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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
-11.21%
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
$1.5B
AUM Growth
-$556M
Cap. Flow
-$217M
Cap. Flow %
-14.43%
Top 10 Hldgs %
68.56%
Holding
39
New
–
Increased
–
Reduced
23
Closed
2

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
EXAS
Exact Sciences
EXAS
+$37.2M
2
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$30.6M
3
SAGE
Sage Therapeutics
SAGE
+$19.1M
4
INSM icon
Insmed
INSM
+$12.6M
5
ABMD
Abiomed Inc
ABMD
+$11.2M

Sector Composition

Rank Sector Weight
1 Healthcare 87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BMRN icon
1
BioMarin Pharmaceuticals
BMRN
$12.9B
$149M 9.92%
2,209,504
-396,981
-15% -$30.6M
INSM icon
2
Insmed
INSM
$29.1B
$128M 8.51%
7,239,649
-651,268
-8% -$12.6M
ABMD
3
DELISTED
Abiomed Inc
ABMD
$116M 7.75%
654,428
-51,926
-7% -$11.2M
UTHR icon
4
United Therapeutics
UTHR
$22.7B
$114M 7.57%
1,424,401
-128,391
-8% -$10.3M
STAA icon
5
STAAR Surgical
STAA
$1.25B
$100M 6.68%
3,890,693
-346,358
-8% -$10.5M
SAGE
6
DELISTED
Sage Therapeutics
SAGE
$95.5M 6.36%
680,894
-114,137
-14% -$19.1M
ALXN
7
DELISTED
Alexion Pharmaceuticals
ALXN
$93.8M 6.25%
957,950
-65,830
-6% -$7.42M
IMMU
8
DELISTED
Immunomedics Inc
IMMU
$82M 5.46%
6,184,320
-492,435
-7% -$7.24M
ACAD icon
9
Acadia Pharmaceuticals
ACAD
$5.05B
$78.3M 5.22%
2,176,677
-132,126
-6% -$4.01M
AIMT
10
DELISTED
Aimmune Therapeutics
AIMT
$72.7M 4.84%
3,471,740
-356,824
-9% -$7.28M
EPZM
11
DELISTED
Epizyme, Inc
EPZM
$65.5M 4.37%
6,354,659
-580,415
-8% -$7.32M
VNDA icon
12
Vanda Pharmaceuticals
VNDA
$297M
$60.8M 4.05%
4,581,176
-473,874
-9% -$6.6M
FOLD
13
DELISTED
Amicus Therapeutics
FOLD
$57.4M 3.83%
7,162,920
-633,379
-8% -$6.87M
WMGI
14
DELISTED
Wright Medical Group Inc
WMGI
$51.5M 3.43%
2,494,255
-277,139
-10% -$6.6M
KPTI icon
15
Karyopharm Therapeutics
KPTI
$45.1M
$46.6M 3.1%
322,810
-28,008
-8% -$3.8M
AMAG
16
DELISTED
AMAG Pharmaceuticals
AMAG
$35.6M 2.37%
3,078,874
-296,632
-9% -$3.12M
ALDR
17
DELISTED
Alder Biopharmaceuticals
ALDR
$35.1M 2.34%
1,861,630
– –
ALGN icon
18
Align Technology
ALGN
$12.5B
$26.7M 1.78%
147,505
– –
MNTA
19
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
$22.8M 1.52%
1,757,122
-162,191
-8% -$1.96M
CLVS
20
DELISTED
Clovis Oncology, Inc.
CLVS
$18.6M 1.24%
4,720,744
-420,560
-8% -$3.4M
PBYI icon
21
Puma Biotechnology
PBYI
$450M
$15.1M 1.01%
1,405,680
– –
PRTA icon
22
Prothena Corp
PRTA
$444M
$7.88M 0.52%
1,004,449
-104,061
-9% -$924K
RIGL icon
23
Rigel Pharmaceuticals
RIGL
$765M
$6.71M 0.45%
358,735
-39,860
-10% -$823K
KLDO
24
DELISTED
Kaleido Biosciences, Inc. Common Stock
KLDO
$5.93M 0.4%
787,999
-78,667
-9% -$683K
DRNA
25
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
$4.76M 0.32%
331,813
– –
1
2

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Palo Alto Investors's Q3 2019 Portfolio in Review

As of Q3 2019, Palo Alto Investors held 39 positions worth $1.5B, down 27% from $2.06B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Palo Alto Investors withdrew a net $217M in Q3 2019, closing 2 positions and reducing 23 holdings. Its most notable exit was Exact Sciences, an estimated $37.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 87% of assets, down from 90% a quarter earlier.

  • Palo Alto Investors's biggest Q3 2019 reduction was BioMarin Pharmaceuticals, cutting an estimated $30.6M.
  • Palo Alto Investors fully exited Exact Sciences in Q3 2019, selling an estimated $37.2M.
  • Palo Alto Investors's ten largest holdings make up 69% of its $1.5B portfolio in Q3 2019.
  • Palo Alto Investors opened 0 new positions and closed 2 in Q3 2019.
  • Palo Alto Investors's portfolio value fell 27% quarter-over-quarter to $1.5B.

Based on Palo Alto Investors's 13F filing for Q3 2019, filed 14 Nov 2019.