MFN Partners Management, LP

CIK

1732811

Location

BOSTON, MA

Portfolio Value

Mid $4,530,347,704

Diversification

Highly concentrated

Filing Date

Global Rank

#563 / 8,232 ▲ 57

Top Industry

Trucking 58.1%

3Y Alpha vs SPY

+10.5%

Period ended 2 months ago

Filed May 14, 2026 · 31d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+124.4%

SPY

+76.3%

Annualised alpha

+10.1%

Max drawdown

−32.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

8 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

49.1%

+15.5 pts

Top 5

98.1%

+7.0 pts

Top 10

100.0%

0.0 pts

HHI

3,115

Highly concentrated+965

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	68.2%	$3,089,256,367	3
Utilities	21.1%	$957,690,000	1
Financial Services	9.3%	$420,822,620	2
Healthcare	0.7%	$32,400,000	1
Basic Materials	0.7%	$30,178,717	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
RXO	RXO, Inc.	+532,276	28,109,942	$410,967,352
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
QXO	QXO, Inc.	−6,822,976	23,454,350	$455,483,477
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
CNX	CNX Resources Corp	8,350,000	$307,029,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

8 positions · $4,530,347,704 total · as of Mar 31, 2026

All sectors Basic Materials Financial Services Healthcare Industrials Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
XPO	XPO, Inc. Industrials	Held	11,425,369	0	$2,222,805,538	+43.1%	49.06%
TLN	Talen Energy Corp Utilities	Held	3,000,000	0	$957,690,000	−14.8%	21.14%
QXO	QXO, Inc. Industrials	Reduced	23,454,350	-6,822,976	$455,483,477	−22.0%	10.05%
RXO	RXO, Inc. Industrials	Added	28,109,942	+532,276	$410,967,352	+17.9%	9.07%
PFSI	PennyMac Financial Services, Inc. Financial Services	Held	4,531,792	0	$396,078,620	−33.7%	8.74%
BHC	Bausch Health Companies Inc. Healthcare	Held	6,000,000	0	$32,400,000	−22.3%	0.72%
IE	Ivanhoe Electric Inc. Basic Materials	Held	2,553,191	0	$30,178,717	−26.0%	0.67%
KRSP	Rice Acquisition Corp 3 Financial Services	Held	2,400,000	0	$24,744,000	+0.6%	0.55%