Farallon Capital Management, L.L.C.

Name: FARALLON CAPITAL MANAGEMENT, L.L.C. 13F holdings, Q1 2026
Creator: FARALLON CAPITAL MANAGEMENT, L.L.C.
Published: 2026-05-15

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Farallon Capital Management, L.L.C. reported 163 stock positions worth $16.8 billion. Its top holding was Electronic Arts (EA) at 9.1% of the portfolio, followed by Revolution Medicines (RVMD, 7.9%) and Amazon.com (AMZN, 5.2%). Compared with Q4 2025, it opened 46 new positions, sold out of 26, added to 30 and reduced 29. The biggest buy was Electronic Arts (EA, shares +48%) and the biggest sale an exit from Exact Sciences (EXAS).

Most Recent 13F: Q2 2026
Location: SAN FRANCISCO, CA
CIK: 0000909661
Portfolio Value: $16.8B (Q1 2026)
SEC Filing: 0000908834-26-000240 ↗ filed May 15, 2026

Holdings Value

Holdings 163 stocks · $16.8B


EA Electronic Arts Inc.	9.07%	7,470,000	$1.5B	Add +48.4%
RVMD Revolution Medicines Inc.	7.88%	13,604,796	$1.3B	Reduce -6.7%
AMZN Amazon.com Inc.	5.23%	4,218,394	$878.6M	Reduce -6.3%
MSFT Microsoft Corp.	5.17%	2,344,779	$868.0M	Add +5.9%
AON Aon PLC Class A	4.83%	2,512,638	$811.0M	Reduce -5.7%
BBIO Bridgebio Pharma Inc.	4.14%	9,365,463	$695.5M	Add +4.1%
PTGX Protagonist Therapeutics Inc.	3.99%	6,348,906	$669.2M	Add +3.3%
NTRA Natera Inc.	3.82%	3,207,366	$641.4M	Reduce -18.1%
EXEL Exelixis Inc.	3.35%	13,111,010	$562.3M	Reduce -16.5%
AVGO Broadcom Inc.	3.28%	1,779,500	$550.8M	Add +99.4%
UNH Unitedhealth Group Inc.	2.94%	1,821,706	$492.9M	Add +13.9%
SNPS Synopsys Inc.	2.87%	1,213,300	$481.0M	Add +21.4%
BSX Boston Scientific Corp.	2.79%	7,470,684	$468.8M	Add +0.4%
TMO Thermo Fisher Scientific Inc.	2.58%	881,485	$433.3M	Add +38.7%
KKR KKR & Co. Inc.	2.57%	4,671,800	$432.1M	Add +131.5%
LNTH Lantheus Holdings Inc.	2.52%	5,583,479	$423.5M	Add +2.9%
WAB Wabtec Corp.	2.40%	1,609,403	$402.2M	Reduce -35.0%
SCHW Schwab (charles) Corp.	2.21%	3,955,657	$371.8M	Add +18.4%
LQDA Liquidia Corp.	1.95%	8,656,038	$326.7M	No change
CRNX Crinetics Pharmaceuticals Inc.	1.80%	8,338,098	$302.8M	Add +20.3%
GOOG Alphabet Inc. Class C	1.70%	996,231	$285.8M	Add +26.6%
ROIV Roivant Sciences Ltd.	1.60%	9,675,000	$268.0M	Add +26048.7%
V Visa Inc. Class A	1.51%	840,710	$254.1M	Add +20.8%
ARMK Aramark	1.48%	6,135,431	$248.7M	Reduce -34.4%
BEAM Beam Therapeutics Inc.	1.44%	10,134,696	$241.5M	Add +0.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO	1.38%	2,401,591	$231.5M	Reduce -41.8%
MA Mastercard Inc. Class A	1.29%	435,071	$217.4M	Add +152.0%
MCK McKesson Corp.	1.21%	234,300	$202.8M	Reduce -21.6%
AGIO Agios Pharmaceuticals Inc.	1.15%	5,684,000	$192.3M	Add +10.2%
CNTA Centessa Pharmaceuticals Ltd.	1.14%	4,809,000	$191.0M	Reduce -10.6%
TNGX Tango Therapeutics Inc.	1.13%	9,097,411	$190.3M	Reduce -30.4%
GRAL Grail Inc.	1.00%	3,253,684	$168.2M	Add +38.9%
TYRA Tyra Biosciences Inc.	0.82%	3,580,818	$137.1M	Add +73.3%
THC Tenet Healthcare Corp.	0.51%	452,153	$85.3M	Add +21.5%
CAH Cardinal Health Inc.	0.46%	368,000	$77.8M	Reduce -36.1%
PCVX Vaxcyte Inc.	0.44%	1,261,000	$73.3M	Add +25120.0%
DNTH Dianthus Therapeutics Inc.	0.42%	836,000	$70.2M	New
BTSG Brightspring Health Services	0.41%	1,617,000	$68.9M	Add +7250.0%
TWST Twist Bioscience Corp.	0.40%	1,427,650	$67.8M	Add +18562.1%
BIDU Baidu Inc. - Spon ADR	0.29%	443,785	$49.4M	Add +40.8%
CGON CG Oncology Inc.	0.27%	674,000	$45.6M	Add +8325.0%
AZN Astrazeneca PLC	0.27%	226,499	$44.7M	New
MRK Merck & Co. Inc.	0.26%	361,000	$43.4M	New
ACHC Acadia Healthcare Co. Inc.	0.24%	1,736,800	$40.6M	New
WELL Welltower Inc.	0.24%	200,000	$39.5M	Reduce -41.7%
IMVT Immunovant Inc.	0.23%	1,546,000	$38.4M	Add +12783.3%
ENTA Enanta Pharmaceuticals Inc.	0.22%	2,871,862	$36.3M	Add +3.6%
JNJ Johnson & Johnson	0.22%	148,000	$36.2M	New
BBNX Beta Bionics Inc.	0.22%	3,607,920	$36.2M	Reduce -16.4%
ASMB Assembly Biosciences Inc.	0.20%	1,227,590	$34.1M	No change
JOYY Joyy Inc.-ADR	0.20%	578,200	$33.8M	No change
NTES Netease Inc.-ADR	0.19%	291,219	$32.6M	New
NVO Novo-Nordisk A/S-Spons ADR	0.17%	782,000	$28.7M	New
BITW Bitwise 10 Crypto Index ETF	0.16%	603,000	$26.9M	Reduce -82.2%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR	0.15%	2,250,000	$24.7M	No change
RPRX Royalty Pharma PLC Class A	0.14%	493,000	$23.6M	New
NERV Minerva Neurosciences Inc.	0.08%	2,365,000	$14.2M	No change
CECO Ceco Environmental Corp.	0.08%	234,000	$13.9M	New
AVTX Avalo Therapeutics Inc.	0.08%	916,000	$13.7M	New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD	0.07%	292,000	$11.8M	New
MAZE Maze Therapeutics Inc.	0.07%	373,000	$11.1M	New
TEVA Teva Pharmaceutical-SP ADR	0.06%	354,000	$10.7M	Add +785.0%
FORM Formfactor Inc.	0.03%	56,500	$5.5M	New
MTZ Mastec Inc.	0.03%	17,000	$5.5M	New
ENTG Entegris Inc.	0.03%	45,500	$5.3M	New
C Citigroup Inc.	0.03%	47,000	$5.3M	New
VNET Vnet Group Inc.-ADR	0.03%	623,347	$5.2M	Reduce -90.1%
H Hyatt Hotels Corp. Class A	0.03%	36,000	$5.2M	New
WAL Western Alliance Bancorp	0.03%	73,000	$5.2M	New
TKR Timken Co.	0.03%	51,000	$5.1M	New
FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD	0.03%	78,000	$5.1M	New
SPGI S&P Global Inc.	0.03%	12,000	$5.1M	New
LFUS Littelfuse Inc.	0.03%	15,000	$5.1M	New
PIPR Piper Sandler Cos	0.03%	66,000	$5.1M	New
AIR Aar Corp.	0.03%	46,000	$5.0M	New
RIO Rio Tinto PLC-Spon ADR	0.03%	53,800	$5.0M	New
GTX Garrett Motion Inc.	0.03%	275,000	$5.0M	New
ROL Rollins Inc.	0.03%	93,000	$5.0M	New
AFRM Affirm Holdings Inc.	0.03%	108,000	$4.9M	New
INTR Inter & Co. Inc. Class A	0.03%	614,500	$4.9M	New
CMI Cummins Inc.	0.03%	9,000	$4.8M	New
FISV Fiserv Inc.	0.03%	86,000	$4.8M	New
VRT Vertiv Holdings Co. Class A	0.03%	19,000	$4.8M	New
AMKR Amkor Technology Inc.	0.03%	104,000	$4.7M	Reduce -77.6%
RNA Atrium Therapeutics Inc.	0.03%	349,360	$4.7M	New
GFS Globalfoundries Inc.	0.03%	105,000	$4.7M	New
MOH Molina Healthcare Inc.	0.03%	35,000	$4.7M	New
IRD Opus Genetics Inc.	0.03%	1,000,000	$4.5M	New
TENB Tenable Holdings Inc.	0.03%	265,000	$4.5M	New
PRME Prime Medicine Inc.	0.03%	1,240,843	$4.3M	No change
NOW ServiceNow Inc.	0.03%	41,000	$4.3M	New
SMC Summit Midstream Corp.	0.01%	58,214	$1.8M	No change
MDGL Madrigal Pharmaceuticals Inc.	0.01%	3,319	$1.7M	No change
CAPR Capricor Therapeutics Inc.	0.01%	41,000	$1.2M	No change
ARWR Arrowhead Pharmaceuticals Inc.	0.01%	15,800	$991K	No change
GH Guardant Health Inc.	0.00%	8,000	$739K	Reduce -92.7%
ALKS Alkermes PLC	0.00%	20,800	$735K	No change
ALVO Alvotech SA	0.00%	199,675	$685K	No change
AXSM Axsome Therapeutics Inc.	0.00%	4,000	$676K	No change
COGT Cogent Biosciences Inc.	0.00%	17,000	$654K	No change
ANNA Aleanna Inc.	0.00%	78,400	$650K	No change
ARQT Arcutis Biotherapeutics Inc.	0.00%	26,000	$613K	No change
CELC Celcuity Inc.	0.00%	4,000	$457K	No change
LIVN Livanova PLC	0.00%	6,000	$381K	No change
TERN Terns Pharmaceuticals Inc.	0.00%	7,000	$369K	Reduce -98.9%
IONS Ionis Pharmaceuticals Inc.	0.00%	4,800	$360K	No change
TVTX Travere Therapeutics Inc.	0.00%	12,000	$357K	No change
GMED Globus Medical Inc. Class A	0.00%	4,000	$345K	No change
SRRK Scholar Rock Holding Corp.	0.00%	7,000	$344K	No change
ONC Beone Medicines Ltd.-ADR	0.00%	1,100	$327K	No change
WGS Genedx Holdings Corp.	0.00%	5,000	$321K	Reduce -92.9%
COR Cencora Inc.	0.00%	1,000	$314K	No change
NUVL Nuvalent Inc. Class A	0.00%	3,000	$307K	No change
PGNY Progyny Inc.	0.00%	18,000	$306K	No change
STOK Stoke Therapeutics Inc.	0.00%	9,000	$293K	No change
ERAS Erasca Inc.	0.00%	18,000	$291K	New
EHC Encompass Health Corp.	0.00%	3,000	$290K	Reduce -98.7%
NKTR Nektar Therapeutics	0.00%	4,000	$288K	New
GKOS Glaukos Corp.	0.00%	2,600	$280K	No change
MIRM Mirum Pharmaceuticals Inc.	0.00%	3,000	$277K	No change
SBRA Sabra Health Care REIT Inc.	0.00%	14,000	$269K	No change
KRYS Krystal Biotech Inc.	0.00%	1,000	$258K	Reduce -50.0%
OMER Omeros Corp.	0.00%	23,000	$243K	No change
ALMS Alumis Inc.	0.00%	11,000	$242K	New
APLS Apellis Pharmaceuticals Inc.	0.00%	6,000	$241K	New
HQY Healthequity Inc.	0.00%	2,800	$234K	Reduce -44.0%
SNDX Syndax Pharmaceuticals Inc.	0.00%	10,000	$234K	No change
FOLD Amicus Therapeutics Inc.	0.00%	16,000	$231K	No change
QURE Uniqure NV	0.00%	14,000	$229K	No change
BCRX Biocryst Pharmaceuticals Inc.	0.00%	24,000	$228K	No change
VCYT Veracyte Inc.	0.00%	7,000	$225K	No change
GRFS Grifols SA-ADR	0.00%	28,000	$225K	No change
ABVX Abivax SA-ADR	0.00%	2,000	$223K	Reduce -99.5%
GEHC GE Healthcare Technology	0.00%	3,000	$214K	No change
HIMS Hims & Hers Health Inc.	0.00%	10,000	$208K	Reduce -99.7%
BLTE Belite Bio Inc. - ADR	0.00%	1,300	$207K	New
MMSI Merit Medical Systems Inc.	0.00%	3,000	$207K	No change
SUPN Supernus Pharmaceuticals Inc.	0.00%	4,000	$207K	New
HR Healthcare Realty Trust Inc.	0.00%	12,000	$204K	No change
URGN Urogen Pharma Ltd.	0.00%	11,000	$198K	No change
VIR Vir Biotechnology Inc.	0.00%	22,000	$197K	New
PGEN Precigen Inc.	0.00%	50,000	$194K	No change
SDGR Schrodinger Inc.	0.00%	17,000	$193K	Reduce -76.1%
DYN Dyne Therapeutics Inc.	0.00%	10,000	$181K	No change
NVAX Novavax Inc.	0.00%	22,000	$179K	Reduce -88.7%
PACB Pacific Biosciences of Calif	0.00%	135,000	$178K	No change
SLS Sellas Life Sciences Group I	0.00%	40,000	$169K	New
ADPT Adaptive Biotechnologies	0.00%	11,000	$153K	No change
OCUL Ocular Therapeutix Inc.	0.00%	18,000	$152K	No change
NEO Neogenomics Inc.	0.00%	19,000	$141K	No change
ARDX Ardelyx Inc.	0.00%	23,000	$138K	No change
OSCR Oscar Health Inc. Class A	0.00%	11,000	$126K	Reduce -95.8%
NUVB Nuvation Bio Inc.	0.00%	29,000	$124K	No change
IOVA Iovance Biotherapeutics Inc.	0.00%	26,000	$91K	No change
ALT Altimmune Inc.	0.00%	27,600	$85K	No change
CCCC C4 Therapeutics Inc.	0.00%	28,000	$74K	No change
TVRD Tvardi Therapeutics Inc.	0.00%	21,438	$68K	Reduce -50.4%
GERN Geron Corp.	0.00%	43,000	$64K	No change
RANI Rani Therapeutics Holdings Class A	0.00%	78,000	$57K	No change
IRWD Ironwood Pharmaceuticals Inc.	0.00%	13,000	$46K	No change
EVH Evolent Health Inc. Class A	0.00%	14,000	$32K	No change
CGC Canopy Growth Corp.	0.00%	30,000	$28K	No change
BYND Beyond Meat Inc.	0.00%	19,000	$13K	No change

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($1.5B), INVESCO EXCHANGE TRADED FD T puts ($690.9M), CG ONCOLOGY INC calls ($13.5M).

Other holdings (7): bonds, preferreds, convertibles and warrants · $78.6M (not counted above)

Security	Class	Shares / Principal	Value	Change
VNET GROUP INC	NOTE 2.000%10/0 · principal	45,000,000	$44.5M	New
STRATEGY INC (MSTR 0 12/01/29)	NOTE 12/0 · principal	39,500,000	$32.9M	New
ANNAW Aleanna Inc. Class A - 29	*W EXP 12/13/202	990,000	$802K	No change
RVMDW Revolution Medicines Inc.-28	*W EXP 12/17/202	120,085	$209K	No change
SLDPW Decarbonization Plus -CW23	*W EXP 12/08/202	405,316	$88K	No change
BGLWW Blue Gold Ltd.	*W EXP 04/01/203	300,000	$60K	No change
NVNWF Nvni Group Ltd.-28	*W EXP 11/01/202	375,000	$18K	No change

Total filed on the 13F, all lines: $16.9B.

Portfolio Sells Q4 2025 → Q1 2026


EXAS Exact Sciences Corp.	Sold out	0.00%	−3.38
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−2.44
CRM Salesforce Inc.	Sold out	0.00%	−1.74
NDAQ Nasdaq Inc.	Sold out	0.00%	−1.51
RNAM Avidity Biosciences Inc.	Sold out	0.00%	−1.21
NYT New York Times Co. Class A	Sold out	0.00%	−1.18
DIS The Walt Disney Co.	Reduce -41.8%	1.38%	−1.06
DAY Dayforce Inc.	Sold out	0.00%	−1.05
BITW Bitwise 10 Crypto Index ETF	Reduce -82.2%	0.16%	−0.87
NTRA Natera Inc.	Reduce -18.1%	3.82%	−0.84
CBRE CBRE Group Inc. Class A	Sold out	0.00%	−0.82
HIMS Hims & Hers Health Inc.	Reduce -99.7%	0.00%	−0.57
IBIT iShares Bitcoin Trust ETF	Sold out	0.00%	−0.55
BBNX Beta Bionics Inc.	Reduce -16.4%	0.22%	−0.47
CDTX Cidara Therapeutics Inc.	Sold out	0.00%	−0.44
WAB Wabtec Corp.	Reduce -35.0%	2.40%	−0.35
ARMK Aramark	Reduce -34.4%	1.48%	−0.31
TRU Transunion	Sold out	0.00%	−0.30
ABVX Abivax SA-ADR	Reduce -99.5%	0.00%	−0.27
VNET Vnet Group Inc.-ADR	Reduce -90.1%	0.03%	−0.25
EXEL Exelixis Inc.	Reduce -16.5%	3.35%	−0.23
ETHA iShares Ethereum Trust ETF	Sold out	0.00%	−0.17
AMZN Amazon.com Inc.	Reduce -6.3%	5.23%	−0.17
GPCR Structure Therapeutics Inc.	Sold out	0.00%	−0.16
MLYS Mineralys Therapeutics Inc.	Sold out	0.00%	−0.16
SUNC Sunococorp LLC	Sold out	0.00%	−0.16
CAH Cardinal Health Inc.	Reduce -36.1%	0.46%	−0.15
TERN Terns Pharmaceuticals Inc.	Reduce -98.9%	0.00%	−0.13
EHC Encompass Health Corp.	Reduce -98.7%	0.00%	−0.13
WELL Welltower Inc.	Reduce -41.7%	0.24%	−0.10
VSTM Verastem Inc.	Sold out	0.00%	−0.08
DOCS Doximity Inc. Class A	Sold out	0.00%	−0.07
AMKR Amkor Technology Inc.	Reduce -77.6%	0.03%	−0.07
MCK McKesson Corp.	Reduce -21.6%	1.21%	−0.07
AON Aon PLC Class A	Reduce -5.7%	4.83%	−0.06
MDLN Medline Inc. Class A	Sold out	0.00%	−0.06
EDU New Oriental Educatio-SP ADR	Sold out	0.00%	−0.06
GH Guardant Health Inc.	Reduce -92.7%	0.00%	−0.05
WGS Genedx Holdings Corp.	Reduce -92.9%	0.00%	−0.05
ETH Grayscale Ethereum Staking M	Sold out	0.00%	−0.03
OSCR Oscar Health Inc. Class A	Reduce -95.8%	0.00%	−0.02
NVAX Novavax Inc.	Reduce -88.7%	0.00%	−0.01
SDGR Schrodinger Inc.	Reduce -76.1%	0.00%	−0.01
INSM Insmed Inc.	Sold out	0.00%	−0.00
ASND Ascendis Pharma A/S	Sold out	0.00%	−0.00
ACLX Arcellx Inc.	Sold out	0.00%	−0.00
SLNO Soleno Therapeutics Inc.	Sold out	0.00%	−0.00
ESTA Establishment Labs Holdings	Sold out	0.00%	−0.00
ICLR Icon PLC	Sold out	0.00%	−0.00
HQY Healthequity Inc.	Reduce -44.0%	0.00%	−0.00

Portfolio Buys Q4 2025 → Q1 2026


EA Electronic Arts Inc.	Add +48.4%	9.07%	+3.72
AVGO Broadcom Inc.	Add +99.4%	3.28%	+1.68
ROIV Roivant Sciences Ltd.	Add +26048.7%	1.60%	+1.59
KKR KKR & Co. Inc.	Add +131.5%	2.57%	+1.24
PTGX Protagonist Therapeutics Inc.	Add +3.3%	3.99%	+1.20
MA Mastercard Inc. Class A	Add +152.0%	1.29%	+0.78
TMO Thermo Fisher Scientific Inc.	Add +38.7%	2.58%	+0.67
LNTH Lantheus Holdings Inc.	Add +2.9%	2.52%	+0.65
BBIO Bridgebio Pharma Inc.	Add +4.1%	4.14%	+0.57
TYRA Tyra Biosciences Inc.	Add +73.3%	0.82%	+0.53
SCHW Schwab (charles) Corp.	Add +18.4%	2.21%	+0.48
PCVX Vaxcyte Inc.	Add +25120.0%	0.44%	+0.44
SNPS Synopsys Inc.	Add +21.4%	2.87%	+0.43
GOOG Alphabet Inc. Class C	Add +26.6%	1.70%	+0.42
DNTH Dianthus Therapeutics Inc.	New	0.42%	+0.42
AGIO Agios Pharmaceuticals Inc.	Add +10.2%	1.15%	+0.42
BTSG Brightspring Health Services	Add +7250.0%	0.41%	+0.41
TWST Twist Bioscience Corp.	Add +18562.1%	0.40%	+0.40
CGON CG Oncology Inc.	Add +8325.0%	0.27%	+0.27
AZN Astrazeneca PLC	New	0.27%	+0.27
MRK Merck & Co. Inc.	New	0.26%	+0.26
V Visa Inc. Class A	Add +20.8%	1.51%	+0.24
ACHC Acadia Healthcare Co. Inc.	New	0.24%	+0.24
IMVT Immunovant Inc.	Add +12783.3%	0.23%	+0.23
JNJ Johnson & Johnson	New	0.22%	+0.22
NTES Netease Inc.-ADR	New	0.19%	+0.19
UNH Unitedhealth Group Inc.	Add +13.9%	2.94%	+0.19
NVO Novo-Nordisk A/S-Spons ADR	New	0.17%	+0.17
RPRX Royalty Pharma PLC Class A	New	0.14%	+0.14
CRNX Crinetics Pharmaceuticals Inc.	Add +20.3%	1.80%	+0.13
THC Tenet Healthcare Corp.	Add +21.5%	0.51%	+0.12
CECO Ceco Environmental Corp.	New	0.08%	+0.08
AVTX Avalo Therapeutics Inc.	New	0.08%	+0.08
BIDU Baidu Inc. - Spon ADR	Add +40.8%	0.29%	+0.08
GDS GDS Holdings Ltd. - ADR	New	0.07%	+0.07
MAZE Maze Therapeutics Inc.	New	0.07%	+0.07
TEVA Teva Pharmaceutical-SP ADR	Add +785.0%	0.06%	+0.06
FORM Formfactor Inc.	New	0.03%	+0.03
MTZ Mastec Inc.	New	0.03%	+0.03
C Citigroup Inc.	New	0.03%	+0.03
ENTG Entegris Inc.	New	0.03%	+0.03
H Hyatt Hotels Corp. Class A	New	0.03%	+0.03
WAL Western Alliance Bancorp	New	0.03%	+0.03
TKR Timken Co.	New	0.03%	+0.03
SPGI S&P Global Inc.	New	0.03%	+0.03
FLEX Flex Ltd.	New	0.03%	+0.03
LFUS Littelfuse Inc.	New	0.03%	+0.03
PIPR Piper Sandler Cos	New	0.03%	+0.03
AIR Aar Corp.	New	0.03%	+0.03
RIO Rio Tinto PLC-Spon ADR	New	0.03%	+0.03

Options Activity Q4 2025 → Q1 2026


SPY SS SPDR S&P 500 ETF Trust-US	put	Sold out	3,000,000	$2.0Bbefore exit
STATE STR SPDR S&P 500 ETF T	put	New	2,300,000	$1.5B
INVESCO EXCHANGE TRADED FD T	put	New	3,600,000	$690.9M
RSP Invesco S&P 500 Equal Weight	put	Sold out	3,600,000	$689.6Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Sold out	8,000,000	$645.0Mbefore exit
LLY Eli Lilly & Co.	put	Sold out	375,000	$403.0Mbefore exit
INSM Insmed Inc.	call	Sold out	250,000	$43.5Mbefore exit
ALNY Alnylam Pharmaceuticals Inc.	put	Sold out	100,000	$39.8Mbefore exit
CG ONCOLOGY INC	call	New	200,000	$13.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2025 → Q1 2026


VNET GROUP INC	NOTE 2.000%10/0 · principal	New	45,000,000	$44.5M
STRATEGY INC (MSTR 0 12/01/29)	NOTE 12/0 · principal	New	39,500,000	$32.9M

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