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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
+11.22%
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
$10.3B
AUM Growth
+$1.27B
Cap. Flow
+$755M
Cap. Flow %
7.32%
Top 10 Hldgs %
81.62%
Holding
100
New
12
Increased
23
Reduced
8
Closed
11

Top Buys

Rank Stock Value
1
SMMT icon
Summit Therapeutics
SMMT
+$212M
2
INSM icon
Insmed
INSM
+$178M
3
ALKS icon
Alkermes
ALKS
+$57.4M
4
RVMD icon
Revolution Medicines
RVMD
+$54.9M
5
GPCR icon
Structure Therapeutics
GPCR
+$47.2M

Top Sells

Rank Stock Value
1
ARGX icon
argenx
ARGX
+$23.2M
2
CRSP icon
CRISPR Therapeutics
CRSP
+$22.3M
3
CNTA
Centessa Pharmaceuticals
CNTA
+$17.6M
4
TSVT
2seventy bio
TSVT
+$12.3M
5
BCAX
Bicara Therapeutics
BCAX
+$10.9M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
2 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONC
1
BeOne Medicines Ltd
ONC
$42.4B
$2.13B 20.66%
8,799,053
– –
INCY icon
2
Incyte
INCY
$25.9B
$2.09B 20.31%
30,743,275
+3,322
+0% +$210K
ACAD icon
3
Acadia Pharmaceuticals
ACAD
$5.08B
$925M 8.98%
42,896,690
+18,774
+0% +$349K
INSM icon
4
Insmed
INSM
$27.5B
$776M 7.53%
7,712,900
+2,332,274
+43% +$178M
SMMT icon
5
Summit Therapeutics
SMMT
$10.5B
$718M 6.96%
33,722,974
+9,298,109
+38% +$212M
MDGL icon
6
Madrigal Pharmaceuticals
MDGL
$11.9B
$598M 5.8%
1,976,018
+1,428
+0.1% +$425K
RYTM icon
7
Rhythm Pharmaceuticals
RYTM
$7.57B
$354M 3.44%
5,604,483
– –
RVMD icon
8
Revolution Medicines
RVMD
$44.9B
$345M 3.34%
9,364,972
+1,428,000
+18% +$54.9M
KYMR icon
9
Kymera Therapeutics
KYMR
$9.96B
$290M 2.82%
6,651,429
+655,500
+11% +$22.6M
ALKS icon
10
Alkermes
ALKS
$8.11B
$183M 1.78%
6,410,603
+1,927,318
+43% +$57.4M
REPL icon
11
Replimune Group
REPL
$1.39B
$103M 1%
11,045,336
– –
RARE icon
12
Ultragenyx Pharmaceutical
RARE
$2.55B
$101M 0.98%
2,772,692
+1,196,578
+76% +$43.1M
EWTX icon
13
Edgewise Therapeutics
EWTX
$4.8B
$95.8M 0.93%
7,305,940
+1,150,000
+19% +$16.6M
ABCL icon
14
AbCellera Biologics
ABCL
$3.67B
$94.4M 0.92%
27,525,640
– –
IMVT icon
15
Immunovant
IMVT
$9.16B
$87.3M 0.85%
5,457,881
– –
GRAL
16
GRAIL Inc
GRAL
$3.55B
$83.8M 0.81%
1,630,125
– –
KNSA icon
17
Kiniksa Pharmaceuticals
KNSA
$6.17B
$78.2M 0.76%
2,824,669
+6,346
+0.2% +$162K
BCYC
18
Bicycle Therapeutics
BCYC
$306M
$75.7M 0.73%
10,885,357
– –
IMCR icon
19
Immunocore
IMCR
$1.9B
$72.9M 0.71%
2,322,656
– –
CELC icon
20
Celcuity
CELC
$4.58B
$72.8M 0.71%
5,450,445
+1,192,710
+28% +$13M
KOD icon
21
Kodiak Sciences
KOD
$2.41B
$64.6M 0.63%
17,310,490
– –
IMTX icon
22
Immatics
IMTX
$1.22B
$54.7M 0.53%
10,168,901
+2,893,071
+40% +$14.3M
STOK icon
23
Stoke Therapeutics
STOK
$2.08B
$52.6M 0.51%
4,633,838
– –
DNLI icon
24
Denali Therapeutics
DNLI
$3.98B
$52.2M 0.51%
3,731,695
– –
GPCR icon
25
Structure Therapeutics
GPCR
$3.5B
$52M 0.5%
2,508,767
+2,147,202
+594% +$47.2M
1
2 3 4

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Julian Baker's Q2 2025 Portfolio in Review

As of Q2 2025, Julian Baker held 100 positions worth $10.3B, up 14% from $9.04B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Julian Baker deployed $755M of net new capital in Q2 2025, opening 12 new positions and adding to 23 existing holdings. Its largest new stake was Viridian Therapeutics: 1,744,406 shares worth $24.4M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was argenx, an estimated $23.2M trimmed.

  • Julian Baker's largest Q2 2025 buy was Viridian Therapeutics: 1,744,406 shares worth $24.4M.
  • Julian Baker added most to Summit Therapeutics in Q2 2025, an estimated $212M increase.
  • Julian Baker's biggest Q2 2025 reduction was argenx, cutting an estimated $23.2M.
  • Julian Baker fully exited CRISPR Therapeutics in Q2 2025, selling an estimated $22.3M.
  • Julian Baker's ten largest holdings make up 82% of its $10.3B portfolio in Q2 2025.
  • Julian Baker opened 12 new positions and closed 11 in Q2 2025.
  • Julian Baker's portfolio value rose 14% quarter-over-quarter to $10.3B.

Based on Baker Bros. Advisors's 13F filing for Q2 2025, filed 14 Aug 2025.