BAKER BROS ADVISORS LP
Q4 2023 Form 13-F
NEW YORK, NEW YORK
CIK 0001263508
· CRD 158149
· SEC-registered investment adviser
$8.8B Reported Value Total
BAKER BROTHERS INVESTMENTS reports 2 total accounts under management (AUM). There are 2 discretionary accounts valued at $21,976,239,930, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered
Discretionary Manager
Private funds (Form ADV)
7 funds
· $28.2B gross asset value
Hedge Fund: $28.2B
Source: Form ADV filed 2026-03-27
Reported value
$8.8B
Quarter over quarter
+14.7%
Holdings
82
Top-10 concentration
81.0%
Key People
Form ADV owners & control persons
Felix James Baker
MANAGING MEMBER
Julian Charles Baker
MANAGING MEMBER
Scott Lawrence Lessing
PRESIDENT, CHIEF COMPLIANCE OFFICER
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q4 2023 13F record
Q4 2023 13F filing summary
| Period of report | December 31, 2023 |
|---|---|
| Filed | February 14, 2024 |
| Form | 13F-HR |
| Reported value | $8.8B |
| Positions | 82 |
| Change in reported value | -49.4% |
| New positions | 5 |
| Exited positions | 22 |
| Position turnover | 26.0% |
| Top-10 concentration | 81.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
83 | $20.0B |
|
Q1 2026 13F
Filed May 15, 2026
|
84 | $17.4B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
85 | $17.1B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
89 | $13.8B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
88 | $10.3B |
|
Q1 2025 13F
Filed May 15, 2025
|
87 | $9.0B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
93 | $9.4B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
92 | $9.6B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
93 | $7.8B |
|
Q1 2024 13F
Filed May 15, 2024
|
87 | $8.0B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
82 | $8.8B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
99 | $17.4B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
106 | $17.3B |
|
Q1 2023 13F
Filed May 15, 2023
|
105 | $18.4B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
111 | $16.7B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
113 | $15.3B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
114 | $17.6B |
|
Q1 2022 13F
Filed May 16, 2022
|
115 | $17.4B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
116 | $20.6B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
116 | $22.8B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | INCY Incyte Corporation | $2.3B | 25.85% |
| 2 | ONC BeiGene, Ltd. | $1.9B | 21.69% |
| 3 | ACAD ACADIA Pharmaceuticals Inc. | $1.3B | 15.27% |
| 4 | MDGL Madrigal Pharmaceuticals, Inc. | $455.8M | 5.19% |
| 5 | RYTM Rhythm Pharmaceuticals, Inc. | $294.1M | 3.35% |
| 6 | MRTX Mirati Therapeutics, Inc. | $242.1M | 2.76% |
| 7 | IMCR Immunocore Holdings plc | $172.2M | 1.96% |
| 8 | KYMR Kymera Therapeutics, Inc. | $152.7M | 1.74% |
| 9 | RVMD Revolution Medicines, Inc. | $147.7M | 1.68% |
| 10 | NVTA Invitae Corporation | $131.2M | 1.49% |
| 11 | ABCL AbCellera Biologics Inc. | $130.8M | 1.49% |
| 12 | ROIV Roivant Sciences Ltd. | $85.3M | 0.97% |
| 13 | REPL Replimune Group, Inc. | $80.5M | 0.92% |
| 14 | TRDA Entrada Therapeutics, Inc. | $73.4M | 0.84% |
| 15 | RARE Ultragenyx Pharmaceutical Inc. | $70.1M | 0.8% |
| 16 | CERE Cerevel Therapeutics Holdings, Inc. | $67.8M | 0.77% |
| 17 | IMTX Immatics N.V. | $61.5M | 0.7% |
| 18 | BCRX BioCryst Pharmaceuticals, Inc. | $60.7M | 0.69% |
| 19 | ARGX argenx SE | $57.5M | 0.65% |
| 20 | DNLI Denali Therapeutics Inc. | $56.0M | 0.64% |
Values as reported on the Q4 2023 Form 13F. Every position is in the holdings table below.