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Julian Baker Baker Bros. Advisors
AUM
$20B
Turnover
18.48%
1-Year Est. Return
154.41%
Julian Baker is co-managing member of Baker Bros. Advisors, a firm renowned for deep specialization in biotechnology and life sciences. The firm is known for concentrated positions, long holding periods, and scientific diligence that goes well beyond typical generalist research. Baker Bros. filings are closely watched by healthcare investors for signals in clinical-stage and commercial biotech.
This Fund
S&P 500
This Quarter Est. Return
+22.23%
1 Year Est. Return
+154.41%
3 Year Est. Return
+448.58%
5 Year Est. Return
+670.61%
10 Year Est. Return
+4,743.65%
AUM
$20B
AUM Growth
+$2.54B
(+15%)
Cap. Flow
+$128M
Cap. Flow % of AUM
Cap. Flow %
0.64%
Top 10 Holdings %
Top 10 Hldgs %
72.82%
Holding
92
New
8
Increased
16
Reduced
7
Closed
9
Avg Time Held
3.6
years
Top 10 Avg Time Held
4.7
years
Top 20 Avg Time Held
3.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Revolution Medicines
RVMD
|
+$276M |
| 2 |
Insmed
INSM
|
+$166M |
| 3 |
IDEAYA Biosciences
IDYA
|
+$32.6M |
| 4 |
Faeth Therapeutics
FTH
|
+$29.8M |
| 5 |
Relay Therapeutics
RLAY
|
+$24.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edgewise Therapeutics
EWTX
|
+$99.1M |
| 2 |
Abivax
ABVX
|
+$97.5M |
| 3 |
Summit Therapeutics
SMMT
|
+$63.9M |
| 4 |
Spyre Therapeutics
SYRE
|
+$50.4M |
| 5 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$26.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.65% |
| 2 | Miscellaneous | 0.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Incyte
INCY
$22.9B
| $3.49B | 17.48% |
30,762,330
+17,918
| +0.1% | +$1.78M |
2013 Q2
52 quarters
|
|
2
BeOne Medicines Ltd
ONC
$41.7B
| $2.51B | 12.57% |
8,801,567
+2,514
| +0% | +$741K |
2016 Q1
41 quarters
|
|
|
3
Revolution Medicines
RVMD
$38.1B
| $2.14B | 10.74% |
11,443,357
+1,888,000
| +20% | +$276M |
2021 Q1
21 quarters
|
|
4
Madrigal Pharmaceuticals
MDGL
$10.4B
| $1.15B | 5.77% |
2,143,131
+1,430
| +0.1% | +$732K |
2016 Q2
40 quarters
|
|
5
Acadia Pharmaceuticals
ACAD
$3.29B
| $1.09B | 5.44% |
42,912,904
+16,214
| +0% | +$357K |
2013 Q2
52 quarters
|
|
6
Kymera Therapeutics
KYMR
$8.71B
| $993M | 4.97% |
8,657,242
| – | – |
2020 Q3
23 quarters
|
|
|
7
Insmed
INSM
$21B
| $938M | 4.7% |
8,796,111
+1,375,000
| +19% | +$166M |
2013 Q2
52 quarters
|
|
8
Celcuity
CELC
$2.77B
| $828M | 4.15% |
7,915,792
| – | – |
2023 Q3
11 quarters
|
|
9
Kodiak Sciences
KOD
$5.39B
| $776M | 3.89% |
19,919,186
| – | – |
2018 Q4
30 quarters
|
|
10
Rhythm Pharmaceuticals
RYTM
$5.93B
| $622M | 3.12% |
5,604,483
| – | – |
2017 Q4
34 quarters
|
|
11
Praxis Precision Medicines
PRAX
$6.75B
| $587M | 2.94% |
1,753,198
| – | – |
2022 Q4
14 quarters
|
|
12
Alkermes
ALKS
$6.92B
| $525M | 2.63% |
10,012,267
| – | – |
2024 Q2
8 quarters
|
|
|
13
Summit Therapeutics
SMMT
$11.7B
| $478M | 2.39% |
32,786,348
-3,604,715
| -10% | -$63.9M |
2024 Q2
8 quarters
|
|
14
GRAIL Inc
GRAL
$5.26B
| $275M | 1.38% |
4,028,614
| – | – |
2024 Q4
6 quarters
|
|
15
AbCellera Biologics
ABCL
$3.82B
| $259M | 1.3% |
33,012,138
+2,736,200
| +9% | +$13.4M |
2020 Q4
22 quarters
|
|
16
Immunovant
IMVT
$5.52B
| $209M | 1.05% |
5,435,220
-22,661
| -0.4% | -$690K |
2023 Q3
11 quarters
|
|
|
17
IDEAYA Biosciences
IDYA
$3.17B
| $187M | 0.94% |
5,010,030
+1,063,515
| +27% | +$32.6M |
2022 Q3
15 quarters
|
|
18
Kiniksa Pharmaceuticals
KNSA
$6.13B
| $181M | 0.91% |
2,834,643
+8,397
| +0.3% | +$436K |
2018 Q2
32 quarters
|
|
19
Roivant Sciences
ROIV
$24.2B
| $167M | 0.84% |
4,716,831
-150,892
| -3% | -$4.46M |
2022 Q4
14 quarters
|
|
20
Arrowhead Research
ARWR
$7.9B
| $162M | 0.81% |
1,992,783
| – | – |
2025 Q2
4 quarters
|
|
21
Ionis Pharmaceuticals
IONS
$7.14B
| $162M | 0.81% |
2,047,727
| – | – |
2025 Q3
3 quarters
|
|
|
22
Edgewise Therapeutics
EWTX
$4.04B
| $150M | 0.75% |
3,701,719
-2,874,221
| -44% | -$99.1M |
2021 Q1
21 quarters
|
|
23
Replimune Group
REPL
$1.02B
| $122M | 0.61% |
11,045,336
| – | – |
2020 Q2
24 quarters
|
|
24
Nurix Therapeutics
NRIX
$2.67B
| $113M | 0.57% |
4,658,556
| – | – |
2020 Q3
23 quarters
|
|
25
Stoke Therapeutics
STOK
$1.56B
| $109M | 0.55% |
3,336,697
| – | – |
2022 Q3
15 quarters
|
|
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Julian Baker's Q2 2026 Portfolio in Review
As of Q2 2026, Julian Baker held 92 positions worth $20B, up 15% from $17.4B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Julian Baker's Q2 2026 filing shows 8 new, 16 increased, 7 reduced and 9 closed positions. Its largest new stake was Faeth Therapeutics: 1,286,411 shares worth $32.2M. The largest sale was Edgewise Therapeutics, an estimated $99.1M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 100% a quarter earlier, followed by Miscellaneous.
- Julian Baker's largest Q2 2026 buy was Faeth Therapeutics: 1,286,411 shares worth $32.2M.
- Julian Baker added most to Revolution Medicines in Q2 2026, an estimated $276M increase.
- Julian Baker's biggest Q2 2026 reduction was Edgewise Therapeutics, cutting an estimated $99.1M.
- Julian Baker fully exited Abivax in Q2 2026, selling an estimated $97.5M.
- Julian Baker's ten largest holdings make up 73% of its $20B portfolio in Q2 2026.
- Julian Baker opened 8 new positions and closed 9 in Q2 2026.
- Julian Baker's portfolio value rose 15% quarter-over-quarter to $20B.
Based on Baker Bros. Advisors's 13F filing for Q2 2026, filed 14 Aug 2026.