1y return+72.9%S&P 500 +20.9%
3y return+32.9%S&P 500 +68.5%
5y return+7.8%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2020: $110 against $200 in the S&P 500.2
Palo Alto Investors LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| PTCTPtc Therapeutics Inc | $75.0M | 10.4% | |
| ACADAcadia Pharmaceuticals Inc | $72.5M | 10.0% | |
| INSMInsmed Inc | $44.1M | 6.1% | |
| MIRMMirum Pharmaceuticals Inc | $40.8M | 5.6% | +7.3% |
| ANABAnaptysbio Inc | $40.7M | 5.6% | −5.4% |
| BMRNBiomarin Pharmaceutical Inc | $39.1M | 5.4% | |
| DYNDyne Therapeutics Inc | $36.6M | 5.1% | |
| UTHRUnited Therapeutics Corp | $33.9M | 4.7% | |
| IRONDisc Medicine Inc | $30.5M | 4.2% | +3.7% |
| BIIBBiogen Inc | $30.3M | 4.2% | |
| IOVAIovance Biotherapeutics Inc | $22.0M | 3.0% | −16.6% |
| RAREUltragenyx Pharmaceutical In | $19.9M | 2.8% | |
| Novocure LtdCUSIP G6674U108 | $19.4M | 2.7% | |
| SNDXSyndax Pharmaceuticals Inc | $18.9M | 2.6% | |
| ANNXAnnexon Inc | $16.8M | 2.3% | |
| BCAXBicara Therapeutics Inc | $16.3M | 2.3% | |
| CDNACaredx Inc | $15.2M | 2.1% | |
| CLDXCelldex Therapeutics Inc | $14.9M | 2.1% | +34.9% |
| CMPXCompass Therapeutics Inc | $12.8M | 1.8% | +285.1% |
| Alkermes PLCCUSIP G01767105 | $12.7M | 1.8% | |
| TRAXFirst Tracks Biotherapeutics | $12.1M | 1.7% | New |
| Prothena Corp PLCCUSIP G72800108 | $11.2M | 1.5% | −5.4% |
| TVTXTravere Therapeutics Inc | $9.5M | 1.3% | −27.3% |
| TSHATaysha Gene Therapies Inc | $9.5M | 1.3% | |
| ACRSAclaris Therapeutics Inc | $8.5M | 1.2% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MIRMMirum Pharmaceuticals Inc | December 31, 2021 | +634.0% | $40.8M |
| ORKAORUKA THERAPEUTICS INC - Restricted | September 30, 2025 | +394.9% | $3.2M |
| ANABAnaptysbio Inc | September 30, 2020 | +357.6% | $40.7M |
| UTHRUnited Therapeutics Corp | June 30, 2020 | +347.8% | $33.9M |
| ACRSAclaris Therapeutics Inc | March 31, 2024 | +326.6% | $8.5M |
| INSMInsmed Inc | June 30, 2020 | +287.2% | $44.1M |
| TSHATaysha Gene Therapies Inc | December 31, 2023 | +284.7% | $9.5M |
| Alkermes PLCCUSIP G01767105 | December 31, 2020 | +162.6% | $12.7M |
| STOKStoke Therapeutics Inc | March 31, 2024 | +142.4% | $2.8M |
| PTCTPtc Therapeutics Inc | September 30, 2024 | +119.9% | $75.0M |
Sold off last quarter
- Amicus Therapeutics IncCUSIP 03152W109 was $16.1M
- DNLIDenali Therapeutics Inc was $4.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.7% | +14.8% |
| March 31, 2026 | −1.3% | −4.6% |
| December 31, 2025 | +24.8% | +2.4% |
| September 30, 2025 | +25.6% | +7.8% |
| June 30, 2025 | −1.4% | +10.5% |
| March 31, 2025 | −7.2% | −4.6% |
| December 31, 2024 | −8.5% | +2.1% |
| September 30, 2024 | −0.9% | +5.4% |
| June 30, 2024 | +15.3% | +4.0% |
| March 31, 2024 | −11.4% | +10.0% |
| December 31, 2023 | +5.2% | +11.2% |
| September 30, 2023 | −13.8% | −3.6% |
| June 30, 2023 | −0.2% | +8.3% |
| March 31, 2023 | +2.3% | +7.0% |
| December 31, 2022 | +1.9% | +7.1% |
| September 30, 2022 | +12.2% | −5.3% |
| June 30, 2022 | −9.3% | −16.5% |
| March 31, 2022 | −13.6% | −4.9% |
| December 31, 2021 | −4.0% | +10.7% |
| September 30, 2021 | −7.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Palo Alto Investors LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1306923&type=13F-HR&dateb=&owner=include&count=40CIK 1306923
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1306923/000207367926000102/Filed August 19, 2026 · accession 0002073679-26-000102