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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
BRKR icon
151
Bruker
BRKR
$9.07B
– –
-5,000
Closed -$206K
CHX
152
DELISTED
ChampionX
CHX
– –
-4,245,000
Closed -$105M
HES
153
DELISTED
Hess
HES
– –
-5,805,000
Closed -$804M
JANX icon
154
Janux Therapeutics
JANX
$1.06B
– –
-48,000
Closed -$1.11M
LBRDA
155
DELISTED
Liberty Broadband Class A
LBRDA
– –
-58,215
Closed -$5.69M
LBRDK
156
DELISTED
Liberty Broadband Class C
LBRDK
– –
-4,274,445
Closed -$421M
PARA
157
DELISTED
Paramount Global Class B
PARA
– –
-1,346,151
Closed -$17.4M
SAGE
158
DELISTED
Sage Therapeutics
SAGE
– –
-42,800
Closed -$390K
SPY icon
159
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-5,500,000
Closed -$3.53B
SWTX
160
DELISTED
SpringWorks Therapeutics
SWTX
– –
-5,000
Closed -$235K
THRD
161
DELISTED
Third Harmonic Bio
THRD
– –
-15,361
Closed -$83.4K
UTHR icon
162
United Therapeutics
UTHR
$22B
– –
-1,000
Closed -$287K
VERV
163
DELISTED
Verve Therapeutics
VERV
– –
-3,612,000
Closed -$40.6M
VRNA
164
DELISTED
Verona Pharma
VRNA
– –
-1,810,000
Closed -$171M
VYGR icon
165
Voyager Therapeutics
VYGR
$209M
– –
-715,000
Closed -$2.22M
YMM icon
166
Full Truck Alliance
YMM
$9.1B
– –
-1,550,598
Closed -$18.3M
BBOT
167
BridgeBio Oncology
BBOT
$728M
– –
-600,000
Closed -$6.39M
LTM
168
LATAM Airlines Group S.A.
LTM
$14.8B
– –
-318,092
Closed -$12.9M
3 4 5 6
7

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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.