BAKER BROS. ADVISORS LP
Long book
$17.42B
Q1 2026
Positions
84
Top-10 weight
73%
concentration
Last quarter
+15.6%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsBAKER BROS. ADVISORS LP is a diversified fundamental manager, specialised in healthcare (100% of the long book), running a $17.42B US long book across 84 positions.
The portfolio is concentrated: the top 10 names carry 73% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: INCYTE CORP, BEONE MEDICINES LTD-ADR, INSMED INC, MADRIGAL PHARMACEUTICALS INC, ACADIA PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 4.8pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.7%
Q2 2024
+21.7%
Q3 2024
-3.0%
Q4 2024
-1.2%
Q1 2025
+6.0%
Q2 2025
+31.0%
Q3 2025
+18.9%
Q4 2025
-0.5%
Q1 2026
+15.6%
Sector allocation
Healthcare 100%
Materials 0%
Long book by quarter
What does BAKER BROS. own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| INCY INCYTE CORP | Healthcare | 30.7M | $2.89B | 16.6% | 0.0% |
| INSM INSMED INC | Healthcare | 7.4M | $1.21B | 7.0% | +12.6% |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 2.1M | $1.12B | 6.4% | Held |
| ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 42.9M | $954.9M | 5.5% | Held |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 9.6M | $929.3M | 5.3% | +1.1% |
| CELC CELCUITY INC | Healthcare | 7.9M | $903.5M | 5.2% | Held |
| KOD KODIAK SCIENCES INC | Healthcare | 19.9M | $759.3M | 4.4% | Held |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 8.7M | $721.1M | 4.1% | Held |
| SMMT SUMMIT THERAPEUTICS INC | Healthcare | 36.4M | $690.0M | 4.0% | Held |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 1.8M | $564.9M | 3.2% | +55.6% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 5.6M | $487.4M | 2.8% | Held |
| ALKS ALKERMES PLC | Healthcare | 10.0M | $354.0M | 2.0% | Held |
| GRAL GRAIL INC | Healthcare | 4.0M | $208.2M | 1.2% | +93.2% |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 6.6M | $207.1M | 1.2% | Held |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 2.0M | $153.8M | 0.9% | +14.3% |
| KNSA KINIKSA PHARMACEUTICALS INTE | Healthcare | 2.8M | $136.1M | 0.8% | Held |
| IMVT IMMUNOVANT INC | Healthcare | 5.5M | $135.6M | 0.8% | Held |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 4.9M | $134.8M | 0.8% | -12.4% |
| IDYA IDEAYA BIOSCIENCES INC | Healthcare | 3.9M | $131.5M | 0.8% | +9.1% |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 2.0M | $124.9M | 0.7% | -8.4% |
| STOK STOKE THERAPEUTICS INC | Healthcare | 3.3M | $108.6M | 0.6% | Held |
| IMTX IMMATICS NV | Healthcare | 10.9M | $107.4M | 0.6% | -9.7% |
| ABCL ABCELLERA BIOLOGICS INC | Healthcare | 30.3M | $105.7M | 0.6% | +10.0% |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 2.4M | $85.4M | 0.5% | +42.6% |
| REPL REPLIMUNE GROUP INC | Healthcare | 11.0M | $84.5M | 0.5% | Held |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 4.7M | $72.2M | 0.4% | Held |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 3.7M | $71.6M | 0.4% | Held |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 852.2K | $71.5M | 0.4% | +7.9% |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 4.3M | $71.5M | 0.4% | Held |
| TRDA ENTRADA THERAPEUTICS INC | Healthcare | 5.1M | $64.0M | 0.4% | Held |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 1.0M | $50.4M | 0.3% | Held |
| RAPP RAPPORT THERAPEUTICS INC | Healthcare | 1.5M | $48.4M | 0.3% | Held |
| ALMS ALUMIS INC | Healthcare | 2.0M | $44.3M | 0.3% | +28.8% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 446.0K | $41.2M | 0.2% | New |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 2.0M | $38.6M | 0.2% | Held |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 905.2K | $35.5M | 0.2% | +233.5% |
| PRLD PRELUDE THERAPEUTICS INC | Healthcare | 10.1M | $34.6M | 0.2% | Held |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 2.6M | $27.5M | 0.2% | +15.8% |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 5.0M | $23.4M | 0.1% | +17.1% |
| JBIO JADE BIOSCIENCES INC | Healthcare | 1.6M | $23.1M | 0.1% | Held |
| IRON DISC MEDICINE INC | Healthcare | 349.7K | $22.4M | 0.1% | +3.7% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 370.2K | $21.5M | 0.1% | Held |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 665.4K | $21.1M | 0.1% | Held |
| NGNE NEUROGENE INC | Healthcare | 991.7K | $20.0M | 0.1% | Held |
| EVMN EVOMMUNE INC | Healthcare | 847.4K | $19.5M | 0.1% | New |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 607.8K | $18.8M | 0.1% | -32.7% |
| CTNM CONTINEUM THERAPEUTICS INC-A | Healthcare | 1.4M | $18.6M | 0.1% | Held |
| CERS CERUS CORP | Healthcare | 10.0M | $18.2M | 0.1% | Held |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 4.0M | $17.9M | 0.1% | Held |
| AKTS AKTIS ONCOLOGY INC | Healthcare | 996.4K | $17.8M | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 84 | $17.42B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 86 | $17.08B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 91 | $13.84B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 89 | $10.31B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 89 | $9.04B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 95 | $9.36B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 93 | $9.65B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 95 | $7.83B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 87 | $7.97B | canonical | SEC ↗ |