1y return+69.7%S&P 500 +20.9%
3y return+99.2%S&P 500 +68.5%
5y return+65.0%S&P 500 +74.5%
10y return+261.5%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $361 against $357 in the S&P 500.2
Baker Bros. Advisors LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| INCYIncyte Corporation | $3.5B | 17.5% | |
| ONCBeOne Medicines Ltd. | $2.5B | 12.6% | |
| RVMDRevolution Medicines, Inc. | $2.1B | 10.8% | +19.8% |
| MDGLMadrigal Pharmaceuticals, Inc. | $1.2B | 5.8% | |
| ACADACADIA Pharmaceuticals Inc. | $1.1B | 5.5% | |
| KYMRKymera Therapeutics, Inc. | $992.7M | 5.0% | |
| INSMInsmed Incorporated | $937.8M | 4.7% | +18.5% |
| CELCCelcuity Inc. | $828.2M | 4.2% | |
| KODKodiak Sciences Inc. | $776.1M | 3.9% | |
| RYTMRhythm Pharmaceuticals, Inc. | $622.3M | 3.1% | |
| PRAXPraxis Precision Medicines, Inc. | $587.0M | 3.0% | |
| Alkermes plcCUSIP G01767105 | $524.6M | 2.6% | |
| SMMTSummit Therapeutics Inc. | $477.7M | 2.4% | −9.9% |
| GRALGRAIL, Inc. | $275.0M | 1.4% | |
| ABCLAbCellera Biologics Inc. | $259.1M | 1.3% | +9.0% |
| IMVTImmunovant, Inc. | $209.4M | 1.1% | |
| IDYAIDEAYA Biosciences, Inc. | $186.7M | 0.9% | +26.9% |
| Kiniksa Pharmaceuticals International, plcCUSIP G52694109 | $181.3M | 0.9% | |
| Roivant Sciences Ltd.CUSIP G76279101 | $166.9M | 0.8% | −3.1% |
| ARWRArrowhead Pharmaceuticals, Inc. | $162.4M | 0.8% | |
| IONSIonis Pharmaceuticals, Inc. | $162.4M | 0.8% | |
| EWTXEdgewise Therapeutics, Inc. | $150.4M | 0.8% | −43.7% |
| REPLReplimune Group, Inc. | $122.3M | 0.6% | |
| NRIXNurix Therapeutics, Inc. | $113.0M | 0.6% | |
| STOKStoke Therapeutics, Inc. | $109.2M | 0.5% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| DNTHDianthus Therapeutics, Inc. | June 30, 2025 | +423.2% | $83.1M |
| ARWRArrowhead Pharmaceuticals, Inc. | June 30, 2025 | +415.9% | $162.4M |
| Roivant Sciences Ltd.CUSIP G76279101 | December 31, 2022 | +342.9% | $166.9M |
| RVMDRevolution Medicines, Inc. | March 31, 2021 | +308.2% | $2.1B |
| INSMInsmed Incorporated | June 30, 2020 | +287.2% | $937.8M |
| GRALGRAIL, Inc. | December 31, 2024 | +282.4% | $275.0M |
| RAPPRapport Therapeutics, Inc. | June 30, 2025 | +266.5% | $64.5M |
| KYMRKymera Therapeutics, Inc. | September 30, 2020 | +254.9% | $992.7M |
| Kiniksa Pharmaceuticals International, plcCUSIP G52694109 | June 30, 2024 | +242.5% | $181.3M |
| GLUEMonte Rosa Therapeutics, Inc. | March 31, 2023 | +210.7% | $105.2M |
Sold off last quarter
- ABVXAbivax S.A. was $97.5M
- Celcuity Inc.CUSIP 15102KAA8 was $74.9M
- SYRESpyre Therapeutics, Inc. was $50.4M
- Centessa Pharmaceuticals plcCUSIP 152309100 was $26.6M
- IMCRImmunocore Holdings plc was $22.1M
- CTNMContineum Therapeutics, Inc. was $18.6M
- ARGXargenx SE was $18.4M
- CMPSCOMPASS Pathways plc was $13.0M
- Pharvaris N.V.CUSIP N69605108 was $10.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.4% | +14.8% |
| March 31, 2026 | −0.3% | −4.6% |
| December 31, 2025 | +17.9% | +2.4% |
| September 30, 2025 | +27.3% | +7.8% |
| June 30, 2025 | +6.2% | +10.5% |
| March 31, 2025 | +0.4% | −4.6% |
| December 31, 2024 | −4.9% | +2.1% |
| September 30, 2024 | +22.0% | +5.4% |
| June 30, 2024 | −4.9% | +4.0% |
| March 31, 2024 | −7.8% | +10.0% |
| December 31, 2023 | +6.7% | +11.2% |
| September 30, 2023 | +1.4% | −3.6% |
| June 30, 2023 | −5.3% | +8.3% |
| March 31, 2023 | +15.8% | +7.0% |
| December 31, 2022 | +8.4% | +7.1% |
| September 30, 2022 | −12.1% | −5.3% |
| June 30, 2022 | +1.5% | −16.5% |
| March 31, 2022 | −11.6% | −4.9% |
| December 31, 2021 | −10.2% | +10.7% |
| September 30, 2021 | −1.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Baker Bros. Advisors LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1263508&type=13F-HR&dateb=&owner=include&count=40CIK 1263508
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1263508/000110465926097191/Filed August 14, 2026 · accession 0001104659-26-097191