Tracking Baker Brothers Portfolio - Q3 2025 Update

2025-12-16 09:19:08 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 11/14/2025. The 13F portfolio value increased from $10.31B to $13.84B. Although there are ~100 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 25 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 BeOne Medicines, Incyte, Madrigal Pharma, Insmed, and ACADIA Pharma. 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 Q2 2025....

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