MFN Partners Management, LP
CIK
1732811
Location
BOSTON, MA
Portfolio Value
Mid
$4,530,347,704
Diversification
Highly concentrated
Filing Date
Global Rank
#718
/ 8,621
▲ 17
· as of Mar 2026
Top Industry
Trucking
58.1%
3Y Alpha vs SPY
+5.8%
Period ended 4 months ago
Filed May 14, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+75.9%
SPY
+67.9%
Annualised alpha
+1.9%
Max drawdown
−32.8%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
8 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top 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 |
|---|---|---|
| Industrials | 68.2% | $3,089,256,367 |
| Utilities | 21.1% | $957,690,000 |
| Financial Services | 9.3% | $420,822,620 |
| Healthcare | 0.7% | $32,400,000 |
| Basic Materials | 0.7% | $30,178,717 |
Last Quarter's Activity
Export CSVAdded 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 quarterNo 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. | ||||
8 positions ·
$4,530,347,704 total
· as of Mar 31, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| XPO |
XPO, Inc.
Industrials
|
Held | 11,425,369 | $2,222,805,538 | 49.06% | |
| TLN |
Talen Energy Corp
Utilities
|
Held | 3,000,000 | $957,690,000 | 21.14% | |
| QXO |
QXO, Inc.
Industrials
|
Reduced | 23,454,350 | $455,483,477 | 10.05% | |
| RXO |
RXO, Inc.
Industrials
|
Added | 28,109,942 | $410,967,352 | 9.07% | |
| PFSI |
PennyMac Financial Services, Inc.
Financial Services
|
Held | 4,531,792 | $396,078,620 | 8.74% | |
| BHC |
Bausch Health Companies Inc.
Healthcare
|
Held | 6,000,000 | $32,400,000 | 0.72% | |
| IE |
Ivanhoe Electric Inc.
Basic Materials
|
Held | 2,553,191 | $30,178,717 | 0.67% | |
| KRSP |
Rice Acquisition Corp 3
Financial Services
|
Held | 2,400,000 | $24,744,000 | 0.55% |