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Funds (13F)

Mfn Partners Management, LP

Backtest from 15 Feb 2019 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+20.3%
S&P 500 +15.6%
Last 12 months
+13.6%
S&P 500 +12.1%
Sharpe ratio
0.67
S&P 500 0.73
Biggest drop
−42.4%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 20192020202120222023202420252026 $41.5k$30.6k
Mfn Partners Management, LPS&P 500 $10,000 in Mfn Partners Management, LP from 15 Feb 2019 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Mfn Partners Management, LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Mfn Partners Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+20.3%+15.6%
Total return+315%+206%
Last 12 months+13.6%+12.1%
Last 3 months+2.0%—
Last month+7.0%—
This year so far+13.0%—
Volatility a year30.0%18.0%
Sharpe ratio0.670.73
Biggest drop−42.4%−31.8%
Beta to the S&P 5001.231.00
Alpha a year (t-statistic)+3.8% (0.52)—
Share of weeks up53%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
XPO42.1%——
TLN24.0%——
RXO16.1%——
QXO8.4%——
PFSI8.2%——
BHC0.6%——
IE0.5%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest15 Feb 2019 to 2 Nov 2026+20.3%+15.6%0.670.73−42.4%1.23+3.8% (0.52)
Last three years3 Nov 2023 to 2 Nov 2026+24.5%+21.8%0.751.16−28.1%1.17+2.5% (0.18)
Last year7 Nov 2025 to 2 Nov 2026+19.6%+14.2%0.580.84−23.2%1.15+7.6% (0.25)
DateCompanyAction
15 May 2026XPOBought
15 May 2026TLNBought
15 May 2026RXOBought
15 May 2026QXOBought
15 May 2026PFSIBought
15 May 2026IEBought
15 May 2026BHCBought
15 Nov 2024XPOBought
15 Nov 2024TLNBought
15 Nov 2024RXOBought
15 Nov 2024QXOBought
15 Nov 2024PFSIBought
15 Nov 2024IEBought
15 Nov 2024HCABought
15 Nov 2024CNXBought
15 Nov 2024BHCBought

Dated at the rebalance that made the change.

DateCompanyAction
8 May 2026XPOSold
8 May 2026TLNSold
8 May 2026RXOSold
8 May 2026QXOSold
8 May 2026PFSISold
8 May 2026IESold
8 May 2026CNXSold
8 May 2026BHCSold
15 Aug 2025HCASold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest