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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
-10.13%
1 Year Est. Return
+72.29%
3 Year Est. Return
+200.41%
5 Year Est. Return
+244.77%
10 Year Est. Return
–
AUM
$4.25B
AUM Growth
-$823M
Cap. Flow
-$242M
Cap. Flow %
-5.69%
Top 10 Hldgs %
100%
Holding
11
New
–
Increased
–
Reduced
1
Closed
1

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
CNX icon
CNX Resources
CNX
+$200M
2
FWRD icon
Forward Air
FWRD
+$41.6M

Sector Composition

Rank Sector Weight
1 Industrials 56.2%
2 Utilities 14.08%
3 Financials 10.66%
4 Healthcare 8.82%
5 Energy 6.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XPO icon
1
XPO
XPO
$23.4B
$1.23B 28.89%
11,425,369
– –
QXO
2
QXO Inc
QXO
$13.9B
$635M 14.93%
46,908,701
– –
TLN
3
Talen Energy Corp
TLN
$15.1B
$599M 14.08%
3,000,000
– –
RXO icon
4
RXO
RXO
$3.68B
$527M 12.38%
27,577,666
– –
PFSI icon
5
PennyMac Financial
PFSI
$4.47B
$454M 10.66%
4,531,792
– –
HCA icon
6
HCA Healthcare
HCA
$90.6B
$337M 7.91%
973,898
– –
CNX icon
7
CNX Resources
CNX
$4.91B
$263M 6.18%
8,350,000
-6,650,000
-44% -$200M
OXY.WS icon
8
Occidental Petroleum Corp Warrants
OXY.WS
$32.1B
$157M 3.7%
5,690,600
– –
BHC icon
9
Bausch Health
BHC
$1.75B
$38.8M 0.91%
6,000,000
– –
IE icon
10
Ivanhoe Electric
IE
$1.38B
$14.8M 0.35%
2,553,191
– –
FWRD icon
11
Forward Air
FWRD
$461M
– –
-1,289,358
Closed -$41.6M

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GAM
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MFN Partners's Q1 2025 Portfolio in Review

As of Q1 2025, MFN Partners held 11 positions worth $4.25B, down 16% from $5.08B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

MFN Partners withdrew a net $242M in Q1 2025, closing 1 position and reducing 1 holding. Its most notable exit was Forward Air, an estimated $41.6M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 56% of assets, down from 58% a quarter earlier, followed by Utilities and Financials.

  • MFN Partners's biggest Q1 2025 reduction was CNX Resources, cutting an estimated $200M.
  • MFN Partners fully exited Forward Air in Q1 2025, selling an estimated $41.6M.
  • MFN Partners's ten largest holdings make up 100% of its $4.25B portfolio in Q1 2025.
  • MFN Partners opened 0 new positions and closed 1 in Q1 2025.
  • MFN Partners's portfolio value fell 16% quarter-over-quarter to $4.25B.

Based on MFN Partners's 13F filing for Q1 2025, filed 13 May 2025.