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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
+14.16%
1 Year Est. Return
+72.29%
3 Year Est. Return
+200.41%
5 Year Est. Return
+244.77%
10 Year Est. Return
–
AUM
$4.95B
AUM Growth
+$279M
Cap. Flow
-$179M
Cap. Flow %
-3.62%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
–
Reduced
1
Closed
–

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
QXO
QXO Inc
QXO
+$179M

Sector Composition

Rank Sector Weight
1 Industrials 53.12%
2 Utilities 25.77%
3 Financials 11.34%
4 Energy 5.42%
5 Healthcare 0.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XPO icon
1
XPO
XPO
$25B
$1.48B 29.83%
11,425,369
– –
TLN
2
Talen Energy Corp
TLN
$17.2B
$1.28B 25.77%
3,000,000
– –
QXO
3
QXO Inc
QXO
$14.2B
$729M 14.72%
38,250,850
-8,657,851
-18% -$179M
PFSI icon
4
PennyMac Financial
PFSI
$4.38B
$561M 11.34%
4,531,792
– –
RXO icon
5
RXO
RXO
$4.23B
$424M 8.57%
27,577,666
– –
CNX icon
6
CNX Resources
CNX
$4.85B
$268M 5.42%
8,350,000
– –
OXY.WS icon
7
Occidental Petroleum Corp Warrants
OXY.WS
$33.2B
$145M 2.93%
5,690,600
– –
BHC icon
8
Bausch Health
BHC
$1.65B
$38.7M 0.78%
6,000,000
– –
IE icon
9
Ivanhoe Electric
IE
$1.43B
$32M 0.65%
2,553,191
– –

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MFN Partners's Q3 2025 Portfolio in Review

As of Q3 2025, MFN Partners held 9 positions worth $4.95B, up 6% from $4.67B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

MFN Partners withdrew a net $179M in Q3 2025, reducing 1 holding. Its largest reduction was QXO Inc, cutting an estimated $179M.

By sector, the portfolio is most concentrated in Industrials at 53% of assets, down from 62% a quarter earlier, followed by Utilities and Financials.

  • MFN Partners's biggest Q3 2025 reduction was QXO Inc, cutting an estimated $179M.
  • MFN Partners's ten largest holdings make up 100% of its $4.95B portfolio in Q3 2025.
  • MFN Partners opened 0 new positions and closed 0 in Q3 2025.
  • MFN Partners's portfolio value rose 6% quarter-over-quarter to $4.95B.

Based on MFN Partners's 13F filing for Q3 2025, filed 13 Nov 2025.