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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
WHWK
76
Whitehawk Therapeutics
WHWK
$270M
$508K 0.01%
251,727
-738,201
-75% -$3.1M
TARA icon
77
Protara Therapeutics
TARA
$228M
$374K ﹤0.01%
199,671
– –
CABA icon
78
Cabaletta Bio
CABA
$531M
$303K ﹤0.01%
13,331
-1,580,669
-99% -$26.6M
FHTX icon
79
Foghorn Therapeutics
FHTX
$420M
$290K ﹤0.01%
45,027
– –
BCEL
80
DELISTED
Atreca, Inc. Class A Common Stock
BCEL
$287K ﹤0.01%
2,177,499
-1,355,261
-38% -$318K
TYRA icon
81
Tyra Biosciences
TYRA
$1.55B
$147K ﹤0.01%
+10,607
New +$137K
SRZNW
82
DELISTED
Surrozen Inc Warrant
SRZNW
$16.2K ﹤0.01%
833,333
– –
AFMD
83
DELISTED
Affimed
AFMD
– –
-444,864
Closed -$2.13M
ALEC icon
84
Alector
ALEC
$264M
– –
-964,851
Closed -$6.25M
ANAB icon
85
AnaptysBio
ANAB
$1.71B
– –
-106,197
Closed -$1.91M
ARVN icon
86
Arvinas
ARVN
$613M
– –
-413,481
Closed -$8.12M
BLUE
87
DELISTED
bluebird bio
BLUE
– –
-124,986
Closed -$7.6M
BMRN icon
88
BioMarin Pharmaceuticals
BMRN
$12.9B
– –
-3,810,248
Closed -$337M
COGT icon
89
Cogent Biosciences
COGT
$6.37B
– –
-1,292,966
Closed -$12.6M
GERN icon
90
Geron
GERN
$977M
– –
-3,061,224
Closed -$6.49M
HRTX icon
91
Heron Therapeutics
HRTX
$60.4M
– –
-8,131,678
Closed -$8.38M
ITOS
92
DELISTED
iTeos Therapeutics
ITOS
– –
-150,346
Closed -$1.65M
NTRA icon
93
Natera
NTRA
$47.9B
– –
-100,000
Closed -$4.42M
PACB icon
94
Pacific Biosciences
PACB
$420M
– –
-1,127,782
Closed -$9.42M
RNAM
95
DELISTED
Avidity Biosciences
RNAM
– –
-166,347
Closed -$1.06M
SMMT icon
96
Summit Therapeutics
SMMT
$10.5B
– –
-3,140,473
Closed -$5.87M
SWTX
97
DELISTED
SpringWorks Therapeutics
SWTX
– –
-2,999,846
Closed -$69.4M
TIL icon
98
Instil Bio
TIL
$51.4M
– –
-235,220
Closed -$2.01M
VOR icon
99
Vor Biopharma
VOR
$1.38B
– –
-31,692
Closed -$1.34M
MORF
100
DELISTED
Morphic Holding, Inc. Common Stock
MORF
– –
-215,800
Closed -$4.94M
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.