MFN Partners Management, LP
Long book
$4.77B
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+11.2%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsMFN Partners Management, LP is a concentrated fundamental stock-picker, running a $4.77B US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: XPO INC, TALEN ENERGY CORP, QXO INC, RXO INC, PENNYMAC FINANCIAL SERVICES.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.9%
Q2 2024
+11.0%
Q3 2024
+2.7%
Q4 2024
-11.9%
Q1 2025
+20.3%
Q2 2025
+9.2%
Q3 2025
-1.1%
Q4 2025
+7.7%
Q1 2026
+11.2%
Sector allocation
Industrials 58%
Utilities 21%
Consumer discretionary 10%
Financials 9%
Healthcare 1%
Materials 1%
Long book by quarter
What does MFN Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| XPO XPO INC | Industrials | 11.4M | $2.22B | 46.6% | Held |
| TLN TALEN ENERGY CORP | Utilities | 3.0M | $957.7M | 20.1% | Held |
| QXO QXO INC | Consumer discretionary | 23.5M | $455.5M | 9.5% | -22.5% |
| RXO RXO INC | Industrials | 28.1M | $411.0M | 8.6% | +1.9% |
| PFSI PENNYMAC FINANCIAL SERVICES | Financials | 4.5M | $396.1M | 8.3% | Held |
| BHC BAUSCH HEALTH COS INC | Healthcare | 6.0M | $32.4M | 0.7% | Held |
| IE IVANHOE ELECTRIC INC / US | Materials | 2.6M | $30.2M | 0.6% | Held |
| KRSP RICE ACQUISITION CORP 3-A | Financials | 2.4M | $24.7M | 0.5% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 10 | $4.77B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ANEW HOLDINGS | May 1, 2026 | 2 | $24.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 9 | $4.71B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 9 | $4.95B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 9 | $4.67B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 10 | $4.25B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 11 | $5.08B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 12 | $5.07B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 10 | $2.95B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 10 | $3.52B | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP