Baker Bros Advisors
Baker Bros Advisors, managed by Julian Baker and Felix Baker, specializes in the healthcare and biotechnology sectors. The Baker brothers are known for their deep expertise and long-term investment approach in the biotech industry, focusing on companies with strong potential for innovation and growth. Their investment strategy often involves significant stakes in a few key companies, reflecting a high conviction approach.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares β not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with β₯$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| INCY | $2.89B | 16.62% | $94.12 | $117.79 | +25.1% | 16.6% | |
| ONC | $2.61B | 15.00% | $296.97 | $307.15 | +3.4% | 15.0% | |
| INSM | $1.21B | 6.97% | $163.52 | $112.84 | -31.0% | 7.0% | |
| MDGL | $1.12B | 6.44% | $523.47 | $549.12 | +4.9% | 6.4% | |
| ACAD | $954.9M | 5.48% | $22.26 | $26.18 | +17.6% | 5.5% | |
| RVMD | $929.3M | 5.34% | $97.25 | $190.38 | +95.8% | 5.3% | |
| CELC | $903.5M | 5.19% | $114.14 | $116.06 | +1.7% | 5.2% | |
| KOD | $759.3M | 4.36% | $38.12 | $38.40 | +0.7% | 4.4% | |
| KYMR | $721.1M | 4.14% | $83.29 | $119.62 | +43.6% | 4.1% | |
| SMMT | $690.0M | 3.96% | $18.96 | $15.87 | -16.3% | 4.0% | |
| PRAX | $564.9M | 3.24% | $322.19 | $320.44 | -0.5% | 3.2% | |
| RYTM | $487.4M | 2.80% | $86.97 | $113.30 | +30.3% | 2.8% | |
| ALKS | $354.0M | 2.03% | $35.36 | $55.10 | +55.8% | 2.0% | |
| GRAL | $208.2M | 1.20% | $51.68 | $68.79 | +33.1% | 1.2% | |
| EWTX | $207.1M | 1.19% | $31.50 | $43.09 | +36.8% | 1.2% | |
| IONS | $153.8M | 0.88% | $75.09 | $86.17 | +14.8% | 0.9% | |
| KNSA | $136.1M | 0.78% | $48.15 | $66.58 | +38.3% | 0.8% | |
| IMVT | $135.6M | 0.78% | $24.84 | $40.45 | +62.8% | 0.8% | |
| ROIV | $134.8M | 0.77% | $27.70 | $36.28 | +31.0% | 0.8% | |
| IDYA | $131.5M | 0.76% | $33.32 | $40.02 | +20.1% | 0.8% | |
| ARWR | $125.0M | 0.72% | $62.70 | $87.14 | +39.0% | 0.7% | |
| STOK | $108.6M | 0.62% | $32.56 | $33.35 | +2.4% | 0.6% | |
| IMTX | $107.4M | 0.62% | $9.84 | $10.16 | +3.3% | 0.6% | |
| ABCL | $105.7M | 0.61% | $3.49 | $7.73 | +121.5% | 0.6% | |
| ABVX | $97.5M | 0.56% | $111.35 | $142.77 | +28.2% | 0.6% | |
| CRNX | $85.4M | 0.49% | $36.32 | $42.03 | +15.7% | 0.5% | |
| REPL | $84.5M | 0.49% | $7.65 | $11.64 | +52.2% | 0.5% | |
| $74.9M | 0.43% | β | β | 0.4% | |||
| NRIX | $72.2M | 0.41% | $15.50 | $24.43 | +57.6% | 0.4% | |
| DNLI | $71.7M | 0.41% | $19.20 | $26.21 | +36.5% | 0.4% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (7)
| Ticker | Issuer | Notional |
|---|---|---|
| MIRM | $41.2M | |
| EVMN | $19.5M | |
| AKTS | $17.8M | |
| GENB | $17.8M | |
| CMPS | $13.0M | |
| EIKN | $5.9M | |
| VSTM | $3.1M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| RARE | $63.8M | |
| TERN | $38.4M | |
| BCRX | $22.0M | |
| VTYX | $21.2M | |
| NUVL | $14.5M | |
| FDMT | $3.6M | |
| VIR | $3.3M | |
| KALA | $1.0M |
Increased (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| ELVN | $31.3M | +233.5% | ||
| WVE | $0.1M | +139.1% | ||
| GRAL | $29.7M | +93.2% | +33.1% | |
| PRAX | $232.8M | +55.6% | -0.5% | |
| RCUS | $2.5M | +53.9% | ||
| CRNX | $8.7M | +42.6% | +15.7% | |
| ALMS | $29.1M | +28.8% | ||
| CTMX | $5.3M | +17.1% |
Trimmed (6)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| IMCR | $-58.5M | -68.4% | ||
| BNTX | $-24.5M | -67.5% | ||
| TECX | $-0.1M | -32.7% | ||
| ROIV | $14.3M | -12.4% | +31.0% | |
| IMTX | $-19.6M | -9.7% | +3.3% | |
| ARWR | $-19.5M | -8.4% | +39.0% |
Quarter Activity
During the quarter, Baker Bros Advisors initiated several new positions, notably in Mirum Pharmaceuticals (MIRM) with a $41 million investment and Evommune (EVMN) at $19 million. The fund also exited multiple holdings, including a significant $64 million position in Ultragenyx Pharmaceutical (RARE) and a $38 million stake in Terns Pharmaceuticals (TERN). Additionally, there was a notable increase in their holdings in Elevation Oncology (ELVN), which rose by $234 million, while they reduced their stake in Immunocore Holdings (IMCR) by $68 million.
AI Commentary
<p>Baker Bros Advisors' portfolio showcases a strong concentration in the biotechnology and pharmaceutical sectors, with their top holdings predominantly in these industries. The largest position is in Incyte Corporation (INCY) with an investment worth $2,894M, constituting 16.6% of the total assets under management (AUM). This is closely followed by BeOne Medicines Ltd. (ONC) and Insmed Incorporated (INSM) with 15.0% and 7.0% of AUM respectively. Other significant holdings include Madrigal Pharmaceuticals, Inc. (MDGL), ACADIA Pharmaceuticals Inc. (ACAD), and Revolution Medicines, Inc. (RVMD), each representing more than 5% of the total AUM, highlighting a clear focus on high-conviction investments within the biotech sector.</p> <p>The recent portfolio adjustments indicate a strategic shift in Baker Bros Advisors' investment thesis. The closure of positions in companies like Ultragenyx Pharmaceutical Inc. (RARE) and Terns Pharmaceuticals, Inc. (TERN) alongside reductions in Immatics N.V. (IMCR) and BioNTech SE (BNTX) suggest a recalibration or risk mitigation in certain biotech investments. Conversely, the substantial increases in positions such as Elevation Oncology, Inc. (ELVN) and Wave Life Sciences Ltd. (WVE) reflect an aggressive approach to capitalize on specific emerging opportunities within the sector. The addition of new positions in companies like Mirum Pharmaceuticals, Inc. (MIRM) and Evommune, Inc. (EVMN) further underscores a continued commitment to diversifying within biotech, potentially targeting new therapeutic areas or innovative technologies.</p>