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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
+6.01%
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
$9.04B
AUM Growth
-$325M
Cap. Flow
-$209M
Cap. Flow %
-2.31%
Top 10 Hldgs %
81.82%
Holding
98
New
4
Increased
11
Reduced
16
Closed
9

Top Buys

Rank Stock Value
1
IMVT icon
Immunovant
IMVT
+$78.4M
2
PCVX icon
Vaxcyte
PCVX
+$47.3M
3
INSM icon
Insmed
INSM
+$28.6M
4
IMCR icon
Immunocore
IMCR
+$24.2M
5
CELC icon
Celcuity
CELC
+$17.9M

Top Sells

Rank Stock Value
1
ONC
BeOne Medicines Ltd
ONC
+$171M
2
CRSP icon
CRISPR Therapeutics
CRSP
+$27.7M
3
KRYS icon
Krystal Biotech
KRYS
+$26.6M
4
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$26.6M
5
XENE icon
Xenon Pharmaceuticals
XENE
+$24.5M

Sector Composition

Rank Sector Weight
1 Healthcare 98.87%
2 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROIV icon
26
Roivant Sciences
ROIV
$26.2B
$38M 0.42%
3,767,773
– –
IMTX icon
27
Immatics
IMTX
$1.22B
$32.8M 0.36%
7,275,830
– –
STOK icon
28
Stoke Therapeutics
STOK
$2.08B
$30.8M 0.34%
4,633,838
– –
CERS icon
29
Cerus
CERS
$566M
$26.9M 0.3%
19,351,087
-126,252
-0.6% -$211K
PCVX icon
30
Vaxcyte
PCVX
$9.32B
$24.2M 0.27%
640,885
+592,000
+1,211% +$47.3M
GLUE icon
31
Monte Rosa Therapeutics
GLUE
$1.22B
$22.8M 0.25%
4,916,095
– –
CRSP icon
32
CRISPR Therapeutics
CRSP
$5.75B
$22.3M 0.25%
654,099
-653,912
-50% -$27.7M
AKRO
33
DELISTED
Akero Therapeutics
AKRO
$22.2M 0.25%
548,713
-548,369
-50% -$23.2M
SERA icon
34
Sera Prognostics
SERA
$84.4M
$20.2M 0.22%
5,498,170
+63,771
+1% +$325K
CNTA
35
DELISTED
Centessa Pharmaceuticals
CNTA
$17.6M 0.2%
1,227,178
– –
NGNE icon
36
Neurogene
NGNE
$773M
$17.4M 0.19%
1,486,200
+811,750
+120% +$14.1M
IDYA icon
37
IDEAYA Biosciences
IDYA
$3.83B
$17.4M 0.19%
1,062,123
– –
VRNA
38
DELISTED
Verona Pharma
VRNA
$14.2M 0.16%
+223,843
New +$13.4M
CADL icon
39
Candel Therapeutics
CADL
$1B
$13.8M 0.15%
2,437,189
-544,794
-18% -$4.45M
PRAX icon
40
Praxis Precision Medicines
PRAX
$10.5B
$12.6M 0.14%
331,533
– –
TSVT
41
DELISTED
2seventy bio
TSVT
$12.3M 0.14%
2,497,526
– –
XENE icon
42
Xenon Pharmaceuticals
XENE
$5.88B
$11.7M 0.13%
347,408
-646,271
-65% -$24.5M
BCAX
43
Bicara Therapeutics
BCAX
$1.58B
$10.9M 0.12%
833,333
– –
IONS icon
44
Ionis Pharmaceuticals
IONS
$9.93B
$10.8M 0.12%
357,915
– –
DBVT
45
DBV Technologies
DBVT
$914M
$9.97M 0.11%
1,461,425
– –
ALMS
46
Alumis Inc
ALMS
$3.13B
$9.59M 0.11%
1,562,500
– –
MRUS
47
DELISTED
Merus
MRUS
$9.41M 0.1%
223,500
-226,500
-50% -$9.88M
PRLD icon
48
Prelude Therapeutics
PRLD
$529M
$7.78M 0.09%
10,123,824
– –
VERV
49
DELISTED
Verve Therapeutics
VERV
$7.73M 0.09%
1,691,530
– –
RCKT icon
50
Rocket Pharmaceuticals
RCKT
$385M
$7.32M 0.08%
1,097,079
+1,000,000
+1,030% +$9.88M
1
2
3 4

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Julian Baker's Q1 2025 Portfolio in Review

As of Q1 2025, Julian Baker held 98 positions worth $9.04B, down 3.5% from $9.36B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Julian Baker's Q1 2025 filing shows 4 new, 11 increased, 16 reduced and 9 closed positions. Its largest new stake was Verona Pharma: 223,843 shares worth $14.2M. The largest sale was BeOne Medicines Ltd, an estimated $171M.

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

  • Julian Baker's largest Q1 2025 buy was Verona Pharma: 223,843 shares worth $14.2M.
  • Julian Baker added most to Immunovant in Q1 2025, an estimated $78.4M increase.
  • Julian Baker's biggest Q1 2025 reduction was BeOne Medicines Ltd, cutting an estimated $171M.
  • Julian Baker fully exited Krystal Biotech in Q1 2025, selling an estimated $26.6M.
  • Julian Baker's ten largest holdings make up 82% of its $9.04B portfolio in Q1 2025.
  • Julian Baker opened 4 new positions and closed 9 in Q1 2025.
  • Julian Baker's portfolio value fell 3.5% quarter-over-quarter to $9.04B.

Based on Baker Bros. Advisors's 13F filing for Q1 2025, filed 15 May 2025.