Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionGAM Holding AG
Latest Disclosed Ownership17,241 shares
Latest Disclosed Value $ 3,175,792
GAM Holding AG reports 12.79% decrease in ownership of PANW / Palo Alto Networks, Inc.

On February 17, 2026 - GAM Holding AG filed a 13F-HR form disclosing ownership of 17,241 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $3,175,792 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 21, 2025 disclosing 19,770 shares of Palo Alto Networks, Inc.. This represents a change in shares of -12.79% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 17,241 -2,529 -12.79 3,176 -21.12 0.1540
2025-10-21 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 19,770 4,400 28.63 4,026 27.98 0.2488
2025-08-04 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 15,370 -1,541 -9.11 3,145 9.01 0.2211
2025-04-22 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 16,911 16,911 2,886 0.2238
2022-10-19 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 0 -2,292 -100.00 0 -100.00
2022-07-21 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 2,292 -783 -25.46 1,132 -40.86 0.0753
2022-05-06 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 3,075 -967 -23.92 1,914 -14.97 0.0822
2022-02-18 2021-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,042 -21 -0.52 2,251 15.67 0.1003
2022-01-26 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 4,042 -21 2,251 0.1008
2021-11-12 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 4,063 0 0.00 1,946 29.13 0.0905
2021-08-09 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 4,063 -1 -0.02 1,507 15.13 0.0653
2021-05-10 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 4,064 582 16.71 1,309 5.82 0.0609
2021-02-10 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 3,482 -79 -2.22 1,237 42.02 0.0733
2020-11-06 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 3,561 39 1.11 871 7.66 0.0524
2020-08-10 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 3,522 -11 -0.31 809 39.72 0.0503
2020-05-12 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 3,533 848 31.58 579 -6.76 0.0394
2020-02-06 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 2,685 2,685 621 0.0293
2019-08-12 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 0 -1,055 -100.00 0 -100.00
2019-05-10 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 1,055 -569 -35.04 256 -16.34 0.0108
2019-02-08 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 1,624 -1,304 -44.54 306 -53.64 0.0155
2018-11-13 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 2,928 1,128 62.67 660 78.38 0.0240
2018-08-09 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 1,800 1,800 370 0.0129
2017-11-14 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 0 -40,257 -100.00 0 -100.00
2017-08-07 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 40,257 -553 -1.36 5,387 17.16 0.0795
2017-05-12 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 40,810 9,357 29.75 4,598 16.91 0.0726
2017-02-10 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 31,453 28,563 988.34 3,933 755.00 0.0689
2016-11-07 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 2,890 0 0.00 460 29.94 0.0081
2016-08-11 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 2,890 710 32.57 354 -0.56 0.0055
2016-05-13 2016-03-31 13F PALO ALTO NETWORKS COM 697435105 2,180 341 18.54 356 9.88 0.0059
2016-02-08 2015-12-31 13F PALO ALTO NETWORKS COM 697435105 1,839 398 27.62 324 30.65 0.0050
2015-11-12 2015-09-30 13F PALO ALTO NETWORKS COM 697435105 1,441 0 0.00 248 -1.59 0.0043
2015-07-27 2015-06-30 13F PALO ALTO NETWORKS COM 697435105 1,441 441 44.10 252 72.60 0.0036
2015-05-12 2015-03-31 13F PALO ALTO NETWORKS COM 697435105 1,000 -101,300 -99.02 146 -98.84 0.0022
2015-02-06 2014-12-31 13F PALO ALTO NETWORKS COM 697435105 102,300 -269,400 -72.48 12,539 -65.61 0.1873
2014-11-12 2014-09-30 13F PALO ALTO NETWORKS COM 697435105 371,700 94,430 34.06 36,456 56.81 0.5296
2014-08-11 2014-06-30 13F PALO ALTO NETWORKS COM 697435105 277,270 -10,062 -3.50 23,249 17.96 0.3528
2014-05-15 2014-03-31 13F PALO ALTO NETWORKS COM 697435105 287,332 259,332 926.19 19,710 1,124.98 0.3165
2014-02-12 2013-12-31 13F PALO ALTO NETWORKS COM 697435105 28,000 28,000 -70.83 1,609 -60.24 0.0281
2013-11-12 2013-09-30 13F Palo Alto Networks Inc Com. USD 0. COM 697435105 0 -96,000 -100.00 0 -100.00
2013-08-13 2013-06-30 13F Palo Alto Networks Inc Com. USD 0. COM 697435105 96,000 96,000 4,047 0.0885
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.