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TS

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
MARA icon
76
Marathon Digital Holdings
MARA
$4.35B
$13.1M 0.06%
835,000
– –
LTM
77
LATAM Airlines Group S.A.
LTM
$14.8B
$12.9M 0.05%
318,092
-243,918
-43% -$8.44M
GMED icon
78
Globus Medical
GMED
$11.7B
$12.4M 0.05%
210,000
+127,000
+153% +$8.21M
NUVL
79
DELISTED
Nuvalent
NUVL
$11.4M 0.05%
150,000
– –
TYRA icon
80
Tyra Biosciences
TYRA
$1.55B
$10.9M 0.05%
1,143,818
– –
CDTX
81
DELISTED
Cidara Therapeutics
CDTX
$9.74M 0.04%
+200,000
New +$4.81M
BBOT
82
BridgeBio Oncology
BBOT
$728M
$6.39M 0.03%
600,000
– –
LBRDA
83
DELISTED
Liberty Broadband Class A
LBRDA
$5.69M 0.02%
58,215
+8,215
+16% +$728K
VYGR icon
84
Voyager Therapeutics
VYGR
$209M
$2.22M 0.01%
715,000
-1,855,700
-72% -$5.99M
PRME icon
85
Prime Medicine
PRME
$615M
$1.85M 0.01%
750,000
– –
ALVO icon
86
Alvotech
ALVO
$1.5B
$1.82M 0.01%
199,675
– –
SMC
87
Summit Midstream
SMC
$470M
$1.43M 0.01%
58,214
– –
JANX icon
88
Janux Therapeutics
JANX
$1.06B
$1.11M ﹤0.01%
48,000
– –
TVRD
89
Tvardi Therapeutics
TVRD
$24.8M
$1.01M ﹤0.01%
43,225
-3
-0% -$71
MDGL icon
90
Madrigal Pharmaceuticals
MDGL
$11.9B
$1M ﹤0.01%
3,319
– –
BTSG icon
91
BrightSpring Health Services
BTSG
$11.6B
$519K ﹤0.01%
22,000
– –
SLNO
92
DELISTED
Soleno Therapeutics
SLNO
$419K ﹤0.01%
5,000
– –
AXSM icon
93
Axsome Therapeutics
AXSM
$10.9B
$418K ﹤0.01%
4,000
– –
ROIV icon
94
Roivant Sciences
ROIV
$26.2B
$417K ﹤0.01%
37,000
– –
GH icon
95
Guardant Health
GH
$22.9B
$416K ﹤0.01%
+8,000
New +$357K
CAPR icon
96
Capricor Therapeutics
CAPR
$366M
$407K ﹤0.01%
41,000
-2,209,400
-98% -$23.3M
PGNY icon
97
Progyny
PGNY
$1.97B
$396K ﹤0.01%
18,000
– –
SAGE
98
DELISTED
Sage Therapeutics
SAGE
$390K ﹤0.01%
42,800
– –
ARQT icon
99
Arcutis Biotherapeutics
ARQT
$3.15B
$365K ﹤0.01%
26,000
– –
INSM icon
100
Insmed
INSM
$27.5B
$302K ﹤0.01%
3,000
– –
2 3
4
5 6

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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.