HedgeMountain

Palo Alto Investors LP

Palo Alto, CA · CRD 109171
Hedge fund manager

Palo Alto Investors LP is an SEC-registered investment adviser based in Palo Alto, CA that reports managing 6 hedge funds on Form ADV. It reports $696.0 million in regulatory assets under management. Its private funds, of all types, hold $692.0 million in gross assets. Its disclosed U.S. stock holdings returned an estimated +7.5% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +60.4% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.

Regulatory assets under management
$696.0 millionForm ADV Item 5.F
Gross assets of private funds
$692.0 millionAll private fund types, Form ADV
Hedge funds managed
66 private funds in total
Employees
10Form ADV Item 5.A
Registration
SEC-registered adviserCRD 109171
Latest Form ADV
03/27/2026Disciplinary disclosures: none reported

Estimated 13F portfolio performance

Est. 2026 YTD+7.5%Through Q2 2026 · S&P 500 +9.5%
Est. 2-year return+60.4%Q3 2024 – Q2 2026
S&P 500+37.2%Same quarters, price only
13F holdings$723.7 million52 positions, 2026-06-30
$95$128$160Q3 2024Q1 2025Q3 2025Q1 202613F est. $160S&P 500 $137
QuarterEst. 13F returnS&P 500
Q2 2026+11.7%+14.8%
Q1 2026-3.8%-4.6%
Q4 2025+24.8%+2.4%
Q3 2025+25.5%+7.8%
Q2 2025-3.1%+10.4%
Q1 2025-5.7%-4.5%
Q4 2024-8.7%+2.1%
Q3 2024+14.2%+5.4%

Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures

Largest disclosed holdings

  • PTC Therapeutics Inc$75.0 million
  • Acadia Pharmaceuticals Inc$72.5 million
  • Insmed Inc$44.1 million
  • Mirum Pharmaceuticals Inc$40.8 million
  • Anaptysbio Inc$40.7 million
  • Biomarin Pharmaceutical Com US$39.1 million
  • Dyne Therapeutics Inc$36.6 million
  • United Therapeutics Corp.$33.9 million
  • Disc Medicine Inc$30.5 million
  • Biogen Inc.$30.3 million

As of 2026-06-30, from 13F filing by Palo Alto Investors LP.

From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. HedgeMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures