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PAI

Palo Alto Investors Portfolio holdings

AUM $724M
1-Year Est. Return 96.91%
This Fund
S&P 500
This Quarter Est. Return
+16.59%
1 Year Est. Return
+96.91%
3 Year Est. Return
+156.79%
5 Year Est. Return
+210.58%
10 Year Est. Return
+2,617.57%
AUM
$724M
AUM Growth
+$69.9M
Cap. Flow
-$1.58M
Cap. Flow %
-0.22%
Top 10 Hldgs %
61.28%
Holding
54
New
3
Increased
5
Reduced
15
Closed
2

Top Buys

Rank Stock Value
1
CMPX icon
Compass Therapeutics
CMPX
+$12.7M
2
TRAX
First Tracks Biotherapeutics
TRAX
+$11.3M
3
CLDX icon
Celldex Therapeutics
CLDX
+$3.34M
4
MIRM icon
Mirum Pharmaceuticals
MIRM
+$2.37M
5
SGMT icon
Sagimet Biosciences
SGMT
+$1.7M

Top Sells

Rank Stock Value
1
FOLD
Amicus Therapeutics
FOLD
+$16.1M
2
DNLI icon
Denali Therapeutics
DNLI
+$4.5M
3
IOVA icon
Iovance Biotherapeutics
IOVA
+$4M
4
TVTX icon
Travere Therapeutics
TVTX
+$2.79M
5
ANAB icon
AnaptysBio
ANAB
+$2.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.69%
2 Financials 0.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PTCT icon
1
PTC Therapeutics
PTCT
$5.85B
$75M 10.36%
918,846
-2,761
-0.3% -$199K
ACAD icon
2
Acadia Pharmaceuticals
ACAD
$5.02B
$72.5M 10.01%
2,864,096
-8,599
-0.3% -$189K
INSM icon
3
Insmed
INSM
$25.9B
$44.1M 6.1%
413,980
-1,289
-0.3% -$156K
MIRM icon
4
Mirum Pharmaceuticals
MIRM
$5.94B
$40.8M 5.64%
348,808
+23,633
+7% +$2.37M
ANAB icon
5
AnaptysBio
ANAB
$1.67B
$40.7M 5.63%
603,489
-34,672
-5% -$2.1M
BMRN icon
6
BioMarin Pharmaceuticals
BMRN
$12.5B
$39.1M 5.4%
682,777
-2,405
-0.4% -$132K
DYN icon
7
Dyne Therapeutics
DYN
$4.68B
$36.6M 5.06%
1,647,521
-5,451
-0.3% -$101K
UTHR icon
8
United Therapeutics
UTHR
$22.1B
$33.9M 4.69%
62,587
-222
-0.4% -$125K
IRON icon
9
Disc Medicine
IRON
$3.07B
$30.5M 4.21%
416,646
+14,927
+4% +$1.03M
BIIB icon
10
Biogen
BIIB
$32.3B
$30.3M 4.19%
140,279
-440
-0.3% -$84.2K
IOVA icon
11
Iovance Biotherapeutics
IOVA
$3.63B
$22M 3.04%
5,296,209
-1,053,354
-17% -$4M
RARE icon
12
Ultragenyx Pharmaceutical
RARE
$2.52B
$19.9M 2.75%
596,495
– –
NVCR icon
13
NovoCure
NVCR
$2.08B
$19.4M 2.68%
1,280,439
– –
SNDX icon
14
Syndax Pharmaceuticals
SNDX
$1.74B
$18.9M 2.61%
864,986
– –
ANNX icon
15
Annexon
ANNX
$942M
$16.8M 2.33%
2,948,090
– –
BCAX
16
Bicara Therapeutics
BCAX
$1.55B
$16.3M 2.26%
550,408
– –
CDNA icon
17
CareDx
CDNA
$2.58B
$15.2M 2.09%
531,870
– –
CLDX icon
18
Celldex Therapeutics
CLDX
$3.07B
$14.9M 2.06%
399,856
+103,448
+35% +$3.34M
CMPX icon
19
Compass Therapeutics
CMPX
$432M
$12.8M 1.76%
5,831,813
+4,317,309
+285% +$12.7M
ALKS icon
20
Alkermes
ALKS
$7.95B
$12.7M 1.76%
242,560
– –
TRAX
21
First Tracks Biotherapeutics
TRAX
$1.5B
$12.1M 1.68%
+603,489
New +$11.3M
PRTA icon
22
Prothena Corp
PRTA
$479M
$11.2M 1.55%
1,143,155
-65,413
-5% -$646K
TVTX icon
23
Travere Therapeutics
TVTX
$6.19B
$9.52M 1.32%
167,525
-62,928
-27% -$2.79M
TSHA icon
24
Taysha Gene Therapies
TSHA
$1.88B
$9.48M 1.31%
1,391,382
– –
ACRS icon
25
Aclaris Therapeutics
ACRS
$885M
$8.54M 1.18%
1,613,430
– –
1
2 3

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TCM
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SP
Stablepoint Partners Braintree, Massachusetts $723M AUM 29.31% 1-Year Est. Return
M
Murchinson Toronto, Ontario, Canada $725M AUM 82.02% 1-Year Est. Return
SFG
Stonebridge Financial Group San Rafael, California $722M AUM
IA
IFG Advisors St. Louis, Missouri $725M AUM 27.52% 1-Year Est. Return
BCV
Banque Cantonale Vaudoise Lausanne, Switzerland $722M AUM 30.45% 1-Year Est. Return
AO
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HS
Hazelview Securities Toronto, Ontario, Canada $722M AUM 19.65% 1-Year Est. Return

Palo Alto Investors's Q2 2026 Portfolio in Review

As of Q2 2026, Palo Alto Investors held 54 positions worth $724M, up 11% from $654M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Palo Alto Investors's Q2 2026 filing shows 3 new, 5 increased, 15 reduced and 2 closed positions. Its largest new stake was First Tracks Biotherapeutics: 603,489 shares worth $12.1M. The largest sale was Amicus Therapeutics, an estimated $16.1M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Financials.

  • Palo Alto Investors's largest Q2 2026 buy was First Tracks Biotherapeutics: 603,489 shares worth $12.1M.
  • Palo Alto Investors added most to Compass Therapeutics in Q2 2026, an estimated $12.7M increase.
  • Palo Alto Investors's biggest Q2 2026 reduction was Iovance Biotherapeutics, cutting an estimated $4M.
  • Palo Alto Investors fully exited Amicus Therapeutics in Q2 2026, selling an estimated $16.1M.
  • Palo Alto Investors's ten largest holdings make up 61% of its $724M portfolio in Q2 2026.
  • Palo Alto Investors opened 3 new positions and closed 2 in Q2 2026.
  • Palo Alto Investors's portfolio value rose 11% quarter-over-quarter to $724M.

Based on Palo Alto Investors's 13F filing for Q2 2026, filed 17 Aug 2026.