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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
INCY icon
1
Incyte
INCY
$25.9B
$2.27B 25.85%
36,179,122
+556
+0% +$31.4K
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
$1.91B 21.69%
10,568,897
-1,100,000
-9% -$199M
ACAD icon
3
Acadia Pharmaceuticals
ACAD
$5.08B
$1.34B 15.27%
42,864,612
– –
MDGL icon
4
Madrigal Pharmaceuticals
MDGL
$11.9B
$456M 5.19%
1,969,798
+424,685
+27% +$74.3M
RYTM icon
5
Rhythm Pharmaceuticals
RYTM
$7.57B
$294M 3.35%
6,398,365
-303,984
-5% -$9.59M
MRTX
6
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$242M 2.76%
4,121,440
+2,711,656
+192% +$152M
IMCR icon
7
Immunocore
IMCR
$1.9B
$172M 1.96%
2,520,731
– –
KYMR icon
8
Kymera Therapeutics
KYMR
$9.96B
$153M 1.74%
5,995,928
+1,245,528
+26% +$22.3M
RVMD icon
9
Revolution Medicines
RVMD
$44.9B
$148M 1.68%
5,148,657
+2,457,164
+91% +$59M
ABCL icon
10
AbCellera Biologics
ABCL
$3.67B
$131M 1.49%
22,909,753
+2,146,430
+10% +$9.95M
ROIV icon
11
Roivant Sciences
ROIV
$26.2B
$85.3M 0.97%
7,593,024
-4,284,147
-36% -$41.8M
REPL icon
12
Replimune Group
REPL
$1.39B
$80.5M 0.92%
9,545,336
+4,967,056
+108% +$57.6M
TRDA icon
13
Entrada Therapeutics
TRDA
$295M
$73.4M 0.84%
4,865,819
– –
RARE icon
14
Ultragenyx Pharmaceutical
RARE
$2.55B
$70.1M 0.8%
1,466,547
+100,000
+7% +$3.88M
CERE
15
DELISTED
Cerevel Therapeutics Holdings, Inc. Common Stock
CERE
$67.8M 0.77%
+1,600,000
New +$46M
IMTX icon
16
Immatics
IMTX
$1.22B
$61.5M 0.7%
5,838,853
+198,037
+4% +$1.82M
BCRX icon
17
BioCryst Pharmaceuticals
BCRX
$2.44B
$60.7M 0.69%
10,126,176
-2,584,642
-20% -$15M
ARGX icon
18
argenx
ARGX
$65B
$57.5M 0.65%
151,215
– –
DNLI icon
19
Denali Therapeutics
DNLI
$3.98B
$56M 0.64%
2,607,196
+315,193
+14% +$6.24M
AKRO
20
DELISTED
Akero Therapeutics
AKRO
$55.3M 0.63%
2,368,378
– –
KOD icon
21
Kodiak Sciences
KOD
$2.41B
$52.6M 0.6%
17,310,490
– –
KNSA icon
22
Kiniksa Pharmaceuticals
KNSA
$6.17B
$49.3M 0.56%
2,809,577
– –
XENE icon
23
Xenon Pharmaceuticals
XENE
$5.88B
$45.8M 0.52%
993,679
+242,040
+32% +$8.55M
PRLD icon
24
Prelude Therapeutics
PRLD
$529M
$43.2M 0.49%
10,123,824
– –
CERS icon
25
Cerus
CERS
$566M
$42.1M 0.48%
19,477,339
+2,237,838
+13% +$3.69M
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.