1y return+31.8%S&P 500 +20.9%
3y return+95.1%S&P 500 +68.5%
5y return+105.0%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2018: $285 against $299 in the S&P 500.2
MFN Partners Management, LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| XPOXpo Inc | $2.0B | 41.9% | −13.6% |
| TLNTalen Energy Corp | $1.2B | 23.8% | |
| RXORxo Inc | $775.6M | 16.0% | |
| QXOQxo Inc | $405.3M | 8.4% | |
| PFSIPennymac Finl Svcs Inc New | $394.7M | 8.2% | |
| BHCBausch Health Cos Inc | $29.6M | 0.6% | |
| Rice Acquisition Corp 3CUSIP G7553X106 | $25.2M | 0.5% | |
| IEIvanhoe Electric Inc | $24.5M | 0.5% | |
| Rice Acquisition Corp 3CUSIP G7553X114 | $396K | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| XPOXpo Inc | June 30, 2020 | +165.7% | $2.0B |
| TLNTalen Energy Corp | September 30, 2024 | +115.6% | $1.2B |
| RXORxo Inc | December 31, 2022 | +60.4% | $775.6M |
| PFSIPennymac Finl Svcs Inc New | March 31, 2021 | +30.3% | $394.7M |
| Rice Acquisition Corp 3CUSIP G7553X114 | December 31, 2025 | +23.7% | $396K |
| IEIvanhoe Electric Inc | June 30, 2022 | +10.5% | $24.5M |
| QXOQxo Inc | September 30, 2024 | +9.6% | $405.3M |
| Rice Acquisition Corp 3CUSIP G7553X106 | December 31, 2025 | +2.4% | $25.2M |
| BHCBausch Health Cos Inc | September 30, 2022 | −28.5% | $29.6M |
Sold off last quarter
- OXY/WSOccidental Pete Corp was $244.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.1% | +14.8% |
| March 31, 2026 | +10.4% | −4.6% |
| December 31, 2025 | −1.8% | +2.4% |
| September 30, 2025 | +9.5% | +7.8% |
| June 30, 2025 | +18.6% | +10.5% |
| March 31, 2025 | −11.6% | −4.6% |
| December 31, 2024 | +2.3% | +2.1% |
| September 30, 2024 | +7.8% | +5.4% |
| June 30, 2024 | −6.8% | +4.0% |
| March 31, 2024 | +15.9% | +10.0% |
| December 31, 2023 | +12.2% | +11.2% |
| September 30, 2023 | +5.6% | −3.6% |
| June 30, 2023 | +26.4% | +8.3% |
| March 31, 2023 | +5.4% | +7.0% |
| December 31, 2022 | −1.2% | +7.1% |
| September 30, 2022 | −5.7% | −5.3% |
| June 30, 2022 | −24.5% | −16.5% |
| March 31, 2022 | +11.5% | −4.9% |
| December 31, 2021 | +3.2% | +10.7% |
| September 30, 2021 | −2.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: MFN Partners Management, LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1732811&type=13F-HR&dateb=&owner=include&count=40CIK 1732811
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1732811/000090445426000440/Filed August 12, 2026 · accession 0000904454-26-000440