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JB

Julian Baker Baker Bros. Advisors

AUM $20B
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
+23.73%
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
$8.79B
AUM Growth
-$8.56B
Cap. Flow
-$9.86B
Cap. Flow %
-112.21%
Top 10 Hldgs %
80.97%
Holding
105
New
4
Increased
25
Reduced
11
Closed
21

Top Buys

Rank Stock Value
1
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$152M
2
MDGL icon
Madrigal Pharmaceuticals
MDGL
+$74.3M
3
RVMD icon
Revolution Medicines
RVMD
+$59M
4
REPL icon
Replimune Group
REPL
+$57.6M
5
CERE
Cerevel Therapeutics Holdings, Inc. Common Stock
CERE
+$46M

Top Sells

Rank Stock Value
1
SGEN
Seagen Inc. Common Stock
SGEN
+$9.45B
2
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$337M
3
ONC
BeOne Medicines Ltd
ONC
+$199M
4
SWTX
SpringWorks Therapeutics
SWTX
+$69.4M
5
ROIV icon
Roivant Sciences
ROIV
+$41.8M

Sector Composition

Rank Sector Weight
1 Healthcare 98.38%
2 Financials 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NRIX icon
26
Nurix Therapeutics
NRIX
$2.77B
$40.1M 0.46%
3,882,125
– –
JBIO
27
Jade Biosciences
JBIO
$1.36B
$38M 0.43%
48,015
-8,084
-14% -$4.12M
IDYA icon
28
IDEAYA Biosciences
IDYA
$3.83B
$37.8M 0.43%
1,062,123
– –
EWTX icon
29
Edgewise Therapeutics
EWTX
$4.8B
$34.1M 0.39%
3,112,786
+2,063,087
+197% +$14.5M
SERA icon
30
Sera Prognostics
SERA
$84.4M
$32.5M 0.37%
5,434,399
+3,919,057
+259% +$11.4M
BCYC
31
Bicycle Therapeutics
BCYC
$306M
$32.4M 0.37%
1,790,390
+946,576
+112% +$15.7M
IGMS
32
DELISTED
IGM Biosciences
IGMS
$30.7M 0.35%
3,691,011
+533,247
+17% +$3.1M
BMEA icon
33
Biomea Fusion
BMEA
$99.3M
$30.6M 0.35%
2,108,949
– –
GLUE icon
34
Monte Rosa Therapeutics
GLUE
$1.22B
$27.8M 0.32%
4,916,095
– –
VERV
35
DELISTED
Verve Therapeutics
VERV
$23.6M 0.27%
1,691,530
+275,000
+19% +$3.41M
KRYS icon
36
Krystal Biotech
KRYS
$10.3B
$21.1M 0.24%
169,934
– –
GRCL
37
DELISTED
Gracell Biotechnologies Inc. American Depositary Shares
GRCL
$20.9M 0.24%
2,080,000
+1,080,000
+108% +$4.9M
IMVT icon
38
Immunovant
IMVT
$9.16B
$17.9M 0.2%
425,009
– –
TCRX icon
39
TScan Therapeutics
TCRX
$52.8M
$16.2M 0.18%
2,784,792
– –
DAWN
40
DELISTED
Day One Biopharmaceuticals
DAWN
$14.6M 0.17%
1,000,000
– –
DBVT
41
DBV Technologies
DBVT
$914M
$13.9M 0.16%
1,461,426
– –
RLAY icon
42
Relay Therapeutics
RLAY
$4.26B
$12.8M 0.15%
1,160,117
– –
SPRY icon
43
ARS Pharmaceuticals
SPRY
$547M
$11M 0.13%
2,006,451
– –
STOK icon
44
Stoke Therapeutics
STOK
$2.08B
$10.7M 0.12%
2,030,134
+544,219
+37% +$2.33M
TSVT
45
DELISTED
2seventy bio
TSVT
$10.7M 0.12%
2,497,526
– –
INSM icon
46
Insmed
INSM
$27.5B
$10.6M 0.12%
343,000
– –
CLDX icon
47
Celldex Therapeutics
CLDX
$3.17B
$9.82M 0.11%
+247,644
New +$7.28M
PRME icon
48
Prime Medicine
PRME
$615M
$9.11M 0.1%
1,028,466
– –
NGNE icon
49
Neurogene
NGNE
$773M
$8.79M 0.1%
453,516
+148,162
+49% +$2.12M
ADAP
50
DELISTED
Adaptimmune Therapeutics
ADAP
$8.7M 0.1%
10,969,282
– –
1
2
3 4 5

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Julian Baker's Q4 2023 Portfolio in Review

As of Q4 2023, Julian Baker held 105 positions worth $8.79B, down 49% from $17.4B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Julian Baker withdrew a net $9.86B in Q4 2023, closing 21 positions and reducing 11 holdings. Its most notable exit was Seagen Inc. Common Stock, an estimated $9.45B position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, down from 99% a quarter earlier, followed by Financials.

Against the trend, Julian Baker opened a new position in Cerevel Therapeutics Holdings, Inc. Common Stock worth $67.8M.

  • Julian Baker's largest Q4 2023 buy was Cerevel Therapeutics Holdings, Inc. Common Stock: 1,600,000 shares worth $67.8M.
  • Julian Baker added most to Mirati Therapeutics, Inc. Common Stock in Q4 2023, an estimated $152M increase.
  • Julian Baker's biggest Q4 2023 reduction was BeOne Medicines Ltd, cutting an estimated $199M.
  • Julian Baker fully exited Seagen Inc. Common Stock in Q4 2023, selling an estimated $9.45B.
  • Julian Baker's ten largest holdings make up 81% of its $8.79B portfolio in Q4 2023.
  • Julian Baker opened 4 new positions and closed 21 in Q4 2023.
  • Julian Baker's portfolio value fell 49% quarter-over-quarter to $8.79B.

Based on Baker Bros. Advisors's 13F filing for Q4 2023, filed 14 Feb 2024.