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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
+0.2%
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
$20.9B
AUM Growth
-$1.94B
Cap. Flow
-$1.04B
Cap. Flow %
-4.99%
Top 10 Hldgs %
40.27%
Holding
168
New
18
Increased
43
Reduced
28
Closed
22

Top Buys

Rank Stock Value
1
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$381M
2
MSFT icon
Microsoft
MSFT
+$266M
3
CRM icon
Salesforce
CRM
+$235M
4
K
Kellanova
K
+$186M
5
ARMK icon
Aramark
ARMK
+$178M

Top Sells

Rank Stock Value
1
ABNB icon
Airbnb
ABNB
+$319M
2
HCP
HashiCorp, Inc. Class A Common Stock
HCP
+$221M
3
AON icon
Aon
AON
+$181M
4
BMY icon
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
KRYS icon
101
Krystal Biotech
KRYS
$10.3B
$361K ﹤0.01%
2,000
– –
SLNO
102
DELISTED
Soleno Therapeutics
SLNO
$357K ﹤0.01%
5,000
-85,000
-94% -$4.14M
BPMC
103
DELISTED
Blueprint Medicines
BPMC
$354K ﹤0.01%
4,000
– –
SAGE
104
DELISTED
Sage Therapeutics
SAGE
$340K ﹤0.01%
42,800
– –
MMSI icon
105
Merit Medical Systems
MMSI
$5.42B
$317K ﹤0.01%
3,000
– –
UTHR icon
106
United Therapeutics
UTHR
$22B
$308K ﹤0.01%
1,000
– –
TWST icon
107
Twist Bioscience
TWST
$9.13B
$300K ﹤0.01%
7,650
– –
ONC
108
BeOne Medicines Ltd
ONC
$42.4B
$299K ﹤0.01%
1,100
– –
COR icon
109
Cencora
COR
$60.7B
$278K ﹤0.01%
1,000
– –
ACLX
110
DELISTED
Arcellx
ACLX
$262K ﹤0.01%
4,000
– –
GKOS icon
111
Glaukos
GKOS
$10.9B
$256K ﹤0.01%
2,600
– –
ANNAW
112
AleAnna Inc Warrant
ANNAW
$7.3M
$247K ﹤0.01%
990,000
– –
CHE icon
113
Chemed
CHE
$7.07B
$246K ﹤0.01%
400
– –
SBRA icon
114
Sabra Healthcare REIT
SBRA
$5.21B
$245K ﹤0.01%
14,000
– –
GATEW
115
DELISTED
Marblegate Acquisition Corp. Warrant
GATEW
$238K ﹤0.01%
1,485,000
– –
INSM icon
116
Insmed
INSM
$27.5B
$229K ﹤0.01%
3,000
– –
SRRK icon
117
Scholar Rock
SRRK
$6.88B
$225K ﹤0.01%
7,000
– –
ASND icon
118
Ascendis Pharma A/S
ASND
$16.6B
$218K ﹤0.01%
+1,400
New +$200K
BRKR icon
119
Bruker
BRKR
$9.07B
$209K ﹤0.01%
5,000
– –
IMVT icon
120
Immunovant
IMVT
$9.16B
$205K ﹤0.01%
12,000
– –
HR icon
121
Healthcare Realty
HR
$6.65B
$203K ﹤0.01%
12,000
-3,252,000
-100% -$54M
TMDX icon
122
Transmedics
TMDX
$3.29B
$202K ﹤0.01%
+3,000
New +$206K
ARWR icon
123
Arrowhead Research
ARWR
$12.3B
$201K ﹤0.01%
15,800
-613,000
-97% -$11.1M
GRFS
124
Grifois
GRFS
$5.44B
$199K ﹤0.01%
28,000
– –
ELAN icon
125
Elanco Animal Health
ELAN
$12B
$168K ﹤0.01%
16,000
– –
3 4
5
6 7

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OSAM
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BPA
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CHP
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PAG
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ETC
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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.