MFN Partners Management (Michael DeMichele & Farhad Nanji) latest 13F portfolio: 10 holdings worth $4.5B as of Q1 2026.
Backtested since 2020: mirroring MFN Partners Management's reported 13F equity holdings each quarter would have returned +369.7% versus +193.9%for the S&P 500 (+28.2% annualized). See the Performance tab for the full equity curve.
Investor: Michael DeMichele & Farhad Nanji
Number of Assets: 10
Reporting Period: Q1 - 2026
Holdings at Report: $4,530,347,707
Return $ Since Report: +$233,299,006
Return % Since Report: +5.15%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 6,000,000 | 0.72% | $5.40 | $6.44 | $32,400,000 | $38,640,000 | +$6,240,000 | +19.26% |
| Pennymac Financial Services Inc. (PFSI) | Equity | 0% | 4,531,792 | 8.74% | $87.40 | $76.99 | $396,078,621 | $348,902,666 | -$47,175,955 | -11.91% |
| Ivanhoe Electric Inc. (IE) | Equity | 0% | 2,553,191 | 0.67% | $11.82 | $10.51 | $30,178,718 | $26,834,037 | -$3,344,681 | -11.08% |
| QXO Inc. (QXO) | Equity | -22.53% | 23,454,350 | 10.05% | $19.42 | $15.34 | $455,483,477 | $359,789,729 | -$95,693,748 | -21.01% |
| Rxo Inc. (RXO) | Equity | +1.93% | 28,109,942 | 9.07% | $14.62 | $22.13 | $410,967,352 | $622,073,016 | +$211,105,664 | +51.37% |
| XPO Inc. (XPO) | Equity | 0% | 11,425,369 | 49.06% | $194.55 | $203.29 | $2,222,805,539 | $2,322,663,264 | +$99,857,725 | +4.49% |
| Talen Energy Corp. (TLN) | Equity | 0% | 3,000,000 | 21.14% | $319.23 | $340.00 | $957,690,000 | $1,020,000,000 | +$62,310,000 | +6.51% |
| Occidental Petroleum Corp. (OXY-WS) | Bond | 0% | 5,690,600 | N/A | $42.90 | N/A | $244,126,740 | N/A | N/A | N/A |
| Rice Acquisition corp 3 | Warrant | 0% | 400,000 | N/A | $0.80 | N/A | $320,000 | N/A | N/A | N/A |
| Rice Acquisition corp 3 | Equity | 0% | 2,400,000 | 0.55% | $10.31 | N/A | $24,744,000 | N/A | N/A | N/A |