This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
BOSTON ( TheStreet) -- Thomas Steyer, the billionaire environmentalist and founder of hedge fund Farallon Capital Management, initiated a stake in BP(BP - Get Report), the oil company responsible for the April 2010 spill in the Gulf of Mexico.
Steyer founded Farallon Capital in 1986 and has served as the fund's managing partner. Based in San Francisco, Farallon has more than $20 billion in assets and uses multiple investment strategies ranging from credit to value to merger-arbitrage investments. The hedge fund has a disciplined approach to preserve capital, focusing on achieving risk-adjusted returns.
Thomas Steyer of Farallon Capital Management.
Considering the Deepwater Horizon explosion last year, BP is an unusual investment for Steyer, who with his wife donated millions to a create a sustainable-energy center at Stanford University in 2008. Farallon bought 1.8 million shares of BP during the second quarter, which had a market value of nearly $80 million as of June 30, according to the fund's latest 13F filing with regulators.
Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the
Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines. Farallon Capital ended the second quarter with 61 reported holdings with a market value of nearly $3.1 billion.
Farallon's other new buys in the second quarter included
FedEx(FDX - Get Report),
Tenet Healthcare(THC). In total, the hedge fund reported 15 new holdings for the second quarter.
Steyer also increased his stake in 17 companies, including big buys in mid-cap real-estate stock
Hudson Pacific Properties(HPP - Get Report) and
Comcast(CMCSA - Get Report). Farallon bought 3.1 million shares of Hudson Pacific to bring its total position to 10.2 million shares. The fund added more than 1.5 million shares of Comcast to bring its overall position to 4.2 million shares.
Farallon also added to stakes in
General Dynamics(GD - Get Report),
Wells Fargo(WFC - Get Report) and
Oracle(ORLC), among others.
On the other hand, Steyer sold completely out of stakes in 17 stocks, including
Quest Diagnostics(DGX). As the fund has a merger arbitrage focus, several holdings were acquired during the second quarter, including
Farallon also cut stakes in 10 stocks, including
Crown Castle International(CCI).
-- Written by Robert Holmes in Boston.
>To contact the writer of this article, click here:
>To follow Robert Holmes on Twitter, go to
>To submit a news tip, send an email to: