Does anyone have any info about these guys. I work in HC banking in SF and am pretty familiar with the biotech hedge funds out here (BVF, Ecor1, Vivo, Redmile, etc) but I can't find a ton of info on Baker Brothers.
They dwarf the previously mentioned funds in size, with $17B in AUM on their last 13f, and it looks like these guys are pretty ballsy with their position sizing. Otherwise they seem to be extremely secretive. I'd like to learn more about these guys whether it be reputation, recruiting, etc.
Thanks in advance monkeys
Hi leveraged_burnout, check out these links:
You're welcome.
Hi leveraged_burnout...What specifically do you want to know? Baker is among the top healthcare hedge funds out there. As you know they usually make rather large bets both in the public and private space. I believe though Baker is HQ'd in NYC with offices elsewhere, with Boston and NYC housing a large number of HC focused funds.
I'm mostly curious about any info about strategy, their team, and also where they recruit from. It seems like perceptive gets all the press but these guys are really the top HC fund out there.
They're not really a hedge fund in the traditional sense of the word, are they? My understanding is they're more of a venture capital-style early stage investor in biotech and other "techy" companies. I don't believe they play the public markets like a L/S.
They do. They're legit
I’m not arguing whether they are legit or not. They are in fact legit. We agree on that.
But they’re not a hedge fund in the sense of what I think a lot of people think of as traditional hedge funds. They are not like a long/short, relative value-style investor.
They mainly do private financings? That’s my understanding. I could be wrong, but pretty sure I’m right.
tough to tell their exact strategy with how secretive they are but I think you’re right. I’ve seen them look at some of my clients in the past who were as early as preclinical which really surprised me.
I suspect (but am not sure) that they are long only, and once they invest in a company will pretty much just ride it out with them w/o trying to exit in a certain time frame.
they also don’t really trim their positions like a normal HF....willing to have their largest position far larger than 10% of portfolio value. in fact, they ADDED shares of Seattle genetics from Q42019 to Q12020 so now that company is like 35% of their portfolio. It always seems like that concentration will bite them in the ass one day but Seattle genetics’ stock just keeps going up. Same thing with their other large holdings like Beigene, Acadia, etc
Yeah they have $14B in 13F (ie public) securities
Check out Farallon as well, also in the Bay Area. Their HC book is legit, see positions of theirs in names I track all the time.
Farrallon is badass too. They also do work in high yield/distressed which is another interest of mine.
Recently Farallon's Healthcare PM left and started his own fund called Logos Capital. although it looks like they haven't deployed capital yet
yeah, i read about Logos. Any idea on launch size?
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