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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
+26.59%
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
$540M
AUM Growth
+$70.4M
Cap. Flow
-$32.6M
Cap. Flow %
-6.03%
Top 10 Hldgs %
67.23%
Holding
48
New
3
Increased
13
Reduced
19
Closed
4

Top Buys

Rank Stock Value
1
PTCT icon
PTC Therapeutics
PTCT
+$23.8M
2
DYN icon
Dyne Therapeutics
DYN
+$11.4M
3
IOVA icon
Iovance Biotherapeutics
IOVA
+$9.89M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$9.62M
5
IRON icon
Disc Medicine
IRON
+$4.68M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$45.7M
2
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$17.6M
3
STAA icon
STAAR Surgical
STAA
+$13.3M
4
UTHR icon
United Therapeutics
UTHR
+$12.5M
5
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$4.94M

Sector Composition

Rank Sector Weight
1 Healthcare 98.77%
2 Financials 1.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSHA icon
26
Taysha Gene Therapies
TSHA
$2.05B
$4.07M 0.75%
1,246,033
– –
NUVB icon
27
Nuvation Bio
NUVB
$2.25B
$3.78M 0.7%
1,020,547
+247,895
+32% +$676K
ACRS icon
28
Aclaris Therapeutics
ACRS
$860M
$2.98M 0.55%
1,566,840
+176,812
+13% +$308K
CRSP icon
29
CRISPR Therapeutics
CRSP
$5.22B
$2.67M 0.49%
41,226
-3,399
-8% -$195K
TVTX icon
30
Travere Therapeutics
TVTX
$5.86B
$2.65M 0.49%
110,719
– –
EW icon
31
Edwards Lifesciences
EW
$53.6B
$2.62M 0.48%
33,640
-5,833
-15% -$456K
NBIX icon
32
Neurocrine Biosciences
NBIX
$15.9B
$2.54M 0.47%
18,117
+4,783
+36% +$648K
STOK icon
33
Stoke Therapeutics
STOK
$2.13B
$2.48M 0.46%
105,427
-20,434
-16% -$350K
PYXS icon
34
Pyxis Oncology
PYXS
$201M
$2.3M 0.43%
1,037,421
– –
BNTX icon
35
BioNTech
BNTX
$23.3B
$1.93M 0.36%
19,614
-5,592
-22% -$598K
BCYC
36
Bicycle Therapeutics
BCYC
$284M
$1.71M 0.32%
221,071
-27,863
-11% -$210K
ALDX icon
37
Aldeyra Therapeutics
ALDX
$91.7M
$1.18M 0.22%
225,465
– –
HUM icon
38
Humana
HUM
$46.7B
$1.04M 0.19%
3,985
– –
ORKA
39
Oruka Therapeutics
ORKA
$7.11B
$791K 0.15%
+59,985
New +$889K
ABEO icon
40
Abeona Therapeutics
ABEO
$425M
$575K 0.11%
108,865
– –
URGN icon
41
UroGen Pharma
URGN
$2.39B
$489K 0.09%
24,500
– –
PRQR icon
42
ProQR Therapeutics
PRQR
$262M
$402K 0.07%
+188,807
New +$413K
AKTX
43
Akari Therapeutics
AKTX
$12.6M
$147K 0.03%
3,651
– –
GBIO
44
DELISTED
Generation Bio
GBIO
$92.1K 0.02%
15,047
-1
-0% -$5
KPTI icon
45
Karyopharm Therapeutics
KPTI
$46M
– –
-187,911
Closed -$810K
STAA icon
46
STAAR Surgical
STAA
$1.27B
– –
-791,879
Closed -$13.3M
YARW
47
Yarrow Bioscience, Inc. Common Stock
YARW
$114M
– –
-8,909
Closed -$735K
ALMS
48
Alumis Inc
ALMS
$3.26B
– –
-143,437
Closed -$430K
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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ACM
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Palo Alto Investors's Q3 2025 Portfolio in Review

As of Q3 2025, Palo Alto Investors held 48 positions worth $540M, up 15% from $470M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Palo Alto Investors withdrew a net $32.6M in Q3 2025, closing 4 positions and reducing 19 holdings. Its most notable exit was STAAR Surgical, an estimated $13.3M position sold in full.

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

Against the trend, Palo Alto Investors opened a new position in CareDx worth $4.6M.

  • Palo Alto Investors's largest Q3 2025 buy was CareDx: 316,204 shares worth $4.6M.
  • Palo Alto Investors added most to PTC Therapeutics in Q3 2025, an estimated $23.8M increase.
  • Palo Alto Investors's biggest Q3 2025 reduction was Insmed, cutting an estimated $45.7M.
  • Palo Alto Investors fully exited STAAR Surgical in Q3 2025, selling an estimated $13.3M.
  • Palo Alto Investors's ten largest holdings make up 67% of its $540M portfolio in Q3 2025.
  • Palo Alto Investors opened 3 new positions and closed 4 in Q3 2025.
  • Palo Alto Investors's portfolio value rose 15% quarter-over-quarter to $540M.

Based on Palo Alto Investors's 13F filing for Q3 2025, filed 14 Nov 2025.