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

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 Q1 2025 Q2 2025: $21.9B $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 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
TWST Twist Bioscience Corp. 0.00% 7,650 $281K No change
MMSI Merit Medical Systems Inc. 0.00% 3,000 $280K No change
KRYS Krystal Biotech Inc. 0.00% 2,000 $275K No change
LIVN Livanova PLC 0.00% 6,000 $270K Reduce -83.8%
GKOS Glaukos Corp. 0.00% 2,600 $269K No change
ONC Beone Medicines Ltd.-ADR 0.00% 1,100 $266K No change
ACLX Arcellx Inc. 0.00% 4,000 $263K No change
SBRA Sabra Health Care REIT Inc. 0.00% 14,000 $258K No change
GRFS Grifols SA-ADR 0.00% 28,000 $253K No change
ARWR Arrowhead Pharmaceuticals Inc. 0.00% 15,800 $250K No change
SRRK Scholar Rock Holding Corp. 0.00% 7,000 $248K No change
ASND Ascendis Pharma A/S 0.00% 1,400 $242K No change
SWTX Springworks Therapeutics Inc. 0.00% 5,000 $235K Reduce -95.8%
AKRO Akero Therapeutics Inc. 0.00% 4,000 $213K New
CGON CG Oncology Inc. 0.00% 8,000 $208K New
BRKR Bruker Corp. 0.00% 5,000 $206K No change
QURE Uniqure NV 0.00% 14,000 $195K No change
IMVT Immunovant Inc. 0.00% 12,000 $192K No change
HR Healthcare Realty Trust Inc. 0.00% 12,000 $190K No change
TVTX Travere Therapeutics Inc. 0.00% 12,000 $178K New
PACB Pacific Biosciences of Calif 0.00% 135,000 $167K No change
EVH Evolent Health Inc. Class A 0.00% 14,000 $158K No change
COGT Cogent Biosciences Inc. 0.00% 17,000 $122K No change
ALT Altimmune Inc. 0.00% 27,600 $107K No change
NVAX Novavax Inc. 0.00% 16,000 $101K No change
DYN Dyne Therapeutics Inc. 0.00% 10,000 $95K No change
SNDX Syndax Pharmaceuticals Inc. 0.00% 10,000 $94K No change
FOLD Amicus Therapeutics Inc. 0.00% 16,000 $92K No change
ARDX Ardelyx Inc. 0.00% 23,000 $90K No change
THRD Third Harmonic Bio Inc. 0.00% 15,361 $83K New
BYND Beyond Meat Inc. 0.00% 19,000 $66K New
GERN Geron Corp. 0.00% 43,000 $61K No change
ANNA Aleanna Inc. 0.00% 78,400 $50K No change
IOVA Iovance Biotherapeutics Inc. 0.00% 26,000 $45K No change
CCCC C4 Therapeutics Inc. 0.00% 28,000 $40K No change
CGC Canopy Growth Corp. 0.00% 30,000 $37K No change
BDSX Biodesix Inc. 0.00% 128,000 $36K Reduce -93.1%
IRWD Ironwood Pharmaceuticals Inc. 0.00% 13,000 $9K 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)
SecurityClassShares / PrincipalValueChange
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 40,000,000$41.8MNew
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 990,000$233KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 405,316$152KNo change
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 120,085$32KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 375,000$19KNo 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

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