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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
+14.13%
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
$24.4B
AUM Growth
+$627M
Cap. Flow
-$540M
Cap. Flow %
-2.21%
Top 10 Hldgs %
48.29%
Holding
168
New
24
Increased
37
Reduced
33
Closed
24

Top Buys

Rank Stock Value
1
ETHA
iShares Ethereum Trust ETF
ETHA
+$221M
2
WAB icon
Wabtec
WAB
+$177M
3
K
Kellanova
K
+$173M
4
NSC icon
Norfolk Southern
NSC
+$171M
5
EXEL icon
Exelixis
EXEL
+$139M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$3.53B
2
HES
Hess
HES
+$804M
3
IQV icon
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
BCRX icon
126
BioCryst Pharmaceuticals
BCRX
$2.44B
$182K ﹤0.01%
+24,000
New +$200K
PACB icon
127
Pacific Biosciences
PACB
$420M
$173K ﹤0.01%
135,000
– –
SLDPW icon
128
Solid Power Inc Warrant
SLDPW
$6.93M
$168K ﹤0.01%
405,316
– –
SNDX icon
129
Syndax Pharmaceuticals
SNDX
$1.75B
$154K ﹤0.01%
10,000
– –
BGLWW
130
Blue Gold Ltd Warrant
BGLWW
$345K
$137K ﹤0.01%
+300,000
New +$137K
ARDX icon
131
Ardelyx
ARDX
$1B
$127K ﹤0.01%
23,000
– –
DYN icon
132
Dyne Therapeutics
DYN
$4.87B
$127K ﹤0.01%
10,000
– –
FOLD
133
DELISTED
Amicus Therapeutics
FOLD
$126K ﹤0.01%
16,000
– –
EVH icon
134
Evolent Health
EVH
$536M
$118K ﹤0.01%
14,000
– –
ALT icon
135
Altimmune
ALT
$605M
$104K ﹤0.01%
27,600
– –
CCCC icon
136
C4 Therapeutics
CCCC
$492M
$62.2K ﹤0.01%
28,000
– –
ANNA
137
AleAnna Inc
ANNA
$116M
$61.8K ﹤0.01%
78,400
– –
GERN icon
138
Geron
GERN
$977M
$58.9K ﹤0.01%
43,000
– –
IOVA icon
139
Iovance Biotherapeutics
IOVA
$3.76B
$56.4K ﹤0.01%
26,000
– –
CGC
140
Canopy Growth
CGC
$472M
$43.8K ﹤0.01%
30,000
– –
RVMDW icon
141
Revolution Medicines Inc Warrant
RVMDW
$130M
$36K ﹤0.01%
120,085
– –
BYND icon
142
Beyond Meat
BYND
$254M
$35.9K ﹤0.01%
633
– –
NVNIW
143
Nvni Group Limited Warrants
NVNIW
$27K ﹤0.01%
375,000
– –
IRWD icon
144
Ironwood Pharmaceuticals
IRWD
$709M
$17K ﹤0.01%
13,000
– –
ABT icon
145
Abbott
ABT
$202B
– –
-136,000
Closed -$18.5M
AKRO
146
DELISTED
Akero Therapeutics
AKRO
– –
-4,000
Closed -$213K
AMED
147
DELISTED
Amedisys
AMED
– –
-575,000
Closed -$56.6M
ANSS
148
DELISTED
Ansys
ANSS
– –
-997,128
Closed -$350M
AZEK
149
DELISTED
The AZEK Co
AZEK
– –
-3,141,400
Closed -$171M
BDSX icon
150
Biodesix
BDSX
$281M
– –
-6,400
Closed -$36.1K
3 4 5
6
7

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ETC
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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.