	8.30%	Unchanged
6	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$244.1m5.11%	5.11%	Unchanged
7	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$32.4m0.68%	0.68%	Unchanged
8	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$30.2m0.63%	0.63%	Unchanged
9	RICE ACQUISITION CORP 3 ORD SHS CL A KRSP	KRSP	2,400,000	$24.7m0.52%	0.52%	Unchanged
10	RICE ACQUISITION CORP 3 *W EXP 99/99/999 KRSP.WS	KRSP.WS	400,000	$320.0k0.01%	0.01%	Unchanged

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
CNX RES CORP CNX	CNX	8,350,000	$307.0m8.3m shares

Trades reported as a company insider in Q1 2026

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
2026-02-12	RXO INC 10% owner	RXO	Bought	532,276	$6.4m532.3k shares	+2%