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
| Quarter | Est. 13F return | S&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