MHR FUND MANAGEMENT LLC
Long book
$1.37B
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+32.7%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsMHR FUND MANAGEMENT LLC is a concentrated fundamental stock-picker, running a $1.37B US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: TELESAT CORP, LIONSGATE STUDIOS CORP, HAFNIA LTD, IOVANCE BIOTHERAPEUTICS INC, APOLLO GLOBAL MANAGEMENT INC.
Over the last 9 quarters its long book ran on average 3.8pp per quarter ahead of the S&P 500, beating the index in 7 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
-27.3%
Q2 2024
+23.3%
Q3 2024
+3.6%
Q4 2024
-13.2%
Q1 2025
+14.1%
Q2 2025
+11.0%
Q3 2025
+13.2%
Q4 2025
+17.2%
Q1 2026
+32.7%
Sector allocation
Communications 48%
Services media 29%
Industrials 12%
Healthcare 7%
Financials 4%
Long book by quarter
What does MHR FUND own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TSAT TELESAT CORP | Communications | 18.0M | $652.9M | 47.7% | Held |
| LION LIONSGATE STUDIOS CORP | Services media | 37.6M | $361.0M | 26.4% | Held |
| HAFN HAFNIA LTD | Industrials | 18.5M | $140.6M | 10.3% | Held |
| IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 29.0M | $101.7M | 7.4% | Held |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 399.5K | $44.5M | 3.3% | Held |
| STRZ STARZ ENTERTAINMENT CORP | Services media | 2.9M | $32.9M | 2.4% | Held |
| GFF GRIFFON CORP | Industrials | 239.4K | $17.4M | 1.3% | +91.5% |
| PAX PATRIA INVESTMENTS LTD-A | Financials | 900.0K | $11.3M | 0.8% | +12.5% |
| WULF TERAWULF INC | Financials | 300.0K | $4.3M | 0.3% | New |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 1.1M | $1.4M | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $1.37B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $1.16B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $1.02B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 9 | $901.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 9 | $832.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 9 | $904.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 9 | $917.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 9 | $820.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 10 | $1.03B | canonical | SEC ↗ |
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