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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
+26.59%
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
$540M
AUM Growth
+$70.4M
Cap. Flow
-$32.6M
Cap. Flow %
-6.03%
Top 10 Hldgs %
67.23%
Holding
48
New
3
Increased
13
Reduced
19
Closed
4

Top Buys

Rank Stock Value
1
PTCT icon
PTC Therapeutics
PTCT
+$23.8M
2
DYN icon
Dyne Therapeutics
DYN
+$11.4M
3
IOVA icon
Iovance Biotherapeutics
IOVA
+$9.89M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$9.62M
5
IRON icon
Disc Medicine
IRON
+$4.68M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$45.7M
2
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$17.6M
3
STAA icon
STAAR Surgical
STAA
+$13.3M
4
UTHR icon
United Therapeutics
UTHR
+$12.5M
5
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$4.94M

Sector Composition

Rank Sector Weight
1 Healthcare 98.77%
2 Financials 1.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$29B
$70.8M 13.11%
491,805
-373,308
-43% -$45.7M
PTCT icon
2
PTC Therapeutics
PTCT
$6.15B
$52.9M 9.8%
862,613
+456,144
+112% +$23.8M
ACAD icon
3
Acadia Pharmaceuticals
ACAD
$5.07B
$52.6M 9.74%
2,466,684
-96,525
-4% -$2.28M
FOLD
4
DELISTED
Amicus Therapeutics
FOLD
$42.3M 7.83%
5,367,798
-242,715
-4% -$1.73M
BMRN icon
5
BioMarin Pharmaceuticals
BMRN
$13.5B
$40.8M 7.56%
754,007
-86,463
-10% -$4.94M
BIIB icon
6
Biogen
BIIB
$30.1B
$26M 4.81%
185,661
-20,098
-10% -$2.72M
UTHR icon
7
United Therapeutics
UTHR
$22.1B
$24.4M 4.51%
58,186
-37,296
-39% -$12.5M
ANAB icon
8
AnaptysBio
ANAB
$1.71B
$20.6M 3.82%
673,520
-139,301
-17% -$3.2M
IOVA icon
9
Iovance Biotherapeutics
IOVA
$2.94B
$16.5M 3.06%
7,618,132
+4,188,803
+122% +$9.89M
NVCR icon
10
NovoCure
NVCR
$2.06B
$16.2M 3%
1,256,159
+293,763
+31% +$3.92M
DYN icon
11
Dyne Therapeutics
DYN
$4.99B
$16M 2.96%
1,262,674
+997,698
+377% +$11.4M
IRON icon
12
Disc Medicine
IRON
$3.12B
$14.8M 2.74%
224,300
+78,609
+54% +$4.68M
ALNY icon
13
Alnylam Pharmaceuticals
ALNY
$29.6B
$14.7M 2.73%
32,320
-43,215
-57% -$17.6M
GOSS icon
14
Gossamer Bio
GOSS
$88.9M
$14.4M 2.66%
5,464,349
-274,664
-5% -$605K
PRTA icon
15
Prothena Corp
PRTA
$473M
$12.9M 2.39%
1,324,028
+49,275
+4% +$379K
RARE icon
16
Ultragenyx Pharmaceutical
RARE
$2.66B
$11.1M 2.06%
369,531
+320,781
+658% +$9.62M
AGIO icon
17
Agios Pharmaceuticals
AGIO
$1.95B
$10.7M 1.97%
265,497
-3,286
-1% -$124K
SNDX icon
18
Syndax Pharmaceuticals
SNDX
$1.81B
$10.1M 1.86%
654,930
+210,563
+47% +$2.76M
EHTH icon
19
eHealth
EHTH
$39.1M
$6.66M 1.23%
1,544,619
-33,231
-2% -$128K
DNLI icon
20
Denali Therapeutics
DNLI
$3.95B
$5.92M 1.1%
408,006
+168,197
+70% +$2.42M
ALGN icon
21
Align Technology
ALGN
$12.3B
$5.73M 1.06%
45,735
+7,963
+21% +$1.25M
ALKS icon
22
Alkermes
ALKS
$8.26B
$5.52M 1.02%
183,938
-37,083
-17% -$1.05M
RNAM
23
DELISTED
Avidity Biosciences
RNAM
$4.79M 0.89%
109,831
-9,055
-8% -$366K
MIRM icon
24
Mirum Pharmaceuticals
MIRM
$5.99B
$4.74M 0.88%
64,700
– –
CDNA icon
25
CareDx
CDNA
$2.44B
$4.6M 0.85%
+316,204
New +$4.51M
1
2

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AG
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BL
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CG
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GAMA
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PIM
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Palo Alto Investors's Q3 2025 Portfolio in Review

As of Q3 2025, Palo Alto Investors held 48 positions worth $540M, up 15% from $470M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Palo Alto Investors withdrew a net $32.6M in Q3 2025, closing 4 positions and reducing 19 holdings. Its most notable exit was STAAR Surgical, an estimated $13.3M position sold in full.

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

Against the trend, Palo Alto Investors opened a new position in CareDx worth $4.6M.

  • Palo Alto Investors's largest Q3 2025 buy was CareDx: 316,204 shares worth $4.6M.
  • Palo Alto Investors added most to PTC Therapeutics in Q3 2025, an estimated $23.8M increase.
  • Palo Alto Investors's biggest Q3 2025 reduction was Insmed, cutting an estimated $45.7M.
  • Palo Alto Investors fully exited STAAR Surgical in Q3 2025, selling an estimated $13.3M.
  • Palo Alto Investors's ten largest holdings make up 67% of its $540M portfolio in Q3 2025.
  • Palo Alto Investors opened 3 new positions and closed 4 in Q3 2025.
  • Palo Alto Investors's portfolio value rose 15% quarter-over-quarter to $540M.

Based on Palo Alto Investors's 13F filing for Q3 2025, filed 14 Nov 2025.