Tracking Baker Brothers Portfolio - Q2 2025 Update

2025-09-15 20:21:09 ET

This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2025. The 13F portfolio value increased from $9.36B to $10.31B. Although there are ~100 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 26 positions that are significantly large (more than 0.5% of the portfolio each), and they are the focus of this article. The five largest stakes are BeOne Medicines, Incyte, ACADIA Pharma, Insmed, and Summit Therapeutics. They add up to ~65% of the portfolio. Please visit our Tracking Baker Brothers Portfolio series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q1 2025....

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