9AT: PALO ALTO INVESTORS LP

Adviser Profile

As of Date	03/27/2026
Registration	SEC, Approved, 12/05/2000
ADV Location	PALO ALTO, CA, United States
Contact Info	650 xxxxxxx
Websites

AUM^*	696,000,000 4%
of that, discretionary	696,000,000 4%
Number of Employees	10 -17%
of those in investment advisory functions	4 -20%
Private Fund GAV^*	692,000,000 3%
Avg Account Size	53,538,462 -4%
SMA’s	No
Private Funds	12

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser NEO-CRITERION CAPITAL LIMITED	Hedge Fund31.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV31.8m	AUM31.8m	#Funds2
Adviser HOLDCO ASSET MANAGEMENT, LP	Hedge Fund2.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.8b	AUM2.8b	#Funds4
Adviser BLUESHIFT ASSET MANAGEMENT	Hedge Fund197.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV197.5m	AUM694.4m	#Funds3
Adviser CONDIRE MANAGEMENT, LP	Hedge Fund2.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.6b	AUM1.9b	#Funds5
Adviser ANCORA ALTERNATIVES LLC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds31
Adviser BELSTAR MANAGEMENT COMPANY, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM649.4m	#Funds-
Adviser VESTAL POINT CAPITAL, LP	Hedge Fund2.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.8b	AUM5.5b	#Funds3
Adviser THIRD AVENUE MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.6b	#Funds-
Adviser PRIME CAPITAL MANAGEMENT COMPANY LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.0b	#Funds-
Adviser NARWHAL CAPITAL MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.1b	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker00404A109	Stock NameACADIA PHARMACEUTICALS INC	$ Position$72,461,629	% Position10.00%	$ Change	# Change
Stck Ticker69366J200	Stock NamePTC THERAPEUTICS INC	$ Position$74,950,268	% Position10.00%	$ Change19.00%	# Change0.00%
Stck Ticker604749AB7	Stock NameMIRUM PHARMACEUTICALS INC	$ Position$40,834,953	% Position6.00%	$ Change	# Change
Stck Ticker032724106	Stock NameANAPTYSBIO INC	$ Position$40,735,508	% Position6.00%	$ Change15.00%	# Change-5.00%
Stck Ticker457669307	Stock NameINSMED INC	$ Position$44,138,548	% Position6.00%	$ Change-35.00%	# Change0.00%
Stck Ticker26818M108	Stock NameDYNE THERAPEUTICS INC	$ Position$36,591,441	% Position5.00%	$ Change22.00%	# Change0.00%
Stck Ticker09061G101	Stock NameBIOMARIN PHARMACEUTICAL INC	$ Position$39,068,500	% Position5.00%	$ Change1.00%	# Change0.00%
Stck Ticker91307C102	Stock NameUNITED THERAPEUTICS CORP	$ Position$33,911,514	% Position5.00%	$ Change-9.00%	# Change0.00%
Stck Ticker09062X103	Stock NameBIOGEN INC	$ Position$30,308,681	% Position4.00%	$ Change17.00%	# Change0.00%
Stck Ticker254604101	Stock NameDISC MEDICINE INC	$ Position$30,473,488	% Position4.00%	$ Change19.00%	# Change4.00%

Brochure Summary

Overview

PAI is the investment adviser to private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each a “Fund” and collectively, the “Funds”). Its principals and the leaders of its portfolio team are Dr. A. Joon Yun and Dr. Patrick Lee. PAI was previously Palo Alto Investors, LLC, a California limited liability company. On March 30, 2018, it converted into a California limited partnership. At the same time, it organized its affiliate, PAI LLC, a California limited liability company with which it is under common control, to act as the general partner of the Funds that are organized as limited partnerships, and PAI entered into an Investment Adviser Agreement with each of the Funds pursuant to which it manages their assets. PAI was founded by William L. Edwards. While Drs. Yun and Lee have led portfolio management team for some time, until December 31, 2012, Mr. Edwards was PAI’s chairman, chief executive officer and chief investment officer, and the chairman, chief executive officer and sole shareholder of Palo Alto Investors,

a California corporation that served as its manager. Effective as of January 1, 2013, Mr. Edwards transitioned the management of PAI to Drs. Yun and Lee. In connection with that transition, Drs. Yun and Lee replaced Palo Alto Investors as the co- managers of PAI and Mr. Edwards resigned as the PAI’s chairman, chief executive officer and chief investment officer. As of December 31, 2023, PAI had total discretionary assets under management of approximately $1.06 billion. PAI manages assets only on a discretionary basis. PAI invests principally, but not exclusively, in equity and equity-related securities that are traded publicly in U.S. markets and issued by companies primarily in the healthcare industry. Regardless of its current focus, for each of the Funds, PAI is authorized to enter into any type of investment transaction that it deems appropriate under the terms of each Fund’s partnership or investment agreement. The investors in the Funds have no opportunity to select or evaluate any Fund investments or strategies. PAI selects all Fund investments and strategies.

PALO ALTO INVESTORS LP

PALO ALTO INVESTORS LP

PAI LLC

PALO ALTO INVESTORS, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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PALO ALTO INVESTORS LP PALO ALTO INVESTORS LP PAI LLC PALO ALTO INVESTORS, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

PALO ALTO INVESTORS LP

PALO ALTO INVESTORS LP

PAI LLC

PALO ALTO INVESTORS, LLC