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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
-5.28%
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
$525M
AUM Growth
-$120M
Cap. Flow
-$68.1M
Cap. Flow %
-12.96%
Top 10 Hldgs %
74.78%
Holding
46
New
3
Increased
9
Reduced
11
Closed
2

Top Buys

Rank Stock Value
1
AGIO icon
Agios Pharmaceuticals
AGIO
+$9.17M
2
DYN icon
Dyne Therapeutics
DYN
+$4.77M
3
NVCR icon
NovoCure
NVCR
+$4.27M
4
ANAB icon
AnaptysBio
ANAB
+$2.95M
5
BIIB icon
Biogen
BIIB
+$2.11M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$47.1M
2
UTHR icon
United Therapeutics
UTHR
+$17.3M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$14.7M
4
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$5.12M
5
FOLD
Amicus Therapeutics
FOLD
+$2.94M

Sector Composition

Rank Sector Weight
1 Healthcare 97.86%
2 Financials 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$29B
$75.3M 14.34%
987,153
-616,312
-38% -$47.1M
BMRN icon
2
BioMarin Pharmaceuticals
BMRN
$13.5B
$70.1M 13.34%
991,207
-76,059
-7% -$5.12M
FOLD
3
DELISTED
Amicus Therapeutics
FOLD
$59.9M 11.41%
7,345,002
-317,477
-4% -$2.94M
ACAD icon
4
Acadia Pharmaceuticals
ACAD
$5.07B
$44.2M 8.43%
2,663,925
-84,674
-3% -$1.54M
UTHR icon
5
United Therapeutics
UTHR
$22.1B
$32.4M 6.18%
105,228
-50,486
-32% -$17.3M
BIIB icon
6
Biogen
BIIB
$30.1B
$28M 5.34%
204,923
+14,775
+8% +$2.11M
ALNY icon
7
Alnylam Pharmaceuticals
ALNY
$29.6B
$22.5M 4.29%
83,488
-57,193
-41% -$14.7M
PTCT icon
8
PTC Therapeutics
PTCT
$6.15B
$20.6M 3.92%
404,196
+17,783
+5% +$887K
PRTA icon
9
Prothena Corp
PRTA
$473M
$20.5M 3.91%
1,659,734
-78,230
-5% -$1.11M
ANAB icon
10
AnaptysBio
ANAB
$1.71B
$19M 3.61%
1,020,713
+176,742
+21% +$2.95M
NVCR icon
11
NovoCure
NVCR
$2.06B
$17.9M 3.4%
1,002,061
+187,870
+23% +$4.27M
SRPT icon
12
Sarepta Therapeutics
SRPT
$1.92B
$13.4M 2.56%
210,258
– –
EHTH icon
13
eHealth
EHTH
$39.1M
$11.3M 2.14%
1,684,336
-193,791
-10% -$1.76M
IOVA icon
14
Iovance Biotherapeutics
IOVA
$2.94B
$10.7M 2.04%
3,211,314
+169,629
+6% +$875K
STAA icon
15
STAAR Surgical
STAA
$1.24B
$9.26M 1.76%
525,017
+24,242
+5% +$486K
AGIO icon
16
Agios Pharmaceuticals
AGIO
$1.95B
$8.1M 1.54%
+276,578
New +$9.17M
ALKS icon
17
Alkermes
ALKS
$8.26B
$7.31M 1.39%
221,513
-67,795
-23% -$2.21M
GOSS icon
18
Gossamer Bio
GOSS
$88.9M
$6.9M 1.31%
6,276,893
-200
-0% -$231
ALGN icon
19
Align Technology
ALGN
$12.3B
$6M 1.14%
37,772
– –
SNDX icon
20
Syndax Pharmaceuticals
SNDX
$1.81B
$5.46M 1.04%
444,367
+39,174
+10% +$553K
SLRN
21
DELISTED
ACELYRIN
SLRN
$4.43M 0.84%
1,792,895
– –
DYN icon
22
Dyne Therapeutics
DYN
$4.99B
$3.49M 0.66%
+333,391
New +$4.77M
MIRM icon
23
Mirum Pharmaceuticals
MIRM
$5.99B
$2.91M 0.56%
64,700
– –
EW icon
24
Edwards Lifesciences
EW
$54B
$2.86M 0.54%
39,473
– –
VERV
25
DELISTED
Verve Therapeutics
VERV
$2.63M 0.5%
575,817
– –
1
2

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GAMA
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PIM
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Palo Alto Investors's Q1 2025 Portfolio in Review

As of Q1 2025, Palo Alto Investors held 46 positions worth $525M, down 19% from $645M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Palo Alto Investors withdrew a net $68.1M in Q1 2025, closing 2 positions and reducing 11 holdings. Its most notable exit was NEVRO CORP., an estimated $2.79M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 97% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Agios Pharmaceuticals worth $8.1M.

  • Palo Alto Investors's largest Q1 2025 buy was Agios Pharmaceuticals: 276,578 shares worth $8.1M.
  • Palo Alto Investors added most to NovoCure in Q1 2025, an estimated $4.27M increase.
  • Palo Alto Investors's biggest Q1 2025 reduction was Insmed, cutting an estimated $47.1M.
  • Palo Alto Investors fully exited NEVRO CORP. in Q1 2025, selling an estimated $2.79M.
  • Palo Alto Investors's ten largest holdings make up 75% of its $525M portfolio in Q1 2025.
  • Palo Alto Investors opened 3 new positions and closed 2 in Q1 2025.
  • Palo Alto Investors's portfolio value fell 19% quarter-over-quarter to $525M.

Based on Palo Alto Investors's 13F filing for Q1 2025, filed 15 May 2025.