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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
RNAM
51
DELISTED
Avidity Biosciences
RNAM
– –
-109,831
Closed -$4.79M
1 2
3

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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.