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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
INCY icon
1
Incyte
INCY
$25.9B
$3.04B 17.78%
30,743,991
+328
+0% +$31.7K
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
$2.67B 15.65%
8,799,053
– –
MDGL icon
3
Madrigal Pharmaceuticals
MDGL
$11.9B
$1.25B 7.3%
2,141,701
– –
INSM icon
4
Insmed
INSM
$27.5B
$1.15B 6.72%
6,592,746
-110,738
-2% -$20.2M
ACAD icon
5
Acadia Pharmaceuticals
ACAD
$5.08B
$1.15B 6.71%
42,896,690
– –
CELC icon
6
Celcuity
CELC
$4.58B
$790M 4.62%
7,915,792
– –
RVMD icon
7
Revolution Medicines
RVMD
$44.9B
$753M 4.41%
9,455,357
– –
KYMR icon
8
Kymera Therapeutics
KYMR
$9.96B
$674M 3.94%
8,657,242
+2,005,813
+30% +$135M
SMMT icon
9
Summit Therapeutics
SMMT
$10.5B
$636M 3.73%
36,391,063
+2,668,089
+8% +$50.2M
RYTM icon
10
Rhythm Pharmaceuticals
RYTM
$7.57B
$600M 3.51%
5,604,483
– –
KOD icon
11
Kodiak Sciences
KOD
$2.41B
$557M 3.26%
19,919,186
+2,608,696
+15% +$53.4M
PRAX icon
12
Praxis Precision Medicines
PRAX
$10.5B
$332M 1.94%
1,126,488
+437,000
+63% +$81.4M
ALKS icon
13
Alkermes
ALKS
$8.11B
$280M 1.64%
10,012,267
+1,920,916
+24% +$57.5M
GRAL
14
GRAIL Inc
GRAL
$3.55B
$178M 1.05%
2,085,333
+455,208
+28% +$39.3M
EWTX icon
15
Edgewise Therapeutics
EWTX
$4.8B
$163M 0.96%
6,575,940
-730,000
-10% -$14.7M
ARWR icon
16
Arrowhead Research
ARWR
$12.3B
$144M 0.85%
2,175,645
+504,883
+30% +$24.7M
IONS icon
17
Ionis Pharmaceuticals
IONS
$9.93B
$142M 0.83%
1,791,841
+1,225,043
+216% +$92.2M
IMVT icon
18
Immunovant
IMVT
$9.16B
$139M 0.81%
5,457,881
– –
IMTX icon
19
Immatics
IMTX
$1.22B
$127M 0.74%
12,094,094
– –
IDYA icon
20
IDEAYA Biosciences
IDYA
$3.83B
$125M 0.73%
3,618,826
+343,382
+10% +$10.9M
ROIV icon
21
Roivant Sciences
ROIV
$26.2B
$121M 0.71%
5,555,017
+1,787,244
+47% +$35.3M
ABVX
22
Abivax
ABVX
$10B
$118M 0.69%
875,796
– –
KNSA icon
23
Kiniksa Pharmaceuticals
KNSA
$6.17B
$117M 0.68%
2,826,246
+1,577
+0.1% +$63.3K
REPL icon
24
Replimune Group
REPL
$1.39B
$107M 0.63%
11,045,336
– –
STOK icon
25
Stoke Therapeutics
STOK
$2.08B
$106M 0.62%
3,336,697
-1,297,141
-28% -$39M
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.