Farallon Capital Management (Thomas Steyer): Portfolio Update

by: Market Folly

Farallon Capital Management, the $30 billion hedge fund firm ran by Thomas Steyer has filed serveral amended 13G's. Farallon invests in both public and private debt, equities, private investments, and real estate. Farallon was ranked third in Alpha's hedge fund rankings in 2008. It is a $30 billion firm and has recently suspended withdrawals from its largest fund after receiving redemption requests for around 25% of the fund's capital. The fund won't be charging typical management and performance fees, but instead, will charge accounting fees. Farallon's recent portfolio performance is available, here. You can also read one of its recent investor letter, here.

First, we'll cover the positions it sold out of completely. Having previously held a position, it no longer shows a stake in these companies:

  • Airtran Holdings (AAI)
  • TreeHouse Foods (NYSE:THS)
  • Energy Partners Limited (NYSE:EPL)
  • Sealy Corp (ZZ)
  • The Medicines Company (NASDAQ:MDCO)
  • Exco Resources (NYSE:XCO)
  • Beacon Roofing Supply (NASDAQ:BECN)

It disclosed amended ownership stakes in the following companies:

  1. It has disclosed a 4.6% ownership in FreightCar America (NASDAQ:RAIL) with 542,115 shares. You can view the rest of Farallon's portfolio holdings, here.
  2. It filed a 13D with the SEC and disclosed a 15% ownership stake in CapitalSource (NYSE:CSE). The 13D was filed due to its activity on January 1, 2009 and it currently owns 42,270,274 shares.
  3. Farallon has filed a 13G with the SEC and has disclosed a 4.8% ownership stake in GeoEye (NASDAQ:GEOY). The 13G was filed due to its activity on December 22, 2008. It has decreased its position in GEOY and currently own 887,752 shares. This is down from its previous 13F filing, which detailed its position as of September 30, 2008, when it owned 1,041,500 shares.
  4. It filed an amended 13D on MI Developments (MIM) and has disclosed a 7.9% ownership stake in the company. Farallon now owns 3,413,787 shares of MIM, down slightly from its previous 3,939,400 shares. The filing was required due to multiple days of activity, including acquiring shares on January 1, 2009 and then selling various amounts of shares on January 5, 6, 7 and 12.
  5. Farallon also filed an amended 13G on Knology (NASDAQ:KNOL) and shows a 14.0% ownership stake in the company. It owns 4,970,375 shares. The filing was required due to activity on January 1, 2009.