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 |
ETHA
iShares Ethereum Trust ETF
ETHA
|
+$221M |
| 2 |
Wabtec
WAB
|
+$177M |
| 3 |
K
Kellanova
K
|
+$173M |
| 4 |
Norfolk Southern
NSC
|
+$171M |
| 5 |
Exelixis
EXEL
|
+$139M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$3.53B |
| 2 |
HES
Hess
HES
|
+$804M |
| 3 |
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 | |
|---|---|---|---|---|---|---|
1
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
| $3.17B | 12.96% |
39,000,000
+21,000,000
| +117% | +$1.69B |
|
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.27B | 9.27% |
+3,400,000
| New | +$2.18B |
|
3
Microsoft
MSFT
$3.59T
| $991M | 4.06% |
1,913,135
+165,300
| +9% | +$84.3M |
|
4
PUT
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $967M | 3.96% |
5,100,000
+2,800,000
| +122% | +$522M |
|
5
Aon
AON
$75.3B
| $812M | 3.33% |
2,278,017
+291,600
| +15% | +$105M |
|
|
6
Exelixis
EXEL
$13.4B
| $805M | 3.3% |
19,501,500
+3,466,000
| +22% | +$139M |
|
7
Amazon
AMZN
$2.79T
| $770M | 3.15% |
3,505,700
+471,100
| +16% | +$107M |
|
8
Natera
NTRA
$47.9B
| $685M | 2.8% |
4,253,452
-568,357
| -12% | -$89.9M |
|
9
Revolution Medicines
RVMD
$44.9B
| $683M | 2.8% |
14,625,692
+300,000
| +2% | +$11.7M |
|
10
UnitedHealth
UNH
$350B
| $651M | 2.67% |
1,886,500
+269,200
| +17% | +$81.4M |
|
11
Thermo Fisher Scientific
TMO
$233B
| $610M | 2.5% |
1,258,241
-125,000
| -9% | -$58.2M |
|
12
Hims & Hers Health
HIMS
$7.88B
| $610M | 2.5% |
10,746,852
+2,533,271
| +31% | +$130M |
|
13
Walt Disney
DIS
$186B
| $595M | 2.44% |
5,198,968
+324,700
| +7% | +$38.2M |
|
14
Salesforce
CRM
$171B
| $584M | 2.39% |
2,462,310
+353,200
| +17% | +$89.1M |
|
15
Autodesk
ADSK
$53.6B
| $528M | 2.16% |
1,662,852
-81,800
| -5% | -$24.9M |
|
16
Boston Scientific
BSX
$73B
| $463M | 1.9% |
4,746,557
+765,500
| +19% | +$79.3M |
|
17
iShares Bitcoin Trust
IBIT
$57.7B
| $455M | 1.86% |
6,992,700
-27,350
| -0.4% | -$1.78M |
|
|
18
Wabtec
WAB
$50.3B
| $442M | 1.81% |
2,205,098
+896,900
| +69% | +$177M |
|
19
BridgeBio Pharma
BBIO
$15.9B
| $425M | 1.74% |
8,192,000
+292,000
| +4% | +$14.2M |
|
20
Protagonist Therapeutics
PTGX
$9.99B
| $412M | 1.68% |
6,196,006
+24,000
| +0.4% | +$1.36M |
|
21
TransUnion
TRU
$16.2B
| $396M | 1.62% |
4,732,075
-672,500
| -12% | -$61.1M |
|
22
Aramark
ARMK
$15.8B
| $345M | 1.41% |
8,996,202
-3,903,499
| -30% | -$158M |
|
23
Intuit
INTU
$100B
| $333M | 1.36% |
488,088
-48,570
| -9% | -$35M |
|
|
K
24
DELISTED
Kellanova
K
| $323M | 1.32% |
3,943,853
+2,180,721
| +124% | +$173M |
|
25
Nasdaq
NDAQ
$54.9B
| $320M | 1.31% |
3,623,043
-460,700
| -11% | -$42.7M |
|
Similar funds
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.