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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
+35.46%
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
$17.1B
AUM Growth
+$3.24B
Cap. Flow
+$452M
Cap. Flow %
2.65%
Top 10 Hldgs %
74.38%
Holding
100
New
9
Increased
23
Reduced
7
Closed
14

Top Buys

Rank Stock Value
1
KYMR icon
Kymera Therapeutics
KYMR
+$135M
2
IONS icon
Ionis Pharmaceuticals
IONS
+$92.2M
3
PRAX icon
Praxis Precision Medicines
PRAX
+$81.4M
4
CRNX icon
Crinetics Pharmaceuticals
CRNX
+$60.9M
5
ALKS icon
Alkermes
ALKS
+$57.5M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$54.1M
2
NTLA icon
Intellia Therapeutics
NTLA
+$47.4M
3
STOK icon
Stoke Therapeutics
STOK
+$39M
4
RNAM
Avidity Biosciences
RNAM
+$27.2M
5
PCVX icon
Vaxcyte
PCVX
+$23.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CERS icon
51
Cerus
CERS
$566M
$20.6M 0.12%
10,008,345
– –
NGNE icon
52
Neurogene
NGNE
$773M
$20.4M 0.12%
991,691
– –
TECX
53
Tectonic Therapeutic
TECX
$736M
$18.8M 0.11%
903,400
+803,400
+803% +$14.9M
CTMX icon
54
CytomX Therapeutics
CTMX
$715M
$18.1M 0.11%
4,250,826
– –
CLDX icon
55
Celldex Therapeutics
CLDX
$3.17B
$18.1M 0.11%
665,370
– –
XNCR icon
56
Xencor
XNCR
$2.07B
$16.9M 0.1%
1,102,106
– –
CNTA
57
DELISTED
Centessa Pharmaceuticals
CNTA
$16.8M 0.1%
+670,751
New +$17M
XENE icon
58
Xenon Pharmaceuticals
XENE
$5.88B
$16.6M 0.1%
370,208
– –
SION
59
Sionna Therapeutics
SION
$239M
$16.5M 0.1%
400,000
– –
CTNM
60
Contineum Therapeutics
CTNM
$647M
$16.2M 0.1%
1,420,838
+1,343,168
+1,729% +$15.3M
SERA icon
61
Sera Prognostics
SERA
$84.4M
$16.2M 0.1%
5,498,170
– –
DYN icon
62
Dyne Therapeutics
DYN
$4.87B
$15.9M 0.09%
+813,449
New +$15.4M
ALMS
63
Alumis Inc
ALMS
$3.13B
$15.3M 0.09%
1,562,500
– –
NUVL
64
DELISTED
Nuvalent
NUVL
$14.5M 0.08%
143,937
– –
PHVS icon
65
Pharvaris
PHVS
$2.55B
$10.4M 0.06%
375,000
– –
RLAY icon
66
Relay Therapeutics
RLAY
$4.26B
$9.81M 0.06%
1,160,117
– –
ABSI icon
67
Absci
ABSI
$1.64B
$7.45M 0.04%
+2,134,803
New +$7.78M
RCUS icon
68
Arcus Biosciences
RCUS
$3.86B
$6.43M 0.04%
+270,000
New +$5.51M
MPLT
69
MapLight Therapeutics
MPLT
$520M
$6.41M 0.04%
+364,705
New +$6.11M
VTVT icon
70
vTv Therapeutics
VTVT
$132M
$5.93M 0.03%
148,314
– –
WVE icon
71
Wave Life Sciences
WVE
$1.04B
$5.85M 0.03%
344,063
– –
SGMT icon
72
Sagimet Biosciences
SGMT
$637M
$5.64M 0.03%
952,996
– –
TARA icon
73
Protara Therapeutics
TARA
$228M
$5.18M 0.03%
971,614
+434,782
+81% +$2.42M
LBRX
74
LB Pharmaceuticals
LBRX
$1.54B
$4.45M 0.03%
200,000
– –
ELVN icon
75
Enliven Therapeutics
ELVN
$4.38B
$4.18M 0.02%
271,406
+156,573
+136% +$3.12M
1 2
3
4

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Julian Baker's Q4 2025 Portfolio in Review

As of Q4 2025, Julian Baker held 100 positions worth $17.1B, up 23% from $13.8B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Julian Baker's Q4 2025 filing shows 9 new, 23 increased, 7 reduced and 14 closed positions. Its largest new stake was Terns Pharmaceuticals: 950,000 shares worth $38.4M. The largest sale was Merus, an estimated $54.1M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier.

  • Julian Baker's largest Q4 2025 buy was Terns Pharmaceuticals: 950,000 shares worth $38.4M.
  • Julian Baker added most to Kymera Therapeutics in Q4 2025, an estimated $135M increase.
  • Julian Baker's biggest Q4 2025 reduction was Stoke Therapeutics, cutting an estimated $39M.
  • Julian Baker fully exited Merus in Q4 2025, selling an estimated $54.1M.
  • Julian Baker's ten largest holdings make up 74% of its $17.1B portfolio in Q4 2025.
  • Julian Baker opened 9 new positions and closed 14 in Q4 2025.
  • Julian Baker's portfolio value rose 23% quarter-over-quarter to $17.1B.

Based on Baker Bros. Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.