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MFN Partners Portfolio holdings

AUM $4.77B
1-Year Est. Return 72.29%
This Fund
S&P 500
This Quarter Est. Return
+15.64%
1 Year Est. Return
+72.29%
3 Year Est. Return
+200.41%
5 Year Est. Return
+244.77%
10 Year Est. Return
–
AUM
$485M
AUM Growth
-$184M
Cap. Flow
-$225M
Cap. Flow %
-46.33%
Top 10 Hldgs %
99.7%
Holding
14
New
–
Increased
4
Reduced
–
Closed
3

Top Buys

Rank Stock Value
1
LBTYK icon
Liberty Global Class C
LBTYK
+$22.5M
2
PCG icon
PG&E
PCG
+$6.46M
3
ACRS icon
Aclaris Therapeutics
ACRS
+$4.14M
4
GTT
GTT Communications, Inc.
GTT
+$1.41M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$236M
2
FG
FGL Holdings Ordinary Shares
FG
+$23.1M
3
RVNC
Revance Therapeutics, Inc.
RVNC
+$598K

Sector Composition

Rank Sector Weight
1 Communication Services 38.75%
2 Energy 21.43%
3 Healthcare 20.35%
4 Industrials 11.5%
5 Utilities 7.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOXA icon
1
Fox Class A
FOXA
$24.8B
$87.8M 18.1%
2,369,331
– –
LBTYK icon
2
Liberty Global Class C
LBTYK
$3.5B
$87.2M 17.97%
4,000,040
+1,000,040
+33% +$22.5M
IRWD icon
3
Ironwood Pharmaceuticals
IRWD
$586M
$85.7M 17.66%
6,439,541
– –
LNG icon
4
Cheniere Energy
LNG
$54.2B
$64.1M 13.21%
1,050,000
– –
XPO icon
5
XPO
XPO
$23.4B
$55.8M 11.5%
2,023,976
– –
PXD
6
DELISTED
Pioneer Natural Resource Co.
PXD
$39.9M 8.22%
263,500
– –
PCG icon
7
PG&E
PCG
$39B
$38.6M 7.96%
3,554,299
+754,299
+27% +$6.46M
GTT
8
DELISTED
GTT Communications, Inc.
GTT
$13M 2.69%
1,149,596
+168,453
+17% +$1.41M
ACRS icon
9
Aclaris Therapeutics
ACRS
$715M
$7.56M 1.56%
4,000,000
+2,500,000
+167% +$4.14M
CYCN icon
10
Cyclerion Therapeutics
CYCN
$15.2M
$4.05M 0.83%
74,394
– –
EOLS icon
11
Evolus
EOLS
$397M
$1.46M 0.3%
120,000
– –
RVNC
12
DELISTED
Revance Therapeutics, Inc.
RVNC
– –
-46,000
Closed -$598K
FG
13
DELISTED
FGL Holdings Ordinary Shares
FG
– –
-2,896,186
Closed -$23.1M
AGN
14
DELISTED
Allergan plc
AGN
– –
-1,400,101
Closed -$236M

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MF
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CA
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RC
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GAM
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Twin Tree Management
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JCM
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SAMU
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MFN Partners's Q4 2019 Portfolio in Review

As of Q4 2019, MFN Partners held 14 positions worth $485M, down 27% from $669M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

MFN Partners withdrew a net $225M in Q4 2019, closing 3 positions. Its most notable exit was Allergan plc, an estimated $236M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 39% of assets, up from 23% a quarter earlier, followed by Energy and Healthcare.

Against the trend, MFN Partners added an estimated $22.5M to Liberty Global Class C.

  • MFN Partners added most to Liberty Global Class C in Q4 2019, an estimated $22.5M increase.
  • MFN Partners fully exited Allergan plc in Q4 2019, selling an estimated $236M.
  • MFN Partners's ten largest holdings make up 100% of its $485M portfolio in Q4 2019.
  • MFN Partners opened 0 new positions and closed 3 in Q4 2019.
  • MFN Partners's portfolio value fell 27% quarter-over-quarter to $485M.

Based on MFN Partners's 13F filing for Q4 2019, filed 13 Feb 2020.