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BBA
Baker Bros. Advisors Portfolio holdings
AUM
$20B
Turnover
18.48%
1-Year Est. Return
154.41%
This Fund
S&P 500
This Quarter
Est. Return
+35.46%
1 Year Est. Return
+154.41%
3 Year Est. Return
+448.58%
5 Year Est. Return
+670.61%
10 Year Est. Return
+4,743.65%
AUM
$17.1B
AUM Growth
+$3.24B
(+23%)
Cap. Flow
+$452M
Cap. Flow
% of AUM
2.65%
Top 10 Holdings %
Top 10 Hldgs %
74.38%
Holding
100
New
9
Increased
23
Reduced
7
Closed
14
Avg Time Held
3.3
years
Top 10 Avg Time Held
4.6
years
Top 20 Avg Time Held
3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Kymera Therapeutics
KYMR
|
+$135M |
| 2 |
Ionis Pharmaceuticals
IONS
|
+$92.2M |
| 3 |
Praxis Precision Medicines
PRAX
|
+$81.4M |
| 4 |
Crinetics Pharmaceuticals
CRNX
|
+$60.9M |
| 5 |
Alkermes
ALKS
|
+$57.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merus
MRUS
|
+$54.1M |
| 2 |
Intellia Therapeutics
NTLA
|
+$47.4M |
| 3 |
Stoke Therapeutics
STOK
|
+$39M |
| 4 |
RNAM
Avidity Biosciences
RNAM
|
+$27.2M |
| 5 |
Vaxcyte
PCVX
|
+$23.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.61% |
| 2 | Miscellaneous | 0.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Structure Therapeutics
GPCR
$1.58B
| $99.6M | 0.58% |
1,432,529
-123,580
| -8% | -$5.05M |
2024 Q3
5 quarters
|
|
27
AbCellera Biologics
ABCL
$4.11B
| $94.1M | 0.55% |
27,525,640
| – | – |
2020 Q4
20 quarters
|
|
28
Nurix Therapeutics
NRIX
$2.73B
| $88.4M | 0.52% |
4,658,556
+776,431
| +20% | +$11.2M |
2020 Q3
21 quarters
|
|
29
Immunocore
IMCR
$1.52B
| $80.6M | 0.47% |
2,322,656
| – | – |
2021 Q1
19 quarters
|
|
30
Bicycle Therapeutics
BCYC
$252M
| $77.1M | 0.45% |
10,885,357
| – | – |
2022 Q3
13 quarters
|
|
|
31
DELISTED
Crinetics Pharmaceuticals
CRNX
| $76.8M | 0.45% |
1,648,869
+1,368,869
| +489% | +$60.9M |
2025 Q2
2 quarters
|
|
32
Monte Rosa Therapeutics
GLUE
$863M
| $68.1M | 0.4% |
4,345,736
-570,359
| -12% | -$7.69M |
2023 Q1
11 quarters
|
|
33
Ultragenyx Pharmaceutical
RARE
$1.5B
| $63.8M | 0.37% |
2,772,692
| – | – |
2020 Q4
20 quarters
|
|
34
Denali Therapeutics
DNLI
$2.93B
| $61.6M | 0.36% |
3,731,695
| – | – |
2020 Q1
23 quarters
|
|
35
Viridian Therapeutics
VRDN
$2.22B
| $61.4M | 0.36% |
1,971,678
+227,272
| +13% | +$6.23M |
2025 Q2
2 quarters
|
|
36
Entrada Therapeutics
TRDA
$186M
| $52.1M | 0.31% |
5,072,730
+206,911
| +4% | +$1.74M |
2021 Q4
16 quarters
|
|
37
Rapport Therapeutics
RAPP
$1.42B
| $46.9M | 0.27% |
1,547,090
| – | – |
2025 Q2
2 quarters
|
|
38
DELISTED
Terns Pharmaceuticals
TERN
| $38.4M | 0.22% |
+950,000
| New | +$22M |
2025 Q4
0 quarters
|
|
39
BioNTech
BNTX
$22.7B
| $35.1M | 0.21% |
368,923
| – | – |
2024 Q4
4 quarters
|
|
40
Spyre Therapeutics
SYRE
$7.49B
| $32.8M | 0.19% |
1,000,000
| – | – |
2025 Q2
2 quarters
|
|
41
Dianthus Therapeutics
DNTH
$4.17B
| $32.5M | 0.19% |
789,759
| – | – |
2025 Q2
2 quarters
|
|
42
Prelude Therapeutics
PRLD
$265M
| $29.4M | 0.17% |
10,123,824
| – | – |
2020 Q3
21 quarters
|
|
43
DBV Technologies S.A. American Depositary Shares
DBVT
$573M
| $28M | 0.16% |
1,461,425
| – | – |
2014 Q4
44 quarters
|
|
44
Disc Medicine
IRON
$2.17B
| $26.8M | 0.16% |
337,050
| – | – |
2024 Q4
4 quarters
|
|
45
Jade Biosciences
JBIO
$875M
| $25.3M | 0.15% |
+1,641,137
| New | +$19.3M |
2025 Q4
0 quarters
|
|
46
Taysha Gene Therapies
TSHA
$1.22B
| $22M | 0.13% |
4,004,756
| – | – |
2023 Q3
9 quarters
|
|
47
BioCryst Pharmaceuticals
BCRX
$2.05B
| $22M | 0.13% |
+2,822,727
| New | +$20.4M |
2025 Q4
0 quarters
|
|
48
DELISTED
Ventyx Biosciences
VTYX
| $21.2M | 0.12% |
2,349,280
+1,326,150
| +130% | +$9.91M |
2025 Q3
1 quarter
|
|
49
argenx
ARGX
$53.2B
| $21.2M | 0.12% |
25,174
-12,586
| -33% | -$10.8M |
2017 Q2
34 quarters
|
|
50
Design Therapeutics
DSGN
$656M
| $20.9M | 0.12% |
2,233,099
+520,217
| +30% | +$4.07M |
2021 Q1
19 quarters
|
|
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Baker Bros. Advisors's Q4 2025 Portfolio in Review
As of Q4 2025, Baker Bros. Advisors held 100 positions worth $17.1B, up 23% from $13.8B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Baker Bros. Advisors's Q4 2025 filing shows 9 new, 23 increased, 7 reduced and 14 closed positions. Its largest new stake was Terns Pharmaceuticals: 950,000 shares worth $38.4M. The largest sale was Merus, an estimated $54.1M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Miscellaneous.
- Baker Bros. Advisors's largest Q4 2025 buy was Terns Pharmaceuticals: 950,000 shares worth $38.4M.
- Baker Bros. Advisors added most to Kymera Therapeutics in Q4 2025, an estimated $135M increase.
- Baker Bros. Advisors's biggest Q4 2025 reduction was Stoke Therapeutics, cutting an estimated $39M.
- Baker Bros. Advisors fully exited Merus in Q4 2025, selling an estimated $54.1M.
- Baker Bros. Advisors's ten largest holdings make up 74% of its $17.1B portfolio in Q4 2025.
- Baker Bros. Advisors opened 9 new positions and closed 14 in Q4 2025.
- Baker Bros. Advisors's portfolio value rose 23% quarter-over-quarter to $17.1B.
Based on Baker Bros. Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.