Baker Bros. Advisors Portfolio
13F Holdings & Position Changes — Last filed Aug 14, 2026
13F Holdings & Position Changes — Last filed Aug 14, 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 (Q2 2026), the fund holds 80 positions worth $19.8B. This quarter they initiated 6 new positions and exited 70. Their largest holding is INCY ($3.5B).
Baker initiated 6 new positions and increased 17 this quarter. Portfolio grew +14.2% to $19.8B. 724 upcoming catalysts across holdings.
Portfolio Value (13F)
$19.8B
Holdings
80
Top 10 Concentration
73.5%
QoQ Change
+14.2%
Turnover
0.4%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | INCY | Incyte Corporation | Held↑7Q | $3.5B | 17.65% | 9.8% | |
| 2 | BEIGF | BeOne Medicines Ltd. | Held | $2.5B | 12.69% | — | |
| 3 | RVMD | Revolution Medicines Inc. | Increased↑5Q | $2.1B | 10.85% | 4.8% | |
| 4 | MDGL | Madrigal Pharmaceuticals Inc. | Held↑3Q | $1.2B | 5.82% | 10.3% | |
| 5 | ACAD | ACADIA Pharmaceuticals Inc. | Held↑2Q | $1.1B | 5.49% | 8.7% | |
| 6 | KYMR | Kymera Therapeutics Inc. | $992.7M | 5.02% | 16.1% | ||
| 7 | INSM | Insmed Incorporated | Increased↑2Q | $937.8M | 4.75% | 9.9% | |
| 8 | CELC | Celcuity Inc. | Decreased | $828.1M | 4.19% | 32.3% | |
| 9 | KOD | Kodiak Sciences Inc. | $776.1M | 3.93% | 25.9% | ||
| 10 | RYTM | Rhythm Pharmaceuticals Inc. | $622.3M | 3.15% | 14.9% |
Share changes reflect active decisions. Value changes include price moves.
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Baker Bros. Advisors held 80 biotech stocks in their 13F portfolio this quarter. Their top positions include INCY, BEIGF, RVMD, MDGL, ACAD. 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 $19.8B 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 6 new positions this quarter, including SNSE, CYTK, PBLS, AVLN, AVTX and 1 more. They also increased 17 existing positions.
Baker Bros. Advisors fully exited 70 positions this quarter, including VERA, MGNX, NMRA, IGMS, CADL and 65 more. They also trimmed 8 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.
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