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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
+5.27%
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
$470M
AUM Growth
-$55.1M
Cap. Flow
-$44.1M
Cap. Flow %
-9.38%
Top 10 Hldgs %
75.24%
Holding
50
New
6
Increased
5
Reduced
16
Closed
5

Top Buys

Rank Stock Value
1
IRON icon
Disc Medicine
IRON
+$6.84M
2
STAA icon
STAAR Surgical
STAA
+$4.7M
3
RNAM
Avidity Biosciences
RNAM
+$3.54M
4
DNLI icon
Denali Therapeutics
DNLI
+$3.38M
5
RARE icon
Ultragenyx Pharmaceutical
RARE
+$1.76M

Top Sells

Rank Stock Value
1
SRPT icon
Sarepta Therapeutics
SRPT
+$13.4M
2
FOLD
Amicus Therapeutics
FOLD
+$11.2M
3
INSM icon
Insmed
INSM
+$9.33M
4
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$8.88M
5
SLRN
ACELYRIN
SLRN
+$4.43M

Sector Composition

Rank Sector Weight
1 Healthcare 98.54%
2 Financials 1.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BNTX icon
26
BioNTech
BNTX
$23.3B
$2.68M 0.57%
25,206
– –
DYN icon
27
Dyne Therapeutics
DYN
$4.89B
$2.52M 0.54%
264,976
-68,415
-21% -$753K
CRSP icon
28
CRISPR Therapeutics
CRSP
$5.22B
$2.17M 0.46%
+44,625
New +$1.73M
ACRS icon
29
Aclaris Therapeutics
ACRS
$860M
$1.97M 0.42%
1,390,028
+614,000
+79% +$831K
RARE icon
30
Ultragenyx Pharmaceutical
RARE
$2.65B
$1.77M 0.38%
+48,750
New +$1.76M
BCYC
31
Bicycle Therapeutics
BCYC
$284M
$1.73M 0.37%
248,934
– –
NBIX icon
32
Neurocrine Biosciences
NBIX
$15.9B
$1.68M 0.36%
13,334
– –
TVTX icon
33
Travere Therapeutics
TVTX
$5.86B
$1.64M 0.35%
110,719
– –
NUVB icon
34
Nuvation Bio
NUVB
$2.25B
$1.51M 0.32%
772,652
– –
STOK icon
35
Stoke Therapeutics
STOK
$2.13B
$1.43M 0.3%
125,861
– –
PYXS icon
36
Pyxis Oncology
PYXS
$201M
$1.14M 0.24%
1,037,421
– –
HUM icon
37
Humana
HUM
$46.7B
$974K 0.21%
3,985
– –
ALDX icon
38
Aldeyra Therapeutics
ALDX
$91.7M
$864K 0.18%
225,465
– –
KPTI icon
39
Karyopharm Therapeutics
KPTI
$46M
$810K 0.17%
187,911
-136,121
-42% -$668K
YARW
40
Yarrow Bioscience, Inc. Common Stock
YARW
$114M
$735K 0.16%
8,909
– –
ABEO icon
41
Abeona Therapeutics
ABEO
$425M
$618K 0.13%
108,865
– –
ALMS
42
Alumis Inc
ALMS
$3.26B
$430K 0.09%
+143,437
New +$677K
URGN icon
43
UroGen Pharma
URGN
$2.39B
$336K 0.07%
24,500
– –
AKTX
44
Akari Therapeutics
AKTX
$12.6M
$171K 0.04%
3,651
– –
GBIO
45
DELISTED
Generation Bio
GBIO
$48.2K 0.01%
15,048
– –
RLMD icon
46
Relmada Therapeutics
RLMD
$503M
– –
-495,146
Closed -$134K
SLRN
47
DELISTED
ACELYRIN
SLRN
– –
-1,792,895
Closed -$4.43M
SRPT icon
48
Sarepta Therapeutics
SRPT
$1.94B
– –
-210,258
Closed -$13.4M
TIL icon
49
Instil Bio
TIL
$50.7M
– –
-11,165
Closed -$194K
VERV
50
DELISTED
Verve Therapeutics
VERV
– –
-575,817
Closed -$2.63M
1
2

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PIM
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Palo Alto Investors's Q2 2025 Portfolio in Review

As of Q2 2025, Palo Alto Investors held 50 positions worth $470M, down 11% from $525M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Palo Alto Investors withdrew a net $44.1M in Q2 2025, closing 5 positions and reducing 16 holdings. Its most notable exit was Sarepta Therapeutics, an estimated $13.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 98% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Disc Medicine worth $7.72M.

  • Palo Alto Investors's largest Q2 2025 buy was Disc Medicine: 145,691 shares worth $7.72M.
  • Palo Alto Investors added most to STAAR Surgical in Q2 2025, an estimated $4.7M increase.
  • Palo Alto Investors's biggest Q2 2025 reduction was Amicus Therapeutics, cutting an estimated $11.2M.
  • Palo Alto Investors fully exited Sarepta Therapeutics in Q2 2025, selling an estimated $13.4M.
  • Palo Alto Investors's ten largest holdings make up 75% of its $470M portfolio in Q2 2025.
  • Palo Alto Investors opened 6 new positions and closed 5 in Q2 2025.
  • Palo Alto Investors's portfolio value fell 11% quarter-over-quarter to $470M.

Based on Palo Alto Investors's 13F filing for Q2 2025, filed 14 Aug 2025.