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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
+11.22%
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
$10.3B
AUM Growth
+$1.27B
Cap. Flow
+$755M
Cap. Flow %
7.32%
Top 10 Hldgs %
81.62%
Holding
100
New
12
Increased
23
Reduced
8
Closed
11

Top Buys

Rank Stock Value
1
SMMT icon
Summit Therapeutics
SMMT
+$212M
2
INSM icon
Insmed
INSM
+$178M
3
ALKS icon
Alkermes
ALKS
+$57.4M
4
RVMD icon
Revolution Medicines
RVMD
+$54.9M
5
GPCR icon
Structure Therapeutics
GPCR
+$47.2M

Top Sells

Rank Stock Value
1
ARGX icon
argenx
ARGX
+$23.2M
2
CRSP icon
CRISPR Therapeutics
CRSP
+$22.3M
3
CNTA
Centessa Pharmaceuticals
CNTA
+$17.6M
4
TSVT
2seventy bio
TSVT
+$12.3M
5
BCAX
Bicara Therapeutics
BCAX
+$10.9M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
2 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CDTX
51
DELISTED
Cidara Therapeutics
CDTX
$11.1M 0.11%
+227,272
New +$5.46M
ACLX
52
DELISTED
Arcellx
ACLX
$11M 0.11%
+166,825
New +$10.4M
NUVL
53
DELISTED
Nuvalent
NUVL
$11M 0.11%
+143,937
New +$10.5M
SYRE icon
54
Spyre Therapeutics
SYRE
$9.39B
$9.38M 0.09%
+626,703
New +$9.27M
TSHA icon
55
Taysha Gene Therapies
TSHA
$1.98B
$9.25M 0.09%
4,004,756
– –
PRLD icon
56
Prelude Therapeutics
PRLD
$529M
$8.19M 0.08%
10,123,824
– –
CRNX icon
57
Crinetics Pharmaceuticals
CRNX
$8.99B
$8.05M 0.08%
+280,000
New +$8.65M
CTMX icon
58
CytomX Therapeutics
CTMX
$715M
$7.91M 0.08%
+3,484,226
New +$5.62M
SGMT icon
59
Sagimet Biosciences
SGMT
$637M
$7.26M 0.07%
952,996
– –
SION
60
Sionna Therapeutics
SION
$239M
$6.94M 0.07%
400,000
– –
AGIO icon
61
Agios Pharmaceuticals
AGIO
$1.98B
$6.31M 0.06%
+189,866
New +$5.75M
RAPP
62
Rapport Therapeutics
RAPP
$2.31B
$6.25M 0.06%
+550,090
New +$5.84M
SKYE icon
63
Skye Bioscience
SKYE
$1.24M
$6.06M 0.06%
1,450,638
– –
DSGN icon
64
Design Therapeutics
DSGN
$938M
$5.77M 0.06%
1,712,882
-30,843
-2% -$115K
KALA icon
65
KALA BIO
KALA
$15.9M
$5.72M 0.06%
24,038
– –
SANA icon
66
Sana Biotechnology
SANA
$1.17B
$5.54M 0.05%
2,030,949
– –
XNCR icon
67
Xencor
XNCR
$2.07B
$5.27M 0.05%
670,431
– –
ALMS
68
Alumis Inc
ALMS
$3.13B
$4.69M 0.05%
1,562,500
– –
IGMS
69
DELISTED
IGM Biosciences
IGMS
$4.59M 0.04%
4,096,210
+953
+0% +$1.16K
TCRX icon
70
TScan Therapeutics
TCRX
$52.8M
$4.04M 0.04%
2,784,792
– –
RLAY icon
71
Relay Therapeutics
RLAY
$4.26B
$4.01M 0.04%
1,160,117
– –
FATE icon
72
Fate Therapeutics
FATE
$279M
$2.78M 0.03%
2,485,018
-773,384
-24% -$899K
VIR icon
73
Vir Biotechnology
VIR
$1.65B
$2.73M 0.03%
542,539
– –
ELVN icon
74
Enliven Therapeutics
ELVN
$4.38B
$2.3M 0.02%
114,833
– –
WVE icon
75
Wave Life Sciences
WVE
$1.04B
$2.24M 0.02%
344,063
– –
1 2
3
4

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Julian Baker's Q2 2025 Portfolio in Review

As of Q2 2025, Julian Baker held 100 positions worth $10.3B, up 14% from $9.04B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Julian Baker deployed $755M of net new capital in Q2 2025, opening 12 new positions and adding to 23 existing holdings. Its largest new stake was Viridian Therapeutics: 1,744,406 shares worth $24.4M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was argenx, an estimated $23.2M trimmed.

  • Julian Baker's largest Q2 2025 buy was Viridian Therapeutics: 1,744,406 shares worth $24.4M.
  • Julian Baker added most to Summit Therapeutics in Q2 2025, an estimated $212M increase.
  • Julian Baker's biggest Q2 2025 reduction was argenx, cutting an estimated $23.2M.
  • Julian Baker fully exited CRISPR Therapeutics in Q2 2025, selling an estimated $22.3M.
  • Julian Baker's ten largest holdings make up 82% of its $10.3B portfolio in Q2 2025.
  • Julian Baker opened 12 new positions and closed 11 in Q2 2025.
  • Julian Baker's portfolio value rose 14% quarter-over-quarter to $10.3B.

Based on Baker Bros. Advisors's 13F filing for Q2 2025, filed 14 Aug 2025.