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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 | |
|---|---|---|---|---|---|---|---|
51
Generate Biomedicines
GENB
$1.86B
| $24M | 0.12% |
1,423,602
| – | – |
2026 Q1
1 quarter
|
|
52
DBV Technologies S.A. American Depositary Shares
DBVT
$596M
| $24M | 0.12% |
1,461,425
| – | – |
2014 Q4
46 quarters
|
|
53
Xenon Pharmaceuticals
XENE
$3.62B
| $22.3M | 0.11% |
370,208
| – | – |
2020 Q2
24 quarters
|
|
54
Tectonic Therapeutic
TECX
$387M
| $20.9M | 0.1% |
607,788
| – | – |
2025 Q1
5 quarters
|
|
55
Cerus
CERS
$459M
| $18.7M | 0.09% |
6,395,431
-3,612,914
| -36% | -$8.76M |
2013 Q2
52 quarters
|
|
56
CytomX Therapeutics
CTMX
$510M
| $18.7M | 0.09% |
4,975,826
| – | – |
2025 Q2
4 quarters
|
|
57
Dyne Therapeutics
DYN
$3.12B
| $18.1M | 0.09% |
813,449
| – | – |
2025 Q4
2 quarters
|
|
58
Cytokinetics
CYTK
$8.76B
| $18M | 0.09% |
+211,267
| New | +$15.2M |
2026 Q2
0 quarters
|
|
59
Xencor
XNCR
$2.22B
| $17.7M | 0.09% |
1,102,106
| – | – |
2022 Q4
14 quarters
|
|
60
Sionna Therapeutics
SION
$175M
| $17.6M | 0.09% |
400,000
| – | – |
2025 Q1
5 quarters
|
|
61
Intellia Therapeutics
NTLA
$1.75B
| $15.7M | 0.08% |
+930,232
| New | +$13M |
2026 Q2
0 quarters
|
|
|
PBLS
62
Parabilis Medicines Inc
PBLS
$3.5B
| $13.7M | 0.07% |
+500,000
| New | +$13.8M |
2026 Q2
0 quarters
|
|
63
MapLight Therapeutics
MPLT
$421M
| $13.1M | 0.07% |
364,705
| – | – |
2025 Q4
2 quarters
|
|
64
Avalyn Pharma
AVLN
$1.14B
| $11.5M | 0.06% |
+350,000
| New | +$10.1M |
2026 Q2
0 quarters
|
|
65
Evommune Inc
EVMN
$244M
| $11.3M | 0.06% |
847,390
| – | – |
2026 Q1
1 quarter
|
|
66
BioNTech
BNTX
$22.1B
| $11.1M | 0.06% |
119,743
| – | – |
2024 Q4
6 quarters
|
|
67
Tango Therapeutics
TNGX
$3.83B
| $10.4M | 0.05% |
+333,333
| New | +$8.24M |
2026 Q2
0 quarters
|
|
68
Avalo Therapeutics
AVTX
$385M
| $10.2M | 0.05% |
+550,000
| New | +$8.69M |
2026 Q2
0 quarters
|
|
69
Sera Prognostics
SERA
$80.5M
| $10M | 0.05% |
5,498,170
| – | – |
2021 Q3
19 quarters
|
|
70
Verastem
VSTM
$1.18B
| $9.5M | 0.05% |
2,499,338
+1,914,581
| +327% | +$9.26M |
2026 Q1
1 quarter
|
|
71
Sagimet Biosciences
SGMT
$703M
| $7.37M | 0.04% |
952,996
| – | – |
2023 Q3
11 quarters
|
|
72
Eikon Therapeutics
EIKN
$288M
| $7.25M | 0.04% |
555,555
| – | – |
2026 Q1
1 quarter
|
|
73
LB Pharmaceuticals
LBRX
$1.28B
| $6.49M | 0.03% |
200,000
| – | – |
2025 Q3
3 quarters
|
|
74
vTv Therapeutics
VTVT
$100M
| $5.58M | 0.03% |
148,314
| – | – |
2024 Q1
9 quarters
|
|
75
Wave Life Sciences
WVE
$708M
| $4.78M | 0.02% |
822,638
| – | – |
2024 Q3
7 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.