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Funds (13F)

Baker Bros. Advisors LP

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.0%
S&P 500 +14.1%
Last 12 months
+27.9%
S&P 500 +12.1%
Sharpe ratio
0.42
S&P 500 0.78
Biggest drop
−60.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$39.8k
Baker Bros. Advisors LPS&P 500 $10,000 in Baker Bros. Advisors LP from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Baker Bros. Advisors LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Baker Bros. Advisors LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.0%+14.1%
Total return+298%+470%
Last 12 months+27.9%+12.1%
Last 3 months+7.2%—
Last month−1.1%—
This year so far+15.7%—
Volatility a year33.5%16.0%
Sharpe ratio0.420.78
Biggest drop−60.3%−31.8%
Beta to the S&P 5000.971.00
Alpha a year (t-statistic)+2.0% (0.24)—
Share of weeks up53%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
INCY17.6%——
ONC12.7%——
RVMD10.8%——
MDGL5.8%——
ACAD5.5%——
KYMR5.0%——
INSM4.7%——
CELC4.2%——
KOD3.9%——
RYTM3.1%——
PRAX3.0%——
ALKS2.6%——
SMMT2.4%——
GRAL1.4%——
ABCL1.3%——
IMVT1.1%——
IDYA0.9%——
KNSA0.9%——
ROIV0.8%——
ARWR0.8%——
IONS0.8%——
EWTX0.8%——
REPL0.6%——
NRIX0.6%——
STOK0.6%——
GLUE0.5%——
IMTX0.5%——
DNLI0.5%——
DNTH0.4%——
GPCR0.4%——
RAPP0.3%——
ALMS0.3%——
PRLD0.3%——
RLAY0.3%——
MIRM0.3%——
BCYC0.2%——
ELVN0.2%——
CLDX0.2%——
VRDN0.2%——
DSGN0.2%——
TRDA0.2%——
FTH0.2%——
AKTS0.2%——
NGNE0.2%——
JBIO0.1%——
TSHA0.1%——
RCUS0.1%——
IRON0.1%——
ABSI0.1%——
GENB0.1%——
DBVT0.1%——
XENE0.1%——
TECX0.1%——
CERS0.1%——
CTMX0.1%——
DYN0.1%——
CYTK0.1%——
XNCR0.1%——
SION0.1%——
NTLA0.1%——
PBLS0.1%——
MPLT0.1%——
AVLN0.1%——
EVMN0.1%——
BNTX0.1%——
TNGX0.1%——
AVTX0.1%——
SERA0.1%——
VSTM0.1%——
SGMT0.0%——
EIKN0.0%——
LBRX0.0%——
VTVT0.0%——
TARA0.0%——
TCRX0.0%——
IMNM0.0%——
SKYE0.0%——
SANA0.0%——
ALGS0.0%——
TYRA0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+11.0%+14.1%0.420.78−60.3%0.97+2.0% (0.24)
2018 onwards5 Jan 2018 to 2 Nov 2026+5.5%+13.9%0.240.66−60.3%0.90−2.9% (−0.32)
Last three years3 Nov 2023 to 2 Nov 2026+31.8%+21.8%0.941.16−22.5%0.98+11.3% (0.76)
Last year7 Nov 2025 to 2 Nov 2026+26.4%+14.2%0.850.84−13.6%0.93+13.5% (0.54)
DateCompanyAction
21 Aug 2026TNGXBought
21 Aug 2026PBLSBought
21 Aug 2026NTLABought
21 Aug 2026IMNMBought
21 Aug 2026FTHBought
21 Aug 2026CYTKBought
21 Aug 2026AVTXBought
21 Aug 2026AVLNBought
22 May 2026VSTMBought
22 May 2026MIRMBought
22 May 2026GENBBought
22 May 2026EVMNBought
22 May 2026EIKNBought
22 May 2026CMPSBought
22 May 2026AKTSBought
20 Feb 2026RCUSBought
20 Feb 2026MPLTBought
20 Feb 2026JBIOBought
20 Feb 2026FDMTBought
20 Feb 2026DYNBought
20 Feb 2026BCRXBought
20 Feb 2026ABSIBought
21 Nov 2025VKTXBought
21 Nov 2025PHVSBought
21 Nov 2025MBXBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026SYRESold
21 Aug 2026PHVSSold
21 Aug 2026IMCRSold
21 Aug 2026CTNMSold
21 Aug 2026CMPSSold
21 Aug 2026ARGXSold
21 Aug 2026ABVXSold
22 May 2026VIRSold
22 May 2026RARESold
22 May 2026FDMTSold
22 May 2026BCRXSold
22 May 2026ACRVSold
20 Feb 2026VKTXSold
20 Feb 2026PCVXSold
20 Feb 2026NTLASold
20 Feb 2026MBXSold
20 Feb 2026HRTXSold
20 Feb 2026AGIOSold
21 Nov 2025RCKTSold
21 Nov 2025NMRASold
21 Nov 2025FATESold
21 Nov 2025CADLSold
15 Aug 2025PRMESold
15 Aug 2025IPSCSold
15 Aug 2025IONSSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest