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

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

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
CGON CG Oncology Inc. 0.00% 8,000 $332K No change
SRRK Scholar Rock Holding Corp. 0.00% 7,000 $308K No change
IMVT Immunovant Inc. 0.00% 12,000 $305K No change
NUVL Nuvalent Inc. Class A 0.00% 3,000 $302K No change
ASND Ascendis Pharma A/S 0.00% 1,400 $299K No change
VCYT Veracyte Inc. 0.00% 7,000 $295K No change
GKOS Glaukos Corp. 0.00% 2,600 $294K No change
STOK Stoke Therapeutics Inc. 0.00% 9,000 $286K New
SBRA Sabra Health Care REIT Inc. 0.00% 14,000 $265K No change
MMSI Merit Medical Systems Inc. 0.00% 3,000 $264K No change
GRFS Grifols SA-ADR 0.00% 28,000 $262K No change
ACLX Arcellx Inc. 0.00% 4,000 $261K No change
NUVB Nuvation Bio Inc. 0.00% 29,000 $260K New
URGN Urogen Pharma Ltd. 0.00% 11,000 $258K No change
PACB Pacific Biosciences of Calif 0.00% 135,000 $252K No change
GEHC GE Healthcare Technology 0.00% 3,000 $246K No change
TWST Twist Bioscience Corp. 0.00% 7,650 $243K No change
MIRM Mirum Pharmaceuticals Inc. 0.00% 3,000 $237K No change
SLNO Soleno Therapeutics Inc. 0.00% 5,000 $232K Reduce -96.7%
PCVX Vaxcyte Inc. 0.00% 5,000 $231K New
FOLD Amicus Therapeutics Inc. 0.00% 16,000 $228K No change
ANNA Aleanna Inc. 0.00% 78,400 $223K No change
NEO Neogenomics Inc. 0.00% 19,000 $223K New
ICLR Icon PLC 0.00% 1,200 $219K No change
ESTA Establishment Labs Holdings 0.00% 3,000 $219K New
OCUL Ocular Therapeutix Inc. 0.00% 18,000 $219K New
SNDX Syndax Pharmaceuticals Inc. 0.00% 10,000 $210K No change
PGEN Precigen Inc. 0.00% 50,000 $209K New
HR Healthcare Realty Trust Inc. 0.00% 12,000 $203K No change
DYN Dyne Therapeutics Inc. 0.00% 10,000 $196K No change
BCRX Biocryst Pharmaceuticals Inc. 0.00% 24,000 $187K No change
TVRD Tvardi Therapeutics Inc. 0.00% 43,225 $186K No change
ADPT Adaptive Biotechnologies 0.00% 11,000 $179K New
ARDX Ardelyx Inc. 0.00% 23,000 $134K No change
RANI Rani Therapeutics Holdings Class A 0.00% 78,000 $105K New
ALT Altimmune Inc. 0.00% 27,600 $100K No change
IOVA Iovance Biotherapeutics Inc. 0.00% 26,000 $71K No change
GERN Geron Corp. 0.00% 43,000 $57K No change
EVH Evolent Health Inc. Class A 0.00% 14,000 $56K No change
CCCC C4 Therapeutics Inc. 0.00% 28,000 $53K No change
IRWD Ironwood Pharmaceuticals Inc. 0.00% 13,000 $44K No change
CGC Canopy Growth Corp. 0.00% 30,000 $34K No change
BYND Beyond Meat Inc. 0.00% 19,000 $16K 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)
SecurityClassShares / PrincipalValueChange
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 405,316$287KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 990,000$163KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 300,000$132KNo change
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 120,085$113KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 375,000$23KNo 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

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