March 4, 2026

Who Are the Top 25 Investors in U.S. Public Biotechs?

Following on from our blog “Who Are the Top Venture Capitalists in U.S. Biotech?” – which detailed the largest investors in private biotechs – we thought we would turn our attention to the largest investors in U.S. public biotechs.

In the tables that follow, we present the leading investment managers ranked by the biotech holdings of their respective funds. The data comes from Ipreo and was pulled on February 12, 2026.

We have split our analysis into active funds (which could be worthy targets for any biotech’s investor outreach program) and passive funds (which would not).

As a reminder, passive funds are index trackers that own shares in biotechs purely because they are included in indexes such as the Nasdaq Biotechnology Index and the various Russell indexes (all the subject of other blogs in this series).   

Active funds ranked by biotech holdings

Rank	Institution	Biotech Holdings ($M)	# Biotech Holdings	City
1	Fidelity Management & Research	44,593	392	Boston
2	Capital World Investors (U.S.)	38,300	30	Los Angeles
3	Norges Bank Investment Management	19,090	180	Oslo
4	Wellington Management Company	17,277	228	Boston
5	Capital Research Global Investors (U.S.)	17,189	18	Los Angeles
6	T. Rowe Price Associates	16,066	133	Baltimore
7	Baker Brothers Investments	15,029	77	New York
8	BlackRock Investment Management (U.K.)	13,070	295	London
9	Janus Henderson Investors	12,610	89	Denver
10	Capital International Investors	12,506	14	San Francisco
11	J.P. Morgan Investment Management	11,800	244	New York
12	Primecap Management Company	8,483	20	Pasadena
13	BlackRock Advisors	7,956	368	New York
14	RA Capital Management	7,599	63	Boston
15	T. Rowe Price Investment Management	7,109	62	Baltimore
16	Amundi Asset Management	6,930	166	Paris
17	Avoro Capital Advisors	6,519	21	New York
18	Goldman Sachs Asset Management	5,588	309	New York
19	RTW Investments	5,490	48	New York
20	Franklin Advisers	5,439	188	San Mateo
21	Morgan Stanley Investment Management	5,213	233	New York
22	Citadel Advisors	4,950	369	Miami
23	Farallon Capital Management	4,941	52	San Francisco
24	AllianceBernstein	4,814	215	New York
25	Baillie Gifford & Company	4,689	29	Edinburgh

Source: Ipreo.

• Note: we removed Dodge & Cox, Korean National Pension Service, and the broker-dealer UBS (which we believe was inaccurately classified by Ipreo) to create this list.
• There should be no surprises in the Top 10 names here.
• As a reminder: Capital World Investors focuses heavily on large-cap, global, and international equities, Capital Research Global Investors focuses on equity-related securities worldwide, and Capital International Investors focuses on large-cap, international, and U.S. companies, with a strong emphasis on research.

Can this list be refined to be more relevant for small- or mid-cap biotechs?

A cursory analysis of the table above reveals that both Capitol World Investors and Capital Research Global Investors have average position sizes of $1.3B and $955M respectively – a position those investors simply couldn’t replicate in a small- or mid-cap biotech.

As such, we present a moderated table below, where we have filtered the same data to only include investment managers whose average position is < $100M.

Active funds with an average position of < $100M

Rank	Institution	Biotech Holdings ($M)	# Biotech Holdings	Average Position ($M)
1	Wellington Management Company	17,277	228	75.8
2	BlackRock Investment Management (U.K.), LTD	13,070	295	44.3
3	J.P. Morgan Investment Management	11,800	244	48.4
4	BlackRock Advisors	7,956	368	21.6
5	Amundi Asset Management S.A.S.	6,930	166	41.7
6	Goldman Sachs Asset Management	5,588	309	18.1
7	Franklin Advisers	5,439	188	28.9
8	Morgan Stanley Investment Management	5,213	233	22.4
9	Citadel Advisors	4,950	369	13.4
10	Farallon Capital Management	4,941	52	95.0
11	AllianceBernstein, L.P.	4,814	215	22.4
12	Millennium Management	4,688.58	329	14.3
13	Pictet Asset Management S.A.	4,235.75	165	25.7
14	Deerfield Management Company	4,215.72	51	82.7
15	Columbia Threadneedle Investments (U.S.)	4,010.79	194	20.7
16	TIAA-CREF Investment Management	3,872.20	237	16.3
17	Adage Capital Management	3,839.63	107	35.9
18	Invus Public Equities Advisors	3,764.16	71	53.0
19	Jennison Associates	3,697.82	44	84.0
20	Point72 Asset Management	3,683.86	204	18.1
21	Managed Account Advisors	3,575.10	102	35.1
22	UBS Asset Management (Switzerland)	3,541.30	180	19.7
23	Fidelity Institutional Asset Management	3,531.83	107	33.0
24	Mellon Investments Corporation	3,485.30	277	12.6
25	American Century Investment Management	3,416.42	230	14.9

Source: Ipreo.

• Although this new table excludes Fidelity Management and Research, it now includes Fidelity Institutional Asset Management in 23^rd place.
• Again, this list contains few surprises and is in keeping with our own real-world experience.

Passive funds ranked by biotech holdings

Lastly, although passive funds cannot be marketed to as part of investor targeting (since they are simply tracking indexes that include biotechs), we present the Top 25 passive institutions ranked by biotech holdings – so that biotechs can at least be familiar with the names (which are more than likely to appear on quarterly 13F reports).

Rank	Institution Name	Biotech Holdings ($M)	# Biotech Holdings	City
1	The Vanguard Group	110,189	561	Malvern
2	BlackRock Fund Advisors	65,397	581	San Francisco
3	State Street Investment Management	41,282	612	Boston
4	Geode Capital Management	27,831	569	Boston
5	Invesco Capital Management	17,420	277	Chicago
6	Charles Schwab Investment Management	10,339	333	San Francisco
7	Northern Trust Investments	7,735	457	Chicago
8	Dimensional Fund Advisors	6,973	354	Austin
9	Legal & General Investment Management, LTD	5,884	309	London
10	Renaissance Technologies	4,818	302	New York
11	BlackRock Advisors (U.K.)	4,650	320	London
12	AQR Capital Management	4,103	204	Greenwich
13	Parametric Portfolio Associates	4,059	310	Seattle
14	UBS Asset Management (U.K.)	3,058	161	London
15	DWS Investments UK	3,015	277	London
16	Arrowstreet Capital	2,691	56	Boston
17	State Street Global Advisors, LTD	2,504	325	London
18	Schweizerische Nationalbank	2,067	116	Zürich
19	First Trust Advisors	1,876	96	Wheaton
20	Qube Research & Technologies	1,850	129	London
21	Jane Street Capital	1,793	306	New York
22	LSV Asset Management	1,751	17	Chicago
23	Vanguard Investments Australia	1,746	188	Melbourne
24	Pacer Advisors, Inc.	1,646	34	Malvern
25	Assenagon Asset Management	1,577	74	Munich

Source: Ipreo.

• Note that State Street Investment Management is based in Boston, while State Street Global Advisors, LTD is based in London.