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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
INSM icon
1
Insmed
INSM
$28.8B
$85.2M 11.86%
489,482
-2,323
-0.5% -$424K
FOLD
2
DELISTED
Amicus Therapeutics
FOLD
$74.1M 10.32%
5,205,767
-162,031
-3% -$1.59M
PTCT icon
3
PTC Therapeutics
PTCT
$6.1B
$68.7M 9.56%
903,916
+41,303
+5% +$3M
ACAD icon
4
Acadia Pharmaceuticals
ACAD
$5.07B
$66.3M 9.24%
2,484,031
+17,347
+0.7% +$415K
BMRN icon
5
BioMarin Pharmaceuticals
BMRN
$13.4B
$44.3M 6.17%
746,256
-7,751
-1% -$422K
ANAB icon
6
AnaptysBio
ANAB
$1.68B
$33.5M 4.66%
690,032
+16,512
+2% +$644K
BIIB icon
7
Biogen
BIIB
$30.3B
$32.3M 4.5%
183,571
-2,090
-1% -$341K
DYN icon
8
Dyne Therapeutics
DYN
$4.96B
$28.8M 4.01%
1,472,197
+209,523
+17% +$3.97M
UTHR icon
9
United Therapeutics
UTHR
$22.2B
$28.4M 3.95%
58,186
– –
IRON icon
10
Disc Medicine
IRON
$3.1B
$25.2M 3.51%
317,456
+93,156
+42% +$7.87M
IOVA icon
11
Iovance Biotherapeutics
IOVA
$2.9B
$19.4M 2.7%
7,116,676
-501,456
-7% -$1.16M
NVCR icon
12
NovoCure
NVCR
$2.04B
$16.8M 2.34%
1,298,964
+42,805
+3% +$549K
SNDX icon
13
Syndax Pharmaceuticals
SNDX
$1.8B
$16.7M 2.32%
794,507
+139,577
+21% +$2.44M
GOSS icon
14
Gossamer Bio
GOSS
$89.4M
$13.9M 1.93%
4,471,592
-992,757
-18% -$2.83M
CMPX icon
15
Compass Therapeutics
CMPX
$405M
$13.6M 1.89%
+2,532,419
New +$11.7M
PRTA icon
16
Prothena Corp
PRTA
$472M
$12.6M 1.76%
1,320,510
-3,518
-0.3% -$35.8K
MIRM icon
17
Mirum Pharmaceuticals
MIRM
$6B
$12.4M 1.72%
156,421
+91,721
+142% +$6.58M
ANNX icon
18
Annexon
ANNX
$873M
$12M 1.67%
+2,384,192
New +$9.11M
RARE icon
19
Ultragenyx Pharmaceutical
RARE
$2.65B
$10.6M 1.48%
461,294
+91,763
+25% +$3.02M
DNLI icon
20
Denali Therapeutics
DNLI
$3.99B
$10.6M 1.47%
641,239
+233,233
+57% +$3.94M
CDNA icon
21
CareDx
CDNA
$2.48B
$9.01M 1.25%
478,220
+162,016
+51% +$2.71M
EHTH icon
22
eHealth
EHTH
$39.7M
$7.04M 0.98%
1,531,429
-13,190
-0.9% -$58.1K
ALKS icon
23
Alkermes
ALKS
$8.28B
$6.79M 0.94%
242,560
+58,622
+32% +$1.76M
CAPR icon
24
Capricor Therapeutics
CAPR
$227M
$6.53M 0.91%
+226,304
New +$2.96M
TSHA icon
25
Taysha Gene Therapies
TSHA
$1.86B
$6.51M 0.91%
1,183,195
-62,838
-5% -$305K
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.