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MFN Partners Portfolio holdings

AUM $4.83B
1-Year Est. Return 65.74%
This Fund
S&P 500
This Quarter Est. Return
+21.68%
1 Year Est. Return
+65.74%
3 Year Est. Return
+171.93%
5 Year Est. Return
+273.92%
10 Year Est. Return
–
AUM
$4.77B
AUM Growth
+$43.3M
Cap. Flow
-$455M
Cap. Flow %
-9.54%
Top 10 Hldgs %
100%
Holding
11
New
–
Increased
1
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
RXO icon
RXO
RXO
+$7.81M

Top Sells

Rank Stock Value
1
CNX icon
CNX Resources
CNX
+$307M
2
QXO
QXO Inc
QXO
+$156M

Sector Composition

Rank Sector Weight
1 Industrials 64.7%
2 Utilities 20.06%
3 Financials 8.81%
4 Healthcare 0.68%
5 Materials 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XPO icon
1
XPO
XPO
$24.7B
$2.22B 46.55%
11,425,369
– –
TLN
2
Talen Energy Corp
TLN
$17.5B
$958M 20.06%
3,000,000
– –
QXO
3
QXO Inc
QXO
$16.1B
$455M 9.54%
23,454,350
-6,822,976
-23% -$156M
RXO icon
4
RXO
RXO
$3.85B
$411M 8.61%
28,109,942
+532,276
+2% +$7.81M
PFSI icon
5
PennyMac Financial
PFSI
$4B
$396M 8.3%
4,531,792
– –
OXY.WS icon
6
Occidental Petroleum Corp Warrants
OXY.WS
$33.7B
$244M 5.11%
5,690,600
– –
BHC icon
7
Bausch Health
BHC
$2.32B
$32.4M 0.68%
6,000,000
– –
IE icon
8
Ivanhoe Electric
IE
$1.7B
$30.2M 0.63%
2,553,191
– –
KRSP
9
Rice Acquisition Corporation 3
KRSP
$481M
$24.7M 0.52%
2,400,000
– –
KRSP.WS
10
Rice Acquisition Corp Warrants
KRSP.WS
$320K 0.01%
400,000
– –
CNX icon
11
CNX Resources
CNX
$5.29B
– –
-8,350,000
Closed -$307M

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MFN Partners's Q1 2026 Portfolio in Review

As of Q1 2026, MFN Partners held 11 positions worth $4.77B, up 0.91% from $4.73B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

MFN Partners withdrew a net $455M in Q1 2026, closing 1 position and reducing 1 holding. Its most notable exit was CNX Resources, an estimated $307M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 65% of assets, up from 53% a quarter earlier, followed by Utilities and Financials.

Against the trend, MFN Partners added an estimated $7.81M to RXO.

  • MFN Partners added most to RXO in Q1 2026, an estimated $7.81M increase.
  • MFN Partners's biggest Q1 2026 reduction was QXO Inc, cutting an estimated $156M.
  • MFN Partners fully exited CNX Resources in Q1 2026, selling an estimated $307M.
  • MFN Partners's ten largest holdings make up 100% of its $4.77B portfolio in Q1 2026.
  • MFN Partners opened 0 new positions and closed 1 in Q1 2026.
  • MFN Partners's portfolio value rose 0.91% quarter-over-quarter to $4.77B.

Based on MFN Partners's 13F filing for Q1 2026, filed 14 May 2026.