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FARALLON CAPITAL MANAGEMENT LLC Buys 2, Sells 3 in 1st Quarter

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May 19, 2022
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FARALLON CAPITAL MANAGEMENT LLC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Farallon Capital Management is an investment management based out of San Francisco. The company was founded in 1986 and has been registered with the SEC since 1990. The company has expanded internally since its inception to now have offices in London, Singapore, Hong Kong, Tokyo, and Sao Paulo. Farallon Capital Management utilizes a fundamental analysis with a bottom up investment approach to achieve superior risk adjusted returns. The execution of its investment methodology is highly flexible, allowing the company to shift its assets among its strategies, asset classes, and geographies based on various opportunities. The company currently has 160 employees with 74 of them being investment professionals. Farallon Capital Management is owned by its employees with Andrew J. Spokes and Daniel K. Goldberg holding the highest ownership in the company with the remaining ownership split among key executives. Farallon Capital Management invests most heavily in the consumer discretionary sector, which alone makes up almost a third of its total asset allocations, and also invests in the health care, finance, information technology, industrials, and energy sectors, among others to a lesser degree, in order of decreasing allocation. The company currently holds over $24.5 billion in total assets under management spread across 43 accounts, all of which are discretionary. Both its total number of accounts and total assets under management have been increasing in recent years with its total number of accounts growing from 29 five years ago to its current amount and its total managed assets growing from $21 billion back in 2010 to its current amount. Farallon Capital Management caters almost exclusively to pooled investment vehicles although it does provide its services to other clientele to a lesser degree. The company currently operates with five core investment strategies: Credit Investments, Long/Short Equity, Merger Arbitrage, Real Estate Investments, and Direct Investments.

As of the latest 13F report, the guru’s equity portfolio contained 294 stocks valued at a total of $18,132,000,000. The top holdings were TMO(3.99%), IQV(3.98%), and BSX(3.84%).

According to GuruFocus data, these were FARALLON CAPITAL MANAGEMENT LLC’s top five trades of the quarter.

Xilinx Inc


The guru sold out of their 2,643,800-share investment in NAS:XLNX. Previously, the stock had a 2.92% weight in the equity portfolio. Shares traded for an average price of $197.27 during the quarter.

On 05/19/2022, Xilinx Inc traded for a price of $194.92 per share and a market cap of $48,414,621,000. The stock has returned 40.44% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, Xilinx Inc has a price-earnings ratio of 52.54, a price-book ratio of 13.17, a price-earnings-to-growth (PEG) ratio of 6.33, a EV-to-Ebitda ratio of 37.83 and a price-sales ratio of 13.26.

BHP Group PLC


The guru sold out of their 6,785,000-share investment in NYSE:BBL. Previously, the stock had a 2.11% weight in the equity portfolio. Shares traded for an average price of $64.31 during the quarter.

On 05/19/2022, BHP Group PLC traded for a price of $64.18 per share and a market cap of $165,412,864,000. The stock has returned 23.90% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, BHP Group PLC has a price-earnings ratio of 8.37, a price-book ratio of 2.78, a price-earnings-to-growth (PEG) ratio of 0.20, a EV-to-Ebitda ratio of 6.34 and a price-sales ratio of 2.23.

The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 6.

TransUnion


During the quarter, FARALLON CAPITAL MANAGEMENT LLC bought 3,399,314 shares of NYSE:TRU for a total holding of 6,188,496. The trade had a 1.94% impact on the equity portfolio. During the quarter, the stock traded for an average price of $101.5.

On 05/19/2022, TransUnion traded for a price of $79.62 per share and a market cap of $15,318,888,000. The stock has returned -23.76% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, TransUnion has a price-earnings ratio of 12.10, a price-book ratio of 3.92, a price-earnings-to-growth (PEG) ratio of 4.88, a EV-to-Ebitda ratio of 21.33 and a price-sales ratio of 5.04.

The price-to-GF Value ratio is 0.71, earning the stock a GF Value rank of 10.

Block Inc


The guru established a new position worth 2,196,000 shares in NYSE:SQ, giving the stock a 1.64% weight in the equity portfolio. Shares traded for an average price of $120.9 during the quarter.

On 05/19/2022, Block Inc traded for a price of $82.06 per share and a market cap of $47,636,156,000. The stock has returned -61.66% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 4 out of 10.

In terms of valuation, Block Inc has a price-book ratio of 2.63, a EV-to-Ebitda ratio of 324.42 and a price-sales ratio of 2.42.

The price-to-GF Value ratio is 0.31, earning the stock a GF Value rank of 2.

Raytheon Technologies Corp


FARALLON CAPITAL MANAGEMENT LLC reduced their investment in NYSE:RTX by 2,389,902 shares. The trade had a 1.07% impact on the equity portfolio. During the quarter, the stock traded for an average price of $94.71.

On 05/19/2022, Raytheon Technologies Corp traded for a price of $92.61 per share and a market cap of $137,730,991,000. The stock has returned 12.04% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Raytheon Technologies Corp has a price-earnings ratio of 33.20, a price-book ratio of 1.90, a EV-to-Ebitda ratio of 15.24 and a price-sales ratio of 2.16.

The price-to-GF Value ratio is 1.09, earning the stock a GF Value rank of 5.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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