Learn · Last updated September 8, 2026
Farallon Steps Back Into the Light
Farallon Capital Management is fully back on the record. After two quarters in which its filings kept the portfolio hidden, the fund's Q2 2026 13F once again shows the whole book: 89 positions worth $21.7B. It is the first complete look at one of the most-watched multi-strategy funds since September 2025, and the book that emerged looks very different from the one that went dark.
Why the portfolio disappeared
The SEC can grant confidential treatment, allowing a manager to omit positions from a public 13F while, for example, a large stake is still being built. The withheld positions surface later in amended filings. It is legal, it is rare at portfolio scale, and it means a fund can effectively go dark for quarters at a time. (More on the mechanics in what a 13F filing is and what 13F filings don't show.)
That is what happened here: Farallon's last full disclosure covered September 2025. Then two quarters passed with the book withheld, and now the Q2 2026 filing shows everything again.
One honest caveat before the numbers, and it matters for every comparison below: the changes span three quarters, not one. We can see the September 2025 book and the June 2026 book. When those two snapshots differ, we cannot know in which of the intervening quarters the trades actually happened.
The book that came back
| Issuer | Value | Shares | % of portfolio |
|---|---|---|---|
| State Str Spdr S&P 500 Etf T | $4.5B | 6,000,000 | 20.7% |
| Revolution Medicines Inc | $2.5B | 13,550,796 | 11.7% |
| Electronic Arts Inc | $1.6B | 7,919,500 | 7.5% |
| Bridgebio Pharma Inc | $800.1M | 10,743,063 | 3.7% |
| Protagonist Therapeutics Inc | $778.2M | 6,348,906 | 3.6% |
| Exelixis Inc | $732.8M | 13,468,010 | 3.4% |
| Liquidia Corporation | $666.9M | 8,365,038 | 3.1% |
| Amazon Com Inc | $627.5M | 2,632,994 | 2.9% |
| Lantheus Hldgs Inc | $619.4M | 5,583,479 | 2.9% |
| Natera Inc | $602.2M | 2,218,366 | 2.8% |
Farallon Capital on Whale's Nest
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The shape is striking on its own: the top 10 hold 62.1% of the portfolio, led by a $4.5B S&P 500 ETF core and a heavy tier of biotech names (Revolution Medicines, Bridgebio Pharma, Protagonist Therapeutics, Exelixis, Liquidia).
What changed while the lights were off
Compared with the last full disclosure in September 2025, and remembering that these moves happened at unknown points across three quarters:
The book got much smaller. The September 2025 filing showed 144 positions; the new one shows 89. Farallon exited 93 positions and opened 38 new ones. Whatever else the dark period held, the fund came out of it far more concentrated.
The biggest new position arrived at conviction size. Electronic Arts Inc enters at $1.6B, straight into the top tier of the book. Broadcom Inc ($435.1M), Kkr & Co Inc ($378.0M), and Synopsys Inc ($370.1M) lead the rest of the new names.
The exits are just as sweeping. Gone entirely: an Ishares Tr position that had been $3.2B, an Invesco Exchange Traded Fd T stake ($967.5M), plus Hims & Hers Health Inc ($609.6M), Disney Walt Co ($595.3M), Salesforce Inc ($583.6M), Autodesk Inc ($528.2M), and an Ishares Bitcoin Trust Etf position ($454.5M).
Within surviving positions, the moves are large. The S&P 500 ETF core grew 76.5% to 6,000,000 shares. Roivant Sciences Ltd expanded 38573% to 14,309,000 shares, a stake essentially built from scratch. Lantheus Hldgs Inc rose 60.6% and Bridgebio Pharma Inc 31.1%. On the other side, Microsoft Corp was cut 41.8%, Aon Plc 39.3%, and Amazon Com Inc 24.9%.
What we still cannot see
The two withheld quarters remain a blank. If the SEC-permitted amendments arrive later, they will show what Farallon held while the book was dark, and we will read them when they do. Until then, treat the three-quarter window as exactly that: two known endpoints with an unlit stretch between them. (On reading 13Fs with the right amount of skepticism: how to read a 13F filing and are 13F filings useless after 45 days?)
FAQ
Why did Farallon's 13F disappear?
The SEC granted confidential treatment, which lets a manager omit positions from the public filing, typically while large stakes are being built. The withheld positions surface later in amended filings.
How big is Farallon's portfolio now?
The Q2 2026 13F reports 89 positions worth $21.7B, down from 144 positions in its last full disclosure covering September 2025.
Do we know what Farallon held during the hidden quarters?
No. The two withheld quarters are not public. If amendments are filed later, they will reveal those holdings; until then the only honest comparison is between the September 2025 and June 2026 snapshots.
Data from Farallon Capital Management's Q2 2026 Form 13F and its prior full disclosure covering September 2025, both filed with the SEC. Confidential-treatment mechanics per the SEC's Form 13F FAQ. Methodology at /learn/how-we-source-13f-data. Nothing here is investment advice.
