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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
TECX
76
Tectonic Therapeutic
TECX
$736M
$1.77M 0.02%
+100,000
New +$3.26M
VTVT icon
77
vTv Therapeutics
VTVT
$132M
$1.69M 0.02%
97,314
– –
CMPX icon
78
Compass Therapeutics
CMPX
$432M
$1.04M 0.01%
547,498
-1,010,132
-65% -$2.69M
NMRA icon
79
Neumora Therapeutics
NMRA
$306M
$1.03M 0.01%
1,034,600
– –
HOOK
80
DELISTED
HOOKIPA Pharma
HOOK
$878K 0.01%
812,814
– –
GBIO
81
DELISTED
Generation Bio
GBIO
$788K 0.01%
194,495
– –
ALGS icon
82
Aligos Therapeutics
ALGS
$41.7M
$685K 0.01%
83,055
– –
CYPH
83
Cypherpunk Technologies Inc
CYPH
$153M
$123K ﹤0.01%
404,744
-767,431
-65% -$845K
IPSC icon
84
Century Therapeutics
IPSC
$375M
$115K ﹤0.01%
241,684
-555,776
-70% -$418K
TYRA icon
85
Tyra Biosciences
TYRA
$1.55B
$98.6K ﹤0.01%
10,607
– –
ACRV icon
86
Acrivon Therapeutics
ACRV
$94.7M
$46.3K ﹤0.01%
22,809
-30,076
-57% -$162K
SRZNW
87
DELISTED
Surrozen Inc Warrant
SRZNW
$25K ﹤0.01%
833,333
– –
ARCT icon
88
Arcturus Therapeutics
ARCT
$382M
– –
-151,329
Closed -$2.57M
ARVN icon
89
Arvinas
ARVN
$613M
– –
-405,576
Closed -$7.77M
BMEA icon
90
Biomea Fusion
BMEA
$99.3M
– –
-1,451,990
Closed -$5.63M
FHTX icon
91
Foghorn Therapeutics
FHTX
$420M
– –
-45,027
Closed -$213K
KRYS icon
92
Krystal Biotech
KRYS
$10.3B
– –
-169,934
Closed -$26.6M
MIRM icon
93
Mirum Pharmaceuticals
MIRM
$5.87B
– –
-190,476
Closed -$7.88M
MRSN
94
DELISTED
Mersana Therapeutics
MRSN
– –
-43,445
Closed -$1.55M
PMVP icon
95
PMV Pharmaceuticals
PMVP
$71.1M
– –
-322,024
Closed -$486K
PTCT icon
96
PTC Therapeutics
PTCT
$5.83B
– –
-20,400
Closed -$921K
OPT
97
DELISTED
Opthea Limited American Depositary Shares
OPT
$0 ﹤0.01%
2,087,320
-86,302
-4% -$382K
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.