BAKER BROS. ADVISORS LP

CIK 0001263508 · Q1 2026

13F Equity AUM

$17.4B

+2.0% QoQ

Positions

-2 QoQ

AUM Rank

#462

Top 4%

Skill Alpha (FF)

+1.9%/yr^ns

No Clear Edge

Rank #1,193 · Top 15%

vs S&P -4.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 50.5%Top 10: 73.5%Top 20: 87.9%

INCY16.6%

ONC15.0%

IM8N7.0%

MDGL6.4%

ACAD5.5%

RVMD5.3%

CELC5.2%

KOD4.4%

KYMR4.1%

SMMT4.0%

Others (74)26.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare99.0%

Other1.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 84Median: 0.19%Avg: 1.19%

0–0.5%

59(8.9%)

0.5–1%

10(7.1%)

1–3%

4(7.2%)

3–5%

4(15.7%)

5%+

7(61.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 82Unique: 2vs 20 funds

1.1%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

GEODE CAPITAL MANAGEMENT, LLC

2.2%

1.8%

1.4%

2.4%

VANGUARD CAPITAL MANAGEMENT LLC

BANK OF AMERICA CORP /DE/

1.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.1%

JPMORGAN CHASE & CO

1.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New7Increased18Decreased6Exited9

New Positions

MIRM0.2%

+446K

EVMN0.1%

+847K

Generate Biomedicine…0.1%

+1.4M

Aktis Oncology, Inc.0.1%

+996K

CMPS0.1%

+2.3M

Eikon Therapeutics, …0.0%

+556K

VSTM0.0%

+585K

Increased

ABCL0.6%

+2.8M(+10%)

GRAL1.2%

+1.9M(+93%)

IM8N7.0%

+828K(+13%)

CTMX0.1%

+725K(+17%)

CRNX0.5%

+703K(+43%)

ELVN0.2%

+634K(+234%)

PRAX3.2%

+627K(+56%)

WVE0.0%

+479K(+139%)

ALMS0.3%

+450K(+29%)

DSGN0.2%

+353K(+16%)

Decreased

IMCR0.1%

-1,588,259(-68%)

IMTX0.6%

-1,177,401(-10%)

ROIV0.8%

-687,294(-12%)

TECX0.1%

-295,612(-33%)

BNTX0.1%

-249,180(-68%)

ARWR0.7%

-182,862(-8%)

Exited

-2,772,692

-950,000

-2,822,727

-2,349,280

-143,937

-542,539

-475,737

-1,804,055

-22,809

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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