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PAI

Palo Alto Investors Portfolio holdings

AUM $724M
1-Year Est. Return 96.91%
This Fund
S&P 500
This Quarter Est. Return
+0.3%
1 Year Est. Return
+96.91%
3 Year Est. Return
+156.79%
5 Year Est. Return
+210.58%
10 Year Est. Return
+2,617.57%
AUM
$654M
AUM Growth
-$64.5M
Cap. Flow
-$49.7M
Cap. Flow %
-7.6%
Top 10 Hldgs %
63.85%
Holding
54
New
5
Increased
17
Reduced
17
Closed
3

Top Buys

Rank Stock Value
1
MIRM icon
Mirum Pharmaceuticals
MIRM
+$15.9M
2
ACAD icon
Acadia Pharmaceuticals
ACAD
+$9.29M
3
CLDX icon
Celldex Therapeutics
CLDX
+$8.08M
4
IRON icon
Disc Medicine
IRON
+$5.85M
5
BCAX
Bicara Therapeutics
BCAX
+$4.33M

Top Sells

Rank Stock Value
1
FOLD
Amicus Therapeutics
FOLD
+$58.7M
2
GOSS icon
Gossamer Bio
GOSS
+$13.9M
3
INSM icon
Insmed
INSM
+$11.4M
4
DNLI icon
Denali Therapeutics
DNLI
+$8.09M
5
BIIB icon
Biogen
BIIB
+$7.9M

Sector Composition

Rank Sector Weight
1 Healthcare 99.71%
2 Financials 0.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$25.9B
$67.9M 10.39%
415,269
-74,213
-15% -$11.4M
ACAD icon
2
Acadia Pharmaceuticals
ACAD
$5.02B
$63.9M 9.78%
2,872,695
+388,664
+16% +$9.29M
PTCT icon
3
PTC Therapeutics
PTCT
$5.85B
$62.8M 9.6%
921,607
+17,691
+2% +$1.25M
BMRN icon
4
BioMarin Pharmaceuticals
BMRN
$12.5B
$38.7M 5.92%
685,182
-61,074
-8% -$3.56M
UTHR icon
5
United Therapeutics
UTHR
$22.1B
$37.2M 5.7%
62,809
+4,623
+8% +$2.3M
ANAB icon
6
AnaptysBio
ANAB
$1.67B
$35.4M 5.41%
638,161
-51,871
-8% -$2.79M
MIRM icon
7
Mirum Pharmaceuticals
MIRM
$5.94B
$30M 4.59%
325,175
+168,754
+108% +$15.9M
DYN icon
8
Dyne Therapeutics
DYN
$4.68B
$30M 4.58%
1,652,972
+180,775
+12% +$3.12M
BIIB icon
9
Biogen
BIIB
$32.3B
$25.8M 3.95%
140,719
-42,852
-23% -$7.9M
IRON icon
10
Disc Medicine
IRON
$3.07B
$25.7M 3.93%
401,719
+84,263
+27% +$5.85M
IOVA icon
11
Iovance Biotherapeutics
IOVA
$3.63B
$22.3M 3.41%
6,349,563
-767,113
-11% -$2.45M
SNDX icon
12
Syndax Pharmaceuticals
SNDX
$1.74B
$20.2M 3.09%
864,986
+70,479
+9% +$1.53M
ANNX icon
13
Annexon
ANNX
$942M
$16.3M 2.5%
2,948,090
+563,898
+24% +$3.17M
FOLD
14
DELISTED
Amicus Therapeutics
FOLD
$16.1M 2.46%
1,113,045
-4,092,722
-79% -$58.7M
NVCR icon
15
NovoCure
NVCR
$2.08B
$14M 2.13%
1,280,439
-18,525
-1% -$231K
RARE icon
16
Ultragenyx Pharmaceutical
RARE
$2.52B
$12.5M 1.91%
596,495
+135,201
+29% +$3.04M
PRTA icon
17
Prothena Corp
PRTA
$479M
$11.7M 1.8%
1,208,568
-111,942
-8% -$1.03M
BCAX
18
Bicara Therapeutics
BCAX
$1.55B
$10.9M 1.67%
550,408
+251,833
+84% +$4.33M
CLDX icon
19
Celldex Therapeutics
CLDX
$3.07B
$9.4M 1.44%
+296,408
New +$8.08M
CDNA icon
20
CareDx
CDNA
$2.58B
$9.23M 1.41%
531,870
+53,650
+11% +$1.02M
ALKS icon
21
Alkermes
ALKS
$7.95B
$8.58M 1.31%
242,560
– –
CMPX icon
22
Compass Therapeutics
CMPX
$432M
$8.01M 1.23%
1,514,504
-1,017,915
-40% -$5.88M
AGIO icon
23
Agios Pharmaceuticals
AGIO
$1.99B
$7.23M 1.11%
213,601
+1,102
+0.5% +$31.2K
ALGN icon
24
Align Technology
ALGN
$11.2B
$7.12M 1.09%
41,520
– –
CAPR icon
25
Capricor Therapeutics
CAPR
$558M
$6.98M 1.07%
229,763
+3,459
+2% +$92.2K
1
2 3

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TCM
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SP
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M
Murchinson Toronto, Ontario, Canada $725M AUM 82.02% 1-Year Est. Return
SFG
Stonebridge Financial Group San Rafael, California $722M AUM
IA
IFG Advisors St. Louis, Missouri $725M AUM 27.52% 1-Year Est. Return
BCV
Banque Cantonale Vaudoise Lausanne, Switzerland $722M AUM 30.45% 1-Year Est. Return
AO
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HS
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Palo Alto Investors's Q1 2026 Portfolio in Review

As of Q1 2026, Palo Alto Investors held 54 positions worth $654M, down 9% from $718M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Palo Alto Investors withdrew a net $49.7M in Q1 2026, closing 3 positions and reducing 17 holdings. Its most notable exit was Gossamer Bio, an estimated $13.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.

Against the trend, Palo Alto Investors opened a new position in Celldex Therapeutics worth $9.4M.

  • Palo Alto Investors's largest Q1 2026 buy was Celldex Therapeutics: 296,408 shares worth $9.4M.
  • Palo Alto Investors added most to Mirum Pharmaceuticals in Q1 2026, an estimated $15.9M increase.
  • Palo Alto Investors's biggest Q1 2026 reduction was Amicus Therapeutics, cutting an estimated $58.7M.
  • Palo Alto Investors fully exited Gossamer Bio in Q1 2026, selling an estimated $13.9M.
  • Palo Alto Investors's ten largest holdings make up 64% of its $654M portfolio in Q1 2026.
  • Palo Alto Investors opened 5 new positions and closed 3 in Q1 2026.
  • Palo Alto Investors's portfolio value fell 9% quarter-over-quarter to $654M.

Based on Palo Alto Investors's 13F filing for Q1 2026, filed 15 May 2026.