Farallon Capital Management, L.L.C.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Farallon Capital Management, L.L.C. reported 138 stock positions worth $21.9 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 15.5% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Natera (NTRA, 3.7%). Compared with Q1 2025, it opened 17 new positions, sold out of 18, added to 38 and reduced 30. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Discover Financial Services (DFS).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0000909661
- Portfolio Value
- $21.9B (Q2 2025)
- SEC Filing
- 0000908834-25-000248 ↗ filed Aug 14, 2025
Holdings Value
Holdings 138 stocks · $21.9B
| SPY SS SPDR S&P 500 ETF Trust-US | 15.52% | 5,500,000 | $3.4B | New |
| MSFT Microsoft Corp. | 3.97% | 1,747,835 | $869.4M | Reduce -23.5% |
| NTRA Natera Inc. | 3.72% | 4,821,809 | $814.6M | Add +6.0% |
| HES Hess Corp. | 3.67% | 5,805,000 | $804.2M | Add +7.0% |
| AON Aon PLC Class A | 3.24% | 1,986,417 | $708.7M | Add +45.9% |
| EXEL Exelixis Inc. | 3.23% | 16,035,500 | $706.8M | Reduce -28.8% |
| AMZN Amazon.com Inc. | 3.04% | 3,034,600 | $665.8M | New |
| IQV Iqvia Holdings Inc. | 2.77% | 3,851,351 | $606.9M | Add +12.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.76% | 4,874,268 | $604.5M | Reduce -11.3% |
| CRM Salesforce Inc. | 2.63% | 2,109,110 | $575.1M | Add +7.2% |
| TMO Thermo Fisher Scientific Inc. | 2.56% | 1,383,241 | $560.8M | Add +33.5% |
| LNTH Lantheus Holdings Inc. | 2.51% | 6,722,227 | $550.3M | Add +11.6% |
| ARMK Aramark | 2.47% | 12,899,701 | $540.1M | Reduce -20.6% |
| ADSK Autodesk Inc. | 2.47% | 1,744,652 | $540.1M | Reduce -12.7% |
| RVMD Revolution Medicines Inc. | 2.41% | 14,325,692 | $527.0M | Add +5.8% |
| UNH Unitedhealth Group Inc. | 2.31% | 1,617,300 | $504.5M | Add +8.0% |
| TRU Transunion | 2.17% | 5,404,575 | $475.6M | Reduce -0.2% |
| IBIT iShares Bitcoin Trust ETF | 1.96% | 7,020,050 | $429.7M | Add +21.2% |
| BSX Boston Scientific Corp. | 1.95% | 3,981,057 | $427.6M | Add +5.8% |
| INTU Intuit Inc. | 1.93% | 536,658 | $422.7M | Reduce -36.1% |
| LBRDK Liberty Broadband-C | 1.92% | 4,274,445 | $420.5M | No change |
| HIMS Hims & Hers Health Inc. | 1.87% | 8,213,581 | $409.4M | Add +3.3% |
| NDAQ Nasdaq Inc. | 1.67% | 4,083,743 | $365.2M | Reduce -8.4% |
| SCHW Schwab (charles) Corp. | 1.65% | 3,959,057 | $361.2M | Add +3.3% |
| ANSS Ansys Inc. | 1.60% | 997,128 | $350.2M | Add +5.2% |
| PTGX Protagonist Therapeutics Inc. | 1.56% | 6,172,006 | $341.1M | Add +1.1% |
| BBIO Bridgebio Pharma Inc. | 1.56% | 7,900,000 | $341.1M | Add +37.9% |
| NYT New York Times Co. Class A | 1.43% | 5,609,546 | $314.0M | Reduce -37.2% |
| GOOG Alphabet Inc. Class C | 1.43% | 1,761,840 | $312.5M | Add +5.8% |
| ADI Analog Devices Inc. | 1.38% | 1,272,200 | $302.8M | Reduce -4.1% |
| CBRE CBRE Group Inc. Class A | 1.35% | 2,113,138 | $296.1M | Reduce -15.3% |
| WAB Wabtec Corp. | 1.25% | 1,308,198 | $273.9M | Reduce -18.6% |
| MCK McKesson Corp. | 1.05% | 314,600 | $230.5M | Reduce -43.1% |
| WWD Woodward Inc. | 1.02% | 914,673 | $224.2M | Reduce -35.6% |
| AGIO Agios Pharmaceuticals Inc. | 0.88% | 5,767,466 | $191.8M | Add +1.2% |
| VRNA Verona Pharma Ltd. | 0.78% | 1,810,000 | $171.2M | Add +66.8% |
| AZEK The Azek Co. Inc. | 0.78% | 3,141,400 | $170.7M | Add +175.6% |
| BEAM Beam Therapeutics Inc. | 0.78% | 10,013,111 | $170.3M | Add +0.9% |
| K Kellanova | 0.64% | 1,763,132 | $140.2M | Reduce -46.9% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.61% | 4,646,098 | $133.6M | Add +0.9% |
| V Visa Inc. Class A | 0.50% | 308,810 | $109.6M | Reduce -34.9% |
| CHX Championx Corp. | 0.48% | 4,245,000 | $105.4M | Add +46.1% |
| GEHC GE Healthcare Technology | 0.45% | 1,322,000 | $97.9M | Add +146.2% |
| THC Tenet Healthcare Corp. | 0.43% | 529,000 | $93.1M | New |
| EHC Encompass Health Corp. | 0.40% | 708,000 | $86.8M | Add +14.4% |
| MA Mastercard Inc. Class A | 0.39% | 152,071 | $85.5M | Reduce -24.5% |
| CAH Cardinal Health Inc. | 0.35% | 454,000 | $76.3M | Add +66.3% |
| EDU New Oriental Educatio-SP ADR | 0.28% | 1,155,150 | $62.3M | Reduce -11.5% |
| BBNX Beta Bionics Inc. | 0.28% | 4,203,920 | $61.2M | Add +26.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.27% | 4,529,318 | $59.5M | Add +4.5% |
| AMED Amedisys Inc. | 0.26% | 575,000 | $56.6M | Add +9.5% |
| LQDA Liquidia Corp. | 0.24% | 4,238,762 | $52.8M | Add +6.2% |
| FLUT Flutter Entertainment PLC-Di | 0.24% | 181,229 | $51.8M | Reduce -24.9% |
| TNGX Tango Therapeutics Inc. | 0.21% | 9,157,000 | $46.9M | Add +98.6% |
| SGRY Surgery Partners Inc. | 0.20% | 1,926,000 | $42.8M | New |
| VERV Verve Therapeutics Inc. | 0.19% | 3,612,000 | $40.6M | Add +296.1% |
| JOYY Joyy Inc.-ADR | 0.18% | 787,906 | $40.1M | Add +1.0% |
| HQY Healthequity Inc. | 0.15% | 319,800 | $33.5M | Reduce -24.2% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.15% | 898,000 | $32.7M | New |
| OSCR Oscar Health Inc. Class A | 0.14% | 1,476,000 | $31.6M | Add +13318.2% |
| WGS Genedx Holdings Corp. | 0.14% | 326,677 | $30.2M | Add +7.8% |
| GRAL Grail Inc. | 0.12% | 502,000 | $25.8M | New |
| WAY Waystar Holding Corp. | 0.11% | 613,000 | $25.1M | Reduce -69.7% |
| SDGR Schrodinger Inc. | 0.10% | 1,106,000 | $22.3M | New |
| VNET Vnet Group Inc.-ADR | 0.09% | 2,994,120 | $20.7M | Add +22.8% |
| ALKS Alkermes PLC | 0.09% | 691,663 | $19.8M | Reduce -50.2% |
| ABT Abbott Laboratories | 0.08% | 136,000 | $18.5M | Reduce -59.2% |
| YMM Full Truck Alliance -SPN ADR | 0.08% | 1,550,598 | $18.3M | Reduce -78.9% |
| COOP Mr Cooper Group Inc. | 0.08% | 122,500 | $18.3M | New |
| PARAA Paramount Global Class B | 0.08% | 1,346,151 | $17.4M | New |
| TECX Tectonic Therapeutic Inc. | 0.08% | 853,050 | $17.0M | No change |
| ENTA Enanta Pharmaceuticals Inc. | 0.07% | 2,122,262 | $16.0M | No change |
| SVRA Savara Inc. | 0.07% | 6,835,000 | $15.6M | No change |
| MARA Mara Holdings Inc. | 0.06% | 835,000 | $13.1M | No change |
| LTM Latam Airlines Group SA-ADR | 0.06% | 318,092 | $12.9M | Reduce -43.4% |
| GMED Globus Medical Inc. Class A | 0.06% | 210,000 | $12.4M | Add +153.0% |
| NUVL Nuvalent Inc. Class A | 0.05% | 150,000 | $11.4M | No change |
| TYRA Tyra Biosciences Inc. | 0.05% | 1,143,818 | $10.9M | No change |
| CDTX Cidara Therapeutics Inc. | 0.04% | 200,000 | $9.7M | New |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 0.03% | 600,000 | $6.4M | No change |
| LBRDA Liberty Broadband-A | 0.03% | 58,215 | $5.7M | Add +16.4% |
| VYGR Voyager Therapeutics Inc. | 0.01% | 715,000 | $2.2M | Reduce -72.2% |
| PRME Prime Medicine Inc. | 0.01% | 750,000 | $1.9M | No change |
| ALVO Alvotech SA | 0.01% | 199,675 | $1.8M | No change |
| SMC Summit Midstream Corp. | 0.01% | 58,214 | $1.4M | No change |
| JANX Janux Therapeutics Inc. | 0.01% | 48,000 | $1.1M | No change |
| TVRD Tvardi Therapeutics Inc. | 0.00% | 43,225 | $1.0M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.00% | 3,319 | $1.0M | No change |
| BTSG Brightspring Health Services | 0.00% | 22,000 | $519K | No change |
| SLNO Soleno Therapeutics Inc. | 0.00% | 5,000 | $419K | No change |
| AXSM Axsome Therapeutics Inc. | 0.00% | 4,000 | $418K | No change |
| ROIV Roivant Sciences Ltd. | 0.00% | 37,000 | $417K | No change |
| GH Guardant Health Inc. | 0.00% | 8,000 | $416K | New |
| CAPR Capricor Therapeutics Inc. | 0.00% | 41,000 | $407K | Reduce -98.2% |
| PGNY Progyny Inc. | 0.00% | 18,000 | $396K | No change |
| SAGE Sage Therapeutics Inc. | 0.00% | 42,800 | $390K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.00% | 26,000 | $365K | No change |
| INSM Insmed Inc. | 0.00% | 3,000 | $302K | No change |
| COR Cencora Inc. | 0.00% | 1,000 | $300K | No change |
| UTHR United Therapeutics Corp. | 0.00% | 1,000 | $287K | No change |
Options reported separately and not counted above: HYG puts ($1.5B), RSP puts ($418.0M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $42.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 40,000,000 | $41.8M | New |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 990,000 | $233K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 405,316 | $152K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 120,085 | $32K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 375,000 | $19K | No change |
Total filed on the 13F, all lines: $21.9B.
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −4.40 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −2.17 |
| EXEL Exelixis Inc. | Reduce -28.8% | 3.23% | −1.26 |
| NYT New York Times Co. Class A | Reduce -37.2% | 1.43% | −0.95 |
| MCK McKesson Corp. | Reduce -43.1% | 1.05% | −0.95 |
| INTU Intuit Inc. | Reduce -36.1% | 1.93% | −0.85 |
| K Kellanova | Reduce -46.9% | 0.64% | −0.84 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.81 |
| MSFT Microsoft Corp. | Reduce -23.5% | 3.97% | −0.66 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.62 |
| ARMK Aramark | Reduce -20.6% | 2.47% | −0.56 |
| X United States Steel Corp. | Sold out | 0.00% | −0.49 |
| SGI Somnigroup International Inc. | Sold out | 0.00% | −0.43 |
| YMM Full Truck Alliance -SPN ADR | Reduce -78.9% | 0.08% | −0.42 |
| CBRE CBRE Group Inc. Class A | Reduce -15.3% | 1.35% | −0.41 |
| V Visa Inc. Class A | Reduce -34.9% | 0.50% | −0.40 |
| WWD Woodward Inc. | Reduce -35.6% | 1.02% | −0.37 |
| ADSK Autodesk Inc. | Reduce -12.7% | 2.47% | −0.35 |
| WAB Wabtec Corp. | Reduce -18.6% | 1.25% | −0.32 |
| WAY Waystar Holding Corp. | Reduce -69.7% | 0.11% | −0.29 |
| TRU Transunion | Reduce -0.2% | 2.17% | −0.25 |
| MA Mastercard Inc. Class A | Reduce -24.5% | 0.39% | −0.20 |
| DIS The Walt Disney Co. | Reduce -11.3% | 2.76% | −0.16 |
| ALKS Alkermes PLC | Reduce -50.2% | 0.09% | −0.16 |
| NDAQ Nasdaq Inc. | Reduce -8.4% | 1.67% | −0.16 |
| ABT Abbott Laboratories | Reduce -59.2% | 0.08% | −0.15 |
| CAPR Capricor Therapeutics Inc. | Reduce -98.2% | 0.00% | −0.11 |
| ADI Analog Devices Inc. | Reduce -4.1% | 1.38% | −0.06 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.06 |
| FLUT Flutter Entertainment PLC-Di | Reduce -24.9% | 0.24% | −0.05 |
| EDU New Oriental Educatio-SP ADR | Reduce -11.5% | 0.28% | −0.05 |
| HQY Healthequity Inc. | Reduce -24.2% | 0.15% | −0.05 |
| VYGR Voyager Therapeutics Inc. | Reduce -72.2% | 0.01% | −0.04 |
| LTM Latam Airlines Group SA-ADR | Reduce -43.4% | 0.06% | −0.04 |
| SWTX Springworks Therapeutics Inc. | Reduce -95.8% | 0.00% | −0.03 |
| ZYME Zymeworks Inc. | Sold out | 0.00% | −0.03 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.02 |
| GATE Marblegate Acquisition Cor-A | Sold out | 0.00% | −0.01 |
| SIMO Silicon Motion Technol-ADR | Sold out | 0.00% | −0.01 |
| LIVN Livanova PLC | Reduce -83.8% | 0.00% | −0.01 |
| BDSX Biodesix Inc. | Reduce -93.1% | 0.00% | −0.01 |
| TVARDI THERAPEUTICS INC COM | Sold out | 0.00% | −0.00 |
| FBRX Forte Biosciences Inc. | Sold out | 0.00% | −0.00 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.00 |
| CHE Chemed Corp. | Sold out | 0.00% | −0.00 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.00 |
| ELAN Elanco Animal Health Inc. | Sold out | 0.00% | −0.00 |
| BEYONDSPRING INC | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 15.52% | +15.52 |
| AMZN Amazon.com Inc. | New | 3.04% | +3.04 |
| AON Aon PLC Class A | Add +45.9% | 3.24% | +1.20 |
| HIMS Hims & Hers Health Inc. | Add +3.3% | 1.87% | +0.60 |
| IBIT iShares Bitcoin Trust ETF | Add +21.2% | 1.96% | +0.50 |
| BBIO Bridgebio Pharma Inc. | Add +37.9% | 1.56% | +0.49 |
| AZEK The Azek Co. Inc. | Add +175.6% | 0.78% | +0.48 |
| THC Tenet Healthcare Corp. | New | 0.43% | +0.43 |
| VRNA Verona Pharma Ltd. | Add +66.8% | 0.78% | +0.41 |
| NTRA Natera Inc. | Add +6.0% | 3.72% | +0.25 |
| GEHC GE Healthcare Technology | Add +146.2% | 0.45% | +0.21 |
| SGRY Surgery Partners Inc. | New | 0.20% | +0.20 |
| TNGX Tango Therapeutics Inc. | Add +98.6% | 0.21% | +0.18 |
| VERV Verve Therapeutics Inc. | Add +296.1% | 0.19% | +0.16 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.15% | +0.15 |
| CAH Cardinal Health Inc. | Add +66.3% | 0.35% | +0.15 |
| OSCR Oscar Health Inc. Class A | Add +13318.2% | 0.14% | +0.14 |
| GRAL Grail Inc. | New | 0.12% | +0.12 |
| SDGR Schrodinger Inc. | New | 0.10% | +0.10 |
| COOP Mr Cooper Group Inc. | New | 0.08% | +0.08 |
| PARAA Paramount Global Class B | New | 0.08% | +0.08 |
| BBNX Beta Bionics Inc. | Add +26.2% | 0.28% | +0.06 |
| EHC Encompass Health Corp. | Add +14.4% | 0.40% | +0.06 |
| CDTX Cidara Therapeutics Inc. | New | 0.04% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +3.3% | 1.65% | +0.03 |
| GOOG Alphabet Inc. Class C | Add +5.8% | 1.43% | +0.02 |
| GMED Globus Medical Inc. Class A | Add +153.0% | 0.06% | +0.02 |
| CHX Championx Corp. | Add +46.1% | 0.48% | +0.01 |
| JOYY Joyy Inc.-ADR | Add +1.0% | 0.18% | +0.01 |
| TVRD Tvardi Therapeutics Inc. | New | 0.00% | +0.00 |
| LBRDA Liberty Broadband-A | Add +16.4% | 0.03% | +0.00 |
| GH Guardant Health Inc. | New | 0.00% | +0.00 |
| AKRO Akero Therapeutics Inc. | New | 0.00% | +0.00 |
| CGON CG Oncology Inc. | New | 0.00% | +0.00 |
| TVTX Travere Therapeutics Inc. | New | 0.00% | +0.00 |
| THRD Third Harmonic Bio Inc. | New | 0.00% | +0.00 |
| BYND Beyond Meat Inc. | New | 0.00% | +0.00 |
| AMED Amedisys Inc. | Add +9.5% | 0.26% | −0.00 |
| WGS Genedx Holdings Corp. | Add +7.8% | 0.14% | −0.01 |
| VNET Vnet Group Inc.-ADR | Add +22.8% | 0.09% | −0.01 |
| ANSS Ansys Inc. | Add +5.2% | 1.60% | −0.02 |
| AGIO Agios Pharmaceuticals Inc. | Add +1.2% | 0.88% | −0.02 |
| PTGX Protagonist Therapeutics Inc. | Add +1.1% | 1.56% | −0.03 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +4.5% | 0.27% | −0.06 |
| LQDA Liquidia Corp. | Add +6.2% | 0.24% | −0.08 |
| BSX Boston Scientific Corp. | Add +5.8% | 1.95% | −0.09 |
| RVMD Revolution Medicines Inc. | Add +5.8% | 2.41% | −0.17 |
| TMO Thermo Fisher Scientific Inc. | Add +33.5% | 2.56% | −0.22 |
| CRM Salesforce Inc. | Add +7.2% | 2.63% | −0.22 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +0.9% | 0.61% | −0.22 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 3,300,000 | $1.8Bbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 18,000,000 | $1.5B |
| IBB iShares Biotechnology ETF | put | Sold out | 3,600,000 | $460.4Mbefore exit |
| RSP Invesco S&P 500 Equal Weight | put | New | 2,300,000 | $418.0M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 40,000,000 | $41.8M |
| GATEW Marblegate Acquisition -CW22 | *W EXP 08/31/202 | Sold out | 1,485,000 | $238Kbefore 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 |