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

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $16.6B Q1 2024 Q2 2024: $16.6B Q2 2024 Q3 2024: $18.0B Q3 2024 Q4 2024: $18.9B Q4 2024 Q1 2025: $18.5B $18.5B Q1 2025 Q2 2025: $21.9B Q2 2025 Q3 2025: $17.7B Q3 2025 Q4 2025: $19.2B Q4 2025 Q1 2026: $16.8B Q1 2026 Q2 2026: $16.9B Q2 2026

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%
BPMC Blueprint Medicines Corp. 0.00% 4,000 $354K No change
SAGE Sage Therapeutics Inc. 0.00% 42,800 $340K No change
MMSI Merit Medical Systems Inc. 0.00% 3,000 $317K No change
UTHR United Therapeutics Corp. 0.00% 1,000 $308K No change
TWST Twist Bioscience Corp. 0.00% 7,650 $300K No change
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.00% 1,100 $299K No change
COR Cencora Inc. 0.00% 1,000 $278K No change
ACLX Arcellx Inc. 0.00% 4,000 $262K No change
GKOS Glaukos Corp. 0.00% 2,600 $256K No change
CHE Chemed Corp. 0.00% 400 $246K No change
SBRA Sabra Health Care REIT Inc. 0.00% 14,000 $245K No change
INSM Insmed Inc. 0.00% 3,000 $229K No change
SRRK Scholar Rock Holding Corp. 0.00% 7,000 $225K No change
ASND Ascendis Pharma A/S 0.00% 1,400 $218K New
BRKR Bruker Corp. 0.00% 5,000 $209K No change
IMVT Immunovant Inc. 0.00% 12,000 $205K No change
HR Healthcare Realty Trust Inc. 0.00% 12,000 $203K Reduce -99.6%
TMDX Transmedics Group Inc. 0.00% 3,000 $202K New
ARWR Arrowhead Pharmaceuticals Inc. 0.00% 15,800 $201K Reduce -97.5%
GRFS Grifols SA-ADR 0.00% 28,000 $199K No change
ELAN Elanco Animal Health Inc. 0.00% 16,000 $168K No change
PACB Pacific Biosciences of Calif 0.00% 135,000 $159K No change
QURE Uniqure NV 0.00% 14,000 $148K New
OSCR Oscar Health Inc. Class A 0.00% 11,000 $144K No change
ALT Altimmune Inc. 0.00% 27,600 $138K No change
EVH Evolent Health Inc. Class A 0.00% 14,000 $133K No change
FOLD Amicus Therapeutics Inc. 0.00% 16,000 $131K No change
SNDX Syndax Pharmaceuticals Inc. 0.00% 10,000 $123K No change
ARDX Ardelyx Inc. 0.00% 23,000 $113K No change
DYN Dyne Therapeutics Inc. 0.00% 10,000 $105K Reduce -95.6%
NVAX Novavax Inc. 0.00% 16,000 $103K No change
COGT Cogent Biosciences Inc. 0.00% 17,000 $102K No change
IOVA Iovance Biotherapeutics Inc. 0.00% 26,000 $87K No change
GERN Geron Corp. 0.00% 43,000 $68K No change
BEYONDSPRING INC 0.00% 19,000 $58K New
CCCC C4 Therapeutics Inc. 0.00% 28,000 $45K No change
ANNA Aleanna Inc. 0.00% 78,400 $35K No change
CGC Canopy Growth Corp. 0.00% 30,000 $27K No change
IRWD Ironwood Pharmaceuticals Inc. 0.00% 13,000 $19K No change

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)
SecurityClassShares / PrincipalValueChange
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 990,000$247KNo change
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 1,485,000$238KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 405,316$69KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 375,000$11KNo change
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 120,085$5KNo 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 77$16.9BRVMD, EA, BBIO, PTGX, EXEL
Q1 2026Amended 163$16.8BEA, RVMD, AMZN, MSFT, AON
Q4 2025Amended 143$19.2BRVMD, MSFT, AMZN, EA, AON
Q3 2025Amended 134$17.7BMSFT, AON, EXEL, AMZN, NTRA
Q2 2025Amended 138$21.9BSPY, MSFT, NTRA, HES, AON
Q1 2025Amended 139$18.5BHES, MSFT, EXEL, DFS, UNH
Q4 2024Amended 138$18.9BHES, EXEL, UNH, DFS, NTRA
Q3 2024Amended 145$18.0BHES, IQV, EXEL, UNH, MSFT
Q2 2024Amended 140$16.6BHES, UNH, CRM, IQV, EXEL
Q1 2024Amended 144$16.6BHES, PXD, UNH, IQV, EXEL