Palo Alto Investors LP

CIK 0001306923 · Q1 2026

13F Equity AUM

$653.9M

-9.0% QoQ

Positions

+2 QoQ

AUM Rank

#3,673

Top 30%

Skill Alpha (FF)

+34.3%/yr^ns

No Clear Edge

Rank #32 · Top 0.4%

vs S&P +18.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 41.4%Top 10: 63.9%Top 20: 85.7%

IM8N10.4%

ACAD9.8%

PTCT9.6%

BMRN5.9%

UTH5.7%

ANAB5.4%

MIRM4.6%

DYN4.6%

BIIB4.0%

IRON3.9%

Others (41)36.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare99.7%

Other0.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 51Median: 1.05%Avg: 1.96%

0–0.5%

22(4.9%)

0.5–1%

3(2.6%)

1–3%

14(22.2%)

3–5%

6(23.6%)

5%+

6(46.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 51Unique: 0vs 20 funds

0.7%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.9%

BlackRock, Inc.

1.2%

GEODE CAPITAL MANAGEMENT, LLC

1.4%

STATE STREET CORP

1.4%

VANGUARD CAPITAL MANAGEMENT LLC

1.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.6%

BANK OF AMERICA CORP /DE/

0.9%

FMR LLC

1.4%

JPMORGAN CHASE & CO

0.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New5Increased17Decreased17Exited3

New Positions

TCE21.4%

+296K

CYTK0.3%

+32K

VSTM0.2%

+246K

MDGL0.1%

+2K

XERS0.1%

+104K

Increased

ANNX2.5%

+564K(+24%)

ACAD9.8%

+389K(+16%)

BCAX1.7%

+252K(+84%)

TSHA0.9%

+208K(+18%)

DYN4.6%

+181K(+12%)

MIRM4.6%

+169K(+108%)

RARE1.9%

+135K(+29%)

TVTX1.1%

+120K(+108%)

IRON3.9%

+84K(+27%)

SNDX3.1%

+70K(+9%)

Decreased

AM62.5%

-4,092,722(-79%)

CMPX1.2%

-1,017,915(-40%)

IOVA3.4%

-767,113(-11%)

DNLI0.7%

-406,657(-63%)

PRTA1.8%

-111,942(-8%)

IM8N10.4%

-74,213(-15%)

ALDX0.0%

-69,756(-31%)

BMRN5.9%

-61,074(-8%)

ANAB5.4%

-51,871(-8%)

EHTH0.3%

-48,632(-3%)

Exited

GOSS

-4,471,592

AKTX

-146,024

GBIO

-15,047

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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