Baker Bros. Advisors LP · Q2 2026 13F · SEC CIK 1263508

Julian and Felix Baker portfolio

Hedge fundBaker Bros. Advisors 13F holdings. Filed 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $19.9B
Reported positions: 83
Top holdings a year, 3 yrs: +32.8%
Assets under management: $28.1B

Julian and Felix Baker is the founder of Baker Bros. Advisors, which reported 83 positions worth $19.9B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Incyte Corp (INCY, 17.5%), Beone Medicines Ltd (ONC, 12.6%), Revolution Medicines Inc (RVMD, 10.8%). A portfolio copying its top holdings returned 32.8% a year over the last 3 years, against 22.3% for the S&P 500.

Julian and Felix Baker holdings largest 50 of 83 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Julian and Felix Baker 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
INCYIncyte Corp	17.5%	16.6%	30,762,330	+0.1%	$3.5B
ONCBeone Medicines Ltd	12.6%	15.0%	8,801,567	+0.0%	$2.5B
RVMDRevolution Medicines Inc	10.8%	5.3%	11,443,357	+19.8%	$2.1B
MDGLMadrigal Pharmaceuticals Inc	5.8%	6.4%	2,143,131	+0.1%	$1.2B
ACADAcadia Pharmaceuticals Inc	5.5%	5.5%	42,912,904	+0.0%	$1.1B
KYMRKymera Therapeutics Inc	5.0%	4.1%	8,657,242	+0.0%	$992.7M
INSMInsmed Inc	4.7%	7.0%	8,796,111	+18.5%	$937.8M
CELCCelcuity Inc	4.2%	5.2%	7,915,792	+0.0%	$828.2M
KODKodiak Sciences Inc	3.9%	4.4%	19,919,186	+0.0%	$776.1M
RYTMRhythm Pharmaceuticals Inc	3.1%	2.8%	5,604,483	+0.0%	$622.3M
PRAXPraxis Precision Medicines I	3.0%	3.2%	1,753,198	+0.0%	$587.0M
ALKSAlkermes PLC	2.6%	2.0%	10,012,267	+0.0%	$524.6M
SMMTSummit Therapeutics Inc	2.4%	4.0%	32,786,348	-9.9%	$477.7M
GRALGRAIL, Inc.	1.4%	1.2%	4,028,614	+0.0%	$275.0M
ABCLAbcellera Biologics Inc	1.3%	0.6%	33,012,138	+9.0%	$259.1M
IMVTImmunovant Inc	1.1%	0.8%	5,435,220	-0.4%	$209.4M
IDYAIdeaya Biosciences Inc	0.9%	0.8%	5,010,030	+26.9%	$186.7M
KNSAKiniksa Pharmaceuticals Intl	0.9%	0.8%	2,834,643	+0.3%	$181.3M
ROIVRoivant Sciences Ltd	0.8%	0.8%	4,716,831	-3.1%	$166.9M
ARWRArrowhead Pharmaceuticals in	0.8%	0.7%	1,992,783	+0.0%	$162.4M
IONSIonis Pharmaceuticals Inc	0.8%	0.9%	2,047,727	+0.0%	$162.4M
EWTXEdgewise Therapeutics Inc	0.8%	1.2%	3,701,719	-43.7%	$150.4M
REPLReplimune Group Inc	0.6%	0.5%	11,045,336	+0.0%	$122.3M
NRIXNurix Therapeutics Inc	0.6%	0.4%	4,658,556	+0.0%	$113.0M
STOKStoke Therapeutics Inc	0.5%	0.6%	3,336,697	+0.0%	$109.2M
GLUEMonte Rosa Therapeutics Inc	0.5%	0.4%	4,345,736	+0.0%	$105.2M
IMTXImmatics NV	0.5%	0.6%	9,508,565	-12.9%	$96.3M
DNLIDenali Therapeutics Inc Com	0.5%	0.4%	3,734,336	+0.1%	$96.0M
CRNXCrinetics Pharmaceuticals in	0.4%	0.5%	2,351,465	+0.0%	$88.0M
DNTHDianthus Therapeutics Inc	0.4%	0.4%	852,164	+0.0%	$83.1M
GPCRStructure Therapeutics F Unspo	0.4%	0.4%	1,432,529	+0.0%	$76.9M
RAPPRapport Therapeutics Inc	0.3%	0.3%	1,547,090	+0.0%	$64.5M
ALMSAlumis Ord	0.3%	0.3%	2,012,500	+0.0%	$56.6M
PRLDPrelude Therapeutics Inc	0.3%	0.2%	10,123,824	+0.0%	$54.0M
RLAYRelay Therapeutics Inc	0.3%	—	2,826,783	—	$52.9M
MIRMMirum Pharmaceuticals Inc	0.3%	0.2%	445,975	+0.0%	$52.2M
BCYCBicycle Therapeutics PLC	0.2%	0.3%	10,885,357	+0.0%	$46.2M
ELVNEnliven Therapeutics Inc	0.2%	0.2%	905,191	+0.0%	$45.9M
CLDXCelldex Therapeutics Inc New	0.2%	—	1,182,611	—	$44.0M
VRDNViridian Therapeutics Inc	0.2%	0.2%	2,383,025	+20.9%	$43.8M
DSGNDesign Therapeutics, Inc.	0.2%	0.2%	2,678,430	+3.6%	$38.8M
TRDAEntrada Therapeutics Inc	0.2%	0.4%	5,072,730	+0.0%	$37.3M
FTHFaeth Therapeutics Inc	0.2%	—	1,286,411	—	$32.2M
AKTSAktis Oncology Inc	0.2%	—	996,351	—	$32.1M
NGNENeurogene Inc	0.2%	—	991,691	—	$31.2M
008064206Jade Biosciences Inc	0.1%	0.1%	1,230,426	-25.0%	$27.3M
TSHATaysha Gene Therapies Inc	0.1%	—	4,004,756	—	$27.3M
RCUSArcus Biosciences Inc.	0.1%	—	844,816	—	$26.0M
IRONDisc Medicine Inc	0.1%	0.1%	349,657	+0.0%	$25.6M
ABSIAbsci Corporation	0.1%	—	2,134,803	—	$24.7M

What Julian and Felix Baker bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +29.8% /yr; S&P 500 +11.7%
3 years: +32.8% /yr; S&P 500 +22.3%
5 years: +14.2% /yr; S&P 500 +10.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$19.9B	83
Q1 2026	$17.4B	84
Q4 2025	$17.0B	85
Q3 2025	$13.8B	89
Q2 2025	$10.3B	88
Q1 2025	$8.9B	87
Q4 2024	$9.2B	93
Q3 2024	$9.6B	92
Q2 2024	$7.7B	93
Q1 2024	$8.0B	87
Q4 2023	$8.7B	82
Q3 2023	$17.2B	99

Questions about Julian and Felix Baker's portfolio

Who is Julian and Felix Baker?

Julian and Felix Baker is the founder of Baker Bros. Advisors, a hedge fund that files its US stock holdings with the SEC on Form 13F under the name Baker Bros. Advisors LP.

What stocks does Julian and Felix Baker own?

Baker Bros. Advisors LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 83 positions worth $19.9B. The largest are Incyte Corp (INCY) at 17.5%, Beone Medicines Ltd (ONC) at 12.6%, Revolution Medicines Inc (RVMD) at 10.8%, Madrigal Pharmaceuticals Inc (MDGL) at 5.8% and Acadia Pharmaceuticals Inc (ACAD) at 5.5%.

What did Julian and Felix Baker buy last quarter?

In Q2 2026, Baker Bros. Advisors LP added Ideaya Biosciences Inc (IDYA) (+26.9% shares), Viridian Therapeutics Inc (VRDN) (+20.9% shares) and Revolution Medicines Inc (RVMD) (+19.8% shares), compared with its Q1 2026 filing.

What did Julian and Felix Baker sell last quarter?

In Q2 2026, Baker Bros. Advisors LP cut from its top 50 Abivax SA (ABVX), cut from its top 50 Celcuity Inc., cut from its top 50 Spyre Therapeutics (SYRE), cut from its top 50 Dbv Technologies S A (DBVT), cut from its top 50 Centessa Pharmaceuticals PLC (CNTA), Edgewise Therapeutics Inc (EWTX) (-43.7% shares), Jade Biosciences Inc (-25.0% shares) and Immatics NV (IMTX) (-12.9% shares), compared with its Q1 2026 filing.

How has Julian and Felix Baker's portfolio performed?

A portfolio copying Baker Bros. Advisors LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +32.8% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +29.8% against +11.7%. Over 5 years: +14.2% a year against +10.6%.

When is Baker Bros. Advisors LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Baker Bros. Advisors LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Baker Bros. Advisors LP manage?

Baker Bros. Advisors LP reported $28.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $19.9B.

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