Farallon Capital Management, L.L.C.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Farallon Capital Management, L.L.C. reported 139 stock positions worth $18.5 billion. Its top holding was Hess (HES) at 4.7% of the portfolio, followed by Microsoft (MSFT, 4.6%) and Exelixis (EXEL, 4.5%). Compared with Q4 2024, it opened 18 new positions, sold out of 17, added to 43 and reduced 27. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Airbnb Class A (ABNB).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0000909661
- Portfolio Value
- $18.5B (Q1 2025)
- SEC Filing
- 0000908834-25-000177 ↗ filed May 15, 2025
Holdings Value
Holdings 139 stocks · $18.5B
| HES Hess Corp. | 4.67% | 5,425,000 | $866.5M | Reduce -15.8% |
| MSFT Microsoft Corp. | 4.63% | 2,285,835 | $858.1M | Add +40.0% |
| EXEL Exelixis Inc. | 4.49% | 22,533,500 | $831.9M | Reduce -3.9% |
| DFS Discover Financial Services | 4.40% | 4,780,000 | $815.9M | Add +12.2% |
| UNH Unitedhealth Group Inc. | 4.23% | 1,497,900 | $784.5M | Add +2.4% |
| NTRA Natera Inc. | 3.47% | 4,547,809 | $643.1M | Add +2.6% |
| IQV Iqvia Holdings Inc. | 3.24% | 3,411,851 | $601.5M | Add +9.2% |
| LNTH Lantheus Holdings Inc. | 3.17% | 6,023,227 | $587.9M | Add +13.3% |
| ARMK Aramark | 3.02% | 16,241,996 | $560.7M | Add +42.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.93% | 5,496,223 | $542.5M | Add +24.1% |
| CRM Salesforce Inc. | 2.85% | 1,967,110 | $527.9M | Add +62.5% |
| ADSK Autodesk Inc. | 2.82% | 1,997,400 | $522.9M | Add +8.4% |
| INTU Intuit Inc. | 2.78% | 840,258 | $515.9M | Add +11.5% |
| TMO Thermo Fisher Scientific Inc. | 2.78% | 1,035,856 | $515.4M | Reduce -16.0% |
| RVMD Revolution Medicines Inc. | 2.58% | 13,534,692 | $478.6M | Add +2.2% |
| TRU Transunion | 2.42% | 5,413,206 | $449.2M | Add +1.6% |
| NYT New York Times Co. Class A | 2.39% | 8,932,113 | $443.0M | Add +21.1% |
| ITCI Intra-Cellular Therapies Inc. | 2.17% | 3,055,000 | $403.0M | New |
| BSX Boston Scientific Corp. | 2.05% | 3,762,757 | $379.6M | Reduce -25.1% |
| AON Aon PLC Class A | 2.04% | 1,361,744 | $378.3M | Reduce -25.7% |
| MCK McKesson Corp. | 2.00% | 552,500 | $371.8M | Reduce -9.5% |
| LBRDK Liberty Broadband-C | 1.96% | 4,274,445 | $363.5M | Add +15.5% |
| NDAQ Nasdaq Inc. | 1.82% | 4,460,288 | $338.4M | Add +11.6% |
| CBRE CBRE Group Inc. Class A | 1.76% | 2,495,700 | $326.4M | Add +14.5% |
| ANSS Ansys Inc. | 1.62% | 948,000 | $300.1M | No change |
| SCHW Schwab (charles) Corp. | 1.62% | 3,832,857 | $300.0M | Add +20.9% |
| PTGX Protagonist Therapeutics Inc. | 1.59% | 6,107,006 | $295.3M | Add +3.0% |
| WAB Wabtec Corp. | 1.57% | 1,608,098 | $291.6M | Add +12.4% |
| K Kellanova | 1.48% | 3,320,000 | $273.9M | Add +216.6% |
| IBIT iShares Bitcoin Trust ETF | 1.46% | 5,793,800 | $271.2M | Reduce -20.2% |
| ADI Analog Devices Inc. | 1.44% | 1,327,000 | $267.6M | Add +14.7% |
| GOOG Alphabet Inc. Class C | 1.40% | 1,666,040 | $260.3M | Reduce -19.9% |
| WWD Woodward Inc. | 1.40% | 1,419,700 | $259.1M | Reduce -6.7% |
| HIMS Hims & Hers Health Inc. | 1.27% | 7,953,705 | $235.0M | Reduce -5.0% |
| BBIO Bridgebio Pharma Inc. | 1.07% | 5,731,000 | $198.1M | Add +36.6% |
| BEAM Beam Therapeutics Inc. | 1.05% | 9,928,111 | $193.9M | Add +20.5% |
| AGIO Agios Pharmaceuticals Inc. | 0.90% | 5,700,466 | $167.0M | Add +0.5% |
| V Visa Inc. Class A | 0.90% | 474,210 | $166.2M | Reduce -13.7% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.83% | 4,605,098 | $154.5M | Add +13.0% |
| SRPT Sarepta Therapeutics Inc. | 0.81% | 2,341,424 | $149.4M | Reduce -18.3% |
| BHVN Biohaven Ltd. | 0.62% | 4,813,167 | $115.7M | Add +8.7% |
| MA Mastercard Inc. Class A | 0.60% | 201,371 | $110.4M | Reduce -31.9% |
| YMM Full Truck Alliance -SPN ADR | 0.51% | 7,357,207 | $94.0M | Reduce -55.6% |
| X United States Steel Corp. | 0.49% | 2,135,000 | $90.2M | Reduce -43.5% |
| CHX Championx Corp. | 0.47% | 2,905,000 | $86.6M | Reduce -24.3% |
| SGI Somnigroup International Inc. | 0.43% | 1,326,242 | $79.4M | New |
| WAY Waystar Holding Corp. | 0.41% | 2,020,000 | $75.5M | Add +50.5% |
| VRNA Verona Pharma Ltd. | 0.37% | 1,084,989 | $68.9M | New |
| EHC Encompass Health Corp. | 0.34% | 619,000 | $62.7M | Add +34.3% |
| EDU New Oriental Educatio-SP ADR | 0.34% | 1,305,150 | $62.4M | Reduce -44.7% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.34% | 4,334,318 | $62.3M | Add +23.9% |
| LQDA Liquidia Corp. | 0.32% | 3,990,956 | $58.9M | Add +21.3% |
| AZEK The Azek Co. Inc. | 0.30% | 1,140,000 | $55.7M | New |
| FLUT Flutter Entertainment PLC-Di | 0.29% | 241,467 | $53.5M | Add +167.4% |
| AMED Amedisys Inc. | 0.26% | 525,000 | $48.6M | Reduce -34.4% |
| ALKS Alkermes PLC | 0.25% | 1,389,800 | $45.9M | New |
| ABT Abbott Laboratories | 0.24% | 333,000 | $44.2M | New |
| GEHC GE Healthcare Technology | 0.23% | 537,000 | $43.3M | Add +333.1% |
| BBNX Beta Bionics Inc. | 0.22% | 3,332,220 | $40.8M | New |
| CAH Cardinal Health Inc. | 0.20% | 273,000 | $37.6M | New |
| HQY Healthequity Inc. | 0.20% | 421,800 | $37.3M | Add +14964.3% |
| JOYY Joyy Inc.-ADR | 0.18% | 780,000 | $32.7M | New |
| WGS Genedx Holdings Corp. | 0.14% | 303,000 | $26.8M | Add +55.4% |
| CAPR Capricor Therapeutics Inc. | 0.12% | 2,250,400 | $21.4M | No change |
| VNET Vnet Group Inc.-ADR | 0.11% | 2,439,120 | $20.0M | Add +275.3% |
| SVRA Savara Inc. | 0.10% | 6,835,000 | $18.9M | No change |
| LTM Latam Airlines Group SA-ADR | 0.09% | 562,010 | $17.6M | Reduce -9.1% |
| TECX Tectonic Therapeutic Inc. | 0.08% | 853,050 | $15.1M | Add +19.6% |
| ENTA Enanta Pharmaceuticals Inc. | 0.06% | 2,122,262 | $11.7M | Add +0.7% |
| JNPR Juniper Networks Inc. | 0.06% | 295,000 | $10.7M | Reduce -93.0% |
| NUVL Nuvalent Inc. Class A | 0.06% | 150,000 | $10.6M | No change |
| TYRA Tyra Biosciences Inc. | 0.06% | 1,143,818 | $10.6M | Add +14.3% |
| MARA Mara Holdings Inc. | 0.05% | 835,000 | $9.6M | Add +50.5% |
| VYGR Voyager Therapeutics Inc. | 0.05% | 2,570,700 | $8.7M | No change |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 0.04% | 600,000 | $6.8M | No change |
| TNGX Tango Therapeutics Inc. | 0.03% | 4,610,930 | $6.3M | Add +15.3% |
| GMED Globus Medical Inc. Class A | 0.03% | 83,000 | $6.1M | Add +2205.6% |
| SWTX Springworks Therapeutics Inc. | 0.03% | 118,000 | $5.2M | New |
| ZYME Zymeworks Inc. | 0.03% | 400,000 | $4.8M | Reduce -69.9% |
| RXST Rxsight Inc. | 0.02% | 175,000 | $4.4M | New |
| LBRDA Liberty Broadband-A | 0.02% | 50,000 | $4.3M | New |
| VERV Verve Therapeutics Inc. | 0.02% | 912,000 | $4.2M | New |
| SMC Summit Midstream Corp. | 0.01% | 58,214 | $2.0M | No change |
| ALVO Alvotech SA | 0.01% | 199,675 | $1.9M | No change |
| GATE Marblegate Acquisition Cor-A | 0.01% | 150,000 | $1.7M | No change |
| PRME Prime Medicine Inc. | 0.01% | 750,000 | $1.5M | No change |
| SIMO Silicon Motion Technol-ADR | 0.01% | 29,298 | $1.5M | Reduce -92.9% |
| LIVN Livanova PLC | 0.01% | 37,000 | $1.5M | New |
| JANX Janux Therapeutics Inc. | 0.01% | 48,000 | $1.3M | No change |
| BDSX Biodesix Inc. | 0.01% | 1,859,308 | $1.2M | Reduce -51.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.01% | 3,319 | $1.1M | No change |
| TVARDI THERAPEUTICS INC COM filed as CARA THERAPEUTICS INC | 0.00% | 129,685 | $658K | No change |
| FBRX Forte Biosciences Inc. | 0.00% | 70,429 | $547K | Add +101.2% |
| AXSM Axsome Therapeutics Inc. | 0.00% | 4,000 | $467K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.00% | 26,000 | $407K | No change |
| PGNY Progyny Inc. | 0.00% | 18,000 | $402K | No change |
| BTSG Brightspring Health Services | 0.00% | 22,000 | $398K | No change |
| ROIV Roivant Sciences Ltd. | 0.00% | 37,000 | $373K | No change |
| KRYS Krystal Biotech Inc. | 0.00% | 2,000 | $361K | No change |
| SLNO Soleno Therapeutics Inc. | 0.00% | 5,000 | $357K | Reduce -94.4% |
Options reported separately and not counted above: SPY puts ($1.8B), IBB puts ($460.4M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $569K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 990,000 | $247K | No change |
| GATEW Marblegate Acquisition -CW22 | *W EXP 08/31/202 | 1,485,000 | $238K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 405,316 | $69K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 375,000 | $11K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 120,085 | $5K | No change |
Total filed on the 13F, all lines: $18.5B.
Portfolio Sells Q4 2024 → Q1 2025
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −1.69 |
| AON Aon PLC Class A | Reduce -25.7% | 2.04% | −1.44 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −1.17 |
| SRPT Sarepta Therapeutics Inc. | Reduce -18.3% | 0.81% | −1.04 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.95 |
| JNPR Juniper Networks Inc. | Reduce -93.0% | 0.06% | −0.78 |
| GOOG Alphabet Inc. Class C | Reduce -19.9% | 1.40% | −0.69 |
| TMO Thermo Fisher Scientific Inc. | Reduce -16.0% | 2.78% | −0.61 |
| IBIT iShares Bitcoin Trust ETF | Reduce -20.2% | 1.46% | −0.57 |
| EDU New Oriental Educatio-SP ADR | Reduce -44.7% | 0.34% | −0.46 |
| YMM Full Truck Alliance -SPN ADR | Reduce -55.6% | 0.51% | −0.44 |
| MASI Masimo Corp. | Sold out | 0.00% | −0.35 |
| BSX Boston Scientific Corp. | Reduce -25.1% | 2.05% | −0.32 |
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −0.30 |
| HR Healthcare Realty Trust Inc. | Reduce -99.6% | 0.00% | −0.29 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.25 |
| MA Mastercard Inc. Class A | Reduce -31.9% | 0.60% | −0.23 |
| GDS GDS Holdings Ltd. - ADR | Sold out | 0.00% | −0.19 |
| X United States Steel Corp. | Reduce -43.5% | 0.49% | −0.19 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.16 |
| MTTR Matterport Inc. | Sold out | 0.00% | −0.13 |
| AMED Amedisys Inc. | Reduce -34.4% | 0.26% | −0.12 |
| GXO Gxo Logistics Inc. | Sold out | 0.00% | −0.12 |
| SIMO Silicon Motion Technol-ADR | Reduce -92.9% | 0.01% | −0.11 |
| CHX Championx Corp. | Reduce -24.3% | 0.47% | −0.08 |
| ZYME Zymeworks Inc. | Reduce -69.9% | 0.03% | −0.08 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -97.5% | 0.00% | −0.06 |
| DYN Dyne Therapeutics Inc. | Reduce -95.6% | 0.00% | −0.03 |
| BDSX Biodesix Inc. | Reduce -51.2% | 0.01% | −0.02 |
| V Visa Inc. Class A | Reduce -13.7% | 0.90% | −0.02 |
| SLNO Soleno Therapeutics Inc. | Reduce -94.4% | 0.00% | −0.02 |
| MAC COPPER LTD | Sold out | 0.00% | −0.02 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.01 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.00 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.00 |
| ICUI Icu Medical Inc. | Sold out | 0.00% | −0.00 |
| ICLR Icon PLC | Sold out | 0.00% | −0.00 |
| BEYOND MEAT INC (BYND 0 03/15/27) | Sold out | 0.00% | −0.00 |
| LTM Latam Airlines Group SA-ADR | Reduce -9.1% | 0.09% | +0.00 |
| WWD Woodward Inc. | Reduce -6.7% | 1.40% | +0.06 |
| HES Hess Corp. | Reduce -15.8% | 4.67% | +0.14 |
| MCK McKesson Corp. | Reduce -9.5% | 2.00% | +0.17 |
| HIMS Hims & Hers Health Inc. | Reduce -5.0% | 1.27% | +0.20 |
| EXEL Exelixis Inc. | Reduce -3.9% | 4.49% | +0.36 |
Portfolio Buys Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | New | 2.17% | +2.17 |
| K Kellanova | Add +216.6% | 1.48% | +1.03 |
| MSFT Microsoft Corp. | Add +40.0% | 4.63% | +0.99 |
| ARMK Aramark | Add +42.3% | 3.02% | +0.77 |
| CRM Salesforce Inc. | Add +62.5% | 2.85% | +0.71 |
| LNTH Lantheus Holdings Inc. | Add +13.3% | 3.17% | +0.66 |
| DFS Discover Financial Services | Add +12.2% | 4.40% | +0.50 |
| LBRDK Liberty Broadband-C | Add +15.5% | 1.96% | +0.50 |
| BBIO Bridgebio Pharma Inc. | Add +36.6% | 1.07% | +0.46 |
| SGI Somnigroup International Inc. | New | 0.43% | +0.43 |
| PTGX Protagonist Therapeutics Inc. | Add +3.0% | 1.59% | +0.38 |
| SCHW Schwab (charles) Corp. | Add +20.9% | 1.62% | +0.38 |
| VRNA Verona Pharma Ltd. | New | 0.37% | +0.37 |
| NYT New York Times Co. Class A | Add +21.1% | 2.39% | +0.36 |
| UNH Unitedhealth Group Inc. | Add +2.4% | 4.23% | +0.32 |
| DIS The Walt Disney Co. | Add +24.1% | 2.93% | +0.32 |
| AZEK The Azek Co. Inc. | New | 0.30% | +0.30 |
| INTU Intuit Inc. | Add +11.5% | 2.78% | +0.28 |
| ALKS Alkermes PLC | New | 0.25% | +0.25 |
| CBRE CBRE Group Inc. Class A | Add +14.5% | 1.76% | +0.25 |
| ABT Abbott Laboratories | New | 0.24% | +0.24 |
| BBNX Beta Bionics Inc. | New | 0.22% | +0.22 |
| CAH Cardinal Health Inc. | New | 0.20% | +0.20 |
| HQY Healthequity Inc. | Add +14964.3% | 0.20% | +0.20 |
| NDAQ Nasdaq Inc. | Add +11.6% | 1.82% | +0.19 |
| GEHC GE Healthcare Technology | Add +333.1% | 0.23% | +0.18 |
| JOYY Joyy Inc.-ADR | New | 0.18% | +0.18 |
| FLUT Flutter Entertainment PLC-Di | Add +167.4% | 0.29% | +0.17 |
| WAY Waystar Holding Corp. | Add +50.5% | 0.41% | +0.15 |
| ADI Analog Devices Inc. | Add +14.7% | 1.44% | +0.14 |
| WAB Wabtec Corp. | Add +12.4% | 1.57% | +0.14 |
| EHC Encompass Health Corp. | Add +34.3% | 0.34% | +0.11 |
| LQDA Liquidia Corp. | Add +21.3% | 0.32% | +0.11 |
| VNET Vnet Group Inc.-ADR | Add +275.3% | 0.11% | +0.09 |
| WGS Genedx Holdings Corp. | Add +55.4% | 0.14% | +0.07 |
| GMED Globus Medical Inc. Class A | Add +2205.6% | 0.03% | +0.03 |
| SWTX Springworks Therapeutics Inc. | New | 0.03% | +0.03 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +23.9% | 0.34% | +0.03 |
| RXST Rxsight Inc. | New | 0.02% | +0.02 |
| LBRDA Liberty Broadband-A | New | 0.02% | +0.02 |
| VERV Verve Therapeutics Inc. | New | 0.02% | +0.02 |
| LIVN Livanova PLC | New | 0.01% | +0.01 |
| MARA Mara Holdings Inc. | Add +50.5% | 0.05% | +0.00 |
| ASND Ascendis Pharma A/S | New | 0.00% | +0.00 |
| TMDX Transmedics Group Inc. | New | 0.00% | +0.00 |
| QURE Uniqure NV | New | 0.00% | +0.00 |
| BEYONDSPRING INC | New | 0.00% | +0.00 |
| IQV Iqvia Holdings Inc. | Add +9.2% | 3.24% | −0.00 |
| ENTA Enanta Pharmaceuticals Inc. | Add +0.7% | 0.06% | −0.00 |
| FBRX Forte Biosciences Inc. | Add +101.2% | 0.00% | −0.00 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -20.5% | 3,300,000 | $1.8B |
| RSP Invesco S&P 500 Equal Weight | put | Sold out | 4,400,000 | $771.0Mbefore exit |
| MRNA Moderna Inc. | put | Sold out | 2,620,800 | $109.0Mbefore exit |
| ASHR Xtrackers Harvest Csi 300 CH | call | Sold out | 1,020,000 | $27.0Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 54,930,000 | $54.6Mbefore exit |
| GRND.WS Grindr Inc. -26 | *W EXP 11/18/202 | Sold out | 540,000 | $3.6Mbefore exit |
| CRTWF Cartica Acquisition A -28 | *W EXP 04/30/202 | Sold out | 175,000 | $47Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 77 | $16.9B | RVMD, EA, BBIO, PTGX, EXEL |
| Q1 2026Amended | 163 | $16.8B | EA, RVMD, AMZN, MSFT, AON |
| Q4 2025Amended | 143 | $19.2B | RVMD, MSFT, AMZN, EA, AON |
| Q3 2025Amended | 134 | $17.7B | MSFT, AON, EXEL, AMZN, NTRA |
| Q2 2025Amended | 138 | $21.9B | SPY, MSFT, NTRA, HES, AON |
| Q1 2025Amended | 139 | $18.5B | HES, MSFT, EXEL, DFS, UNH |
| Q4 2024Amended | 138 | $18.9B | HES, EXEL, UNH, DFS, NTRA |
| Q3 2024Amended | 145 | $18.0B | HES, IQV, EXEL, UNH, MSFT |
| Q2 2024Amended | 140 | $16.6B | HES, UNH, CRM, IQV, EXEL |
| Q1 2024Amended | 144 | $16.6B | HES, PXD, UNH, IQV, EXEL |