BAKER BROS ADVISORS LP
Q1 2026 Form 13-F
NEW YORK, NEW YORK
CIK 0001263508
· CRD 158149
· SEC-registered investment adviser
$17.4B 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
$17.4B
Quarter over quarter
-0.4%
Holdings
84
Top-10 concentration
73.5%
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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Q1 2026 13F record
Q1 2026 13F filing summary
| Period of report | March 31, 2026 |
|---|---|
| Filed | May 15, 2026 |
| Form | 13F-HR |
| Reported value | $17.4B |
| Positions | 84 |
| Change in reported value | +2.0% |
| New positions | 7 |
| Exited positions | 9 |
| Position turnover | 17.2% |
| Top-10 concentration | 73.5% |
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 · Q1 2026
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | INCY Incyte Corporation | $2.9B | 16.62% |
| 2 | ONC BeOne Medicines Ltd. | $2.6B | 15.0% |
| 3 | INSM Insmed Incorporated | $1.2B | 6.97% |
| 4 | MDGL Madrigal Pharmaceuticals, Inc. | $1.1B | 6.44% |
| 5 | ACAD ACADIA Pharmaceuticals Inc. | $954.9M | 5.48% |
| 6 | RVMD Revolution Medicines, Inc. | $929.3M | 5.34% |
| 7 | CELC Celcuity Inc. | $903.5M | 5.19% |
| 8 | KOD Kodiak Sciences Inc. | $759.3M | 4.36% |
| 9 | KYMR Kymera Therapeutics, Inc. | $721.1M | 4.14% |
| 10 | SMMT Summit Therapeutics Inc. | $690.0M | 3.96% |
| 11 | PRAX Praxis Precision Medicines, Inc. | $564.9M | 3.24% |
| 12 | RYTM Rhythm Pharmaceuticals, Inc. | $487.4M | 2.8% |
| 13 | ALKS Alkermes plc | $354.0M | 2.03% |
| 14 | GRAL GRAIL, Inc. | $208.2M | 1.2% |
| 15 | EWTX Edgewise Therapeutics, Inc. | $207.1M | 1.19% |
| 16 | IONS Ionis Pharmaceuticals, Inc. | $153.8M | 0.88% |
| 17 | KNSA Kiniksa Pharmaceuticals International, plc | $136.1M | 0.78% |
| 18 | IMVT Immunovant, Inc. | $135.6M | 0.78% |
| 19 | ROIV Roivant Sciences Ltd. | $134.8M | 0.77% |
| 20 | IDYA IDEAYA Biosciences, Inc. | $131.5M | 0.76% |
Values as reported on the Q1 2026 Form 13F. Every position is in the holdings table below.