Thomas Steyer Farallon Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$381M |
| 2 |
Microsoft
MSFT
|
+$266M |
| 3 |
Salesforce
CRM
|
+$235M |
| 4 |
K
Kellanova
K
|
+$186M |
| 5 |
Aramark
ARMK
|
+$178M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Airbnb
ABNB
|
+$319M |
| 2 |
HCP
HashiCorp, Inc. Class A Common Stock
HCP
|
+$221M |
| 3 |
Aon
AON
|
+$181M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$180M |
| 5 |
HES
Hess
HES
|
+$150M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 37.95% |
| 2 | Technology | 14.96% |
| 3 | Financials | 12.32% |
| 4 | Communication Services | 7.9% |
| 5 | Industrials | 5.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Voyager Therapeutics
VYGR
$209M
| $8.69M | 0.04% |
2,570,700
| – | – |
|
|
BBOT
77
BridgeBio Oncology
BBOT
$728M
| $6.78M | 0.03% |
600,000
| – | – |
|
78
Tango Therapeutics
TNGX
$4.03B
| $6.32M | 0.03% |
4,610,930
+610,930
| +15% | +$1.5M |
|
79
Globus Medical
GMED
$11.7B
| $6.08M | 0.03% |
83,000
+79,400
| +2,206% | +$6.56M |
|
|
SWTX
80
DELISTED
SpringWorks Therapeutics
SWTX
| $5.21M | 0.03% |
+118,000
| New | +$5.43M |
|
81
Zymeworks
ZYME
$2.05B
| $4.76M | 0.02% |
400,000
-929,974
| -70% | -$12.7M |
|
82
RxSight
RXST
$260M
| $4.42M | 0.02% |
+175,000
| New | +$5.2M |
|
|
LBRDA
83
DELISTED
Liberty Broadband Class A
LBRDA
| $4.25M | 0.02% |
+50,000
| New | +$3.99M |
|
|
VERV
84
DELISTED
Verve Therapeutics
VERV
| $4.17M | 0.02% |
+912,000
| New | +$6.11M |
|
|
SMC
85
Summit Midstream
SMC
$470M
| $1.97M | 0.01% |
58,214
| – | – |
|
86
Alvotech
ALVO
$1.5B
| $1.93M | 0.01% |
199,675
| – | – |
|
|
GATE
87
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
| $1.66M | 0.01% |
150,000
| – | – |
|
88
Prime Medicine
PRME
$615M
| $1.49M | 0.01% |
750,000
| – | – |
|
89
Silicon Motion
SIMO
$8.76B
| $1.48M | 0.01% |
29,298
-385,702
| -93% | -$20.9M |
|
90
LivaNova
LIVN
$4.34B
| $1.45M | 0.01% |
+37,000
| New | +$1.66M |
|
91
Janux Therapeutics
JANX
$1.06B
| $1.3M | 0.01% |
48,000
| – | – |
|
92
Biodesix
BDSX
$281M
| $1.16M | 0.01% |
92,965
-97,606
| -51% | -$1.87M |
|
93
Madrigal Pharmaceuticals
MDGL
$11.9B
| $1.1M | 0.01% |
3,319
| – | – |
|
|
TVRD
94
Tvardi Therapeutics
TVRD
$24.8M
| $658K | ﹤0.01% |
43,228
| – | – |
|
95
Forte Biosciences
FBRX
$1.63B
| $547K | ﹤0.01% |
70,429
+35,429
| +101% | +$418K |
|
96
Axsome Therapeutics
AXSM
$10.9B
| $467K | ﹤0.01% |
4,000
| – | – |
|
97
Arcutis Biotherapeutics
ARQT
$3.15B
| $407K | ﹤0.01% |
26,000
| – | – |
|
98
Progyny
PGNY
$1.97B
| $402K | ﹤0.01% |
18,000
| – | – |
|
99
BrightSpring Health Services
BTSG
$11.6B
| $398K | ﹤0.01% |
22,000
| – | – |
|
100
Roivant Sciences
ROIV
$26.2B
| $373K | ﹤0.01% |
37,000
| – | – |
|
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Thomas Steyer's Q1 2025 Portfolio in Review
As of Q1 2025, Thomas Steyer held 168 positions worth $20.9B, down 8.5% from $22.8B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Thomas Steyer withdrew a net $1.04B in Q1 2025, closing 22 positions and reducing 28 holdings. Its most notable exit was Airbnb, an estimated $319M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 38% of assets, up from 34% a quarter earlier, followed by Technology and Financials.
Against the trend, Thomas Steyer opened a new position in Intra-Cellular Therapies Inc. worth $403M.
- Thomas Steyer's largest Q1 2025 buy was Intra-Cellular Therapies Inc.: 3,055,000 shares worth $403M.
- Thomas Steyer added most to Microsoft in Q1 2025, an estimated $266M increase.
- Thomas Steyer's biggest Q1 2025 reduction was Aon, cutting an estimated $181M.
- Thomas Steyer fully exited Airbnb in Q1 2025, selling an estimated $319M.
- Thomas Steyer's ten largest holdings make up 40% of its $20.9B portfolio in Q1 2025.
- Thomas Steyer opened 18 new positions and closed 22 in Q1 2025.
- Thomas Steyer's portfolio value fell 8.5% quarter-over-quarter to $20.9B.
Based on Farallon Capital Management's 13F filing for Q1 2025, filed 15 May 2025.