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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 | |
|---|---|---|---|---|---|---|---|
26
Monte Rosa Therapeutics
GLUE
$925M
| $105M | 0.53% |
4,345,736
| – | – |
2023 Q1
13 quarters
|
|
27
Immatics
IMTX
$1.11B
| $96.3M | 0.48% |
9,508,565
-1,408,128
| -13% | -$14.9M |
2020 Q1
25 quarters
|
|
28
Denali Therapeutics
DNLI
$2.94B
| $96M | 0.48% |
3,734,336
+2,641
| +0.1% | +$54.3K |
2020 Q1
25 quarters
|
|
29
DELISTED
Crinetics Pharmaceuticals
CRNX
| $88M | 0.44% |
2,351,465
| – | – |
2025 Q2
4 quarters
|
|
30
Dianthus Therapeutics
DNTH
$4.29B
| $83.1M | 0.42% |
852,164
| – | – |
2025 Q2
4 quarters
|
|
31
Structure Therapeutics
GPCR
$1.51B
| $76.9M | 0.39% |
1,432,529
| – | – |
2024 Q3
7 quarters
|
|
32
Rapport Therapeutics
RAPP
$1.24B
| $64.5M | 0.32% |
1,547,090
| – | – |
2025 Q2
4 quarters
|
|
33
Alumis Inc
ALMS
$878M
| $56.6M | 0.28% |
2,012,500
| – | – |
2024 Q2
8 quarters
|
|
34
Prelude Therapeutics
PRLD
$290M
| $54M | 0.27% |
10,123,824
| – | – |
2020 Q3
23 quarters
|
|
|
35
Relay Therapeutics
RLAY
$3.98B
| $52.9M | 0.27% |
2,826,783
+1,666,666
| +144% | +$24.2M |
2023 Q1
13 quarters
|
|
36
Mirum Pharmaceuticals
MIRM
$5.22B
| $52.2M | 0.26% |
445,975
| – | – |
2026 Q1
1 quarter
|
|
37
Bicycle Therapeutics
BCYC
$248M
| $46.2M | 0.23% |
10,885,357
| – | – |
2022 Q3
15 quarters
|
|
38
Enliven Therapeutics
ELVN
$3.04B
| $45.9M | 0.23% |
905,191
| – | – |
2024 Q1
9 quarters
|
|
39
Celldex Therapeutics
CLDX
$2.3B
| $44M | 0.22% |
1,182,611
+517,241
| +78% | +$16.7M |
2023 Q4
10 quarters
|
|
40
Viridian Therapeutics
VRDN
$2.53B
| $43.8M | 0.22% |
2,383,025
+411,347
| +21% | +$6.63M |
2025 Q2
4 quarters
|
|
41
Design Therapeutics
DSGN
$641M
| $38.8M | 0.19% |
2,678,430
+92,452
| +4% | +$1.15M |
2021 Q1
21 quarters
|
|
42
Entrada Therapeutics
TRDA
$172M
| $37.3M | 0.19% |
5,072,730
| – | – |
2021 Q4
18 quarters
|
|
|
43
Faeth Therapeutics
FTH
$441M
| $32.2M | 0.16% |
+1,286,411
| New | +$29.8M |
2026 Q2
0 quarters
|
|
44
Aktis Oncology
AKTS
$875M
| $32.1M | 0.16% |
996,351
| – | – |
2026 Q1
1 quarter
|
|
45
Neurogene
NGNE
$471M
| $31.2M | 0.16% |
991,691
| – | – |
2014 Q1
49 quarters
|
|
46
Jade Biosciences
JBIO
$928M
| $27.3M | 0.14% |
1,230,426
-410,711
| -25% | -$8.57M |
2025 Q4
2 quarters
|
|
47
Taysha Gene Therapies
TSHA
$1.29B
| $27.3M | 0.14% |
4,004,756
| – | – |
2023 Q3
11 quarters
|
|
48
Arcus Biosciences
RCUS
$2.36B
| $26M | 0.13% |
844,816
+429,195
| +103% | +$10.6M |
2025 Q4
2 quarters
|
|
49
Disc Medicine
IRON
$2.86B
| $25.6M | 0.13% |
349,657
| – | – |
2024 Q4
6 quarters
|
|
50
Absci
ABSI
$1.58B
| $24.7M | 0.12% |
2,134,803
| – | – |
2025 Q4
2 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.