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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
+33.02%
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
$718M
AUM Growth
+$178M
Cap. Flow
+$38.2M
Cap. Flow %
5.32%
Top 10 Hldgs %
67.77%
Holding
51
New
7
Increased
12
Reduced
13
Closed
2

Top Buys

Rank Stock Value
1
CMPX icon
Compass Therapeutics
CMPX
+$11.7M
2
ANNX icon
Annexon
ANNX
+$9.11M
3
IRON icon
Disc Medicine
IRON
+$7.87M
4
MIRM icon
Mirum Pharmaceuticals
MIRM
+$6.58M
5
BCAX
Bicara Therapeutics
BCAX
+$5.1M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$14.7M
2
RNAM
Avidity Biosciences
RNAM
+$4.79M
3
NUVB icon
Nuvation Bio
NUVB
+$2.99M
4
GOSS icon
Gossamer Bio
GOSS
+$2.83M
5
AGIO icon
Agios Pharmaceuticals
AGIO
+$1.86M

Sector Composition

Rank Sector Weight
1 Healthcare 99.02%
2 Financials 0.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALGN icon
26
Align Technology
ALGN
$12.4B
$6.48M 0.9%
41,520
-4,215
-9% -$604K
AGIO icon
27
Agios Pharmaceuticals
AGIO
$2.04B
$5.78M 0.81%
212,499
-52,998
-20% -$1.86M
BCAX
28
Bicara Therapeutics
BCAX
$1.63B
$5.03M 0.7%
+298,575
New +$5.1M
NUVB icon
29
Nuvation Bio
NUVB
$2.25B
$4.82M 0.67%
538,079
-482,468
-47% -$2.99M
ACRS icon
30
Aclaris Therapeutics
ACRS
$860M
$4.72M 0.66%
1,566,840
– –
XENE icon
31
Xenon Pharmaceuticals
XENE
$6.31B
$4.33M 0.6%
+96,519
New +$4.05M
TVTX icon
32
Travere Therapeutics
TVTX
$5.86B
$4.23M 0.59%
110,719
– –
EW icon
33
Edwards Lifesciences
EW
$53.6B
$2.87M 0.4%
33,640
– –
NBIX icon
34
Neurocrine Biosciences
NBIX
$15.9B
$2.57M 0.36%
18,117
– –
STOK icon
35
Stoke Therapeutics
STOK
$2.13B
$2.29M 0.32%
72,022
-33,405
-32% -$1M
CRSP icon
36
CRISPR Therapeutics
CRSP
$5.22B
$2.16M 0.3%
41,226
– –
BNTX icon
37
BioNTech
BNTX
$23.3B
$1.87M 0.26%
19,614
– –
ORKA
38
Oruka Therapeutics
ORKA
$7.11B
$1.82M 0.25%
59,985
– –
BCYC
39
Bicycle Therapeutics
BCYC
$284M
$1.57M 0.22%
221,071
– –
PYXS icon
40
Pyxis Oncology
PYXS
$201M
$1.19M 0.17%
1,037,421
– –
ALDX icon
41
Aldeyra Therapeutics
ALDX
$91.7M
$1.17M 0.16%
225,465
– –
HUM icon
42
Humana
HUM
$46.7B
$1.02M 0.14%
3,985
– –
INSP icon
43
Inspire Medical Systems
INSP
$1.68B
$809K 0.11%
+8,772
New +$839K
CMPS
44
Compass Pathways
CMPS
$1.97B
$798K 0.11%
+115,616
New +$705K
URGN icon
45
UroGen Pharma
URGN
$2.39B
$574K 0.08%
24,500
– –
ABEO icon
46
Abeona Therapeutics
ABEO
$425M
$574K 0.08%
108,865
– –
PRQR icon
47
ProQR Therapeutics
PRQR
$262M
$381K 0.05%
188,807
– –
GBIO
48
DELISTED
Generation Bio
GBIO
$85.5K 0.01%
15,047
– –
AKTX
49
Akari Therapeutics
AKTX
$12.6M
$42.2K 0.01%
3,651
– –
ALNY icon
50
Alnylam Pharmaceuticals
ALNY
$30B
– –
-32,320
Closed -$14.7M
1
2
3

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AG
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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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DC
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Palo Alto Investors's Q4 2025 Portfolio in Review

As of Q4 2025, Palo Alto Investors held 51 positions worth $718M, up 33% from $540M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Palo Alto Investors deployed $38.2M of net new capital in Q4 2025, opening 7 new positions and adding to 12 existing holdings. Its largest new stake was Compass Therapeutics: 2,532,419 shares worth $13.6M.

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

On the sell side, the largest reduction was Nuvation Bio, an estimated $2.99M trimmed.

  • Palo Alto Investors's largest Q4 2025 buy was Compass Therapeutics: 2,532,419 shares worth $13.6M.
  • Palo Alto Investors added most to Disc Medicine in Q4 2025, an estimated $7.87M increase.
  • Palo Alto Investors's biggest Q4 2025 reduction was Nuvation Bio, cutting an estimated $2.99M.
  • Palo Alto Investors fully exited Alnylam Pharmaceuticals in Q4 2025, selling an estimated $14.7M.
  • Palo Alto Investors's ten largest holdings make up 68% of its $718M portfolio in Q4 2025.
  • Palo Alto Investors opened 7 new positions and closed 2 in Q4 2025.
  • Palo Alto Investors's portfolio value rose 33% quarter-over-quarter to $718M.

Based on Palo Alto Investors's 13F filing for Q4 2025, filed 17 Feb 2026.