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Thomas Steyer Farallon Capital Management

AUM $21.7B
1-Year Est. Return 79.24%
 

Thomas Steyer founded Farallon Capital Management, a pioneering multi-strategy firm spanning credit, equities, real estate, and event-driven investing. Farallon became known for rigorous research and opportunistic capital allocation across cycles. Although Steyer later focused on public advocacy, the Farallon name remains important in hedge fund history and ongoing 13F tracking.

This Fund
S&P 500
This Quarter Est. Return
+14.13%
1 Year Est. Return
+79.24%
3 Year Est. Return
+204.51%
5 Year Est. Return
+270.91%
10 Year Est. Return
+1,884.18%
AUM
$24.4B
AUM Growth
+$627M
Cap. Flow
-$540M
Cap. Flow %
-2.21%
Top 10 Hldgs %
48.29%
Holding
168
New
24
Increased
37
Reduced
33
Closed
24

Top Buys

Rank Stock Value
1
ETHA
iShares Ethereum Trust ETF
ETHA
+$221M
2
WAB icon
Wabtec
WAB
+$177M
3
K
Kellanova
K
+$173M
4
NSC icon
Norfolk Southern
NSC
+$171M
5
EXEL icon
Exelixis
EXEL
+$139M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$3.53B
2
HES
Hess
HES
+$804M
3
IQV icon
IQVIA
IQV
+$530M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$421M
5
ANSS
Ansys
ANSS
+$350M

Sector Composition

Rank Sector Weight
1 Healthcare 33.14%
2 Technology 11.51%
3 Financials 9.33%
4 Communication Services 4.99%
5 Industrials 4.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADI icon
26
Analog Devices
ADI
$182B
$319M 1.31%
1,299,500
+27,300
+2% +$6.56M
SCHW
27
Charles Schwab
SCHW
$194B
$310M 1.27%
3,251,657
-707,400
-18% -$67.1M
NYT icon
28
New York Times
NYT
$10.6B
$286M 1.17%
4,985,745
-623,801
-11% -$35.6M
LLY icon
29
PUT
Eli Lilly
LLY
$1.12T
$286M 1.17%
+375,000
New +$279M
GOOG icon
30
Alphabet (Google) Class C
GOOG
$4.18T
$273M 1.12%
1,120,940
-640,900
-36% -$135M
CBRE icon
31
CBRE Group
CBRE
$44B
$255M 1.04%
1,616,038
-497,100
-24% -$76.9M
MCK icon
32
McKesson
MCK
$100B
$253M 1.03%
327,100
+12,500
+4% +$8.8M
BEAM icon
33
Beam Therapeutics
BEAM
$3.07B
$244M 1%
10,063,111
+50,000
+0.5% +$995K
CRNX icon
34
Crinetics Pharmaceuticals
CRNX
$8.99B
$240M 0.98%
5,770,098
+1,124,000
+24% +$35.9M
ETHA
35
iShares Ethereum Trust ETF
ETHA
$7.26B
$235M 0.96%
+7,450,730
New +$221M
AGIO icon
36
Agios Pharmaceuticals
AGIO
$1.98B
$232M 0.95%
5,781,066
+13,600
+0.2% +$512K
V icon
37
Visa
V
$693B
$205M 0.84%
599,810
+291,000
+94% +$101M
LQDA icon
38
Liquidia Corp
LQDA
$6.14B
$195M 0.8%
8,565,638
+4,326,876
+102% +$93.9M
NSC icon
39
Norfolk Southern
NSC
$78.8B
$185M 0.76%
+615,000
New +$171M
LNTH icon
40
Lantheus
LNTH
$6.53B
$178M 0.73%
3,477,227
-3,245,000
-48% -$203M
IQV icon
41
IQVIA
IQV
$42.8B
$178M 0.73%
938,551
-2,912,800
-76% -$530M
WWD icon
42
Woodward
WWD
$20.3B
$157M 0.64%
621,973
-292,700
-32% -$72.7M
MA icon
43
Mastercard
MA
$509B
$122M 0.5%
213,771
+61,700
+41% +$35.4M
CNTA
44
DELISTED
Centessa Pharmaceuticals
CNTA
$105M 0.43%
4,331,318
-198,000
-4% -$3.52M
TEVA icon
45
Teva Pharmaceuticals
TEVA
$43.5B
$101M 0.41%
+4,997,000
New +$87.8M
TNGX icon
46
Tango Therapeutics
TNGX
$4.03B
$90.4M 0.37%
10,757,000
+1,600,000
+17% +$10.8M
BBNX
47
Beta Bionics
BBNX
$857M
$85.7M 0.35%
4,313,920
+110,000
+3% +$1.93M
THC icon
48
Tenet Healthcare
THC
$22.6B
$84.1M 0.34%
414,000
-115,000
-22% -$20.4M
GRAL
49
GRAIL Inc
GRAL
$3.55B
$79.8M 0.33%
1,349,000
+847,000
+169% +$32.4M
EHC icon
50
Encompass Health
EHC
$11.9B
$72.5M 0.3%
571,000
-137,000
-19% -$16.3M
1
2
3 4 5

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Thomas Steyer's Q3 2025 Portfolio in Review

As of Q3 2025, Thomas Steyer held 168 positions worth $24.4B, up 2.6% from $23.8B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Thomas Steyer's Q3 2025 filing shows 24 new, 37 increased, 33 reduced and 24 closed positions. Its largest new stake was iShares Ethereum Trust ETF: 7,450,730 shares worth $235M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $3.53B.

By sector, the portfolio is most concentrated in Healthcare at 33% of assets, up from 33% a quarter earlier, followed by Technology and Financials.

  • Thomas Steyer's largest Q3 2025 buy was iShares Ethereum Trust ETF: 7,450,730 shares worth $235M.
  • Thomas Steyer added most to Wabtec in Q3 2025, an estimated $177M increase.
  • Thomas Steyer's biggest Q3 2025 reduction was IQVIA, cutting an estimated $530M.
  • Thomas Steyer fully exited State Street SPDR S&P 500 ETF Trust in Q3 2025, selling an estimated $3.53B.
  • Thomas Steyer's ten largest holdings make up 48% of its $24.4B portfolio in Q3 2025.
  • Thomas Steyer opened 24 new positions and closed 24 in Q3 2025.
  • Thomas Steyer's portfolio value rose 2.6% quarter-over-quarter to $24.4B.

Based on Farallon Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.