Thomas Steyer Farallon Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$3.14B |
| 2 |
Amazon
AMZN
|
+$601M |
| 3 |
Aon
AON
|
+$226M |
| 4 |
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 |
Exelixis
EXEL
|
+$260M |
| 4 |
Microsoft
MSFT
|
+$234M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $3.4B | 14.28% |
+5,500,000
| New | +$3.14B |
|
2
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
| $1.45B | 6.1% |
+18,000,000
| New | +$1.42B |
|
|
3
Microsoft
MSFT
$3.59T
| $869M | 3.65% |
1,747,835
-538,000
| -24% | -$234M |
|
4
Natera
NTRA
$47.9B
| $815M | 3.42% |
4,821,809
+274,000
| +6% | +$42.7M |
|
|
HES
5
DELISTED
Hess
HES
| $804M | 3.38% |
5,805,000
+380,000
| +7% | +$51.3M |
|
|
6
Aon
AON
$75.3B
| $709M | 2.98% |
1,986,417
+624,673
| +46% | +$226M |
|
|
7
Exelixis
EXEL
$13.4B
| $707M | 2.97% |
16,035,500
-6,498,000
| -29% | -$260M |
|
|
8
Amazon
AMZN
$2.79T
| $666M | 2.8% |
+3,034,600
| New | +$601M |
|
9
IQVIA
IQV
$42.8B
| $607M | 2.55% |
3,851,351
+439,500
| +13% | +$66.2M |
|
10
Walt Disney
DIS
$186B
| $604M | 2.54% |
4,874,268
-621,955
| -11% | -$64.6M |
|
11
Salesforce
CRM
$171B
| $575M | 2.42% |
2,109,110
+142,000
| +7% | +$38M |
|
|
12
Thermo Fisher Scientific
TMO
$233B
| $561M | 2.36% |
1,383,241
+347,385
| +34% | +$145M |
|
13
Lantheus
LNTH
$6.53B
| $550M | 2.31% |
6,722,227
+699,000
| +12% | +$61.4M |
|
14
Aramark
ARMK
$15.8B
| $540M | 2.27% |
12,899,701
-3,342,295
| -21% | -$124M |
|
15
Autodesk
ADSK
$53.6B
| $540M | 2.27% |
1,744,652
-252,748
| -13% | -$71.7M |
|
16
Revolution Medicines
RVMD
$44.9B
| $527M | 2.21% |
14,325,692
+791,000
| +6% | +$30.4M |
|
17
UnitedHealth
UNH
$350B
| $505M | 2.12% |
1,617,300
+119,400
| +8% | +$45.6M |
|
18
TransUnion
TRU
$16.2B
| $476M | 2% |
5,404,575
-8,631
| -0.2% | -$720K |
|
19
iShares Bitcoin Trust
IBIT
$57.7B
| $430M | 1.81% |
7,020,050
+1,226,250
| +21% | +$68.7M |
|
20
Boston Scientific
BSX
$73B
| $428M | 1.8% |
3,981,057
+218,300
| +6% | +$22.1M |
|
|
21
Intuit
INTU
$100B
| $423M | 1.78% |
536,658
-303,600
| -36% | -$205M |
|
|
LBRDK
22
DELISTED
Liberty Broadband Class C
LBRDK
| $421M | 1.77% |
4,274,445
| – | – |
|
23
PUT
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $418M | 1.76% |
+2,300,000
| New | +$397M |
|
24
Hims & Hers Health
HIMS
$7.88B
| $409M | 1.72% |
8,213,581
+259,876
| +3% | +$11.7M |
|
25
Nasdaq
NDAQ
$54.9B
| $365M | 1.53% |
4,083,743
-376,545
| -8% | -$30.1M |
|
Similar funds
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.