BAKER BROS ADVISORS LP
Q2 2025 Form 13-F
NEW YORK, NEW YORK
CIK 0001263508
· CRD 158149
· SEC-registered investment adviser
$10.3B Reported Value Total
BAKER BROTHERS INVESTMENTS reports 2 total accounts under management (AUM). There are 2 discretionary accounts valued at $18,024,640,582, 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
$10.3B
Quarter over quarter
+6.2%
Holdings
88
Top-10 concentration
81.6%
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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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 14, 2025 |
| Form | 13F-HR |
| Reported value | $10.3B |
| Positions | 88 |
| Change in reported value | +14.1% |
| New positions | 12 |
| Exited positions | 12 |
| Position turnover | 24.0% |
| Top-10 concentration | 81.6% |
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 · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | ONC BeOne Medicines Ltd. | $2.1B | 20.66% |
| 2 | INCY Incyte Corporation | $2.1B | 20.31% |
| 3 | ACAD ACADIA Pharmaceuticals Inc. | $925.3M | 8.98% |
| 4 | INSM Insmed Incorporated | $776.2M | 7.53% |
| 5 | SMMT Summit Therapeutics Inc. | $717.6M | 6.96% |
| 6 | MDGL Madrigal Pharmaceuticals, Inc. | $598.0M | 5.8% |
| 7 | RYTM Rhythm Pharmaceuticals, Inc. | $354.1M | 3.44% |
| 8 | RVMD Revolution Medicines, Inc. | $344.5M | 3.34% |
| 9 | KYMR Kymera Therapeutics, Inc. | $290.3M | 2.82% |
| 10 | ALKS Alkermes plc | $183.4M | 1.78% |
| 11 | REPL Replimune Group, Inc. | $102.6M | 1.0% |
| 12 | RARE Ultragenyx Pharmaceutical Inc. | $100.8M | 0.98% |
| 13 | EWTX Edgewise Therapeutics, Inc. | $95.8M | 0.93% |
| 14 | ABCL AbCellera Biologics Inc. | $94.4M | 0.92% |
| 15 | IMVT Immunovant, Inc. | $87.3M | 0.85% |
| 16 | GRAL GRAIL, Inc. | $83.8M | 0.81% |
| 17 | KNSA Kiniksa Pharmaceuticals International, plc | $78.2M | 0.76% |
| 18 | BCYC Bicycle Therapeutics plc | $75.7M | 0.73% |
| 19 | IMCR Immunocore Holdings plc | $72.9M | 0.71% |
| 20 | CELC Celcuity Inc. | $72.8M | 0.71% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.