Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Baker Bros. Advisors
sector_healthcare
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #1
Book持仓规模
$17.4B
long US listed only仅美股多头
Positions持仓数
84
95% resolved已解析
Top-10 concentration前十集中度
74%
% of book占组合%
Turnover换手
LOW
14.7% per quarter每季
Median excess中位超额
+31%
buys vs SPY, since filing买入相对SPY，自申报起 · n 26
Hit rate胜率
65%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Therapeutics — added CMPS (+0.1pp of book this quarter)核心倾向：Therapeutics — 本季度加仓 CMPS（占组合 +0.1pp）
TherapeuticsTherapeutics
+0.1pp
0.1% of book held占组合持有
· 2 names标的
· Healthcare & Biotech
CMPS
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 7 scored quarters已评分季度 · 57% positive为正 · recent-4 median近4季中位 +36% vs all-time对全期 +24%
Median excess by quarter各季度中位超额: ▂▁▂▄█▄▄ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 2 | -15% | 50% | +6% |
| 2023-12-31 | 2 | -64% | 0% | +0% |
| 2024-09-30 | 2 | -36% | 0% | -38% |
| 2024-12-31 | 4 | +45% | 75% | -2% |
| 2025-06-30 | 3 | +131% | 100% | +88% |
| 2025-09-30 | 4 | +24% | 50% | -9% |
| 2025-12-31 | 4 | +26% | 100% | +6% |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
74.2%
▲ +2.2pp
Healthcare
16.6%
▼ -1.2pp
Health Care
9.1%
▼ -1.0pp
Theme categories主题类别
US Sectors (EW) 16.6%
Healthcare 0.4%
Rotating into (QoQ)轮入（环比）
no QoQ increases无环比增持
Rotating out of (QoQ)轮出（环比）
Healthcare -1.2pp
Health Care -1.0pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 74% · Healthcare 17% · Health Care 9% |
| 2025-12-31 | Unclassified 72% · Healthcare 18% · Health Care 10% |
| 2025-09-30 | Unclassified 72% · Healthcare 19% · Health Care 9% |
| 2025-06-30 | Unclassified 68% · Healthcare 20% · Health Care 11% |
| 2025-03-31 | Unclassified 69% · Healthcare 21% · Health Care 10% |
| 2024-12-31 | Unclassified 66% · Healthcare 23% · Health Care 11% |
| 2024-09-30 | Unclassified 70% · Healthcare 21% · Health Care 9% |
| 2024-06-30 | Unclassified 64% · Healthcare 24% · Health Care 11% |
| 2024-03-31 | Unclassified 63% · Healthcare 26% · Health Care 11% |
| 2023-12-31 | Unclassified 57% · Healthcare 26% · Health Care 17% |
| 2023-09-30 | Unclassified 80% · Healthcare 12% · Health Care 8% |
| 2023-06-30 | Unclassified 78% · Healthcare 13% · Health Care 9% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。80 positions shown项持仓 · resolved已解析 80/84 (95%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  INCY |
Incyte Corporation | 16.6% | $2.9B | hold | +0% | — | 70 · HIGH | Healthcare | Health Care (Equal-Weight) | +19% |
| 2 |  ONC |
Beone Medicines Ltd. | 15.0% | $2.6B | hold | +0% | — | 70 · MODERATE | — | — | — |
| 3 |  INSM |
Insmed Incorporated | 7.0% | $1.2B | add | +13% | 1q | 74 · HIGH | — | — | — |
| 4 |  MDGL |
Madrigal Pharmaceuticals, Inc. | 6.4% | $1.1B | hold | +0% | — | 69 · MODERATE | — | — | — |
| 5 |  ACAD |
Acadia Pharmaceuticals Inc. | 5.5% | $955M | hold | +0% | — | 68 · MODERATE | Health Care | — | +19% |
| 6 |  RVMD |
Revolution Medicines, Inc. | 5.3% | $929M | hold | +1% | — | 68 · MODERATE | — | — | — |
| 7 |  CELC |
Celcuity Inc. | 5.2% | $904M | hold | +0% | — | 67 · MODERATE | — | — | — |
| 8 |  KOD |
Kodiak Sciences Inc. | 4.4% | $759M | hold | +0% | — | 67 · MODERATE | — | — | — |
| 9 |  KYMR |
Kymera Therapeutics, Inc. | 4.1% | $721M | hold | +0% | — | 66 · MODERATE | — | — | — |
| 10 |  SMMT |
Summit Therapeutics Inc. | 4.0% | $690M | hold | +0% | — | 66 · MODERATE | — | — | — |
| 11 |  PRAX |
Praxis Precision Medicines, Inc. | 3.2% | $565M | add | +56% | 2q | 61 · MODERATE | — | — | — |
| 12 |  RYTM |
Rhythm Pharmaceuticals, Inc. | 2.8% | $487M | hold | +0% | — | 50 · MODERATE | — | — | — |
| 13 |  ALKS |
Alkermes Plc | 2.0% | $354M | hold | +0% | — | 50 · MODERATE | Health Care | — | +37% |
| 14 |  GRAL |
Grail, Inc. | 1.2% | $208M | add | +93% | 2q | 49 · MODERATE | — | — | — |
| 15 |  EWTX |
Edgewise Therapeutics, Inc. | 1.2% | $207M | hold | +0% | — | 39 · LOW | — | — | — |
| 16 |  IONS |
Ionis Pharmaceuticals, Inc. | 0.9% | $154M | add | +14% | 3q | 53 · MODERATE | — | — | — |
| 17 |  IMVT |
Immunovant, Inc. | 0.8% | $136M | hold | +0% | — | 38 · LOW | — | — | — |
| 18 |  ROIV |
Roivant Sciences Ltd. | 0.8% | $135M | trim | -12% | — | 38 · LOW | Health Care | — | +17% |
| 19 |  IDYA |
Ideaya Biosciences, Inc. | 0.8% | $131M | hold | +9% | — | 37 · LOW | — | — | — |
| 20 |  ARWR |
Arrowhead Pharmaceuticals, Inc. | 0.7% | $125M | hold | -8% | — | 37 · LOW | Health Care | — | -8% |
| 21 |  STOK |
Stoke Therapeutics, Inc. | 0.6% | $109M | hold | +0% | — | 36 · LOW | — | — | — |
| 22 |  ABCL |
Abcellera Biologics Inc. | 0.6% | $106M | hold | +10% | — | 36 · LOW | — | — | — |
| 23 |  ABVX |
Abivax S.a. | 0.6% | $98M | hold | +0% | — | 35 · LOW | — | — | — |
| 24 |  CRNX |
Crinetics Pharmaceuticals, Inc. | 0.5% | $85M | add | +43% | 2q | 45 · LOW | — | — | — |
| 25 |  REPL |
Replimune Group, Inc. | 0.5% | $84M | hold | +0% | — | 35 · LOW | — | — | — |
| 26 |  CELC 2.75 08-01-31 |
Celcuity Inc. | 0.4% | $75M | new | — | 1q | 29 · LOW | — | — | — |
| 27 |  NRIX |
Nurix Therapeutics, Inc. | 0.4% | $72M | hold | +0% | — | 34 · LOW | — | — | — |
| 28 |  DNLI |
Denali Therapeutics Inc. | 0.4% | $72M | hold | +0% | — | 34 · LOW | — | — | — |
| 29 |  DNTH |
Dianthus Therapeutics, Inc. | 0.4% | $72M | hold | +8% | — | 34 · LOW | — | — | — |
| 30 |  GLUE |
Monte Rosa Therapeutics, Inc. | 0.4% | $71M | hold | +0% | — | 34 · LOW | — | — | — |
| 31 |  GPCR |
Structure Therapeutics Inc. | 0.4% | $69M | hold | +0% | — | 32 · LOW | — | GLP-1 & Obesity | +17% |
| 32 |  TRDA |
Entrada Therapeutics, Inc. | 0.4% | $64M | hold | +0% | — | 31 · LOW | — | — | — |
| 33 |  BCYC |
Bicycle Therapeutics Plc | 0.3% | $51M | hold | +0% | — | 31 · LOW | — | — | — |
| 34 |  SYRE |
Spyre Therapeutics, Inc. | 0.3% | $50M | hold | +0% | — | 31 · LOW | — | — | — |
| 35 |  RAPP |
Rapport Therapeutics, Inc. | 0.3% | $48M | hold | +0% | — | 30 · LOW | — | — | — |
| 36 |  ALMS |
Alumis Inc. | 0.2% | $44M | add | +29% | 1q | 35 · LOW | — | — | — |
| 37 |  MIRM |
Mirum Pharmaceuticals, Inc. | 0.2% | $41M | new | — | 1q | 34 · LOW | — | — | — |
| 38 |  VRDN |
Viridian Therapeutics, Inc. | 0.2% | $39M | hold | +0% | — | 29 · LOW | — | — | — |
| 39 |  ELVN |
Enliven Therapeutics, Inc. | 0.2% | $35M | add | +234% | 2q | 38 · LOW | — | — | — |
| 40 |  PRLD |
Prelude Therapeutics Inc. | 0.2% | $35M | hold | +0% | — | 28 · LOW | — | — | — |
| 41 |  DBVT |
Dbv Technologies S.a. | 0.2% | $31M | hold | +0% | — | 28 · LOW | — | — | — |
| 42 |  DSGN |
Design Therapeutics, Inc. | 0.2% | $28M | add | +16% | 2q | 37 · LOW | — | — | — |
| 43 |  260 |
Centessa Pharmaceuticals Plc | 0.1% | $27M | hold | +0% | — | 27 · LOW | — | — | — |
| 44 |  CTMX |
Cytomx Therapeutics, Inc. | 0.1% | $23M | add | +17% | 1q | 31 · LOW | — | — | — |
| 45 |  JBIO |
Jade Biosciences, Inc. | 0.1% | $23M | hold | +0% | — | 26 · LOW | — | — | — |
| 46 |  IRON |
Disc Medicine, Inc. | 0.1% | $22M | hold | +4% | — | 26 · LOW | — | — | — |
| 47 |  IMCR |
Immunocore Holdings Plc | 0.1% | $22M | trim | -68% | — | 26 · LOW | — | — | — |
| 48 |  XENE |
Xenon Pharmaceuticals Inc. | 0.1% | $22M | hold | +0% | — | 24 · LOW | — | — | — |
| 49 |  CLDX |
Celldex Therapeutics, Inc. | 0.1% | $21M | hold | +0% | — | 24 · LOW | — | — | — |
| 50 |  NGNE |
Neurogene Inc. | 0.1% | $20M | hold | +0% | — | 24 · LOW | — | — | — |
| 51 |  EVMN |
Evommune, Inc. | 0.1% | $19M | new | — | 1q | 19 · LOW | — | — | — |
| 52 |  TECX |
Tectonic Therapeutic, Inc. | 0.1% | $19M | trim | -33% | — | 24 · LOW | — | — | — |
| 53 |  CTNM |
Contineum Therapeutics, Inc. | 0.1% | $19M | hold | +0% | — | 24 · LOW | — | — | — |
| 54 |  ARGX |
Argenx Se | 0.1% | $18M | hold | +0% | — | 24 · LOW | — | — | — |
| 55 |  CERS |
Cerus Corporation | 0.1% | $18M | hold | +0% | — | 21 · LOW | — | — | — |
| 56 |  TSHA |
Taysha Gene Therapies, Inc. | 0.1% | $18M | hold | +0% | — | 21 · LOW | — | — | — |
| 57 |  AKTS |
Aktis Oncology, Inc. | 0.1% | $18M | new | — | 1q | 16 · LOW | — | — | — |
| 58 |  GENB |
Generate Biomedicines, Inc. | 0.1% | $18M | new | — | 1q | 16 · LOW | — | — | — |
| 59 |  SION |
Sionna Therapeutics, Inc. | 0.1% | $16M | hold | +0% | — | 20 · LOW | — | — | — |
| 60 |  DYN |
Dyne Therapeutics, Inc. | 0.1% | $15M | hold | +0% | — | 19 · LOW | — | — | — |
| 61 |  XNCR |
Xencor, Inc. | 0.1% | $13M | hold | +0% | — | 19 · LOW | Health Care | — | +31% |
| 62 | CMPS |
Compass Pathways Plc | 0.1% | $13M | new | — | 1q | 13 · LOW | — | Therapeutics | — |
| 63 |  RLAY |
Relay Therapeutics, Inc. | 0.1% | $12M | hold | +0% | — | 18 · LOW | — | — | — |
| 64 |  SERA |
Sera Prognostics, Inc. | 0.1% | $11M | hold | +0% | — | 17 · LOW | — | — | — |
| 65 |  BNTX |
Biontech Se | 0.1% | $11M | trim | -68% | — | 17 · LOW | — | Next-Gen, Oncology | — |
| 66 |  RCUS |
Arcus Biosciences, Inc. | 0.1% | $9M | add | +54% | 2q | 27 · LOW | Health Care | — | +16% |
| 67 |  MPLT |
Maplight Therapeutics, Inc. | 0.0% | $7M | hold | +0% | — | 16 · LOW | — | — | — |
| 68 |  ABSI |
Absci Corporation | 0.0% | $6M | hold | +0% | — | 16 · LOW | — | — | — |
| 69 |  VTVT |
Vtv Therapeutics, Inc. | 0.0% | $6M | hold | +0% | — | 15 · LOW | — | — | — |
| 70 |  EIKN |
Eikon Therapeutics, Inc. | 0.0% | $6M | new | — | 1q | 10 · LOW | — | — | — |
| 71 |  TARA |
Protara Therapeutics, Inc. | 0.0% | $5M | hold | +0% | — | 15 · LOW | — | — | — |
| 72 |  SGMT |
Sagimet Biosciences Inc. | 0.0% | $5M | hold | +0% | — | 15 · LOW | — | — | — |
| 73 |  LBRX |
Lb Pharmaceuticals Inc. | 0.0% | $5M | hold | +0% | — | 15 · LOW | — | — | — |
| 74 |  VSTM |
Verastem, Inc. | 0.0% | $3M | new | — | 1q | 18 · LOW | — | — | — |
| 75 |  TCRX |
Tscan Therapeutics, Inc. | 0.0% | $3M | hold | +0% | — | 13 · LOW | — | — | — |
| 76 |  SKYE |
Skye Bioscience, Inc. | 0.0% | $968144 | hold | +9% | — | 12 · LOW | — | — | — |
| 77 |  SANA |
Sana Biotechnology, Inc. | 0.0% | $894191 | hold | +0% | — | 12 · LOW | — | Therapeutics | — |
| 78 |  ALGS |
Aligos Therapeutics, Inc. | 0.0% | $617099 | hold | +0% | — | 11 · LOW | — | — | — |
| 79 |  TYRA |
Tyra Biosciences, Inc. | 0.0% | $406248 | hold | +0% | — | 11 · LOW | — | — | — |
| 80 |  SRZNW |
Surrozen, Inc. | 0.0% | $13333 | hold | +0% | — | 11 · LOW | — | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (18)
| INSM add |
7.0% | — |
| PRAX add |
3.2% | — |
| GRAL add |
1.2% | — |
| IONS add |
0.9% | — |
| CRNX add |
0.5% | — |
| CELC 2.75 08-01-31 new |
0.4% | — |
| ALMS add |
0.2% | — |
| MIRM new |
0.2% | — |
| ELVN add |
0.2% | — |
| DSGN add |
0.2% | — |
| CTMX add |
0.1% | — |
| EVMN new |
0.1% | — |
| AKTS new |
0.1% | — |
| GENB new |
0.1% | — |
| CMPS new |
0.1% | — |
| RCUS add |
0.1% | +16% |
| EIKN new |
0.0% | — |
| VSTM new |
0.0% | — |
Rotated out of轮出 (5)
| ROIV trim |
-12% | +17% |
| IMCR trim |
-68% | — |
| TECX trim |
-33% | — |
| BNTX trim |
-68% | — |
 VIR exit |
-100% | +7% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。