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Baker Bros. Advisors 13F Holdings and Portfolio Changes
Baker Bros. Advisors reported $19.96B in 13F securities for Q2 2026, with 84 positions. Values are as of the report date; option positions, when present, use underlying-security values. This is not complete fund assets or investment performance.
Open interactive portfolioLatest 13F portfolio changes
New or increased positions include Incyte (INCY), BeOne Medicines (BEIGF), Revolution Medicines, (RVMDW), and Madrigal Pharmaceuticals, (MDGL). Reduced or exited positions include Summit Therapeutics (SMMT), Immunovant, (IMVT), Roivant Sciences (ROIV), and Edgewise Therapeutics, (EWTX). These are comparisons between reported positions, not a record of execution dates, prices or cash traded.
Latest filing metadata: quarter Q2 2026; report date 2026-06-30; filing date 2026-08-14; disclosure source SEC 13F.
Reported holdings and concentration
Baker Bros. Advisors's Q2 2026 13F report contains 84 positions valued at $19.96B. The largest reported holdings include Incyte, BeOne Medicines, Revolution Medicines,, Madrigal Pharmaceuticals,, and ACADIA Pharmaceuticals.
The three largest positions in the holdings table account for approximately 40.8% of reported 13F value. The largest reported sector exposure is Health Care at 88.6% of the disclosed portfolio.
The filing metadata lists report date 2026-06-30, filing date 2026-08-14, SEC accession 0001104659-26-097191. SEC 13F reports are normally published up to 45 days after quarter end, so the data is best used to understand institutional positioning after the fact rather than to infer today's exact portfolio.
Baker Bros. Advisors portfolio analytics
the top five positions account for 52.0% of disclosed value; the largest sector exposure is Health Care at 88.6%; latest prices differ from modeled cost estimates by an average 127.1% across 83 tracked positions (estimated costs, not reported purchase prices or actual investment returns).
Top reported holdings
| Holding | Reported value | Weight | Quarter change |
|---|---|---|---|
| INCY whale holders Incyte Corporation | $3.49B | 17.5% | Increased |
| BEIGF whale holders BeOne Medicines Ltd. | $2.51B | 12.6% | Increased |
| RVMDW whale holders Revolution Medicines, Inc. | $2.14B | 10.7% | Increased |
| MDGL whale holders Madrigal Pharmaceuticals, Inc. | $1.15B | 5.8% | Increased |
| ACAD whale holders ACADIA Pharmaceuticals Inc. | $1.09B | 5.4% | Increased |
| KYMR whale holders Kymera Therapeutics, Inc. | $992.7M | 5.0% | Held |
| INSM whale holders Insmed Incorporated | $937.8M | 4.7% | Increased |
| CELC whale holders Celcuity Inc. | $828.2M | 4.2% | Held |
| KOD whale holders Kodiak Sciences Inc. | $776.1M | 3.9% | Held |
| RYTM whale holders Rhythm Pharmaceuticals, Inc. | $622.3M | 3.1% | Held |
New and increased positions
Largest reported position values among additions; not amounts spent buying.
- INCY whale holders — Incyte Corporation ($3.49B)
- BEIGF whale holders — BeOne Medicines Ltd. ($2.51B)
- RVMDW whale holders — Revolution Medicines, Inc. ($2.14B)
- MDGL whale holders — Madrigal Pharmaceuticals, Inc. ($1.15B)
- ACAD whale holders — ACADIA Pharmaceuticals Inc. ($1.09B)
- INSM whale holders — Insmed Incorporated ($937.8M)
Reduced and exited positions
Sorted by reported position value; exits use the prior report. These are not sale proceeds.
- SMMT whale holders — Summit Therapeutics Inc. ($477.7M)
- IMVT whale holders — Immunovant, Inc. ($209.4M)
- ROIV whale holders — Roivant Sciences Ltd. ($166.9M)
- EWTX whale holders — Edgewise Therapeutics, Inc. ($150.4M)
- AAVXF whale holders — Abivax S.A. ($97.5M)
- IMTX whale holders — Immatics N.V. ($96.3M)
Allocation
- Health Care: 88.6%
- Other: 11.3%
- Information Technology: 0.1%
Data notes
Report date: 2026-06-30
Disclosure source: SEC 13F
Read the original SEC filing (0001104659-26-097191)
SEC 13F filings are delayed public disclosures and do not include every asset class, short positions, or real-time trades.
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Questions about this 13F filing
What does Baker Bros. Advisors report for Q2 2026?
The filing reports 84 positions and $19.96B in 13F securities. The holdings table shows reported values and weights; option values follow the filing's reporting conventions.
What changed between filings?
New or increased positions include Incyte (INCY), BeOne Medicines (BEIGF), Revolution Medicines, (RVMDW), and Madrigal Pharmaceuticals, (MDGL). Reduced or exited positions include Summit Therapeutics (SMMT), Immunovant, (IMVT), Roivant Sciences (ROIV), and Edgewise Therapeutics, (EWTX).
Do these amounts show how much was bought or sold?
No. The change lists are ranked by reported position value. Exited positions use their value in the prior report. These amounts are not execution prices, cash invested or sale proceeds.
Is this the current portfolio?
No. Form 13F is a quarter-end snapshot, generally filed within 45 days of quarter end. It excludes short positions and does not cover every asset. Compare the report date and filing date before using the data.