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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
+0.3%
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
$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
ALDX icon
51
Aldeyra Therapeutics
ALDX
$92.9M
$263K 0.04%
155,709
-69,756
-31% -$306K
AKTX
52
Akari Therapeutics
AKTX
$13.8M
– –
-3,651
Closed -$42.2K
GBIO
53
DELISTED
Generation Bio
GBIO
– –
-15,047
Closed -$85.5K
GOSS icon
54
Gossamer Bio
GOSS
$82.9M
– –
-4,471,592
Closed -$13.9M
1 2
3

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W
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FMN
Financial Management Network Mission Viejo, California $653M AUM 17.76% 1-Year Est. Return
DAS
Diversify Advisory Services Sandy, Utah $655M AUM 24.57% 1-Year Est. Return
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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.