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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
FDMT icon
76
4D Molecular Therapeutics
FDMT
$875M
$3.57M 0.02%
+475,737
New +$4.83M
VIR icon
77
Vir Biotechnology
VIR
$1.65B
$3.27M 0.02%
542,539
– –
TCRX icon
78
TScan Therapeutics
TCRX
$52.8M
$2.78M 0.02%
2,784,792
– –
SANA icon
79
Sana Biotechnology
SANA
$1.17B
$1.26M 0.01%
310,483
-1,720,466
-85% -$7.7M
SKYE icon
80
Skye Bioscience
SKYE
$1.24M
$1.09M 0.01%
1,450,638
– –
KALA icon
81
KALA BIO
KALA
$15.9M
$1M 0.01%
36,081
+16,379
+83% +$733K
ALGS icon
82
Aligos Therapeutics
ALGS
$41.7M
$774K ﹤0.01%
83,055
– –
TYRA icon
83
Tyra Biosciences
TYRA
$1.55B
$279K ﹤0.01%
10,607
– –
ACRV icon
84
Acrivon Therapeutics
ACRV
$94.7M
$55K ﹤0.01%
22,809
– –
SRZNW
85
DELISTED
Surrozen Inc Warrant
SRZNW
$16.7K ﹤0.01%
833,333
– –
ACLX
86
DELISTED
Arcellx
ACLX
– –
-166,825
Closed -$13.7M
AGIO icon
87
Agios Pharmaceuticals
AGIO
$1.98B
– –
-189,866
Closed -$7.62M
AKRO
88
DELISTED
Akero Therapeutics
AKRO
– –
-324,630
Closed -$15.4M
CDTX
89
DELISTED
Cidara Therapeutics
CDTX
– –
-227,272
Closed -$21.8M
GBIO
90
DELISTED
Generation Bio
GBIO
– –
-194,493
Closed -$1.19M
HRTX icon
91
Heron Therapeutics
HRTX
$60.4M
– –
-4,251,951
Closed -$5.36M
MRUS
92
DELISTED
Merus
MRUS
– –
-574,377
Closed -$54.1M
NTLA icon
93
Intellia Therapeutics
NTLA
$1.8B
– –
-2,746,674
Closed -$47.4M
PCVX icon
94
Vaxcyte
PCVX
$9.32B
– –
-640,885
Closed -$23.1M
RNAM
95
DELISTED
Avidity Biosciences
RNAM
– –
-625,000
Closed -$27.2M
VKTX icon
96
Viking Therapeutics
VKTX
$3.95B
– –
-366,083
Closed -$9.62M
YARW
97
Yarrow Bioscience
YARW
$97.2M
– –
-17,027
Closed -$285K
MBX
98
MBX Biosciences
MBX
$3.19B
– –
-277,777
Closed -$4.86M
OPT
99
DELISTED
Opthea Limited American Depositary Shares
OPT
– –
-2,087,320
Closed –
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.