Tracking Baker Brothers Portfolio - Q4 2024 Update

2025-03-12 23:56:16 ET

Summary

• Baker Brothers' 13F portfolio value decreased from $9.65B to $9.36B, with 26 significant positions making up the majority of the portfolio.
• The top five holdings—Incyte, BeiGene, ACADIA Pharma, Madrigal Pharma, and Insmed—constitute approximately 61% of the portfolio.
• Notable stake increases include Insmed, Revolution Medicines, Edgewise Therapeutics, and Bicycle Therapeutics, while BeiGene and Rhythm Pharma saw reductions.
• Baker Brothers' investment strategy focuses on high conviction picks. They have a history of successful M&A exits, boosting overall returns.

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 02/14/2025. The 13F portfolio value decreased from $9.65B to $9.36B. 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 largest five stakes are Incyte, BeiGene, ACADIA Pharma, Madrigal Pharma, and Insmed. They add up to ~61% 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 Q3 2024....

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