Farallon Capital Management (Andrew Spokes) latest 13F portfolio: 89 holdings worth $16.9B as of Q2 2026.
Backtested since 2020: mirroring Farallon Capital Management's reported 13F equity holdings each quarter would have returned +132.0% versus +182.3%for the S&P 500 (+14.2% annualized). See the Performance tab for the full equity curve.
Investor: Andrew Spokes
Number of Assets: 89
Reporting Period: Q2 - 2026
Holdings at Report: $16,943,193,377
Return $ Since Report: +$794,963,110
Return % Since Report: +4.69%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Biogen Inc. (BIIB) | Equity | +100% | 71,000 | 0.09% | $216.06 | $215.50 | $15,340,260 | $15,300,500 | -$39,760 | -0.26% |
| Agios Pharmaceuticals Inc. (AGIO) | Equity | +4.11% | 5,917,400 | 1.30% | $37.11 | $33.07 | $219,594,714 | $195,688,418 | -$23,906,296 | -10.89% |
| Beam Therapeutics Inc. (BEAM) | Equity | +1.00% | 10,236,396 | 2.07% | $34.32 | $24.95 | $351,313,111 | $255,398,080 | -$95,915,031 | -27.30% |
| Minerva Neurosciences Inc. (NERV) | Equity | 0% | 2,365,000 | 0.08% | $5.55 | $3.66 | $13,125,750 | $8,655,900 | -$4,469,850 | -34.05% |
| Natera Inc. (NTRA) | Equity | -30.84% | 2,218,366 | 3.55% | $271.45 | $369.39 | $602,175,451 | $819,442,217 | +$217,266,766 | +36.08% |
| Novartis Ag (NVS) | Equity | +100% | 363,000 | 0.34% | $156.72 | $140.37 | $56,889,360 | $50,954,310 | -$5,935,050 | -10.43% |
| Rani Therapeutics Holdings Inc. (RANI) | Equity | -73.46% | 20,700 | 0.00% | $0.76 | $0.86 | $15,740 | $17,843 | +$2,103 | +13.36% |
| Summit Midstream Corp. (SMC) | Equity | 0% | 58,214 | 0.01% | $28.48 | $32.51 | $1,657,935 | $1,892,537 | +$234,602 | +14.15% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | +19.02% | 1,049,185 | 3.10% | $501.36 | $651.45 | $526,019,392 | $683,491,568 | +$157,472,176 | +29.94% |
| Westinghouse Air Brake Technologies Corp. (WAB) | Equity | -44.42% | 894,503 | 1.42% | $269.60 | $280.23 | $241,158,009 | $250,666,576 | +$9,508,567 | +3.94% |
| Aon PLC (AON) | Equity | -44.98% | 1,382,562 | 2.71% | $331.69 | $295.64 | $458,581,990 | $408,740,630 | -$49,841,360 | -10.87% |
| Assembly Biosciences Inc. (ASMB) | Equity | +30.71% | 1,604,590 | 0.26% | $27.48 | $24.97 | $44,094,133 | $40,066,612 | -$4,027,521 | -9.13% |
| Avalo Therapeutics Inc. (AVTX) | Equity | +172.71% | 2,498,000 | 0.27% | $18.48 | $16.57 | $46,163,040 | $41,391,860 | -$4,771,180 | -10.34% |
| Beyond Meat Inc. (BYND) | Equity | 0% | 19,000 | 0.00% | $0.75 | $11.51 | $14,250 | $218,690 | +$204,440 | +1434.67% |
| Bridgebio Pharma Inc. (BBIO) | Equity | +14.71% | 10,743,063 | 4.72% | $74.48 | $66.61 | $800,143,332 | $715,595,426 | -$84,547,906 | -10.57% |
| Abivax Société Anonyme (ABVX) | Equity | +6000.00% | 122,000 | 0.10% | $133.26 | $105.04 | $16,257,720 | $12,814,880 | -$3,442,840 | -21.18% |
| Alvotech (ALVO) | Equity | +1332.16% | 2,859,675 | 0.06% | $3.69 | $5.87 | $10,552,201 | $16,786,292 | +$6,234,091 | +59.08% |
| Brunswick Corp. (BC) | Equity | +100% | 61,000 | 0.03% | $84.24 | $67.55 | $5,138,640 | $4,120,550 | -$1,018,090 | -19.81% |
| Immunovant Inc. (IMVT) | Equity | +275.49% | 5,805,000 | 1.32% | $38.53 | $36.95 | $223,666,650 | $214,494,750 | -$9,171,900 | -4.10% |
| KKR & Co. Inc. (KKR) | Equity | -11.85% | 4,118,300 | 2.23% | $91.78 | $98.81 | $377,977,574 | $406,929,223 | +$28,951,649 | +7.66% |
| Liquidia Corp. (LQDA) | Equity | -3.36% | 8,365,038 | 3.94% | $79.73 | $66.88 | $666,944,480 | $559,453,741 | -$107,490,739 | -16.12% |
| Merck & Co. Inc. (MRK) | Equity | -44.88% | 199,000 | 0.15% | $128.50 | $146.87 | $25,571,500 | $29,227,130 | +$3,655,630 | +14.30% |
| Parabilis Medicines INC (PBLS) | Equity | +100% | 2,368,200 | 0.38% | $27.37 | $41.73 | $64,817,634 | $98,824,986 | +$34,007,352 | +52.47% |
| Welltower Inc. (WELL) | Equity | -99.50% | 1,000 | 0.00% | $226.97 | $228.87 | $226,970 | $228,870 | +$1,900 | +0.84% |
| Alamar Biosciences INC (ALMR) | Equity | +100% | 462,900 | 0.07% | $27.09 | $34.85 | $12,539,961 | $16,132,065 | +$3,592,104 | +28.65% |
| Aleanna Inc. (ANNA) | Equity | 0% | 78,400 | 0.00% | $2.90 | $3.27 | $227,360 | $256,368 | +$29,008 | +12.76% |
| Baidu Inc. (BIDU) | Equity | +171.25% | 1,203,785 | 0.81% | $114.29 | $89.93 | $137,580,588 | $108,256,385 | -$29,324,203 | -21.31% |
| Broadcom Inc. (AVGO) | Equity | -35.27% | 1,151,800 | 2.57% | $377.75 | $357.61 | $435,092,450 | $411,895,198 | -$23,197,252 | -5.33% |
| Canopy Growth Corp. (CGC) | Equity | -40.00% | 18,000 | 0.00% | $0.95 | $0.93 | $17,100 | $16,812 | -$288 | -1.68% |
| Kailera Therapeutics INC (KLRA) | Equity | +100% | 1,100,000 | 0.14% | $22.03 | $12.83 | $24,233,000 | $14,113,000 | -$10,120,000 | -41.76% |
| Lantheus Holdings Inc. (LNTH) | Equity | 0% | 5,583,479 | 3.66% | $110.94 | $100.55 | $619,431,160 | $561,418,813 | -$58,012,347 | -9.37% |
| Maze Therapeutics Inc. (MAZE) | Equity | +197.00% | 1,107,814 | 0.20% | $29.84 | $22.52 | $33,057,170 | $24,947,971 | -$8,109,199 | -24.53% |
| Mobia MED INC (MOBI) | Equity | +100% | 1,128,557 | 0.09% | $13.40 | $10.54 | $15,122,664 | $11,894,991 | -$3,227,673 | -21.34% |
| Roivant Sciences Ltd. (ROIV) | Equity | +47.90% | 14,309,000 | 2.99% | $35.39 | $39.77 | $506,395,510 | $569,068,930 | +$62,673,420 | +12.38% |
| Teva Pharmaceutical Industries Limited (TEVA) | Equity | -88.70% | 40,000 | 0.01% | $33.88 | $38.98 | $1,355,200 | $1,559,200 | +$204,000 | +15.05% |
| UnitedHealth Group Inc. (UNH) | Equity | -30.26% | 1,270,532 | 3.12% | $415.63 | $376.90 | $528,071,215 | $478,863,511 | -$49,207,704 | -9.32% |
| VNet Group Inc. (VNET) | Equity | +219.57% | 1,992,000 | 0.09% | $8.04 | $6.52 | $16,015,680 | $12,987,840 | -$3,027,840 | -18.91% |
| Acadia Healthcare Company Inc. (ACHC) | Equity | +143.02% | 4,220,800 | 0.74% | $29.53 | $28.33 | $124,640,224 | $119,575,264 | -$5,064,960 | -4.06% |
| Amazon.com Inc. (AMZN) | Equity | -37.58% | 2,632,994 | 3.70% | $238.34 | $253.71 | $627,547,790 | $668,016,908 | +$40,469,118 | +6.45% |
| Beta Bionics Inc. (BBNX) | Equity | -83.51% | 595,000 | 0.06% | $15.67 | $21.89 | $9,323,650 | $13,024,550 | +$3,700,900 | +39.69% |
| Johnson & Johnson (JNJ) | Equity | +175.68% | 408,000 | 0.61% | $253.97 | $269.99 | $103,619,760 | $110,155,920 | +$6,536,160 | +6.31% |
| Microsoft Corp. (MSFT) | Equity | -52.54% | 1,112,863 | 2.45% | $373.02 | $493.78 | $415,120,156 | $549,509,492 | +$134,389,336 | +32.37% |
| Netease Inc. (NTES) | Equity | -57.59% | 123,500 | 0.09% | $128.14 | $116.19 | $15,825,290 | $14,349,465 | -$1,475,825 | -9.33% |
| Novo Nordisk As (NVO) | Equity | +234.91% | 2,619,000 | 0.74% | $47.94 | $43.24 | $125,554,860 | $113,245,560 | -$12,309,300 | -9.80% |
| Pacific Biosciences Of California Inc. (PACB) | Equity | -89.48% | 14,200 | 0.00% | $1.68 | $1.37 | $23,856 | $19,454 | -$4,402 | -18.45% |
| Protagonist Therapeutics Inc. (PTGX) | Equity | 0% | 6,348,906 | 4.59% | $122.58 | $143.00 | $778,248,897 | $907,893,558 | +$129,644,661 | +16.66% |
| Aramark (ARMK) | Equity | -40.91% | 3,625,731 | 1.22% | $56.90 | $56.45 | $206,304,094 | $204,672,515 | -$1,631,579 | -0.79% |
| Astrazeneca PLC (AZN) | Equity | +153.42% | 574,000 | 0.64% | $189.62 | $166.08 | $108,841,880 | $95,329,920 | -$13,511,960 | -12.41% |
| Axalta Coating Systems Ltd. (AXTA) | Equity | +100% | 478,000 | 0.10% | $34.22 | $32.20 | $16,357,160 | $15,391,600 | -$965,560 | -5.90% |
| Boston Scientific Corp. (BSX) | Equity | +40.83% | 10,521,184 | 2.65% | $42.68 | $43.34 | $449,044,133 | $455,988,115 | +$6,943,982 | +1.55% |
| Brightspring Health Services Inc. (BTSG) | Equity | +7.16% | 1,732,800 | 0.71% | $69.74 | $56.78 | $120,845,472 | $98,388,384 | -$22,457,088 | -18.58% |
| Commercial Metals Company (CMC) | Equity | +100% | 67,000 | 0.02% | $62.75 | $64.50 | $4,204,250 | $4,321,500 | +$117,250 | +2.79% |
| Exelixis Inc. (EXEL) | Equity | +2.72% | 13,468,010 | 4.33% | $54.41 | $58.36 | $732,794,424 | $785,993,064 | +$53,198,640 | +7.26% |
| Guardant Health Inc. (GH) | Equity | +3927.50% | 322,200 | 0.29% | $150.03 | $179.38 | $48,339,666 | $57,796,236 | +$9,456,570 | +19.56% |
| Rio Tinto Group (RIO) | Equity | +241.03% | 183,475 | 0.10% | $94.93 | $97.37 | $17,417,282 | $17,864,961 | +$447,679 | +2.57% |
| Sagimet Biosciences Inc. (SGMT) | Equity | +100% | 415,000 | 0.02% | $7.73 | $11.09 | $3,207,950 | $4,602,350 | +$1,394,400 | +43.47% |
| Synopsys Inc. (SNPS) | Equity | -31.62% | 829,600 | 2.18% | $446.07 | $384.97 | $370,059,672 | $319,371,112 | -$50,688,560 | -13.70% |
| Taysha Gene Therapies Inc. (TSHA) | Equity | +100% | 2,250,000 | 0.09% | $6.81 | $5.02 | $15,322,500 | $11,295,000 | -$4,027,500 | -26.28% |
| Twist Bioscience Corp. (TWST) | Equity | +49.64% | 2,136,400 | 1.30% | $102.88 | $166.99 | $219,792,832 | $356,757,436 | +$136,964,604 | +62.32% |
| Warby Parker Inc. (WRBY) | Equity | +100% | 828,000 | 0.15% | $30.34 | $22.50 | $25,121,520 | $18,630,000 | -$6,491,520 | -25.84% |
| Cogent Biosciences Inc. (COGT) | Equity | 0% | 17,000 | 0.00% | $38.70 | $31.50 | $657,900 | $535,500 | -$122,400 | -18.60% |
| Enanta Pharmaceuticals Inc. (ENTA) | Equity | -15.80% | 2,418,202 | 0.21% | $14.58 | $12.20 | $35,257,385 | $29,502,064 | -$5,755,321 | -16.32% |
| Grail Inc. (GRAL) | Equity | +27.90% | 4,161,584 | 1.68% | $68.27 | $80.77 | $284,111,340 | $336,131,140 | +$52,019,800 | +18.31% |
| Idexx Laboratories Inc. (IDXX) | Equity | +100% | 9,000 | 0.03% | $526.44 | $511.65 | $4,737,960 | $4,604,850 | -$133,110 | -2.81% |
| Revolution Medicines Inc. (RVMD) | Equity | -0.40% | 13,550,796 | 14.98% | $187.28 | $190.95 | $2,537,793,075 | $2,587,524,496 | +$49,731,421 | +1.96% |
| The Scotts Miracle-Gro Company (SMG) | Equity | +100% | 88,000 | 0.04% | $68.11 | $52.36 | $5,993,680 | $4,607,680 | -$1,386,000 | -23.12% |
| Tango Therapeutics Inc. (TNGX) | Equity | +34.95% | 12,277,000 | 2.27% | $31.26 | $21.75 | $383,779,020 | $267,024,750 | -$116,754,270 | -30.42% |
| Waystar Holding Corp. (WAY) | Equity | +100% | 264,900 | 0.03% | $20.53 | $25.66 | $5,438,397 | $6,797,334 | +$1,358,937 | +24.99% |
| Crinetics Pharmaceuticals Inc. (CRNX) | Equity | +7.81% | 8,989,098 | 1.99% | $37.42 | $84.95 | $336,372,047 | $763,623,875 | +$427,251,828 | +127.02% |
| Prime Medicine Inc. (PRME) | Equity | 0% | 1,240,843 | 0.03% | $3.69 | $3.12 | $4,578,711 | $3,871,430 | -$707,281 | -15.45% |
| Geron Corp. (GERN) | Equity | -66.51% | 14,400 | 0.00% | $1.28 | $1.30 | $18,432 | $18,720 | +$288 | +1.56% |
| Gentex Corp. (GNTX) | Equity | +100% | 199,000 | 0.03% | $25.27 | $22.24 | $5,028,730 | $4,425,760 | -$602,970 | -11.99% |
| Jatt II Acquisition corp | Equity | +100% | 300,000 | 0.02% | $11.36 | N/A | $3,408,000 | N/A | N/A | N/A |
| Joyy Inc. (YY) | Equity | +20.93% | 699,200 | 0.27% | $65.99 | $67.25 | $46,140,208 | $47,021,200 | +$880,992 | +1.91% |
| NVNI Group Limited | Warrant | 0% | 375,000 | N/A | $0.05 | N/A | $17,550 | N/A | N/A | N/A |
| Blue Gold LTD | Warrant | -14.73% | 255,800 | N/A | $0.12 | N/A | $30,696 | N/A | N/A | N/A |
| Aleanna Inc. | Warrant | 0% | 990,000 | N/A | $0.30 | N/A | $297,000 | N/A | N/A | N/A |
| Vnet Group INC | Bond | 0% | 45,000,000 | N/A | $1.04 | N/A | $46,808,834 | N/A | N/A | N/A |
| Perceptive Capital Solutions corp (PCSC) | Equity | 0% | 2,250,000 | 0.14% | $10.88 | $11.95 | $24,480,000 | $26,887,500 | +$2,407,500 | +9.83% |
| SPDR S&P 500 ETF Trust (SPY) | Put | +100% | 6,000,000 | N/A | $746.77 | N/A | $4,480,620,000 | N/A | N/A | N/A |
| Revolution Medicines Inc. (RVMDW) | Warrant | 0% | 120,085 | N/A | $9.40 | N/A | $1,128,799 | N/A | N/A | N/A |
| Strategy INC | Bond | +100% | 15,000,000 | N/A | $0.95 | N/A | $14,189,967 | N/A | N/A | N/A |
| CG Oncology Inc. (CGON) | Call | +100% | 400,000 | N/A | $71.05 | N/A | $28,420,000 | N/A | N/A | N/A |
| Electronic Arts Inc. (EA) | Equity | +100% | 7,919,500 | 9.58% | $205.04 | $209.70 | $1,623,814,280 | $1,660,719,150 | +$36,904,870 | +2.27% |
| Ishares Semiconductor ETF (SOXX) | Put | +100% | 130,000 | N/A | $640.76 | N/A | $83,298,800 | N/A | N/A | N/A |
| Solid Power Inc. (SLDPW) | Warrant | 0% | 405,316 | N/A | $0.10 | N/A | $41,423 | N/A | N/A | N/A |
| Strategy INC | Bond | +100% | 2,632,000 | N/A | $0.88 | N/A | $2,318,158 | N/A | N/A | N/A |
| Inflarx NV | Equity | +100% | 3,325,000 | 0.04% | $2.24 | N/A | $7,448,000 | N/A | N/A | N/A |
| Strategy INC | Bond | +122.43% | 87,858,000 | N/A | $0.86 | N/A | $75,366,666 | N/A | N/A | N/A |