Hedge fund

Farallon Capital Management, L.L.C.

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 909661

Reported value: $16.9bn
Positions we cover: 70
Copy, a year: +7.0%
Copy Sharpe ratio: 0.49

How copying its 13F would have done

CopyS&P 500 $10,000 copying Farallon Capital Management, L.L.C.'s filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −22.4% (S&P 500 −31.8%); beta 0.31; alpha +1.5% a year (t = 0.57); last 12 months +23.5% against +12.1%.

Reported value by quarter

Farallon Capital Management, L.L.C.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$5.1B
2013-09-30	$4.7B
2013-12-31	$4.6B
2014-03-31	$4.9B
2014-06-30	$6.5B
2014-09-30	$5.9B
2014-12-31	$6.8B
2015-03-31	$6.7B
2015-06-30	$7.3B
2015-09-30	$6.2B
2015-12-31	$8.1B
2016-03-31	$7.3B
2016-06-30	$5B
2016-09-30	$5.5B
2016-12-31	$6.4B
2017-03-31	$7.8B
2017-06-30	$8.5B
2017-09-30	$9.4B
2017-12-31	$10B
2018-03-31	$12B
2018-06-30	$13.6B
2018-09-30	$0
2018-12-31	$471.6M
2019-03-31	$151.1M
2019-06-30	$634.3M
2019-09-30	$1.7B
2019-12-31	$2.4B
2020-03-31	$65.2M
2020-06-30	$186.3M
2020-09-30	$83.2M
2020-12-31	$362.4M
2021-03-31	$31.6M
2021-06-30	$146.1B
2021-09-30	$182.1B
2021-12-31	$226.8B
2022-03-31	$268.4B
2022-06-30	$115.1B
2022-09-30	$125.2B
2022-12-31	$170.7B
2023-03-31	$234.2M
2023-06-30	$668.7M
2023-09-30	$39.6M
2023-12-31	$65.2M
2024-03-31	$92.9M
2024-06-30	$120.1M
2024-09-30	$144.8M
2024-12-31	$84.9M
2025-03-31	$273.9M
2025-06-30	$140.2M
2025-09-30	$17.7B
2025-12-31	$1B
2026-03-31	$1.5B
2026-06-30	$16.9B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
RVMDRevolution Medicines, Inc.	14.98%	$2.5bn	13.55M	New
BBIOBridgebio Pharma, Inc.	4.72%	$800.1m	10.74M	New
PTGXProtagonist Therapeutics, Inc	4.59%	$778.2m	6.35M	New
EXELExelixis, Inc.	4.33%	$732.8m	13.47M	New
LQDALiquidia Corp	3.94%	$666.9m	8.37M	New
AMZNAmazon	3.70%	$627.5m	2.63M	New
LNTHLantheus Holdings, Inc.	3.66%	$619.4m	5.58M	New
NTRANatera, Inc.	3.55%	$602.2m	2.22M	New
UNHUnitedHealth Group	3.12%	$528.1m	1.27M	New
TMOThermo Fisher Scientific	3.10%	$526.0m	1.05M	New
ROIVRoivant Sciences Ltd.	2.99%	$506.4m	14.31M	New
AONAon plc	2.71%	$458.6m	1.38M	New
BSXBoston Scientific	2.65%	$449.0m	10.52M	New
AVGOBroadcom	2.57%	$435.1m	1.15M	New
MSFTMicrosoft Corporation	2.45%	$415.1m	1.11M	New
TNGXTango Therapeutics, Inc.	2.27%	$383.8m	12.28M	New
KKRKKR & Co.	2.23%	$378.0m	4.12M	New
SNPSSynopsys Inc	2.18%	$370.1m	829.6K	New
BEAMBeam Therapeutics Inc.	2.07%	$351.3m	10.24M	New
GRALGrail, Inc.	1.68%	$284.1m	4.16M	New
WABWabtec	1.42%	$241.2m	894.5K	New
IMVTImmunovant, Inc.	1.32%	$223.7m	5.80M	New
TWSTTwist Bioscience Corp	1.30%	$219.8m	2.14M	New
AGIOAgios Pharmaceuticals, Inc.	1.30%	$219.6m	5.92M	New
ARMKAramark	1.22%	$206.3m	3.63M	New
BIDUBaidu, Inc.	0.81%	$137.6m	1.20M	New
NVONovo Nordisk A S	0.74%	$125.6m	2.62M	New
ACHCAcadia Healthcare Company, Inc.	0.74%	$124.6m	4.22M	New
BTSGBrightspring Health Services, Inc.	0.71%	$120.8m	1.73M	New
AZNAstrazeneca PLC	0.64%	$108.8m	574.0K	New
JNJJohnson & Johnson	0.61%	$103.6m	408.0K	New
PBLSParabilis Medicines, Inc.	0.38%	$64.8m	2.37M	New
GHGuardant Health, Inc.	0.28%	$48.3m	322.2K	New
AVTXAvalo Therapeutics, Inc.	0.27%	$46.2m	2.50M	New
JOYYJoyy Inc.	0.27%	$46.1m	699.2K	New
ASMBAssembly Biosciences, Inc.	0.26%	$44.1m	1.60M	New
ENTAEnanta Pharmaceuticals Inc	0.21%	$35.3m	2.42M	New
MAZEMaze Therapeutics, Inc.	0.20%	$33.1m	1.11M	New
MRKMerck & Co.	0.15%	$25.6m	199.0K	New
WRBYWarby Parker Inc.	0.15%	$25.1m	828.0K	New
KLRAKailera Therapeutics, Inc.	0.14%	$24.2m	1.10M	New
AXTAAxalta Coating Systems Ltd.	0.10%	$16.4m	478.0K	New
ABVXAbivax S.a.	0.10%	$16.3m	122.0K	New
VNETVnet Group, Inc.	0.10%	$16.0m	1.99M	New
NTESNetease, Inc.	0.09%	$15.8m	123.5K	New
BIIBBiogen	0.09%	$15.3m	71.0K	New
TSHATaysha Gene Therapies, Inc.	0.09%	$15.3m	2.25M	New
MOBIMobia Medical, Inc.	0.09%	$15.1m	1.13M	New
NERVMinerva Neurosciences, Inc.	0.08%	$13.1m	2.37M	New
ALMRAlamar Biosciences, Inc.	0.07%	$12.5m	462.9K	New
ALVOAlvotech	0.06%	$10.6m	2.86M	New
BBNXBeta Bionics, Inc.	0.06%	$9.3m	595.0K	New
IFRXInflarx N.V.	0.04%	$7.4m	3.33M	New
SMGScotts Miracle-gro Co	0.04%	$6.0m	88.0K	New
WAYWaystar Holding Corp.	0.03%	$5.4m	264.9K	New
BCBrunswick Corp	0.03%	$5.1m	61.0K	New
GNTXGentex Corp	0.03%	$5.0m	199.0K	New
IDXXIdexx Laboratories	0.03%	$4.7m	9.0K	New
PRMEPrime Medicine, Inc.	0.03%	$4.6m	1.24M	New
CMCCommercial Metals Co	0.03%	$4.2m	67.0K	New
SGMTSagimet Biosciences Inc.	0.02%	$3.2m	415.0K	New
SMCSummit Midstream Corp	0.01%	$1.7m	58.2K	New
TEVATeva Pharmaceutical Industries LTD	0.01%	$1.4m	40.0K	New
COGTCogent Biosciences, Inc.	0.00%	$657,900	17.0K	New
ANNAAleanna, Inc.	0.00%	$227,360	78.4K	New
WELLWelltower	0.00%	$226,970	1.0K	New
PACBPacific Biosciences Of California, Inc.	0.00%	$23,856	14.2K	New
GERNGeron Corp	0.00%	$18,432	14.4K	New
CGCCanopy Growth Corp	0.00%	$17,100	18.0K	New
RANIRani Therapeutics Holdings, Inc.	0.00%	$15,740	20.7K	New

Company	Bought (value)	Shares
RVMDRevolution Medicines, Inc.	$2.5bn	13.55M
BBIOBridgebio Pharma, Inc.	$800.1m	10.74M
PTGXProtagonist Therapeutics, Inc	$778.2m	6.35M
EXELExelixis, Inc.	$732.8m	13.47M
LQDALiquidia Corp	$666.9m	8.37M
AMZNAmazon	$627.5m	2.63M
LNTHLantheus Holdings, Inc.	$619.4m	5.58M
NTRANatera, Inc.	$602.2m	2.22M
UNHUnitedHealth Group	$528.1m	1.27M
TMOThermo Fisher Scientific	$526.0m	1.05M
ROIVRoivant Sciences Ltd.	$506.4m	14.31M
AONAon plc	$458.6m	1.38M
BSXBoston Scientific	$449.0m	10.52M
AVGOBroadcom	$435.1m	1.15M
MSFTMicrosoft Corporation	$415.1m	1.11M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

Health Care77.1%
Technology8.3%
Consumer Discretionary5.8%
Financials5.6%
Industrials1.6%
Communication Services1.3%
Materials0.2%
Energy0.0%
Real Estate0.0%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 16, 2013 to November 2, 2026	+7.0%	+14.1%	0.49	0.78	−22.4%	0.31
2018 onwardsJanuary 5, 2018 to November 2, 2026	+2.6%	+13.9%	0.03	0.66	−22.4%	0.17
Last three yearsNovember 3, 2023 to November 2, 2026	+7.3%	+21.8%	0.30	1.16	−8.0%	0.18
Last yearNovember 7, 2025 to November 2, 2026	+23.9%	+14.2%	1.10	0.84	−8.0%	0.76

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.