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PAI

Palo Alto Investors Portfolio holdings

AUM $654M
1-Year Est. Return 77.8%
This Fund
S&P 500
This Quarter Est. Return
-5.28%
1 Year Est. Return
+77.8%
3 Year Est. Return
+127.05%
5 Year Est. Return
+199.24%
10 Year Est. Return
+2,229.57%
AUM
$525M
AUM Growth
-$120M
Cap. Flow
-$68.1M
Cap. Flow %
-12.96%
Top 10 Hldgs %
74.78%
Holding
46
New
3
Increased
9
Reduced
11
Closed
2

Top Buys

Rank Stock Value
1
AGIO icon
Agios Pharmaceuticals
AGIO
+$9.17M
2
DYN icon
Dyne Therapeutics
DYN
+$4.77M
3
NVCR icon
NovoCure
NVCR
+$4.27M
4
ANAB icon
AnaptysBio
ANAB
+$2.95M
5
BIIB icon
Biogen
BIIB
+$2.11M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$47.1M
2
UTHR icon
United Therapeutics
UTHR
+$17.3M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$14.7M
4
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$5.12M
5
FOLD
Amicus Therapeutics
FOLD
+$2.94M

Sector Composition

Rank Sector Weight
1 Healthcare 97.86%
2 Financials 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BNTX icon
26
BioNTech
BNTX
$23.3B
$2.3M 0.44%
25,206
– –
BCYC
27
Bicycle Therapeutics
BCYC
$284M
$2.11M 0.4%
248,934
– –
TVTX icon
28
Travere Therapeutics
TVTX
$5.86B
$1.98M 0.38%
110,719
– –
TSHA icon
29
Taysha Gene Therapies
TSHA
$2.05B
$1.97M 0.38%
1,419,468
+608,200
+75% +$1.02M
NBIX icon
30
Neurocrine Biosciences
NBIX
$15.9B
$1.47M 0.28%
+13,334
New +$1.69M
NUVB icon
31
Nuvation Bio
NUVB
$2.25B
$1.36M 0.26%
772,652
– –
ALDX icon
32
Aldeyra Therapeutics
ALDX
$91.7M
$1.3M 0.25%
225,465
– –
KPTI icon
33
Karyopharm Therapeutics
KPTI
$46M
$1.21M 0.23%
324,032
-3,101
-0.9% -$26.5K
ACRS icon
34
Aclaris Therapeutics
ACRS
$860M
$1.19M 0.23%
776,028
+206,196
+36% +$440K
HUM icon
35
Humana
HUM
$46.7B
$1.05M 0.2%
3,985
– –
PYXS icon
36
Pyxis Oncology
PYXS
$201M
$1.02M 0.19%
1,037,421
– –
STOK icon
37
Stoke Therapeutics
STOK
$2.13B
$837K 0.16%
125,861
– –
YARW
38
Yarrow Bioscience, Inc. Common Stock
YARW
$114M
$704K 0.13%
8,909
– –
ABEO icon
39
Abeona Therapeutics
ABEO
$425M
$518K 0.1%
108,865
– –
URGN icon
40
UroGen Pharma
URGN
$2.39B
$271K 0.05%
24,500
– –
TIL icon
41
Instil Bio
TIL
$50.7M
$194K 0.04%
11,165
– –
AKTX
42
Akari Therapeutics
AKTX
$12.6M
$181K 0.03%
3,651
– –
RLMD icon
43
Relmada Therapeutics
RLMD
$503M
$134K 0.03%
495,146
– –
GBIO
44
DELISTED
Generation Bio
GBIO
$60.9K 0.01%
15,048
– –
JSPR icon
45
Jasper Therapeutics
JSPR
$27.4M
– –
-30,651
Closed -$655K
NVRO
46
DELISTED
NEVRO CORP.
NVRO
– –
-750,371
Closed -$2.79M
1
2

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BL
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PIM
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ACA
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PCM
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HCM
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Palo Alto Investors's Q1 2025 Portfolio in Review

As of Q1 2025, Palo Alto Investors held 46 positions worth $525M, down 19% from $645M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Palo Alto Investors withdrew a net $68.1M in Q1 2025, closing 2 positions and reducing 11 holdings. Its most notable exit was NEVRO CORP., an estimated $2.79M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 97% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Agios Pharmaceuticals worth $8.1M.

  • Palo Alto Investors's largest Q1 2025 buy was Agios Pharmaceuticals: 276,578 shares worth $8.1M.
  • Palo Alto Investors added most to NovoCure in Q1 2025, an estimated $4.27M increase.
  • Palo Alto Investors's biggest Q1 2025 reduction was Insmed, cutting an estimated $47.1M.
  • Palo Alto Investors fully exited NEVRO CORP. in Q1 2025, selling an estimated $2.79M.
  • Palo Alto Investors's ten largest holdings make up 75% of its $525M portfolio in Q1 2025.
  • Palo Alto Investors opened 3 new positions and closed 2 in Q1 2025.
  • Palo Alto Investors's portfolio value fell 19% quarter-over-quarter to $525M.

Based on Palo Alto Investors's 13F filing for Q1 2025, filed 15 May 2025.