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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
+18.01%
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
$23.1B
AUM Growth
-$1.32B
Cap. Flow
-$3.13B
Cap. Flow %
-13.54%
Top 10 Hldgs %
44.45%
Holding
175
New
31
Increased
22
Reduced
37
Closed
21

Top Buys

Rank Stock Value
1
EA
Electronic Arts
EA
+$1.02B
2
EXAS
Exact Sciences
EXAS
+$514M
3
CYBR
CyberArk
CYBR
+$507M
4
SNPS icon
Synopsys
SNPS
+$444M
5
AVGO icon
Broadcom
AVGO
+$319M

Top Sells

Rank Stock Value
1
ADSK icon
Autodesk
ADSK
+$528M
2
TMO icon
Thermo Fisher Scientific
TMO
+$352M
3
TRU icon
TransUnion
TRU
+$333M
4
INTU icon
Intuit
INTU
+$333M
5
K
Kellanova
K
+$323M

Sector Composition

Rank Sector Weight
1 Healthcare 41.06%
2 Technology 12.67%
3 Financials 9.75%
4 Communication Services 8.88%
5 Consumer Discretionary 4.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$2.05B 8.85%
3,000,000
-400,000
-12% -$270M
RVMD icon
2
Revolution Medicines
RVMD
$44.9B
$1.16B 5.03%
14,582,796
-42,896
-0.3% -$2.81M
MSFT icon
3
Microsoft
MSFT
$3.59T
$1.07B 4.63%
2,214,079
+300,944
+16% +$151M
AMZN icon
4
Amazon
AMZN
$2.79T
$1.04B 4.5%
4,499,894
+994,194
+28% +$227M
EA
5
DELISTED
Electronic Arts
EA
$1.03B 4.45%
+5,035,000
New +$1.02B
AON icon
6
Aon
AON
$75.3B
$941M 4.07%
2,665,238
+387,221
+17% +$135M
NTRA icon
7
Natera
NTRA
$47.9B
$897M 3.88%
3,914,366
-339,086
-8% -$70.7M
BSX icon
8
Boston Scientific
BSX
$73B
$709M 3.07%
7,439,564
+2,693,007
+57% +$264M
RSP icon
9
PUT
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$690M 2.98%
3,600,000
-1,500,000
-29% -$285M
EXEL icon
10
Exelixis
EXEL
$13.4B
$689M 2.98%
15,709,500
-3,792,000
-19% -$157M
BBIO icon
11
BridgeBio Pharma
BBIO
$15.9B
$688M 2.98%
8,998,463
+806,463
+10% +$52.9M
EXAS
12
DELISTED
Exact Sciences
EXAS
$650M 2.82%
+6,405,000
New +$514M
HYG icon
13
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$645M 2.79%
8,000,000
-31,000,000
-79% -$2.5B
PTGX icon
14
Protagonist Therapeutics
PTGX
$9.99B
$537M 2.32%
6,144,006
-52,000
-0.8% -$4.26M
WAB icon
15
Wabtec
WAB
$50.3B
$529M 2.29%
2,476,003
+270,905
+12% +$55.7M
UNH icon
16
UnitedHealth
UNH
$350B
$528M 2.28%
1,598,906
-287,594
-15% -$97.5M
CYBR
17
DELISTED
CyberArk
CYBR
$470M 2.03%
+1,053,040
New +$507M
DIS icon
18
Walt Disney
DIS
$186B
$469M 2.03%
4,125,991
-1,072,977
-21% -$118M
SNPS icon
19
Synopsys
SNPS
$76.2B
$469M 2.03%
+999,200
New +$444M
LLY icon
20
PUT
Eli Lilly
LLY
$1.12T
$403M 1.74%
375,000
– –
TMO icon
21
Thermo Fisher Scientific
TMO
$233B
$368M 1.59%
635,685
-622,556
-49% -$352M
LNTH icon
22
Lantheus
LNTH
$6.53B
$361M 1.56%
5,427,479
+1,950,252
+56% +$113M
ARMK icon
23
Aramark
ARMK
$15.8B
$345M 1.49%
9,357,046
+360,844
+4% +$13.8M
CRM icon
24
Salesforce
CRM
$171B
$334M 1.45%
1,261,177
-1,201,133
-49% -$298M
SCHW
25
Charles Schwab
SCHW
$194B
$334M 1.44%
3,339,657
+88,000
+3% +$8.35M
1
2 3 4 5

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OSAM
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BPA
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CHP
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PAG
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ETC
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Thomas Steyer's Q4 2025 Portfolio in Review

As of Q4 2025, Thomas Steyer held 175 positions worth $23.1B, down 5.4% from $24.4B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Thomas Steyer withdrew a net $3.13B in Q4 2025, closing 21 positions and reducing 37 holdings. Its most notable exit was Autodesk, an estimated $528M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 41% of assets, up from 33% a quarter earlier, followed by Technology and Financials.

Against the trend, Thomas Steyer opened a new position in Electronic Arts worth $1.03B.

  • Thomas Steyer's largest Q4 2025 buy was Electronic Arts: 5,035,000 shares worth $1.03B.
  • Thomas Steyer added most to Boston Scientific in Q4 2025, an estimated $264M increase.
  • Thomas Steyer's biggest Q4 2025 reduction was Thermo Fisher Scientific, cutting an estimated $352M.
  • Thomas Steyer fully exited Autodesk in Q4 2025, selling an estimated $528M.
  • Thomas Steyer's ten largest holdings make up 44% of its $23.1B portfolio in Q4 2025.
  • Thomas Steyer opened 31 new positions and closed 21 in Q4 2025.
  • Thomas Steyer's portfolio value fell 5.4% quarter-over-quarter to $23.1B.

Based on Farallon Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.