Baker Bros. Advisors Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 2026
Concentrated long-only biotech fund known for taking very large positions in a small number of high-conviction names. The Baker brothers—both trained scientists—focus on deep due diligence of clinical-stage and commercial biotech companies, often holding positions for years through clinical catalysts.
Baker Bros. Advisors is a $17B biotech-focused hedge fund managed by Felix Baker & Julian Baker. As of their latest 13F filing (Q1 2026), the fund holds 80 positions worth $17.3B. This quarter they initiated 4 new positions and exited 64. Their largest holding is INCY ($2.9B).
Baker initiated 4 new positions and increased 21 this quarter. Portfolio grew +2.4% to $17.3B. 733 upcoming catalysts across holdings.
Portfolio Value (13F)
$17.3B
Holdings
80
Top 10 Concentration
74.4%
QoQ Change
+2.4%
Turnover
0.4%
Portfolio Value Trend
Be first to know when Baker Bros. Advisors files next quarter
Get an email the moment new buys, exits, and conviction changes hit. Free 14-day trial.
| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | INCY | Incyte Corporation | Held↑7Q | $2.9B | 16.72% | 9.8% | |
| 2 | BEIGF | BeOne Medicines Ltd. | $2.6B | 15.10% | — | ||
| 3 | INSM | Insmed Incorporated | Increased | $1.2B | 7.01% | 9.9% | |
| 4 | MDGL | Madrigal Pharmaceuticals Inc. | $1.1B | 6.48% | 19.3% | ||
| 5 | CELC | Celcuity Inc. | Increased↑6Q | $978.4M | 5.65% | 32.9% | |
| 6 | ACAD | ACADIA Pharmaceuticals Inc. | $954.9M | 5.52% | 10.9% | ||
| 7 | RVMD | Revolution Medicines Inc. | Increased↑5Q | $929.3M | 5.37% | 6.1% | |
| 8 | KOD | Kodiak Sciences Inc. | $759.3M | 4.39% | 26.6% | ||
| 9 | KYMR | Kymera Therapeutics Inc. | $721.1M | 4.17% | 15.6% | ||
| 10 | SMMT | Summit Therapeutics Inc. | $690.0M | 3.99% | 27.3% |
Share changes reflect active decisions. Value changes include price moves.
Track this fund’s next move
13F changes, conviction shifts, and catalyst alerts across all 20 specialist biotech funds — free Monday brief.
See all 80 holdings (you're viewing the top 10), plus 8 quarters of position history.
No charge for 14 days · Cancel anytime
Baker Bros. Advisors held 80 biotech stocks in their 13F portfolio this quarter. Their top positions include INCY, BEIGF, INSM, MDGL, CELC. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Baker Bros. Advisors's tracked biotech portfolio is worth $17.3B across 80 positions, with total assets under management of approximately $17B. Portfolio values are based on 13F filings with the SEC.
Baker Bros. Advisors initiated 4 new positions this quarter, including EVMN, AKTS, GENB, EIKN. They also increased 21 existing positions.
Baker Bros. Advisors fully exited 64 positions this quarter, including ACLX, PMVP, TNGX, FHTX, NAMSW and 59 more. They also trimmed 6 existing positions.
Concentrated long-only biotech fund known for taking very large positions in a small number of high-conviction names. The Baker brothers—both trained scientists—focus on deep due diligence of clinical-stage and commercial biotech companies, often holding positions for years through clinical catalysts.
Track specialist biotech funds, insider signals, and AI analysis
Start 14-Day Free Trial