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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
+0.3%
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
$654M
AUM Growth
-$64.5M
Cap. Flow
-$49.7M
Cap. Flow %
-7.6%
Top 10 Hldgs %
63.85%
Holding
54
New
5
Increased
17
Reduced
17
Closed
3

Top Buys

Rank Stock Value
1
MIRM icon
Mirum Pharmaceuticals
MIRM
+$15.9M
2
ACAD icon
Acadia Pharmaceuticals
ACAD
+$9.29M
3
CLDX icon
Celldex Therapeutics
CLDX
+$8.08M
4
IRON icon
Disc Medicine
IRON
+$5.85M
5
BCAX
Bicara Therapeutics
BCAX
+$4.33M

Top Sells

Rank Stock Value
1
FOLD
Amicus Therapeutics
FOLD
+$58.7M
2
GOSS icon
Gossamer Bio
GOSS
+$13.9M
3
INSM icon
Insmed
INSM
+$11.4M
4
DNLI icon
Denali Therapeutics
DNLI
+$8.09M
5
BIIB icon
Biogen
BIIB
+$7.9M

Sector Composition

Rank Sector Weight
1 Healthcare 99.71%
2 Financials 0.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TVTX icon
26
Travere Therapeutics
TVTX
$6.19B
$6.85M 1.05%
230,453
+119,734
+108% +$3.58M
TSHA icon
27
Taysha Gene Therapies
TSHA
$1.88B
$6.22M 0.95%
1,391,382
+208,187
+18% +$968K
ACRS icon
28
Aclaris Therapeutics
ACRS
$885M
$6.05M 0.93%
1,613,430
+46,590
+3% +$157K
DNLI icon
29
Denali Therapeutics
DNLI
$3.84B
$4.5M 0.69%
234,582
-406,657
-63% -$8.09M
XENE icon
30
Xenon Pharmaceuticals
XENE
$5.81B
$2.99M 0.46%
51,345
-45,174
-47% -$2.08M
ORKA
31
Oruka Therapeutics
ORKA
$6.03B
$2.94M 0.45%
59,985
– –
STOK icon
32
Stoke Therapeutics
STOK
$2.04B
$2.76M 0.42%
84,631
+12,609
+18% +$414K
EW icon
33
Edwards Lifesciences
EW
$52B
$2.69M 0.41%
33,640
– –
NBIX icon
34
Neurocrine Biosciences
NBIX
$15.7B
$2.39M 0.37%
18,117
– –
NUVB icon
35
Nuvation Bio
NUVB
$2.34B
$2.18M 0.33%
508,846
-29,233
-5% -$163K
CYTK icon
36
Cytokinetics
CYTK
$10B
$2.12M 0.32%
+32,195
New +$2.05M
EHTH icon
37
eHealth
EHTH
$38.4M
$1.91M 0.29%
1,482,797
-48,632
-3% -$113K
CRSP icon
38
CRISPR Therapeutics
CRSP
$5.58B
$1.88M 0.29%
39,605
-1,621
-4% -$85.5K
BNTX icon
39
BioNTech
BNTX
$25.6B
$1.74M 0.27%
19,614
– –
PYXS icon
40
Pyxis Oncology
PYXS
$269M
$1.48M 0.23%
1,010,510
-26,911
-3% -$40.6K
VSTM icon
41
Verastem
VSTM
$654M
$1.3M 0.2%
+246,093
New +$1.52M
BCYC
42
Bicycle Therapeutics
BCYC
$294M
$937K 0.14%
201,890
-19,181
-9% -$110K
MDGL icon
43
Madrigal Pharmaceuticals
MDGL
$12.3B
$935K 0.14%
+1,787
New +$854K
HUM icon
44
Humana
HUM
$46.3B
$691K 0.11%
3,985
– –
CMPS
45
Compass Pathways
CMPS
$1.9B
$639K 0.1%
115,616
– –
XERS icon
46
Xeris Biopharma Holdings
XERS
$1.55B
$606K 0.09%
+104,410
New +$692K
ABEO icon
47
Abeona Therapeutics
ABEO
$339M
$488K 0.07%
108,865
– –
INSP icon
48
Inspire Medical Systems
INSP
$1.78B
$452K 0.07%
8,772
– –
URGN icon
49
UroGen Pharma
URGN
$2.13B
$441K 0.07%
24,500
– –
PRQR icon
50
ProQR Therapeutics
PRQR
$323M
$306K 0.05%
188,807
– –
1
2
3

Similar funds

TCM
Tensile Capital Management Larkspur, California $724M AUM 3.48% 1-Year Est. Return
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
Allen Operations New York $722M AUM 20.02% 1-Year Est. Return
HS
Hazelview Securities Toronto, Ontario, Canada $722M AUM 19.65% 1-Year Est. Return

Palo Alto Investors's Q1 2026 Portfolio in Review

As of Q1 2026, Palo Alto Investors held 54 positions worth $654M, down 9% from $718M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Palo Alto Investors withdrew a net $49.7M in Q1 2026, closing 3 positions and reducing 17 holdings. Its most notable exit was Gossamer Bio, an estimated $13.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Celldex Therapeutics worth $9.4M.

  • Palo Alto Investors's largest Q1 2026 buy was Celldex Therapeutics: 296,408 shares worth $9.4M.
  • Palo Alto Investors added most to Mirum Pharmaceuticals in Q1 2026, an estimated $15.9M increase.
  • Palo Alto Investors's biggest Q1 2026 reduction was Amicus Therapeutics, cutting an estimated $58.7M.
  • Palo Alto Investors fully exited Gossamer Bio in Q1 2026, selling an estimated $13.9M.
  • Palo Alto Investors's ten largest holdings make up 64% of its $654M portfolio in Q1 2026.
  • Palo Alto Investors opened 5 new positions and closed 3 in Q1 2026.
  • Palo Alto Investors's portfolio value fell 9% quarter-over-quarter to $654M.

Based on Palo Alto Investors's 13F filing for Q1 2026, filed 15 May 2026.