Farallon Capital Management, L.L.C.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Farallon Capital Management, L.L.C. reported 143 stock positions worth $19.2 billion. Its top holding was Revolution Medicines (RVMD) at 6.0% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Amazon.com (AMZN, 5.4%). Compared with Q3 2025, it opened 30 new positions, sold out of 21, added to 22 and reduced 34. The biggest buy was a new position in Electronic Arts (EA) and the biggest sale an exit from Autodesk (ADSK).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0000909661
- Portfolio Value
- $19.2B (Q4 2025)
- SEC Filing
- 0000908834-26-000087 ↗ filed Feb 17, 2026
Holdings Value
Holdings 143 stocks · $19.2B
| RVMD Revolution Medicines Inc. | 6.04% | 14,582,796 | $1.2B | Reduce -0.3% |
| MSFT Microsoft Corp. | 5.57% | 2,214,079 | $1.1B | Add +15.7% |
| AMZN Amazon.com Inc. | 5.40% | 4,499,894 | $1.0B | Add +28.4% |
| EA Electronic Arts Inc. | 5.35% | 5,035,000 | $1.0B | New |
| AON Aon PLC Class A | 4.89% | 2,665,238 | $940.5M | Add +17.0% |
| NTRA Natera Inc. | 4.66% | 3,914,366 | $896.7M | Reduce -8.0% |
| BSX Boston Scientific Corp. | 3.69% | 7,439,564 | $709.4M | Add +56.7% |
| EXEL Exelixis Inc. | 3.58% | 15,709,500 | $688.5M | Reduce -19.4% |
| BBIO Bridgebio Pharma Inc. | 3.58% | 8,998,463 | $688.3M | Add +9.8% |
| EXAS Exact Sciences Corp. | 3.38% | 6,405,000 | $650.5M | New |
| PTGX Protagonist Therapeutics Inc. | 2.79% | 6,144,006 | $536.6M | Reduce -0.8% |
| WAB Wabtec Corp. | 2.75% | 2,476,003 | $528.5M | Add +12.3% |
| UNH Unitedhealth Group Inc. | 2.74% | 1,598,906 | $527.8M | Reduce -15.2% |
| CYBR Cyberark Software Ltd./Israel | 2.44% | 1,053,040 | $469.7M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.44% | 4,125,991 | $469.4M | Reduce -20.6% |
| SNPS Synopsys Inc. | 2.44% | 999,200 | $469.3M | New |
| TMO Thermo Fisher Scientific Inc. | 1.91% | 635,685 | $368.3M | Reduce -49.5% |
| LNTH Lantheus Holdings Inc. | 1.88% | 5,427,479 | $361.2M | Add +56.1% |
| ARMK Aramark | 1.79% | 9,357,046 | $344.9M | Add +4.0% |
| CRM Salesforce Inc. | 1.74% | 1,261,177 | $334.1M | Reduce -48.8% |
| SCHW Schwab (charles) Corp. | 1.73% | 3,339,657 | $333.7M | Add +2.7% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.68% | 6,933,098 | $322.7M | Add +20.2% |
| AVGO Broadcom Inc. | 1.61% | 892,400 | $308.9M | New |
| LQDA Liquidia Corp. | 1.55% | 8,656,038 | $298.5M | Add +1.1% |
| NDAQ Nasdaq Inc. | 1.51% | 2,989,213 | $290.3M | Reduce -17.5% |
| BEAM Beam Therapeutics Inc. | 1.45% | 10,063,111 | $278.9M | No change |
| KKR KKR & Co. Inc. | 1.34% | 2,017,700 | $257.2M | New |
| GOOG Alphabet Inc. Class C | 1.28% | 787,040 | $247.0M | Reduce -29.8% |
| MCK McKesson Corp. | 1.27% | 298,900 | $245.2M | Reduce -8.6% |
| V Visa Inc. Class A | 1.27% | 695,910 | $244.1M | Add +16.0% |
| RNAM Avidity Biosciences Inc. | 1.21% | 3,233,000 | $233.2M | New |
| NYT New York Times Co. Class A | 1.18% | 3,280,678 | $227.7M | Reduce -34.2% |
| DAY Dayforce Inc. | 1.05% | 2,925,000 | $202.3M | New |
| GRAL Grail Inc. | 1.04% | 2,342,684 | $200.5M | Add +73.7% |
| BITW Bitwise 10 Crypto Index ETF | 1.03% | 3,385,500 | $198.9M | New |
| CBRE CBRE Group Inc. Class A | 0.82% | 983,771 | $158.2M | Reduce -39.1% |
| AGIO Agios Pharmaceuticals Inc. | 0.73% | 5,159,505 | $140.4M | Reduce -10.8% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.70% | 5,377,068 | $134.5M | Add +24.1% |
| BBNX Beta Bionics Inc. | 0.68% | 4,313,920 | $131.4M | No change |
| CAH Cardinal Health Inc. | 0.62% | 576,000 | $118.4M | Add +127.7% |
| TNGX Tango Therapeutics Inc. | 0.60% | 13,061,411 | $115.7M | Add +21.4% |
| HIMS Hims & Hers Health Inc. | 0.57% | 3,386,986 | $110.0M | Reduce -68.5% |
| IBIT iShares Bitcoin Trust ETF | 0.55% | 2,137,100 | $106.1M | Reduce -69.4% |
| MA Mastercard Inc. Class A | 0.51% | 172,671 | $98.6M | Reduce -19.2% |
| CDTX Cidara Therapeutics Inc. | 0.44% | 382,800 | $84.6M | Reduce -24.6% |
| THC Tenet Healthcare Corp. | 0.38% | 372,153 | $74.0M | Reduce -10.1% |
| WELL Welltower Inc. | 0.33% | 343,000 | $63.7M | New |
| TRU Transunion | 0.30% | 675,000 | $57.9M | Reduce -85.7% |
| TYRA Tyra Biosciences Inc. | 0.28% | 2,066,818 | $54.3M | Add +80.7% |
| VNET Vnet Group Inc.-ADR | 0.28% | 6,285,386 | $53.2M | Add +14.5% |
| ABVX Abivax SA-ADR | 0.27% | 387,000 | $52.2M | Reduce -51.9% |
| ENTA Enanta Pharmaceuticals Inc. | 0.23% | 2,772,262 | $43.7M | Add +30.6% |
| ASMB Assembly Biosciences Inc. | 0.22% | 1,227,590 | $41.8M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.21% | 315,300 | $41.2M | Add +51.6% |
| JOYY Joyy Inc.-ADR | 0.19% | 578,200 | $37.4M | Reduce -7.5% |
| ETHA iShares Ethereum Trust ETF | 0.17% | 1,481,001 | $33.2M | Reduce -80.1% |
| GPCR Structure Therapeutics Inc. | 0.16% | 454,000 | $31.6M | New |
| MLYS Mineralys Therapeutics Inc. | 0.16% | 823,296 | $29.9M | Reduce -50.8% |
| SUNC Sunococorp LLC | 0.16% | 606,277 | $29.9M | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.15% | 2,250,000 | $29.3M | New |
| TERN Terns Pharmaceuticals Inc. | 0.13% | 642,000 | $25.9M | New |
| EHC Encompass Health Corp. | 0.13% | 234,500 | $24.9M | Reduce -58.9% |
| AMKR Amkor Technology Inc. | 0.10% | 464,000 | $18.3M | New |
| VSTM Verastem Inc. | 0.08% | 2,000,000 | $15.4M | New |
| DOCS Doximity Inc. Class A | 0.07% | 311,000 | $13.8M | Reduce -16.8% |
| GH Guardant Health Inc. | 0.06% | 109,000 | $11.1M | Add +1262.5% |
| MDLN Medline Inc. Class A | 0.06% | 260,000 | $10.9M | New |
| EDU New Oriental Educatio-SP ADR | 0.06% | 196,000 | $10.8M | Reduce -65.3% |
| NERV Minerva Neurosciences Inc. | 0.05% | 2,365,000 | $9.5M | New |
| WGS Genedx Holdings Corp. | 0.05% | 70,000 | $9.1M | Add +1300.0% |
| ETH Grayscale Ethereum Staking M | 0.03% | 228,340 | $6.4M | New |
| PRME Prime Medicine Inc. | 0.02% | 1,240,843 | $4.3M | Reduce -73.9% |
| OSCR Oscar Health Inc. Class A | 0.02% | 264,000 | $3.8M | Reduce -92.8% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.01% | 3,319 | $1.9M | No change |
| SMC Summit Midstream Corp. | 0.01% | 58,214 | $1.6M | No change |
| NVAX Novavax Inc. | 0.01% | 195,000 | $1.3M | Reduce -75.0% |
| SDGR Schrodinger Inc. | 0.01% | 71,000 | $1.3M | Reduce -75.0% |
| TEVA Teva Pharmaceutical-SP ADR | 0.01% | 40,000 | $1.2M | Reduce -99.2% |
| CAPR Capricor Therapeutics Inc. | 0.01% | 41,000 | $1.2M | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.01% | 15,800 | $1.0M | No change |
| ALVO Alvotech SA | 0.01% | 199,675 | $1.0M | No change |
| BTSG Brightspring Health Services | 0.00% | 22,000 | $824K | No change |
| ROIV Roivant Sciences Ltd. | 0.00% | 37,000 | $803K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.00% | 26,000 | $755K | No change |
| AXSM Axsome Therapeutics Inc. | 0.00% | 4,000 | $731K | No change |
| COGT Cogent Biosciences Inc. | 0.00% | 17,000 | $604K | No change |
| ALKS Alkermes PLC | 0.00% | 20,800 | $582K | No change |
| INSM Insmed Inc. | 0.00% | 3,000 | $522K | No change |
| KRYS Krystal Biotech Inc. | 0.00% | 2,000 | $493K | No change |
| PGNY Progyny Inc. | 0.00% | 18,000 | $462K | No change |
| TVTX Travere Therapeutics Inc. | 0.00% | 12,000 | $459K | No change |
| HQY Healthequity Inc. | 0.00% | 5,000 | $458K | No change |
| CELC Celcuity Inc. | 0.00% | 4,000 | $399K | New |
| OMER Omeros Corp. | 0.00% | 23,000 | $395K | New |
| IONS Ionis Pharmaceuticals Inc. | 0.00% | 4,800 | $380K | No change |
| LIVN Livanova PLC | 0.00% | 6,000 | $369K | No change |
| GMED Globus Medical Inc. Class A | 0.00% | 4,000 | $349K | No change |
| COR Cencora Inc. | 0.00% | 1,000 | $338K | No change |
| QURE Uniqure NV | 0.00% | 14,000 | $335K | Reduce -97.5% |
| ONC Beone Medicines Ltd.-ADR | 0.00% | 1,100 | $334K | No change |
Options reported separately and not counted above: SPY puts ($2.0B), RSP puts ($689.6M), HYG puts ($645.0M), LLY puts ($403.0M), INSM calls ($43.5M), ALNY puts ($39.8M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $718K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 405,316 | $287K | No change |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 990,000 | $163K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 300,000 | $132K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 120,085 | $113K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 375,000 | $23K | No change |
Total filed on the 13F, all lines: $19.2B.
Portfolio Sells Q3 2025 → Q4 2025
| ADSK Autodesk Inc. | Sold out | 0.00% | −2.98 |
| HIMS Hims & Hers Health Inc. | Reduce -68.5% | 0.57% | −2.87 |
| IBIT iShares Bitcoin Trust ETF | Reduce -69.4% | 0.55% | −2.02 |
| TRU Transunion | Reduce -85.7% | 0.30% | −1.94 |
| INTU Intuit Inc. | Sold out | 0.00% | −1.88 |
| K Kellanova | Sold out | 0.00% | −1.83 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −1.80 |
| CRM Salesforce Inc. | Reduce -48.8% | 1.74% | −1.56 |
| TMO Thermo Fisher Scientific Inc. | Reduce -49.5% | 1.91% | −1.53 |
| ETHA iShares Ethereum Trust ETF | Reduce -80.1% | 0.17% | −1.15 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −1.04 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −1.01 |
| EXEL Exelixis Inc. | Reduce -19.4% | 3.58% | −0.97 |
| UNH Unitedhealth Group Inc. | Reduce -15.2% | 2.74% | −0.94 |
| DIS The Walt Disney Co. | Reduce -20.6% | 2.44% | −0.92 |
| WWD Woodward Inc. | Sold out | 0.00% | −0.89 |
| CBRE CBRE Group Inc. Class A | Reduce -39.1% | 0.82% | −0.62 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -10.8% | 0.73% | −0.58 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -99.2% | 0.01% | −0.56 |
| NYT New York Times Co. Class A | Reduce -34.2% | 1.18% | −0.43 |
| MARA Mara Holdings Inc. | Sold out | 0.00% | −0.38 |
| OSCR Oscar Health Inc. Class A | Reduce -92.8% | 0.02% | −0.37 |
| NDAQ Nasdaq Inc. | Reduce -17.5% | 1.51% | −0.30 |
| EHC Encompass Health Corp. | Reduce -58.9% | 0.13% | −0.28 |
| GDLC Grayscale Coindesk 5 ETF | Sold out | 0.00% | −0.27 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.26 |
| GOOG Alphabet Inc. Class C | Reduce -29.8% | 1.28% | −0.26 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.25 |
| MLYS Mineralys Therapeutics Inc. | Reduce -50.8% | 0.16% | −0.20 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.20 |
| QURE Uniqure NV | Reduce -97.5% | 0.00% | −0.18 |
| MA Mastercard Inc. Class A | Reduce -19.2% | 0.51% | −0.17 |
| WAY Waystar Holding Corp. | Sold out | 0.00% | −0.16 |
| MCK McKesson Corp. | Reduce -8.6% | 1.27% | −0.15 |
| PRME Prime Medicine Inc. | Reduce -73.9% | 0.02% | −0.13 |
| ABVX Abivax SA-ADR | Reduce -51.9% | 0.27% | −0.11 |
| EDU New Oriental Educatio-SP ADR | Reduce -65.3% | 0.06% | −0.11 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −0.11 |
| THC Tenet Healthcare Corp. | Reduce -10.1% | 0.38% | −0.09 |
| DOCS Doximity Inc. Class A | Reduce -16.8% | 0.07% | −0.08 |
| NTLA Intellia Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| SLNO Soleno Therapeutics Inc. | Reduce -96.7% | 0.00% | −0.06 |
| TECX Tectonic Therapeutic Inc. | Sold out | 0.00% | −0.06 |
| SVRA Savara Inc. | Sold out | 0.00% | −0.05 |
| NVAX Novavax Inc. | Reduce -75.0% | 0.01% | −0.03 |
| SOXX iShares Semiconductor ETF | Sold out | 0.00% | −0.03 |
| ALE Allete Inc. | Sold out | 0.00% | −0.03 |
| SDGR Schrodinger Inc. | Reduce -75.0% | 0.01% | −0.03 |
| JOYY Joyy Inc.-ADR | Reduce -7.5% | 0.19% | −0.01 |
| MRUS Merus NV | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| EA Electronic Arts Inc. | New | 5.35% | +5.35 |
| EXAS Exact Sciences Corp. | New | 3.38% | +3.38 |
| CYBR Cyberark Software Ltd./Israel | New | 2.44% | +2.44 |
| SNPS Synopsys Inc. | New | 2.44% | +2.44 |
| AVGO Broadcom Inc. | New | 1.61% | +1.61 |
| KKR KKR & Co. Inc. | New | 1.34% | +1.34 |
| RNAM Avidity Biosciences Inc. | New | 1.21% | +1.21 |
| BBIO Bridgebio Pharma Inc. | Add +9.8% | 3.58% | +1.17 |
| BSX Boston Scientific Corp. | Add +56.7% | 3.69% | +1.07 |
| DAY Dayforce Inc. | New | 1.05% | +1.05 |
| AMZN Amazon.com Inc. | Add +28.4% | 5.40% | +1.05 |
| BITW Bitwise 10 Crypto Index ETF | New | 1.03% | +1.03 |
| LNTH Lantheus Holdings Inc. | Add +56.1% | 1.88% | +0.87 |
| GRAL Grail Inc. | Add +73.7% | 1.04% | +0.59 |
| LQDA Liquidia Corp. | Add +1.1% | 1.55% | +0.45 |
| CAH Cardinal Health Inc. | Add +127.7% | 0.62% | +0.39 |
| WELL Welltower Inc. | New | 0.33% | +0.33 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +20.2% | 1.68% | +0.32 |
| AON Aon PLC Class A | Add +17.0% | 4.89% | +0.30 |
| WAB Wabtec Corp. | Add +12.3% | 2.75% | +0.25 |
| TYRA Tyra Biosciences Inc. | Add +80.7% | 0.28% | +0.19 |
| GPCR Structure Therapeutics Inc. | New | 0.16% | +0.16 |
| SUNC Sunococorp LLC | New | 0.16% | +0.16 |
| FRNM Freenome Inc. | New | 0.15% | +0.15 |
| TERN Terns Pharmaceuticals Inc. | New | 0.13% | +0.13 |
| V Visa Inc. Class A | Add +16.0% | 1.27% | +0.11 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +24.1% | 0.70% | +0.11 |
| AMKR Amkor Technology Inc. | New | 0.10% | +0.10 |
| TNGX Tango Therapeutics Inc. | Add +21.4% | 0.60% | +0.09 |
| ENTA Enanta Pharmaceuticals Inc. | Add +30.6% | 0.23% | +0.08 |
| VSTM Verastem Inc. | New | 0.08% | +0.08 |
| BIDU Baidu Inc. - Spon ADR | Add +51.6% | 0.21% | +0.06 |
| MDLN Medline Inc. Class A | New | 0.06% | +0.06 |
| GH Guardant Health Inc. | Add +1262.5% | 0.06% | +0.06 |
| NERV Minerva Neurosciences Inc. | New | 0.05% | +0.05 |
| WGS Genedx Holdings Corp. | Add +1300.0% | 0.05% | +0.04 |
| ETH Grayscale Ethereum Staking M | New | 0.03% | +0.03 |
| CELC Celcuity Inc. | New | 0.00% | +0.00 |
| OMER Omeros Corp. | New | 0.00% | +0.00 |
| STOK Stoke Therapeutics Inc. | New | 0.00% | +0.00 |
| NUVB Nuvation Bio Inc. | New | 0.00% | +0.00 |
| NEO Neogenomics Inc. | New | 0.00% | +0.00 |
| PCVX Vaxcyte Inc. | New | 0.00% | +0.00 |
| OCUL Ocular Therapeutix Inc. | New | 0.00% | +0.00 |
| PGEN Precigen Inc. | New | 0.00% | +0.00 |
| ESTA Establishment Labs Holdings | New | 0.00% | +0.00 |
| ADPT Adaptive Biotechnologies | New | 0.00% | +0.00 |
| RANI Rani Therapeutics Holdings Class A | New | 0.00% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +2.7% | 1.73% | −0.02 |
| MSFT Microsoft Corp. | Add +15.7% | 5.57% | −0.03 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -11.8% | 3,000,000 | $2.0B |
| RSP Invesco S&P 500 Equal Weight | put | Reduce -29.4% | 3,600,000 | $689.6M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -79.5% | 8,000,000 | $645.0M |
| INSM Insmed Inc. | call | New | 250,000 | $43.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |