MFN Partners Management, LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
MFN Partners Management, LP disclosed 11 US equity positions worth $4.7bn in its Q4 2025 13F filing. The largest position was XPO at 32.8% of the reported book, followed by TLN and PFSI. Against the Q3 2025 filing, it opened 2 new positions, added to 0 and reduced 1 among the top 11 holdings.
What did MFN Partners Management, LP own in Q4 2025? Top 11 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | XPO XPO INC | Industrials | 32.8% | $1.6bn | 11,425,369 | 0% | held |
| 2 | TLN TALEN ENERGY CORP | Utilities | 23.8% | $1.1bn | 3,000,000 | 0% | held |
| 3 | PFSI PENNYMAC FINL SVCS INC NEW | Financial Services | 12.6% | $597.5m | 4,531,792 | 0% | held |
| 4 | QXO QXO INC | Industrials | 12.3% | $584.0m | 30,277,326 | -21% | reduced |
| 5 | RXO RXO INC | Industrials | 7.4% | $348.6m | 27,577,666 | 0% | held |
| 6 | CNX CNX RES CORP | Energy | 6.5% | $307.0m | 8,350,000 | 0% | held |
| 7 | OCCIDENTAL PETE CORP | 2.3% | $109.6m | 5,690,600 | 0% | held | |
| 8 | BHC BAUSCH HEALTH COS INC | Healthcare | 0.9% | $41.7m | 6,000,000 | 0% | held |
| 9 | IE IVANHOE ELECTRIC INC | 0.9% | $40.8m | 2,553,191 | 0% | held | |
| 10 | RICE ACQUISITION CORP 3 | 0.5% | $24.6m | 2,400,000 | – | new | |
| 11 | RICE ACQUISITION CORP 3 | 0.0% | $320.0k | 400,000 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.