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 |
ETHA
iShares Ethereum Trust ETF
ETHA
|
+$221M |
| 2 |
Wabtec
WAB
|
+$177M |
| 3 |
K
Kellanova
K
|
+$173M |
| 4 |
Norfolk Southern
NSC
|
+$171M |
| 5 |
Exelixis
EXEL
|
+$139M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$3.53B |
| 2 |
HES
Hess
HES
|
+$804M |
| 3 |
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 | |
|---|---|---|---|---|---|---|
|
TECX
76
Tectonic Therapeutic
TECX
$736M
| $10M | 0.04% |
640,000
-213,050
| -25% | -$4.4M |
|
77
Savara
SVRA
$1.15B
| $8.93M | 0.04% |
2,500,000
-4,335,000
| -63% | -$12.8M |
|
78
Novavax
NVAX
$1.47B
| $6.76M | 0.03% |
780,000
+764,000
| +4,775% | +$5.95M |
|
79
Schrodinger
SDGR
$1.47B
| $5.7M | 0.02% |
284,000
-822,000
| -74% | -$16.5M |
|
80
iShares Semiconductor ETF
SOXX
$41.3B
| $5.13M | 0.02% |
+18,907
| New | +$4.72M |
|
|
ALE
81
DELISTED
Allete
ALE
| $4.98M | 0.02% |
+75,000
| New | +$4.87M |
|
|
TVRD
82
Tvardi Therapeutics
TVRD
$24.8M
| $1.68M | 0.01% |
43,225
| – | – |
|
83
Alvotech
ALVO
$1.5B
| $1.64M | 0.01% |
199,675
| – | – |
|
84
Madrigal Pharmaceuticals
MDGL
$11.9B
| $1.52M | 0.01% |
3,319
| – | – |
|
|
SMC
85
Summit Midstream
SMC
$470M
| $1.2M | ﹤0.01% |
58,214
| – | – |
|
86
BrightSpring Health Services
BTSG
$11.6B
| $650K | ﹤0.01% |
22,000
| – | – |
|
87
Alkermes
ALKS
$8.11B
| $624K | ﹤0.01% |
20,800
-670,863
| -97% | -$18.9M |
|
88
Roivant Sciences
ROIV
$26.2B
| $560K | ﹤0.01% |
37,000
| – | – |
|
89
Arrowhead Research
ARWR
$12.3B
| $545K | ﹤0.01% |
15,800
| – | – |
|
90
GeneDx Holdings
WGS
$2.6B
| $539K | ﹤0.01% |
5,000
-321,677
| -98% | -$35M |
|
91
Guardant Health
GH
$22.9B
| $500K | ﹤0.01% |
8,000
| – | – |
|
92
Arcutis Biotherapeutics
ARQT
$3.15B
| $490K | ﹤0.01% |
26,000
| – | – |
|
93
Axsome Therapeutics
AXSM
$10.9B
| $486K | ﹤0.01% |
4,000
| – | – |
|
94
HealthEquity
HQY
$8.81B
| $474K | ﹤0.01% |
5,000
-314,800
| -98% | -$29.6M |
|
95
Insmed
INSM
$27.5B
| $432K | ﹤0.01% |
3,000
| – | – |
|
96
Progyny
PGNY
$1.97B
| $387K | ﹤0.01% |
18,000
| – | – |
|
|
ONC
97
BeOne Medicines Ltd
ONC
$42.4B
| $375K | ﹤0.01% |
1,100
| – | – |
|
98
Krystal Biotech
KRYS
$10.3B
| $353K | ﹤0.01% |
2,000
| – | – |
|
|
ACLX
99
DELISTED
Arcellx
ACLX
| $328K | ﹤0.01% |
4,000
| – | – |
|
100
CG Oncology
CGON
$7.07B
| $322K | ﹤0.01% |
8,000
| – | – |
|
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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.