MFN Partners Management (Michael DeMichele & Farhad Nanji) latest 13F portfolio: 9 holdings worth $4.8B as of Q2 2026.
Backtested since 2020: mirroring MFN Partners Management's reported 13F equity holdings each quarter would have returned +309.3% versus +195.4%for the S&P 500 (+24.8% annualized). See the Performance tab for the full equity curve.
Investor: Michael DeMichele & Farhad Nanji
Number of Assets: 9
Reporting Period: Q2 - 2026
Holdings at Report: $4,833,808,582
Return $ Since Report: -$949,668,173
Return % Since Report: -19.65%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Rice Acquisition corp 3 | Warrant | 0% | 400,000 | N/A | $0.99 | N/A | $396,000 | N/A | N/A | N/A |
| Rice Acquisition corp 3 | Equity | 0% | 2,400,000 | 0.52% | $10.50 | N/A | $25,200,000 | N/A | N/A | N/A |
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 6,000,000 | 0.61% | $4.93 | $5.81 | $29,580,000 | $34,860,000 | +$5,280,000 | +17.85% |
| Pennymac Financial Services Inc. (PFSI) | Equity | 0% | 4,531,792 | 8.17% | $87.10 | $66.96 | $394,719,083 | $303,448,792 | -$91,270,291 | -23.12% |
| Talen Energy Corp. (TLN) | Equity | 0% | 3,000,000 | 23.85% | $384.26 | $294.54 | $1,152,780,000 | $883,620,000 | -$269,160,000 | -23.35% |
| Ivanhoe Electric Inc. (IE) | Equity | 0% | 2,553,191 | 0.51% | $9.61 | $10.74 | $24,536,166 | $27,421,271 | +$2,885,105 | +11.76% |
| Rxo Inc. (RXO) | Equity | 0% | 28,109,942 | 16.04% | $27.59 | $19.79 | $775,553,300 | $556,295,752 | -$219,257,548 | -28.27% |
| QXO Inc. (QXO) | Equity | 0% | 23,454,350 | 8.38% | $17.28 | $12.78 | $405,291,168 | $299,746,593 | -$105,544,575 | -26.04% |
| XPO Inc. (XPO) | Equity | -13.62% | 9,869,691 | 41.92% | $205.29 | $177.67 | $2,026,148,865 | $1,753,548,000 | -$272,600,865 | -13.45% |