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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
+11.25%
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
$23.8B
AUM Growth
+$2.95B
Cap. Flow
+$1.1B
Cap. Flow %
4.63%
Top 10 Hldgs %
44.66%
Holding
165
New
18
Increased
38
Reduced
31
Closed
20

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$3.14B
2
AMZN icon
Amazon
AMZN
+$601M
3
AON icon
Aon
AON
+$226M
4
TMO icon
Thermo Fisher Scientific
TMO
+$145M
5
AZEK
The AZEK Co
AZEK
+$100M

Top Sells

Rank Stock Value
1
DFS
Discover Financial Services
DFS
+$816M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$403M
3
EXEL icon
Exelixis
EXEL
+$260M
4
MSFT icon
Microsoft
MSFT
+$234M
5
INTU icon
Intuit
INTU
+$205M

Sector Composition

Rank Sector Weight
1 Healthcare 32.61%
2 Technology 13.02%
3 Financials 8.98%
4 Communication Services 7.2%
5 Industrials 5.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BBNX
51
Beta Bionics
BBNX
$857M
$61.2M 0.26%
4,203,920
+871,700
+26% +$12.3M
CNTA
52
DELISTED
Centessa Pharmaceuticals
CNTA
$59.5M 0.25%
4,529,318
+195,000
+4% +$2.47M
AMED
53
DELISTED
Amedisys
AMED
$56.6M 0.24%
575,000
+50,000
+10% +$4.73M
LQDA icon
54
Liquidia Corp
LQDA
$6.14B
$52.8M 0.22%
4,238,762
+247,806
+6% +$3.67M
FLUT icon
55
Flutter Entertainment
FLUT
$17.8B
$51.8M 0.22%
181,229
-60,238
-25% -$14.8M
TNGX icon
56
Tango Therapeutics
TNGX
$4.03B
$46.9M 0.2%
9,157,000
+4,546,070
+99% +$11.2M
SGRY icon
57
Surgery Partners
SGRY
$1.9B
$42.8M 0.18%
+1,926,000
New +$42.8M
VERV
58
DELISTED
Verve Therapeutics
VERV
$40.6M 0.17%
3,612,000
+2,700,000
+296% +$15.4M
JOYY
59
JOYY Inc
JOYY
$3.71B
$40.1M 0.17%
787,906
+7,906
+1% +$351K
HQY icon
60
HealthEquity
HQY
$8.81B
$33.5M 0.14%
319,800
-102,000
-24% -$9.67M
RARE icon
61
Ultragenyx Pharmaceutical
RARE
$2.55B
$32.7M 0.14%
+898,000
New +$32.4M
OSCR icon
62
Oscar Health
OSCR
$9.89B
$31.6M 0.13%
1,476,000
+1,465,000
+13,318% +$21.8M
WGS icon
63
GeneDx Holdings
WGS
$2.6B
$30.2M 0.13%
326,677
+23,677
+8% +$1.86M
GRAL
64
GRAIL Inc
GRAL
$3.55B
$25.8M 0.11%
+502,000
New +$18.2M
WAY
65
Waystar Holding Corp
WAY
$4.8B
$25.1M 0.11%
613,000
-1,407,000
-70% -$54.2M
SDGR icon
66
Schrodinger
SDGR
$1.47B
$22.3M 0.09%
+1,106,000
New +$25.3M
VNET
67
VNET Group
VNET
$1.91B
$20.7M 0.09%
2,994,120
+555,000
+23% +$3.32M
ALKS icon
68
Alkermes
ALKS
$8.11B
$19.8M 0.08%
691,663
-698,137
-50% -$20.8M
ABT icon
69
Abbott
ABT
$202B
$18.5M 0.08%
136,000
-197,000
-59% -$26M
YMM icon
70
Full Truck Alliance
YMM
$9.1B
$18.3M 0.08%
1,550,598
-5,806,609
-79% -$67.6M
COOP
71
DELISTED
Mr. Cooper
COOP
$18.3M 0.08%
+122,500
New +$15.7M
PARA
72
DELISTED
Paramount Global Class B
PARA
$17.4M 0.07%
+1,346,151
New +$15.8M
TECX
73
Tectonic Therapeutic
TECX
$736M
$17M 0.07%
853,050
– –
ENTA icon
74
Enanta Pharmaceuticals
ENTA
$392M
$16M 0.07%
2,122,262
– –
SVRA icon
75
Savara
SVRA
$1.15B
$15.6M 0.07%
6,835,000
– –
1 2
3
4 5

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ETC
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Thomas Steyer's Q2 2025 Portfolio in Review

As of Q2 2025, Thomas Steyer held 165 positions worth $23.8B, up 14% from $20.9B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Thomas Steyer deployed $1.1B of net new capital in Q2 2025, opening 18 new positions and adding to 38 existing holdings. Its largest new stake was State Street SPDR S&P 500 ETF Trust: 5,500,000 shares worth $3.4B.

By sector, the portfolio is most concentrated in Healthcare at 33% of assets, down from 38% a quarter earlier, followed by Technology and Financials.

On the sell side, the largest reduction was Exelixis, an estimated $260M trimmed.

  • Thomas Steyer's largest Q2 2025 buy was State Street SPDR S&P 500 ETF Trust: 5,500,000 shares worth $3.4B.
  • Thomas Steyer added most to Aon in Q2 2025, an estimated $226M increase.
  • Thomas Steyer's biggest Q2 2025 reduction was Exelixis, cutting an estimated $260M.
  • Thomas Steyer fully exited Discover Financial Services in Q2 2025, selling an estimated $816M.
  • Thomas Steyer's ten largest holdings make up 45% of its $23.8B portfolio in Q2 2025.
  • Thomas Steyer opened 18 new positions and closed 20 in Q2 2025.
  • Thomas Steyer's portfolio value rose 14% quarter-over-quarter to $23.8B.

Based on Farallon Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.