9AT: MFN PARTNERS MANAGEMENT, LP

other names

MFN PARTNERS MANAGEMENT, LP

Adviser Profile

As of Date	03/26/2025
Registration	SEC, Approved, 02/16/2018
ADV Location	BOSTON, MA, United States
Contact Info	617 xxxxxxx

AUM^*	9,101,742,134 29%
of that, discretionary	9,101,742,134 130%
Private Fund GAV^*	9,101,742,134
Avg Account Size	9,101,742,134 130%
SMA’s	No
Private Funds	1

Adviser Type

- Large advisory firm

Number of Employees 17 13%

of those in investment advisory functions 7

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count1	GAV$9,101,742,134

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser FENIMORE ASSET MANAGEMENT, INC.	Hedge Fund48.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV48.0m	AUM5.4b	#Funds1
Adviser RUBRIC CAPITAL MANAGEMENT LP	Hedge Fund6.2b	Liquidity Fund-	Private Equity Fund20.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.3b	AUM7.1b	#Funds8
Adviser CALEDONIA US, LP	Hedge Fund4.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.5b	AUM4.5b	#Funds11
Adviser CAMBER CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM3.7b	#Funds-
Adviser NAYA CAPITAL MANAGEMENT UK LIMITED	Hedge Fund5.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.2b	AUM5.6b	#Funds8
Adviser GREENVALE CAPITAL LP	Hedge Fund3.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.3b	AUM3.3b	#Funds3
Adviser ATALANTA SOSNOFF CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.5b	#Funds-
Adviser BRAVE WARRIOR ADVISORS, LLC	Hedge Fund239.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV239.7m	AUM5.4b	#Funds5
Adviser S.B. VALUE PARTNERS, L.P.	Hedge Fund39.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV39.8m	AUM5.0b	#Funds3
Adviser COPELAND CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.9b	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker983793100	Stock NameXPO INC	$ Position$1,476,957,451	% Position30.00%	$ Change2.00%	# Change0.00%
Stck Ticker87422Q109	Stock NameTALEN ENERGY CORP	$ Position$1,276,140,000	% Position26.00%	$ Change46.00%	# Change0.00%
Stck Ticker82846H405	Stock NameQXO INC	$ Position$729,061,201	% Position15.00%	$ Change-28.00%	# Change-18.00%
Stck Ticker70932M107	Stock NamePENNYMAC FINL SVCS INC NEW	$ Position$561,398,393	% Position11.00%	$ Change24.00%	# Change0.00%
Stck Ticker74982T103	Stock NameRXO INC	$ Position$424,144,503	% Position9.00%	$ Change-2.00%	# Change0.00%
Stck Ticker12653C108	Stock NameCNX RES CORP	$ Position$268,202,000	% Position5.00%	$ Change-5.00%	# Change0.00%
Stck Ticker674599162	Stock NameOCCIDENTAL PETE CORP	$ Position$145,110,300	% Position3.00%	$ Change23.00%	# Change0.00%
Stck Ticker071734107	Stock NameBAUSCH HEALTH COS INC	$ Position$38,700,000	% Position1.00%	$ Change-3.00%	# Change0.00%
Stck Ticker46578C108	Stock NameIVANHOE ELECTRIC INC	$ Position$32,042,547	% Position1.00%	$ Change38.00%	# Change0.00%

Brochure Summary

Overview

For purposes of this Brochure, the “Investment Manager” means MFN Partners Management, LP, a Delaware Limited Partnership, together (where the context permits) with its affiliated general partner of the Partnership (as defined below). Established in 2016, the principal owners of the Investment Manager are Michael DeMichele and Farhad Nanji. The Investment Manager provides investment advisory services to an investment vehicle, MFN Partners, LP (the “Partnership”), that is exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). The strategy of the Partnership is to invest in securities that can be purchased at a significant discount to underlying economic value. The Partnership seeks to do so by combining investment expertise and the ability to be flexible across a variety of different asset classes, industries and geographies with fundamental analysis, thoughtful consideration of risk, intellectual honesty, and a disciplined investment approach. The Investment Manager’s advisory services consist of investigating, identifying, and evaluating investment opportunities, structuring, negotiating, and making investments on behalf of the Partnership, managing and monitoring their performance and disposing of such investments. The Investment Manager provides investment advisory services to the Partnership in accordance with the investment management agreement (the

“Investment Management Agreement”) and the Partnership’s limited partnership agreement (as amended, the “Partnership Agreement”). The Investment Manager is permitted to provide investment advisory services to other clients, including investment funds and managed accounts that may either co-invest with the Partnership or follow investment programs similar to or different from that of the Partnership, but does not currently provide such services to other clients. Investment advice is provided directly to the Partnership, subject to the discretion and control of MFN Partners GP, LLC (the “General Partner”), and not individually to the investors in the Partnership (each a “Limited Partner”). Investment restrictions for the Partnership, if any, are established in the Partnership Agreement, the confidential Private Placement Memorandum of the Partnership, the Investment Management Agreement and/or side letter agreements (although no side letters currently exist) negotiated with investors in the Partnership (such documents collectively, the Partnership’s “Organizational Documents”). The Investment Manager does not currently participate in any Wrap Fee Programs. As of January 1, 2024, the Investment Manager managed $5,454,270,028 on a discretionary basis, which represents the net asset value (regulatory assets under management minus outstanding indebtedness or other accrued but unpaid liabilities) of assets as of such date. The Investment Manager does not manage any assets on a non-discretionary basis.

MFN PARTNERS MANAGEMENT, LP

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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Brochure Summary

Overview