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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
+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
SLDPW icon
126
Solid Power Inc Warrant
SLDPW
$6.93M
$152K ﹤0.01%
405,316
– –
COGT icon
127
Cogent Biosciences
COGT
$6.37B
$122K ﹤0.01%
17,000
– –
ALT icon
128
Altimmune
ALT
$605M
$107K ﹤0.01%
27,600
– –
NVAX icon
129
Novavax
NVAX
$1.47B
$101K ﹤0.01%
16,000
– –
DYN icon
130
Dyne Therapeutics
DYN
$4.87B
$95.2K ﹤0.01%
10,000
– –
SNDX icon
131
Syndax Pharmaceuticals
SNDX
$1.75B
$93.7K ﹤0.01%
10,000
– –
FOLD
132
DELISTED
Amicus Therapeutics
FOLD
$91.7K ﹤0.01%
16,000
– –
ARDX icon
133
Ardelyx
ARDX
$1B
$90.2K ﹤0.01%
23,000
– –
THRD
134
DELISTED
Third Harmonic Bio
THRD
$83.4K ﹤0.01%
+15,361
New +$76.6K
BYND icon
135
Beyond Meat
BYND
$254M
$66.3K ﹤0.01%
+633
New +$55K
GERN icon
136
Geron
GERN
$977M
$60.6K ﹤0.01%
43,000
– –
ANNA
137
AleAnna Inc
ANNA
$116M
$49.8K ﹤0.01%
78,400
– –
IOVA icon
138
Iovance Biotherapeutics
IOVA
$3.76B
$44.7K ﹤0.01%
26,000
– –
CCCC icon
139
C4 Therapeutics
CCCC
$492M
$40K ﹤0.01%
28,000
– –
CGC
140
Canopy Growth
CGC
$472M
$36.6K ﹤0.01%
30,000
– –
BDSX icon
141
Biodesix
BDSX
$281M
$36.1K ﹤0.01%
6,400
-86,565
-93% -$699K
RVMDW icon
142
Revolution Medicines Inc Warrant
RVMDW
$130M
$32.4K ﹤0.01%
120,085
– –
NVNIW
143
Nvni Group Limited Warrants
NVNIW
$19.4K ﹤0.01%
375,000
– –
IRWD icon
144
Ironwood Pharmaceuticals
IRWD
$709M
$9.32K ﹤0.01%
13,000
– –
BHVN icon
145
Biohaven
BHVN
$2.09B
– –
-4,813,167
Closed -$116M
BPMC
146
DELISTED
Blueprint Medicines
BPMC
– –
-4,000
Closed -$354K
BYSI icon
147
BeyondSpring
BYSI
$29.6M
– –
-19,000
Closed -$58K
CHE icon
148
Chemed
CHE
$7.07B
– –
-400
Closed -$246K
DFS
149
DELISTED
Discover Financial Services
DFS
– –
-4,780,000
Closed -$816M
ELAN icon
150
Elanco Animal Health
ELAN
$12B
– –
-16,000
Closed -$168K
3 4 5
6
7

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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.