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

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 Q2 2025 Q3 2025: $17.7B $17.7B Q3 2025 Q4 2025: $19.2B Q4 2025 Q1 2026: $16.8B Q1 2026 Q2 2026: $16.9B Q2 2026

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
MRUS Merus NV 0.00% 3,000 $282K New
GRFS Grifols SA-ADR 0.00% 28,000 $279K No change
ASND Ascendis Pharma A/S 0.00% 1,400 $278K No change
SBRA Sabra Health Care REIT Inc. 0.00% 14,000 $261K No change
SRRK Scholar Rock Holding Corp. 0.00% 7,000 $261K No change
NUVL Nuvalent Inc. Class A 0.00% 3,000 $259K Reduce -98.0%
MMSI Merit Medical Systems Inc. 0.00% 3,000 $250K No change
COGT Cogent Biosciences Inc. 0.00% 17,000 $244K No change
VCYT Veracyte Inc. 0.00% 7,000 $240K New
GMED Globus Medical Inc. Class A 0.00% 4,000 $229K Reduce -98.1%
GEHC GE Healthcare Technology 0.00% 3,000 $225K Reduce -99.8%
MIRM Mirum Pharmaceuticals Inc. 0.00% 3,000 $220K New
URGN Urogen Pharma Ltd. 0.00% 11,000 $219K New
HR Healthcare Realty Trust Inc. 0.00% 12,000 $216K No change
TWST Twist Bioscience Corp. 0.00% 7,650 $215K No change
GKOS Glaukos Corp. 0.00% 2,600 $212K No change
RARE Ultragenyx Pharmaceutical Inc. 0.00% 7,000 $211K Reduce -99.2%
ICLR Icon PLC 0.00% 1,200 $210K New
IMVT Immunovant Inc. 0.00% 12,000 $193K No change
BCRX Biocryst Pharmaceuticals Inc. 0.00% 24,000 $182K New
PACB Pacific Biosciences of Calif 0.00% 135,000 $173K No change
SNDX Syndax Pharmaceuticals Inc. 0.00% 10,000 $154K No change
ARDX Ardelyx Inc. 0.00% 23,000 $127K No change
DYN Dyne Therapeutics Inc. 0.00% 10,000 $127K No change
FOLD Amicus Therapeutics Inc. 0.00% 16,000 $126K No change
EVH Evolent Health Inc. Class A 0.00% 14,000 $118K No change
ALT Altimmune Inc. 0.00% 27,600 $104K No change
CCCC C4 Therapeutics Inc. 0.00% 28,000 $62K No change
ANNA Aleanna Inc. 0.00% 78,400 $62K No change
GERN Geron Corp. 0.00% 43,000 $59K No change
IOVA Iovance Biotherapeutics Inc. 0.00% 26,000 $56K No change
CGC Canopy Growth Corp. 0.00% 30,000 $44K No change
BYND Beyond Meat Inc. 0.00% 19,000 $36K No change
IRWD Ironwood Pharmaceuticals Inc. 0.00% 13,000 $17K 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)
SecurityClassShares / PrincipalValueChange
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 990,000$226KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 405,316$168KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 300,000$137KNew
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 120,085$36KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 375,000$27KNo 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

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