BOSTON ( TheStreet) -- Thomas Steyer, the billionaire environmentalist and founder of hedge fund Farallon Capital Management, made big bets on merger mates Google (GOOG - Get Report) and Motorola Mobility (MMI - Get Report) in the third quarter.
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 numerous 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.
The latest merger-arbitrage investment for Steyer is Motorola Mobility, which was acquired by Google in August for $12.5 billion. At some point in the third quarter, Steyer's Farallon bought more than 10.5 million shares of Motorola Mobility, which carried a market value of nearly $400 million as of Sept. 30. That new position alone became the largest of Steyer's disclosed holdings.
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 third quarter with 66 reported holdings with a market value of $3.8 billion.
Google was another new purchase for Steyer, as he bought about 247,000 shares of the Internet search giant. The position had a market value of $127 million as of Sept. 30, and shares of Google have rallied 20% since the reporting date.
Farallon's other new buys in the third quarter included water and air treatment company
, glass-container manufacturer
(OI - Get Report)
, aerospace company
. In total, the hedge fund reported 16 new holdings for the third quarter.
Steyer also increased his stake in 15 companies, including big buys in large-cap companies like
(V - Get Report)
, among others.
>>View Farallon Capital's Portfolio
On the other hand, Steyer sold completely out of stakes in 11 stocks, including companies he had just picked up in the second quarter.
(FDX - Get Report)
(YOKU - Get Report)
, which were new purchases a quarter earlier, were dumped completely, alongside
Farallon also cut stakes in 10 stocks, including
Crown Castle International
-- Written by Robert Holmes in Boston
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