Hedge fund, long-only 13F filer
Baker Bros. Advisors
US long stock positions, not assets under management
Form 13F-HR, filed 14 August 2026
Baker Bros. Advisors has stopped filing, or filed late: its most recent 13F in our EDGAR ingest was filed 14 August 2026, covering the quarter ended 30 June 2026 — 1 reporting quarter behind the newest filing among managers we track. Everything below is that last filing, not a current portfolio.
How has Baker Bros. Advisors's portfolio moved against the S&P 500?
Baker Bros. Advisors's latest 13F filing covers the quarter ended 30 June 2026 and was filed 14 August 2026 (45 days after quarter end): 83 disclosed US-listed positions — 20.0B USD in long stock. Eight new buys, five adds, three trims and nine exits against the prior quarter. Holdings are up to 45 days old by the time they clear EDGAR.
Since Sept 2025Baker Bros. Advisors +44%S&P 500 from Dec 2025 +9%
The line rebuilds Baker Bros. Advisors's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.
Since Sept 2024Baker Bros. Advisors +106%S&P 500 from Dec 2025 +9%
The line rebuilds Baker Bros. Advisors's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.
- Long stock value
- 20.0B USD
- Positions
- 83
- Top holding
- INCY, 17.5%
- Top sector
- Healthcare 81%
- New buys, Q2 2026
- 8
- Exits, Q2 2026
- 9
Values as reported, as of Q2 2026
Top holdings — quarter ended 30 June 2026
83 US-listed positions were disclosed for the quarter ended 30 June 2026; the 15 largest by reported value are below.
Source: SEC EDGAR Form 13F-HR, as filed.
| Position | Value | Weight | Shares | Last quarter |
|---|---|---|---|---|
| INCYIncyte Corporation | 3.5B USD | 17.5% | 30.8M | Held |
| ONCBeOne Medicines Ltd. | 2.5B USD | 12.6% | 8.8M | Held |
| RVMDRevolution Medicines, Inc. | 2.1B USD | 10.7% | 11.4M | Held |
| MDGLMadrigal Pharmaceuticals, Inc. | 1.2B USD | 5.8% | 2.1M | Held |
| ACADACADIA Pharmaceuticals Inc. | 1.1B USD | 5.4% | 42.9M | Held |
| KYMRKymera Therapeutics, Inc. | 992.7M USD | 5.0% | 8.7M | Held |
| INSMInsmed Incorporated | 937.8M USD | 4.7% | 8.8M | Held |
| CELCCelcuity Inc. | 828.2M USD | 4.2% | 7.9M | Held |
| KODKodiak Sciences Inc. | 776.1M USD | 3.9% | 19.9M | Held |
| RYTMRhythm Pharmaceuticals, Inc. | 622.3M USD | 3.1% | 5.6M | Held |
| PRAXPraxis Precision Medicines, Inc. | 587.0M USD | 2.9% | 1.8M | Held |
| ALKSAlkermes plc | 524.6M USD | 2.6% | 10.0M | Held |
| SMMTSummit Therapeutics Inc. | 477.7M USD | 2.4% | 32.8M | Held |
| GRALGRAIL, Inc. | 275.0M USD | 1.4% | 4.0M | Held |
| ABCLAbCellera Biologics Inc. | 259.1M USD | 1.3% | 33.0M | Held |
Quarterly changes — quarter ended 30 June 2026
25 changes vs the prior quarter's filing, as of 30 June 2026: 8 new, 5 added, 3 trimmed and 9 sold out.
What changed against the previous quarter's filing: new positions first, then adds, trims and exits, each sorted by position size.
New buys 8Adds 5Trims 3Exits 9
| Position | Change | Shares moved | Value after |
|---|---|---|---|
| SNSEFaeth Therapeutics, Inc. | New buy | +1.3M | 32.2M USD |
| CYTKCytokinetics, Incorporated | New buy | +211.3K | 18.0M USD |
| NTLAIntellia Therapeutics, Inc. | New buy | +930.2K | 15.7M USD |
| Parabilis Medicines, Inc. | New buy | +500.0K | 13.7M USD |
| Avalyn Pharma Inc. | New buy | +350.0K | 11.5M USD |
| TNGXTango Therapeutics, Inc. | New buy | +333.3K | 10.4M USD |
| AVTXAvalo Therapeutics, Inc. | New buy | +550.0K | 10.2M USD |
| IMNMImmunome, Inc. | New buy | +55.3K | 1.2M USD |
| IDYAIDEAYA Biosciences, Inc. | Added | +1.1M | 186.7M USD |
| RLAYRelay Therapeutics, Inc. | Added | +1.7M | 52.9M USD |
| CLDXCelldex Therapeutics, Inc. | Added | +517.2K | 44.0M USD |
| RCUSArcus Biosciences, Inc. | Added | +429.2K | 26.0M USD |
| VSTMVerastem, Inc. | Added | +1.9M | 9.5M USD |
| EWTXEdgewise Therapeutics, Inc. | Trimmed | −2.9M | 150.4M USD |
| JBIOJade Biosciences, Inc. | Trimmed | −410.7K | 27.3M USD |
| CERSCerus Corporation | Trimmed | −3.6M | 18.7M USD |
| ABVXAbivax S.A. | Sold out | −875.8K | was 97.5M USD |
| Celcuity Inc. | Sold out | −30.8M | was 74.9M USD |
| SYRESpyre Therapeutics, Inc. | Sold out | −1.0M | was 50.4M USD |
| CNTACentessa Pharmaceuticals plc | Sold out | −670.8K | was 26.6M USD |
| IMCRImmunocore Holdings plc | Sold out | −734.4K | was 22.1M USD |
| CTNMContineum Therapeutics, Inc. | Sold out | −1.4M | was 18.6M USD |
| ARGXargenx SE | Sold out | −25.2K | was 18.4M USD |
| CMPSCOMPASS Pathways plc | Sold out | −2.3M | was 13.0M USD |
| PHVSPharvaris N.V. | Sold out | −375.0K | was 10.6M USD |
Sector allocation
Healthcare carries the largest share of disclosed value, at 81%.
Weights are by reported value of the quarter-end holdings; sectors from the reference list, unclassified where none matched.
| Sector | Weight | Holdings |
|---|---|---|
| Healthcare | 81% | ABSI, ACAD, ALKS, ALMS, ARWR, BNTX, CELC, CERS, CLDX, CRNX, CTMX, CYTK, DBVT, DNLI, DSGN, DYN, ELVN, GLUE, GPCR, IDYA, IMNM, IMVT, INCY, INSM, IONS, IRON, KNSA, KOD, KYMR, MDGL, MIRM, NGNE, NRIX, NTLA, PRAX, PRLD, RAPP, RCUS, REPL, RLAY, RVMD, RYTM, SANA, SERA, SGMT, SKYE, SMMT, STOK, TARA, TCRX, TECX, TNGX, TRDA, TSHA, TYRA, VRDN, VSTM, VTVT, WVE, XENE, XNCR |
| Other / unclassified | 19% | ABCL, ALGS, AVTX, BCYC, EIKN, EVMN, EWTX, GRAL, IMTX, JBIO, LBRX, MPLT, ONC, ROIV, SION, SNSE, SRZNW |
| Technology | 0% | AKTS |
Baker Bros. Advisors: frequently asked questions
What is Baker Bros. Advisors's biggest holding?
As of the quarter ended 30 June 2026, the largest disclosed position was INCY (Incyte Corporation), about 17.5% of the disclosed US-listed portfolio by reported value.
What did Julian & Felix Baker's Baker Bros. Advisors buy in Q2 2026?
8 new positions were disclosed for the quarter ended 30 June 2026; the largest were SNSE, CYTK, NTLA. Adds and trims are listed in the quarterly-changes table on this page.
How concentrated is the portfolio?
Fairly concentrated. The top five positions are 52% of disclosed value and the top ten are 73%.
When is Baker Bros. Advisors's next 13F due?
13F filings for the quarter ended 30 September 2026 are due by 16 November 2026 — managers have 45 days after each calendar quarter ends. Whether Baker Bros. Advisors files is up to the manager; we show whatever EDGAR receives.
Does this show the whole portfolio?
No. Form 13F covers US-listed long equity and some options only — no short bets, bonds, cash, private businesses, non-US holdings or timing inside the quarter. Amended filings replace originals; this page always shows the latest canonical version.
Read the form itself on SEC EDGAR or see our plain-words guide to 13F filings — Baker Bros. Advisors may have already changed these positions since 30 June 2026.
References
- SEC EDGAR Form 13F-HR, quarterly, up to 45 days delayed. Filings are public records. Ticker mapping via SEC public files and OpenFIGI.
- Finazon prior-day close, indicative (IEX-derived, not the official close), some closes dollar-rounded at the source