BAKER BROS ADVISORS LP
Q3 2025 Form 13-F
NEW YORK, NEW YORK
CIK 0001263508
· CRD 158149
· SEC-registered investment adviser
$13.8B Reported Value Total
BAKER BROTHERS INVESTMENTS reports 2 total accounts under management (AUM). There are 2 discretionary accounts valued at $28,147,892,952, 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
$13.8B
Quarter over quarter
+31.2%
Holdings
89
Top-10 concentration
79.1%
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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Q3 2025 13F record
Q3 2025 13F filing summary
| Period of report | September 30, 2025 |
|---|---|
| Filed | November 14, 2025 |
| Form | 13F-HR |
| Reported value | $13.8B |
| Positions | 89 |
| Change in reported value | +34.3% |
| New positions | 12 |
| Exited positions | 10 |
| Position turnover | 22.2% |
| Top-10 concentration | 79.1% |
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 · Q3 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | ONC BeOne Medicines Ltd. | $3.0B | 21.66% |
| 2 | INCY Incyte Corporation | $2.6B | 18.84% |
| 3 | MDGL Madrigal Pharmaceuticals, Inc. | $982.3M | 7.1% |
| 4 | INSM Insmed Incorporated | $965.4M | 6.98% |
| 5 | ACAD ACADIA Pharmaceuticals Inc. | $915.4M | 6.61% |
| 6 | SMMT Summit Therapeutics Inc. | $696.7M | 5.03% |
| 7 | RYTM Rhythm Pharmaceuticals, Inc. | $566.0M | 4.09% |
| 8 | RVMD Revolution Medicines, Inc. | $441.6M | 3.19% |
| 9 | CELC Celcuity Inc. | $391.0M | 2.83% |
| 10 | KYMR Kymera Therapeutics, Inc. | $376.5M | 2.72% |
| 11 | KOD Kodiak Sciences Inc. | $283.4M | 2.05% |
| 12 | ALKS Alkermes plc | $242.7M | 1.75% |
| 13 | ABCL AbCellera Biologics Inc. | $138.5M | 1.0% |
| 14 | EWTX Edgewise Therapeutics, Inc. | $118.5M | 0.86% |
| 15 | KNSA Kiniksa Pharmaceuticals International, plc | $109.7M | 0.79% |
| 16 | STOK Stoke Therapeutics, Inc. | $108.9M | 0.79% |
| 17 | IMTX Immatics N.V. | $103.0M | 0.74% |
| 18 | GRAL GRAIL, Inc. | $96.4M | 0.7% |
| 19 | IDYA IDEAYA Biosciences, Inc. | $89.1M | 0.64% |
| 20 | IMVT Immunovant, Inc. | $88.0M | 0.64% |
Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.