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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
+50.25%
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
$13.8B
AUM Growth
+$3.53B
Cap. Flow
+$222M
Cap. Flow %
1.61%
Top 10 Hldgs %
79.05%
Holding
100
New
10
Increased
14
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$98.7M
2
MDGL icon
Madrigal Pharmaceuticals
MDGL
+$61.8M
3
ABVX
Abivax
ABVX
+$53.7M
4
ALKS icon
Alkermes
ALKS
+$47.4M
5
IDYA icon
IDEAYA Biosciences
IDYA
+$28M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$124M
2
VRNA
Verona Pharma
VRNA
+$21.2M
3
VERV
Verve Therapeutics
VERV
+$19M
4
GPCR icon
Structure Therapeutics
GPCR
+$19M
5
BPMC
Blueprint Medicines
BPMC
+$16.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LBRX
76
LB Pharmaceuticals
LBRX
$1.54B
$3.16M 0.02%
+200,000
New +$3.17M
VIR icon
77
Vir Biotechnology
VIR
$1.65B
$3.1M 0.02%
542,539
– –
WVE icon
78
Wave Life Sciences
WVE
$1.04B
$2.52M 0.02%
344,063
– –
ELVN icon
79
Enliven Therapeutics
ELVN
$4.38B
$2.35M 0.02%
114,833
– –
TARA icon
80
Protara Therapeutics
TARA
$228M
$2.34M 0.02%
536,832
– –
TECX
81
Tectonic Therapeutic
TECX
$736M
$1.57M 0.01%
100,000
– –
KALA icon
82
KALA BIO
KALA
$15.9M
$1.51M 0.01%
19,702
-4,336
-18% -$2.15M
GBIO
83
DELISTED
Generation Bio
GBIO
$1.19M 0.01%
194,493
-2
-0% -$10
CTNM
84
Contineum Therapeutics
CTNM
$647M
$913K 0.01%
77,670
-234,830
-75% -$1.89M
ALGS icon
85
Aligos Therapeutics
ALGS
$41.7M
$814K 0.01%
83,055
– –
YARW
86
Yarrow Bioscience
YARW
$97.2M
$285K ﹤0.01%
+17,027
New +$557K
TYRA icon
87
Tyra Biosciences
TYRA
$1.55B
$148K ﹤0.01%
10,607
– –
ACRV icon
88
Acrivon Therapeutics
ACRV
$94.7M
$41.3K ﹤0.01%
22,809
– –
SRZNW
89
DELISTED
Surrozen Inc Warrant
SRZNW
$14.8K ﹤0.01%
833,333
– –
BPMC
90
DELISTED
Blueprint Medicines
BPMC
– –
-125,538
Closed -$16.1M
CADL icon
91
Candel Therapeutics
CADL
$1B
– –
-355,112
Closed -$1.8M
FATE icon
92
Fate Therapeutics
FATE
$279M
– –
-2,485,018
Closed -$2.78M
HOOK
93
DELISTED
HOOKIPA Pharma
HOOK
– –
-812,814
Closed -$1.02M
IGMS
94
DELISTED
IGM Biosciences
IGMS
– –
-4,096,210
Closed -$4.59M
NMRA icon
95
Neumora Therapeutics
NMRA
$306M
– –
-1,034,600
Closed -$759K
RCKT icon
96
Rocket Pharmaceuticals
RCKT
$385M
– –
-552,079
Closed -$1.35M
VERV
97
DELISTED
Verve Therapeutics
VERV
– –
-1,691,530
Closed -$19M
VRNA
98
DELISTED
Verona Pharma
VRNA
– –
-223,843
Closed -$21.2M
OPT
99
DELISTED
Opthea Limited American Depositary Shares
OPT
$0 ﹤0.01%
2,087,320
– –
1 2 3
4

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Julian Baker's Q3 2025 Portfolio in Review

As of Q3 2025, Julian Baker held 100 positions worth $13.8B, up 34% from $10.3B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Julian Baker's Q3 2025 filing shows 10 new, 14 increased, 6 reduced and 9 closed positions. Its largest new stake was Abivax: 875,796 shares worth $74.4M. The largest sale was Insmed, an estimated $124M.

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

  • Julian Baker's largest Q3 2025 buy was Abivax: 875,796 shares worth $74.4M.
  • Julian Baker added most to Celcuity in Q3 2025, an estimated $98.7M increase.
  • Julian Baker's biggest Q3 2025 reduction was Insmed, cutting an estimated $124M.
  • Julian Baker fully exited Verona Pharma in Q3 2025, selling an estimated $21.2M.
  • Julian Baker's ten largest holdings make up 79% of its $13.8B portfolio in Q3 2025.
  • Julian Baker opened 10 new positions and closed 9 in Q3 2025.
  • Julian Baker's portfolio value rose 34% quarter-over-quarter to $13.8B.

Based on Baker Bros. Advisors's 13F filing for Q3 2025, filed 14 Nov 2025.