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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
+5.27%
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
$470M
AUM Growth
-$55.1M
Cap. Flow
-$44.1M
Cap. Flow %
-9.38%
Top 10 Hldgs %
75.24%
Holding
50
New
6
Increased
5
Reduced
16
Closed
5

Top Buys

Rank Stock Value
1
IRON icon
Disc Medicine
IRON
+$6.84M
2
STAA icon
STAAR Surgical
STAA
+$4.7M
3
RNAM
Avidity Biosciences
RNAM
+$3.54M
4
DNLI icon
Denali Therapeutics
DNLI
+$3.38M
5
RARE icon
Ultragenyx Pharmaceutical
RARE
+$1.76M

Top Sells

Rank Stock Value
1
SRPT icon
Sarepta Therapeutics
SRPT
+$13.4M
2
FOLD
Amicus Therapeutics
FOLD
+$11.2M
3
INSM icon
Insmed
INSM
+$9.33M
4
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$8.88M
5
SLRN
ACELYRIN
SLRN
+$4.43M

Sector Composition

Rank Sector Weight
1 Healthcare 98.54%
2 Financials 1.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$29.4B
$87.1M 18.52%
865,113
-122,040
-12% -$9.33M
ACAD icon
2
Acadia Pharmaceuticals
ACAD
$5.06B
$55.3M 11.76%
2,563,209
-100,716
-4% -$1.87M
BMRN icon
3
BioMarin Pharmaceuticals
BMRN
$13.3B
$46.2M 9.83%
840,470
-150,737
-15% -$8.88M
FOLD
4
DELISTED
Amicus Therapeutics
FOLD
$32.1M 6.84%
5,610,513
-1,734,489
-24% -$11.2M
UTHR icon
5
United Therapeutics
UTHR
$22.7B
$27.4M 5.84%
95,482
-9,746
-9% -$2.91M
BIIB icon
6
Biogen
BIIB
$30.6B
$25.8M 5.5%
205,759
+836
+0.4% +$104K
ALNY icon
7
Alnylam Pharmaceuticals
ALNY
$29B
$24.6M 5.24%
75,535
-7,953
-10% -$2.2M
PTCT icon
8
PTC Therapeutics
PTCT
$6.23B
$19.9M 4.22%
406,469
+2,273
+0.6% +$108K
ANAB icon
9
AnaptysBio
ANAB
$1.64B
$18M 3.84%
812,821
-207,892
-20% -$4.35M
NVCR icon
10
NovoCure
NVCR
$2.02B
$17.1M 3.64%
962,396
-39,665
-4% -$691K
STAA icon
11
STAAR Surgical
STAA
$1.25B
$13.3M 2.83%
791,879
+266,862
+51% +$4.7M
AGIO icon
12
Agios Pharmaceuticals
AGIO
$1.95B
$8.94M 1.9%
268,783
-7,795
-3% -$236K
PRTA icon
13
Prothena Corp
PRTA
$468M
$7.74M 1.65%
1,274,753
-384,981
-23% -$2.89M
IRON icon
14
Disc Medicine
IRON
$3.01B
$7.72M 1.64%
+145,691
New +$6.84M
ALGN icon
15
Align Technology
ALGN
$12.5B
$7.15M 1.52%
37,772
– –
GOSS icon
16
Gossamer Bio
GOSS
$86.1M
$7.06M 1.5%
5,739,013
-537,880
-9% -$587K
EHTH icon
17
eHealth
EHTH
$40.4M
$6.86M 1.46%
1,577,850
-106,486
-6% -$534K
ALKS icon
18
Alkermes
ALKS
$8.29B
$6.32M 1.35%
221,021
-492
-0.2% -$14.6K
IOVA icon
19
Iovance Biotherapeutics
IOVA
$2.9B
$5.9M 1.26%
3,429,329
+218,015
+7% +$542K
SNDX icon
20
Syndax Pharmaceuticals
SNDX
$1.82B
$4.16M 0.89%
444,367
– –
RNAM
21
DELISTED
Avidity Biosciences
RNAM
$3.38M 0.72%
+118,886
New +$3.54M
DNLI icon
22
Denali Therapeutics
DNLI
$4B
$3.35M 0.71%
+239,809
New +$3.38M
MIRM icon
23
Mirum Pharmaceuticals
MIRM
$6.02B
$3.29M 0.7%
64,700
– –
EW icon
24
Edwards Lifesciences
EW
$53B
$3.09M 0.66%
39,473
– –
TSHA icon
25
Taysha Gene Therapies
TSHA
$1.83B
$2.88M 0.61%
1,246,033
-173,435
-12% -$377K
1
2

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Palo Alto Investors's Q2 2025 Portfolio in Review

As of Q2 2025, Palo Alto Investors held 50 positions worth $470M, down 11% from $525M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Palo Alto Investors withdrew a net $44.1M in Q2 2025, closing 5 positions and reducing 16 holdings. Its most notable exit was Sarepta Therapeutics, an estimated $13.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 98% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Disc Medicine worth $7.72M.

  • Palo Alto Investors's largest Q2 2025 buy was Disc Medicine: 145,691 shares worth $7.72M.
  • Palo Alto Investors added most to STAAR Surgical in Q2 2025, an estimated $4.7M increase.
  • Palo Alto Investors's biggest Q2 2025 reduction was Amicus Therapeutics, cutting an estimated $11.2M.
  • Palo Alto Investors fully exited Sarepta Therapeutics in Q2 2025, selling an estimated $13.4M.
  • Palo Alto Investors's ten largest holdings make up 75% of its $470M portfolio in Q2 2025.
  • Palo Alto Investors opened 6 new positions and closed 5 in Q2 2025.
  • Palo Alto Investors's portfolio value fell 11% quarter-over-quarter to $470M.

Based on Palo Alto Investors's 13F filing for Q2 2025, filed 14 Aug 2025.