Palo Alto Investors Lp
- Regulatory AUM
- $696M
- Discretionary
- $696M
- Clients
- 13
- Avg AUM / client
- $53.5M
- Accounts
- 13
- Employees
- 10
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 27, 2026
Investments (13F portfolio — 51 positions, $653,863,097)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Insmed Inc | COM PAR $.01 | $67,904,787 | 415,269 | 10.4% | 9.76% |
| 2 | Acadia Pharmaceuticals Inc | COM | $63,946,191 | 2,872,695 | 9.78% | 9.19% |
| 3 | Ptc Therapeutics Inc | COM | $62,789,085 | 921,607 | 9.6% | 9.02% |
| 4 | Biomarin Pharmaceutical Inc | COM | $38,705,931 | 685,182 | 5.92% | 5.56% |
| 5 | United Therapeutics Corp | COM | $37,244,481 | 62,809 | 5.7% | 5.35% |
| 6 | Anaptysbio Inc | COM | $35,392,409 | 638,161 | 5.41% | 5.09% |
| 7 | Mirum Pharmaceuticals Inc | COM | $30,039,667 | 325,175 | 4.59% | 4.32% |
| 8 | Dyne Therapeutics Inc | COM | $29,968,382 | 1,652,972 | 4.58% | 4.31% |
| 9 | Biogen Inc | COM | $25,798,014 | 140,719 | 3.95% | 3.71% |
| 10 | Disc Medicine Inc | COM | $25,685,913 | 401,719 | 3.93% | 3.69% |
| 11 | Iovance Biotherapeutics Inc | COM | $22,286,966 | 6,349,563 | 3.41% | 3.2% |
| 12 | Syndax Pharmaceuticals Inc | COM | $20,206,073 | 864,986 | 3.09% | 2.9% |
| 13 | Annexon Inc | COM | $16,332,419 | 2,948,090 | 2.5% | 2.35% |
| 14 | Amicus Therapeutics Inc | COM | $16,094,631 | 1,113,045 | 2.46% | 2.31% |
| 15 | Novocure Ltd | ORD SHS | $13,956,785 | 1,280,439 | 2.13% | 2.01% |
| 16 | Ultragenyx Pharmaceutical In | COM | $12,496,570 | 596,495 | 1.91% | 1.8% |
| 17 | Prothena Corp Plc | SHS | $11,747,281 | 1,208,568 | 1.8% | 1.69% |
| 18 | Bicara Therapeutics Inc | COM | $10,947,615 | 550,408 | 1.67% | 1.57% |
| 19 | Celldex Therapeutics Inc | COM NEW | $9,402,062 | 296,408 | 1.44% | 1.35% |
| 20 | Caredx Inc | COM | $9,233,263 | 531,870 | 1.41% | 1.33% |
| 21 | Alkermes Plc | SHS | $8,576,922 | 242,560 | 1.31% | 1.23% |
| 22 | Compass Therapeutics Inc | COM | $8,011,726 | 1,514,504 | 1.23% | 1.15% |
| 23 | Agios Pharmaceuticals Inc | COM | $7,226,122 | 213,601 | 1.11% | 1.04% |
| 24 | Align Technology Inc | COM | $7,117,774 | 41,520 | 1.09% | 1.02% |
| 25 | Capricor Therapeutics Inc | COM NEW | $6,984,795 | 229,763 | 1.07% | 1.0% |
Top 25 of 51 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 13 | $696M | 100.0% |
Private funds (6)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $1.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Palo Alto Healthcare Master Fund Ii, L.P. master | Hedge Fund | Cayman Islands | $532M | 120 |
| Palo Alto Healthcare Master Fund, L.P. master | Hedge Fund | Cayman Islands | $279M | 60 |
| Palo Alto Advanced Life Sciences Master Fund, L.P. master | Hedge Fund | Cayman Islands | $156M | 70 |
| Micro Cap Partners, L.P. | Hedge Fund | Delaware | $70.8M | 40 |
| Palo Alto Korea Fund, L.P. | Hedge Fund | Delaware | $15.0M | 10 |
| Palo Alto Pe Fund, L.P. | Hedge Fund | Delaware | $5.0M | 2 |
People (3)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Nguyen Dinh, Angela, Elizabeth | Chief Compliance Officer | Apr 2016 (10y) | Less than 5% | |
| Patrick Yuarn Bor Lee | Manager | Mar 2018 (8y) | Less than 5% | |
| Yun, Anthony, Joonkyoo | Manager | Mar 2018 (8y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Patrick Y Lee Declaration Of Trust | Limited Partner | Mar 2018 | A | 50% – 75% |
| Yun Bazar Family Trust | Limited Partner | Mar 2018 | A | 50% – 75% |
| Palo Alto Investors Gp Llc | General Partner | Mar 2018 | A | Less than 5% |
| Patrick Y. Lee Declaration Of Trust | Member | Mar 2018 | B | ≈ 0% – 3.75% via Palo Alto Investors Gp Llc |
| Yun Bazar Family Trust | Member | Mar 2018 | B | ≈ 0% – 3.75% via Palo Alto Investors Gp Llc |
Estimated effective ownership (look-through of filed bands):
- Patrick Y. Lee Declaration Of Trust: 50% – 75% of Palo Alto Investors Gp Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Yun Bazar Family Trust: 50% – 75% of Palo Alto Investors Gp Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (6, $1.1B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Palo Alto Healthcare Master Fund Ii, L.P. | Hedge Fund | $532M | $1.0M | 120 |
| Palo Alto Healthcare Master Fund, L.P. | Hedge Fund | $279M | $1.0M | 60 |
| Palo Alto Advanced Life Sciences Master Fund, L.P. | Hedge Fund | $156M | $5.0M | 70 |
| Micro Cap Partners, L.P. | Hedge Fund | $70.8M | $1.0M | 40 |
| Palo Alto Korea Fund, L.P. | Hedge Fund | $15.0M | $250K | 10 |
| Palo Alto Pe Fund, L.P. | Hedge Fund | $5.0M | $1.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 2.47 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗