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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
OSCR icon
51
Oscar Health
OSCR
$9.89B
$68.9M 0.28%
3,639,000
+2,163,000
+147% +$35.6M
ABVX
52
Abivax
ABVX
$10B
$68.3M 0.28%
+805,000
New +$49.3M
MARA icon
53
Marathon Digital Holdings
MARA
$4.35B
$66.8M 0.27%
3,660,000
+2,825,000
+338% +$47.6M
MLYS icon
54
Mineralys Therapeutics
MLYS
$2.27B
$63.4M 0.26%
+1,673,053
New +$36.2M
VNET
55
VNET Group
VNET
$1.91B
$56.7M 0.23%
5,489,120
+2,495,000
+83% +$21M
CDTX
56
DELISTED
Cidara Therapeutics
CDTX
$48.6M 0.2%
508,000
+308,000
+154% +$19.7M
GDLC
57
Grayscale CoinDesk Crypto 5 ETF
GDLC
$430M
$47.6M 0.19%
+851,193
New +$47M
COOP
58
DELISTED
Mr. Cooper
COOP
$46.8M 0.19%
222,000
+99,500
+81% +$18.3M
ALNY icon
59
PUT
Alnylam Pharmaceuticals
ALNY
$31.6B
$45.6M 0.19%
+100,000
New +$40.7M
NKTR icon
60
Nektar Therapeutics
NKTR
$2.53B
$45M 0.18%
+791,000
New +$26.2M
CAH icon
61
Cardinal Health
CAH
$53.4B
$39.7M 0.16%
253,000
-201,000
-44% -$31M
JOYY
62
JOYY Inc
JOYY
$3.71B
$36.6M 0.15%
625,000
-162,906
-21% -$8.95M
FLUT icon
63
Flutter Entertainment
FLUT
$17.8B
$34.9M 0.14%
137,369
-43,860
-24% -$12.8M
QURE icon
64
uniQure
QURE
$3.36B
$33M 0.14%
565,000
+551,000
+3,936% +$10M
ASMB icon
65
Assembly Biosciences
ASMB
$700M
$31.4M 0.13%
+1,227,590
New +$26.9M
EDU icon
66
New Oriental
EDU
$8.88B
$30M 0.12%
565,150
-590,000
-51% -$29.1M
WAY
67
Waystar Holding Corp
WAY
$4.8B
$28.4M 0.12%
750,000
+137,000
+22% +$5.08M
BIDU icon
68
Baidu
BIDU
$31.6B
$27.4M 0.11%
+207,996
New +$20.6M
DOCS icon
69
Doximity
DOCS
$4.51B
$27.4M 0.11%
+374,000
New +$24.4M
PRME icon
70
Prime Medicine
PRME
$615M
$26.3M 0.11%
4,750,000
+4,000,000
+533% +$16.3M
ENTA icon
71
Enanta Pharmaceuticals
ENTA
$392M
$25.4M 0.1%
2,122,262
– –
SGRY icon
72
Surgery Partners
SGRY
$1.9B
$18.9M 0.08%
871,830
-1,054,170
-55% -$23.5M
TYRA icon
73
Tyra Biosciences
TYRA
$1.55B
$16M 0.07%
1,143,818
– –
NTLA icon
74
Intellia Therapeutics
NTLA
$1.8B
$10.5M 0.04%
+607,200
New +$7.48M
SLNO
75
DELISTED
Soleno Therapeutics
SLNO
$10.3M 0.04%
153,000
+148,000
+2,960% +$11M
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.