Palo Alto Investors LP

Q4 2025 13F-HR Holdings

Location
Palo Alto, CA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
49
Total value ($000)
$718,352
Net value change ($000)
+177,962 (32.9%)
New positions
8
Sold out positions
3
Turnover %
8.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
FOLD 31,832 75.3%
PTCT 15,722 29.7%
INSM 14,364 20.3%
ACAD 13,709 26.0%
CMPX 13,599 NEW
ANAB 12,830 62.2%
DYN 12,823 80.3%
ANNX 11,969 NEW
IRON 10,387 70.1%
MIRM 7,613 160.5%
Top Reduces (Value $000, Stocks/ETFs)
ALNY -14,738 -100.0%
AGIO -4,873 -45.7%
RNAM -4,785 -100.0%
PYXS -1,110 -48.2%
CRSP -510 -19.1%
GOSS -509 -3.5%
RARE -505 -4.5%
PRTA -312 -2.4%
STOK -192 -7.7%
BCYC -146 -8.5%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type