Farallon Capital Management, L.L.C.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed February 17, 2026), Farallon Capital Management, L.L.C. reported 134 stock positions worth $17.7 billion. Its top holding was Microsoft (MSFT) at 5.6% of the portfolio, followed by Aon Class A (AON, 4.6%) and Exelixis (EXEL, 4.6%). Compared with Q2 2025, it opened 20 new positions, sold out of 24, added to 35 and reduced 33. The biggest buy was Microsoft (MSFT, shares +9%) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0000909661
- Portfolio Value
- $17.7B (Q3 2025)
- SEC Filing
- 0000908834-26-000086 ↗ filed Feb 17, 2026
Holdings Value
Holdings 134 stocks · $17.7B
| MSFT Microsoft Corp. | 5.60% | 1,913,135 | $990.9M | Add +9.5% |
| AON Aon PLC Class A | 4.59% | 2,278,017 | $812.3M | Add +14.7% |
| EXEL Exelixis Inc. | 4.55% | 19,501,500 | $805.4M | Add +21.6% |
| AMZN Amazon.com Inc. | 4.35% | 3,505,700 | $769.7M | Add +15.5% |
| NTRA Natera Inc. | 3.87% | 4,253,452 | $684.7M | Reduce -11.8% |
| RVMD Revolution Medicines Inc. | 3.86% | 14,625,692 | $683.0M | Add +2.1% |
| UNH Unitedhealth Group Inc. | 3.68% | 1,886,500 | $651.4M | Add +16.6% |
| TMO Thermo Fisher Scientific Inc. | 3.45% | 1,258,241 | $610.3M | Reduce -9.0% |
| HIMS Hims & Hers Health Inc. | 3.44% | 10,746,852 | $609.6M | Add +30.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.36% | 5,198,968 | $595.3M | Add +6.7% |
| CRM Salesforce Inc. | 3.30% | 2,462,310 | $583.6M | Add +16.8% |
| ADSK Autodesk Inc. | 2.98% | 1,662,852 | $528.2M | Reduce -4.7% |
| BSX Boston Scientific Corp. | 2.62% | 4,746,557 | $463.4M | Add +19.2% |
| IBIT iShares Bitcoin Trust ETF | 2.57% | 6,992,700 | $454.5M | Reduce -0.4% |
| WAB Wabtec Corp. | 2.50% | 2,205,098 | $442.1M | Add +68.6% |
| BBIO Bridgebio Pharma Inc. | 2.40% | 8,192,000 | $425.5M | Add +3.7% |
| PTGX Protagonist Therapeutics Inc. | 2.33% | 6,196,006 | $411.6M | Add +0.4% |
| TRU Transunion | 2.24% | 4,732,075 | $396.5M | Reduce -12.4% |
| ARMK Aramark | 1.95% | 8,996,202 | $345.5M | Reduce -30.3% |
| INTU Intuit Inc. | 1.88% | 488,088 | $333.3M | Reduce -9.1% |
| K Kellanova | 1.83% | 3,943,853 | $323.5M | Add +123.7% |
| NDAQ Nasdaq Inc. | 1.81% | 3,623,043 | $320.5M | Reduce -11.3% |
| ADI Analog Devices Inc. | 1.80% | 1,299,500 | $319.3M | Add +2.1% |
| SCHW Schwab (charles) Corp. | 1.75% | 3,251,657 | $310.4M | Reduce -17.9% |
| NYT New York Times Co. Class A | 1.62% | 4,985,745 | $286.2M | Reduce -11.1% |
| GOOG Alphabet Inc. Class C | 1.54% | 1,120,940 | $273.0M | Reduce -36.4% |
| CBRE CBRE Group Inc. Class A | 1.44% | 1,616,038 | $254.6M | Reduce -23.5% |
| MCK McKesson Corp. | 1.43% | 327,100 | $252.7M | Add +4.0% |
| BEAM Beam Therapeutics Inc. | 1.38% | 10,063,111 | $244.2M | Add +0.5% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.36% | 5,770,098 | $240.3M | Add +24.2% |
| ETHA iShares Ethereum Trust ETF | 1.33% | 7,450,730 | $234.8M | New |
| AGIO Agios Pharmaceuticals Inc. | 1.31% | 5,781,066 | $232.1M | Add +0.2% |
| V Visa Inc. Class A | 1.16% | 599,810 | $204.8M | Add +94.2% |
| LQDA Liquidia Corp. | 1.10% | 8,565,638 | $194.8M | Add +102.1% |
| NSC Norfolk Southern Corp. | 1.04% | 615,000 | $184.8M | New |
| LNTH Lantheus Holdings Inc. | 1.01% | 3,477,227 | $178.3M | Reduce -48.3% |
| IQV Iqvia Holdings Inc. | 1.01% | 938,551 | $178.3M | Reduce -75.6% |
| WWD Woodward Inc. | 0.89% | 621,973 | $157.2M | Reduce -32.0% |
| MA Mastercard Inc. Class A | 0.69% | 213,771 | $121.6M | Add +40.6% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.59% | 4,331,318 | $105.0M | Reduce -4.4% |
| TEVA Teva Pharmaceutical-SP ADR | 0.57% | 4,997,000 | $100.9M | New |
| TNGX Tango Therapeutics Inc. | 0.51% | 10,757,000 | $90.4M | Add +17.5% |
| BBNX Beta Bionics Inc. | 0.48% | 4,313,920 | $85.7M | Add +2.6% |
| THC Tenet Healthcare Corp. | 0.47% | 414,000 | $84.1M | Reduce -21.7% |
| GRAL Grail Inc. | 0.45% | 1,349,000 | $79.8M | Add +168.7% |
| EHC Encompass Health Corp. | 0.41% | 571,000 | $72.5M | Reduce -19.4% |
| OSCR Oscar Health Inc. Class A | 0.39% | 3,639,000 | $68.9M | Add +146.5% |
| ABVX Abivax SA-ADR | 0.39% | 805,000 | $68.3M | New |
| MARA Mara Holdings Inc. | 0.38% | 3,660,000 | $66.8M | Add +338.3% |
| MLYS Mineralys Therapeutics Inc. | 0.36% | 1,673,053 | $63.4M | New |
| VNET Vnet Group Inc.-ADR | 0.32% | 5,489,120 | $56.7M | Add +83.3% |
| CDTX Cidara Therapeutics Inc. | 0.27% | 508,000 | $48.6M | Add +154.0% |
| GDLC Grayscale Coindesk 5 ETF | 0.27% | 851,193 | $47.6M | New |
| COOP Mr Cooper Group Inc. | 0.26% | 222,000 | $46.8M | Add +81.2% |
| NKTR Nektar Therapeutics | 0.25% | 791,000 | $45.0M | New |
| CAH Cardinal Health Inc. | 0.22% | 253,000 | $39.7M | Reduce -44.3% |
| JOYY Joyy Inc.-ADR | 0.21% | 625,000 | $36.6M | Reduce -20.7% |
| FLUT Flutter Entertainment PLC-Di | 0.20% | 137,369 | $34.9M | Reduce -24.2% |
| QURE Uniqure NV | 0.19% | 565,000 | $33.0M | Add +3935.7% |
| ASMB Assembly Biosciences Inc. | 0.18% | 1,227,590 | $31.4M | New |
| EDU New Oriental Educatio-SP ADR | 0.17% | 565,150 | $30.0M | Reduce -51.1% |
| WAY Waystar Holding Corp. | 0.16% | 750,000 | $28.4M | Add +22.4% |
| BIDU Baidu Inc. - Spon ADR | 0.15% | 207,996 | $27.4M | New |
| DOCS Doximity Inc. Class A | 0.15% | 374,000 | $27.4M | New |
| PRME Prime Medicine Inc. | 0.15% | 4,750,000 | $26.3M | Add +533.3% |
| ENTA Enanta Pharmaceuticals Inc. | 0.14% | 2,122,262 | $25.4M | No change |
| SGRY Surgery Partners Inc. | 0.11% | 871,830 | $18.9M | Reduce -54.7% |
| TYRA Tyra Biosciences Inc. | 0.09% | 1,143,818 | $16.0M | No change |
| NTLA Intellia Therapeutics Inc. | 0.06% | 607,200 | $10.5M | New |
| SLNO Soleno Therapeutics Inc. | 0.06% | 153,000 | $10.3M | Add +2960.0% |
| TECX Tectonic Therapeutic Inc. | 0.06% | 640,000 | $10.0M | Reduce -25.0% |
| SVRA Savara Inc. | 0.05% | 2,500,000 | $8.9M | Reduce -63.4% |
| NVAX Novavax Inc. | 0.04% | 780,000 | $6.8M | Add +4775.0% |
| SDGR Schrodinger Inc. | 0.03% | 284,000 | $5.7M | Reduce -74.3% |
| SOXX iShares Semiconductor ETF | 0.03% | 18,907 | $5.1M | New |
| ALE Allete Inc. | 0.03% | 75,000 | $5.0M | New |
| TVRD Tvardi Therapeutics Inc. | 0.01% | 43,225 | $1.7M | No change |
| ALVO Alvotech SA | 0.01% | 199,675 | $1.6M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 0.01% | 3,319 | $1.5M | No change |
| SMC Summit Midstream Corp. | 0.01% | 58,214 | $1.2M | No change |
| BTSG Brightspring Health Services | 0.00% | 22,000 | $650K | No change |
| ALKS Alkermes PLC | 0.00% | 20,800 | $624K | Reduce -97.0% |
| ROIV Roivant Sciences Ltd. | 0.00% | 37,000 | $560K | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.00% | 15,800 | $545K | No change |
| WGS Genedx Holdings Corp. | 0.00% | 5,000 | $539K | Reduce -98.5% |
| GH Guardant Health Inc. | 0.00% | 8,000 | $500K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.00% | 26,000 | $490K | No change |
| AXSM Axsome Therapeutics Inc. | 0.00% | 4,000 | $486K | No change |
| HQY Healthequity Inc. | 0.00% | 5,000 | $474K | Reduce -98.4% |
| INSM Insmed Inc. | 0.00% | 3,000 | $432K | No change |
| PGNY Progyny Inc. | 0.00% | 18,000 | $387K | No change |
| ONC Beone Medicines Ltd.-ADR | 0.00% | 1,100 | $375K | No change |
| KRYS Krystal Biotech Inc. | 0.00% | 2,000 | $353K | No change |
| ACLX Arcellx Inc. | 0.00% | 4,000 | $328K | No change |
| CGON CG Oncology Inc. | 0.00% | 8,000 | $322K | No change |
| LIVN Livanova PLC | 0.00% | 6,000 | $314K | No change |
| IONS Ionis Pharmaceuticals Inc. | 0.00% | 4,800 | $314K | New |
| COR Cencora Inc. | 0.00% | 1,000 | $313K | No change |
| CAPR Capricor Therapeutics Inc. | 0.00% | 41,000 | $296K | No change |
| TVTX Travere Therapeutics Inc. | 0.00% | 12,000 | $287K | No change |
Options reported separately and not counted above: HYG puts ($3.2B), SPY puts ($2.3B), RSP puts ($967.5M), LLY puts ($286.1M), ALNY puts ($45.6M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $594K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 990,000 | $226K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 405,316 | $168K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 300,000 | $137K | New |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 120,085 | $36K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 375,000 | $27K | No change |
Total filed on the 13F, all lines: $17.7B.
Portfolio Sells Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −15.52 |
| HES Hess Corp. | Sold out | 0.00% | −3.67 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −1.92 |
| IQV Iqvia Holdings Inc. | Reduce -75.6% | 1.01% | −1.77 |
| ANSS Ansys Inc. | Sold out | 0.00% | −1.60 |
| LNTH Lantheus Holdings Inc. | Reduce -48.3% | 1.01% | −1.51 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.78 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.78 |
| ARMK Aramark | Reduce -30.3% | 1.95% | −0.52 |
| CHX Championx Corp. | Sold out | 0.00% | −0.48 |
| GEHC GE Healthcare Technology | Reduce -99.8% | 0.00% | −0.45 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.26 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| HQY Healthequity Inc. | Reduce -98.4% | 0.00% | −0.15 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -99.2% | 0.00% | −0.15 |
| WWD Woodward Inc. | Reduce -32.0% | 0.89% | −0.14 |
| WGS Genedx Holdings Corp. | Reduce -98.5% | 0.00% | −0.13 |
| CAH Cardinal Health Inc. | Reduce -44.3% | 0.22% | −0.12 |
| EDU New Oriental Educatio-SP ADR | Reduce -51.1% | 0.17% | −0.12 |
| SGRY Surgery Partners Inc. | Reduce -54.7% | 0.11% | −0.09 |
| ALKS Alkermes PLC | Reduce -97.0% | 0.00% | −0.09 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.08 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.08 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −0.08 |
| SDGR Schrodinger Inc. | Reduce -74.3% | 0.03% | −0.07 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.06 |
| GMED Globus Medical Inc. Class A | Reduce -98.1% | 0.00% | −0.06 |
| NUVL Nuvalent Inc. Class A | Reduce -98.0% | 0.00% | −0.05 |
| INTU Intuit Inc. | Reduce -9.1% | 1.88% | −0.05 |
| FLUT Flutter Entertainment PLC-Di | Reduce -24.2% | 0.20% | −0.04 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −0.03 |
| LBRDA Liberty Broadband-A | Sold out | 0.00% | −0.03 |
| SVRA Savara Inc. | Reduce -63.4% | 0.05% | −0.02 |
| TECX Tectonic Therapeutic Inc. | Reduce -25.0% | 0.06% | −0.02 |
| VYGR Voyager Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.00 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.00 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −0.00 |
| BDSX Biodesix Inc. | Sold out | 0.00% | −0.00 |
| EHC Encompass Health Corp. | Reduce -19.4% | 0.41% | +0.01 |
| JOYY Joyy Inc.-ADR | Reduce -20.7% | 0.21% | +0.02 |
| THC Tenet Healthcare Corp. | Reduce -21.7% | 0.47% | +0.05 |
| TRU Transunion | Reduce -12.4% | 2.24% | +0.07 |
| CBRE CBRE Group Inc. Class A | Reduce -23.5% | 1.44% | +0.09 |
| SCHW Schwab (charles) Corp. | Reduce -17.9% | 1.75% | +0.10 |
| GOOG Alphabet Inc. Class C | Reduce -36.4% | 1.54% | +0.11 |
Portfolio Buys Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Add +9.5% | 5.60% | +1.63 |
| HIMS Hims & Hers Health Inc. | Add +30.8% | 3.44% | +1.57 |
| RVMD Revolution Medicines Inc. | Add +2.1% | 3.86% | +1.45 |
| UNH Unitedhealth Group Inc. | Add +16.6% | 3.68% | +1.38 |
| AON Aon PLC Class A | Add +14.7% | 4.59% | +1.35 |
| ETHA iShares Ethereum Trust ETF | New | 1.33% | +1.33 |
| EXEL Exelixis Inc. | Add +21.6% | 4.55% | +1.32 |
| AMZN Amazon.com Inc. | Add +15.5% | 4.35% | +1.31 |
| WAB Wabtec Corp. | Add +68.6% | 2.50% | +1.25 |
| K Kellanova | Add +123.7% | 1.83% | +1.19 |
| NSC Norfolk Southern Corp. | New | 1.04% | +1.04 |
| LQDA Liquidia Corp. | Add +102.1% | 1.10% | +0.86 |
| BBIO Bridgebio Pharma Inc. | Add +3.7% | 2.40% | +0.85 |
| PTGX Protagonist Therapeutics Inc. | Add +0.4% | 2.33% | +0.77 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +24.2% | 1.36% | +0.75 |
| CRM Salesforce Inc. | Add +16.8% | 3.30% | +0.67 |
| BSX Boston Scientific Corp. | Add +19.2% | 2.62% | +0.67 |
| V Visa Inc. Class A | Add +94.2% | 1.16% | +0.66 |
| DIS The Walt Disney Co. | Add +6.7% | 3.36% | +0.60 |
| BEAM Beam Therapeutics Inc. | Add +0.5% | 1.38% | +0.60 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.57% | +0.57 |
| AGIO Agios Pharmaceuticals Inc. | Add +0.2% | 1.31% | +0.43 |
| ADI Analog Devices Inc. | Add +2.1% | 1.80% | +0.42 |
| ABVX Abivax SA-ADR | New | 0.39% | +0.39 |
| MCK McKesson Corp. | Add +4.0% | 1.43% | +0.37 |
| MLYS Mineralys Therapeutics Inc. | New | 0.36% | +0.36 |
| GRAL Grail Inc. | Add +168.7% | 0.45% | +0.33 |
| MARA Mara Holdings Inc. | Add +338.3% | 0.38% | +0.32 |
| MA Mastercard Inc. Class A | Add +40.6% | 0.69% | +0.30 |
| TNGX Tango Therapeutics Inc. | Add +17.5% | 0.51% | +0.30 |
| GDLC Grayscale Coindesk 5 ETF | New | 0.27% | +0.27 |
| NKTR Nektar Therapeutics | New | 0.25% | +0.25 |
| OSCR Oscar Health Inc. Class A | Add +146.5% | 0.39% | +0.24 |
| CDTX Cidara Therapeutics Inc. | Add +154.0% | 0.27% | +0.23 |
| VNET Vnet Group Inc.-ADR | Add +83.3% | 0.32% | +0.23 |
| BBNX Beta Bionics Inc. | Add +2.6% | 0.48% | +0.20 |
| QURE Uniqure NV | Add +3935.7% | 0.19% | +0.19 |
| COOP Mr Cooper Group Inc. | Add +81.2% | 0.26% | +0.18 |
| ASMB Assembly Biosciences Inc. | New | 0.18% | +0.18 |
| BIDU Baidu Inc. - Spon ADR | New | 0.15% | +0.15 |
| DOCS Doximity Inc. Class A | New | 0.15% | +0.15 |
| PRME Prime Medicine Inc. | Add +533.3% | 0.15% | +0.14 |
| NTLA Intellia Therapeutics Inc. | New | 0.06% | +0.06 |
| SLNO Soleno Therapeutics Inc. | Add +2960.0% | 0.06% | +0.06 |
| WAY Waystar Holding Corp. | Add +22.4% | 0.16% | +0.05 |
| NVAX Novavax Inc. | Add +4775.0% | 0.04% | +0.04 |
| SOXX iShares Semiconductor ETF | New | 0.03% | +0.03 |
| ALE Allete Inc. | New | 0.03% | +0.03 |
| IONS Ionis Pharmaceuticals Inc. | New | 0.00% | +0.00 |
| MRUS Merus NV | New | 0.00% | +0.00 |
Options Activity Q2 2025 → Q3 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +116.7% | 39,000,000 | $3.2B |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 3,400,000 | $2.3B |
| RSP Invesco S&P 500 Equal Weight | put | Add +121.7% | 5,100,000 | $967.5M |
| LLY Eli Lilly & Co. | put | New | 375,000 | $286.1M |
| ALNY Alnylam Pharmaceuticals Inc. | put | New | 100,000 | $45.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Sold out | 40,000,000 | $41.8Mbefore exit |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | New | 300,000 | $137K |
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 |