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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
FBRX icon
151
Forte Biosciences
FBRX
$1.63B
– –
-70,429
Closed -$547K
IBB icon
152
PUT
iShares Biotechnology ETF
IBB
$10.7B
– –
-3,600,000
Closed -$460M
JNPR
153
DELISTED
Juniper Networks
JNPR
– –
-295,000
Closed -$10.7M
RXST icon
154
RxSight
RXST
$260M
– –
-175,000
Closed -$4.42M
SIMO icon
155
Silicon Motion
SIMO
$8.76B
– –
-29,298
Closed -$1.48M
SPY icon
156
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-3,300,000
Closed -$1.85B
SRPT icon
157
Sarepta Therapeutics
SRPT
$1.98B
– –
-2,341,424
Closed -$149M
TMDX icon
158
Transmedics
TMDX
$3.29B
– –
-3,000
Closed -$202K
X
159
DELISTED
US Steel
X
– –
-2,135,000
Closed -$90.2M
ZYME icon
160
Zymeworks
ZYME
$2.05B
– –
-400,000
Closed -$4.76M
SGI
161
Somnigroup International
SGI
$13.6B
– –
-1,326,242
Closed -$79.4M
GATE
162
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
– –
-150,000
Closed -$1.66M
GATEW
163
DELISTED
Marblegate Acquisition Corp. Warrant
GATEW
– –
-1,485,000
Closed -$238K
ITCI
164
DELISTED
Intra-Cellular Therapies Inc.
ITCI
– –
-3,055,000
Closed -$403M
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.