Bellevue Group AG

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Bellevue Group AG reported 148 stock positions worth $4.5 billion. Its top holding was Argenx SE - ADR (ARGX) at 7.7% of the portfolio, followed by Ionis Pharmaceuticals (IONS, 5.3%) and Stryker (SYK, 4.7%). Compared with Q4 2024, it opened 10 new positions, sold out of 22, added to 26 and reduced 81. The biggest buy was a new position in Akero Therapeutics (AKRO) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001674546
Portfolio Value
$4.5B (Q1 2025)
SEC Filing
0001104659-25-048519 ↗ filed May 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.6B Q1 2024 Q2 2024: $6.2B Q2 2024 Q3 2024: $6.2B Q3 2024 Q4 2024: $5.2B Q4 2024 Q1 2025: $4.5B $4.5B Q1 2025 Q2 2025: $4.5B Q2 2025 Q3 2025: $4.8B Q3 2025 Q4 2025: $5.3B Q4 2025 Q1 2026: $4.2B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 148 stocks · $4.5B
ARGX Argenx SE - ADR 7.68% 578,874 $342.6M Reduce -2.4%
IONS Ionis Pharmaceuticals Inc. 5.31% 7,853,198 $236.9M Reduce -0.2%
SYK Stryker Corp. 4.73% 566,597 $210.9M Add +9.0%
ISRG Intuitive Surgical Inc. 4.72% 425,746 $210.9M Reduce -8.3%
ALNY Alnylam Pharmaceuticals Inc. 4.65% 768,147 $207.4M Reduce -0.3%
ABT Abbott Laboratories 4.63% 1,556,129 $206.4M Reduce -7.8%
NBIX Neurocrine Biosciences Inc. 4.51% 1,820,000 $201.3M No change
VRTX Vertex Pharmaceuticals Inc. 4.49% 413,071 $200.3M Reduce -15.3%
BSX Boston Scientific Corp. 4.41% 1,951,020 $196.8M Reduce -8.6%
RVMD Revolution Medicines Inc. 3.47% 4,374,300 $154.7M Reduce -0.3%
INCY Incyte Corp. 2.84% 2,091,780 $126.7M Reduce -3.0%
AGIO Agios Pharmaceuticals Inc. 2.31% 3,515,150 $103.0M No change
UNH Unitedhealth Group Inc. 1.93% 164,742 $86.3M Add +3.1%
MDT Medtronic PLC 1.89% 938,355 $84.3M Reduce -10.0%
SRRK Scholar Rock Holding Corp. 1.81% 2,506,890 $80.6M Reduce -0.1%
BDX Becton Dickinson and Co. 1.77% 344,311 $78.9M Add +2.0%
DXCM Dexcom Inc. 1.63% 1,064,108 $72.7M Add +1.8%
PODD Insulet Corp. 1.60% 271,286 $71.2M Reduce -15.7%
EW Edwards Lifesciences Corp. 1.58% 971,969 $70.4M Reduce -11.5%
CLDX Celldex Therapeutics Inc. 1.25% 3,071,615 $55.7M No change
PEN Penumbra Inc. 1.23% 204,517 $54.7M Reduce -14.1%
AKRO Akero Therapeutics Inc. 1.13% 1,250,666 $50.6M New
BHVN Biohaven Ltd. 1.10% 2,040,853 $49.1M No change
BEAM Beam Therapeutics Inc. 1.05% 2,395,930 $46.8M Add +57.8%
MRNA Moderna Inc. 0.96% 1,518,122 $43.0M Reduce -5.2%
GEHC GE Healthcare Technology 0.95% 524,414 $42.3M No change
CI The Cigna Group 0.87% 117,535 $38.7M Reduce -6.1%
RMD Resmed Inc. 0.83% 165,802 $37.1M Add +3.1%
IMCR Immunocore Holdings PLC-ADR 0.81% 1,221,794 $36.3M Add +1.4%
LLY Eli Lilly & Co. 0.81% 43,647 $36.0M Reduce -4.0%
WVE Wave Life Sciences Ltd. 0.74% 4,094,458 $33.1M No change
ZBH Zimmer Biomet Holdings Inc. 0.74% 291,346 $33.0M Reduce -0.8%
IDXX Idexx Laboratories Inc. 0.72% 76,897 $32.3M Reduce -0.1%
TMO Thermo Fisher Scientific Inc. 0.72% 64,232 $32.0M Add +5.4%
EWTX Edgewise Therapeutics Inc. 0.70% 1,428,929 $31.4M No change
COO The Cooper Cos Inc. 0.67% 357,025 $30.1M Reduce -0.0%
ABBV Abbvie Inc. 0.63% 135,240 $28.3M Add +198.8%
VEEV Veeva Systems Inc. Class A 0.59% 113,250 $26.2M Reduce -11.2%
BMRN Biomarin Pharmaceutical Inc. 0.58% 368,373 $26.0M Add +12.0%
DHR Danaher Corp. 0.57% 124,321 $25.5M Add +3.7%
AMGN Amgen Inc. 0.56% 80,935 $25.2M Reduce -9.3%
EXAS Exact Sciences Corp. 0.56% 579,074 $25.1M Reduce -16.6%
MOH Molina Healthcare Inc. 0.56% 75,895 $25.0M Reduce -7.6%
STE Steris PLC 0.56% 109,887 $24.9M No change
GMED Globus Medical Inc. Class A 0.55% 332,336 $24.3M Reduce -8.4%
PRCT Procept Biorobotics Corp. 0.54% 414,923 $24.2M Reduce -10.4%
ALGN Align Technology Inc. 0.54% 150,993 $24.0M Reduce -5.6%
HCA HCA Healthcare Inc. 0.48% 61,807 $21.4M Reduce -0.1%
MRK Merck & Co. Inc. 0.47% 231,371 $20.8M Reduce -12.4%
MCK McKesson Corp. 0.46% 30,580 $20.6M Add +58.3%
COR Cencora Inc. 0.44% 71,360 $19.8M Reduce -8.0%
RLAY Relay Therapeutics Inc. 0.43% 7,377,292 $19.3M No change
REGN Regeneron Pharmaceuticals 0.41% 28,523 $18.1M Reduce -9.2%
EHC Encompass Health Corp. 0.39% 172,878 $17.5M Reduce -8.3%
ELV Elevance Health Inc. 0.39% 40,058 $17.4M Add +4.5%
NTRA Natera Inc. 0.36% 113,219 $16.0M Reduce -22.3%
CDNA Caredx Inc. 0.35% 889,003 $15.8M Reduce -35.3%
INSP Inspire Medical Systems Inc. 0.35% 99,027 $15.8M Reduce -33.3%
PRVA Privia Health Group Inc. 0.35% 697,308 $15.7M Reduce -26.8%
BAX Baxter International Inc. 0.35% 456,446 $15.6M New
HOLX Hologic Inc. 0.34% 247,886 $15.3M No change
BRKR Bruker Corp. 0.31% 335,288 $14.0M Reduce -6.8%
ESPR Esperion Therapeutics Inc. 0.31% 9,694,064 $14.0M Reduce -2.5%
THC Tenet Healthcare Corp. 0.29% 94,722 $12.7M Reduce -14.1%
MGNX Macrogenics Inc. 0.28% 9,929,963 $12.6M No change
SIBN Si-Bone Inc. 0.27% 872,991 $12.2M Reduce -0.9%
TMDX Transmedics Group Inc. 0.26% 173,710 $11.7M Reduce -9.9%
MASI Masimo Corp. 0.26% 69,808 $11.6M Add +188.9%
NEO Neogenomics Inc. 0.26% 1,216,756 $11.5M Add +15.3%
INSM Insmed Inc. 0.26% 150,550 $11.5M Reduce -41.8%
AXSM Axsome Therapeutics Inc. 0.25% 96,407 $11.2M Reduce -18.9%
JNJ Johnson & Johnson 0.25% 67,009 $11.1M Add +22.8%
IQV Iqvia Holdings Inc. 0.24% 61,068 $10.8M Add +36.2%
ANNX Annexon Inc. 0.22% 5,157,290 $10.0M No change
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.22% 35,329 $9.6M Add +3.2%
PHR Phreesia Inc. 0.22% 376,163 $9.6M Reduce -7.3%
SRPT Sarepta Therapeutics Inc. 0.21% 149,113 $9.5M Reduce -13.0%
HUM Humana Inc. 0.17% 28,298 $7.5M Reduce -0.2%
LH Labcorp Holdings Inc. 0.15% 28,141 $6.5M Add +12928.2%
GILD Gilead Sciences Inc. 0.14% 55,022 $6.2M Add +13.6%
CSTL Castle Biosciences Inc. 0.14% 301,103 $6.0M Reduce -59.6%
EVH Evolent Health Inc. Class A 0.13% 614,337 $5.8M Reduce -44.8%
GKOS Glaukos Corp. 0.12% 55,926 $5.5M Reduce -8.1%
WAY Waystar Holding Corp. 0.12% 144,426 $5.4M Reduce -8.5%
ALT Altimmune Inc. 0.12% 1,056,793 $5.3M Add +11.8%
CNC Centene Corp. 0.12% 86,218 $5.2M Reduce -0.3%
BIO Bio-Rad Laboratories-A 0.12% 21,476 $5.2M Reduce -36.0%
ASTH Astrana Health Inc. 0.11% 163,155 $5.1M Reduce -20.5%
BTSG Brightspring Health Services 0.10% 241,749 $4.4M Add +38.8%
BDTX Black Diamond Therapeutics I 0.09% 2,733,547 $4.2M Reduce -67.9%
VRNA Verona Pharma Ltd. 0.09% 61,261 $3.9M Reduce -89.2%
GPCR Structure Therapeutics Inc. 0.09% 221,715 $3.8M Reduce -54.3%
KMTS Kestra Medical Technologies 0.07% 133,761 $3.3M New
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 5,660 $3.2M No change
LEGN Legend Biotech Corp.-ADR 0.07% 91,191 $3.1M Reduce -45.5%
PFE Pfizer Inc. 0.07% 120,746 $3.1M Reduce -14.7%
AZN Astrazeneca PLC-Spons ADR 0.07% 40,000 $2.9M Add +12.0%
CAH Cardinal Health Inc. 0.06% 20,776 $2.9M Reduce -6.8%
ILMN Illumina Inc. 0.05% 27,624 $2.2M Reduce -36.8%
CVS CVS Health Corp. 0.05% 31,755 $2.2M Add +45.4%

Show all 148 holdings

Portfolio Sells Q4 2024 → Q1 2025
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −3.92
ARVN Arvinas Inc. Sold out 0.00% −0.88
TNDM Tandem Diabetes Care Inc. Sold out 0.00% −0.54
SAGE Sage Therapeutics Inc. Sold out 0.00% −0.47
VRNA Verona Pharma Ltd. Reduce -89.2% 0.09% −0.42
MRNA Moderna Inc. Reduce -5.2% 0.96% −0.32
SRRK Scholar Rock Holding Corp. Reduce -0.1% 1.81% −0.28
BDTX Black Diamond Therapeutics I Reduce -67.9% 0.09% −0.26
CSTL Castle Biosciences Inc. Reduce -59.6% 0.14% −0.25
RVMD Revolution Medicines Inc. Reduce -0.3% 3.47% −0.23
CDNA Caredx Inc. Reduce -35.3% 0.35% −0.21
EXAS Exact Sciences Corp. Reduce -16.6% 0.56% −0.19
SRPT Sarepta Therapeutics Inc. Reduce -13.0% 0.21% −0.19
CRL Charles River Laboratories Sold out 0.00% −0.18
INSP Inspire Medical Systems Inc. Reduce -33.3% 0.35% −0.18
PRCT Procept Biorobotics Corp. Reduce -10.4% 0.54% −0.18
GPCR Structure Therapeutics Inc. Reduce -54.3% 0.09% −0.17
FATE Fate Therapeutics Inc. Sold out 0.00% −0.15
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.11
EVH Evolent Health Inc. Class A Reduce -44.8% 0.13% −0.11
ESPR Esperion Therapeutics Inc. Reduce -2.5% 0.31% −0.11
ALGN Align Technology Inc. Reduce -5.6% 0.54% −0.10
BIO Bio-Rad Laboratories-A Reduce -36.0% 0.12% −0.10
BRKR Bruker Corp. Reduce -6.8% 0.31% −0.09
INSM Insmed Inc. Reduce -41.8% 0.26% −0.09
NTRA Natera Inc. Reduce -22.3% 0.36% −0.09
OMCL Omnicell Inc. Sold out 0.00% −0.08
ILMN Illumina Inc. Reduce -36.8% 0.05% −0.06
GKOS Glaukos Corp. Reduce -8.1% 0.12% −0.05
MRK Merck & Co. Inc. Reduce -12.4% 0.47% −0.04
ACCD Accolade Inc. Sold out 0.00% −0.04
LEGN Legend Biotech Corp.-ADR Reduce -45.5% 0.07% −0.04
GMED Globus Medical Inc. Class A Reduce -8.4% 0.55% −0.03
INCY Incyte Corp. Reduce -3.0% 2.84% −0.03
TXG 10X Genomics Inc. Class A Reduce -14.7% 0.05% −0.03
SMMT Summit Therapeutics Inc. Reduce -60.3% 0.03% −0.03
RXRX Recursion Pharmaceuticals-A Reduce -48.4% 0.02% −0.03
REGN Regeneron Pharmaceuticals Reduce -9.2% 0.41% −0.03
GOOG Alphabet Inc. Class C Sold out 0.00% −0.02
PODD Insulet Corp. Reduce -15.7% 1.60% −0.02
ZTS Zoetis Inc. Reduce -68.2% 0.01% −0.02
TEVA Teva Pharmaceutical-SP ADR Reduce -52.3% 0.01% −0.02
AMRX Amneal Pharmaceuticals Inc. Sold out 0.00% −0.02
ASTH Astrana Health Inc. Reduce -20.5% 0.11% −0.01
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.01
PCVX Vaxcyte Inc. Reduce -6.2% 0.01% −0.01
PRVA Privia Health Group Inc. Reduce -26.8% 0.35% −0.01
RYTM Rhythm Pharmaceuticals Inc. Reduce -34.1% 0.02% −0.01
BIIB Biogen Inc. Reduce -84.8% 0.00% −0.01
BMY Bristol-Myers Squibb Co. Reduce -32.9% 0.03% −0.01

Portfolio Buys Q4 2024 → Q1 2025
AKRO Akero Therapeutics Inc. New 1.13% +1.13
SYK Stryker Corp. Add +9.0% 4.73% +1.12
ABBV Abbvie Inc. Add +198.8% 0.63% +0.48
UNH Unitedhealth Group Inc. Add +3.1% 1.93% +0.38
BAX Baxter International Inc. New 0.35% +0.35
BEAM Beam Therapeutics Inc. Add +57.8% 1.05% +0.32
BDX Becton Dickinson and Co. Add +2.0% 1.77% +0.29
MCK McKesson Corp. Add +58.3% 0.46% +0.25
MASI Masimo Corp. Add +188.9% 0.26% +0.18
BMRN Biomarin Pharmaceutical Inc. Add +12.0% 0.58% +0.17
LH Labcorp Holdings Inc. Add +12928.2% 0.15% +0.15
IMCR Immunocore Holdings PLC-ADR Add +1.4% 0.81% +0.13
RMD Resmed Inc. Add +3.1% 0.83% +0.12
ELV Elevance Health Inc. Add +4.5% 0.39% +0.12
TMO Thermo Fisher Scientific Inc. Add +5.4% 0.72% +0.11
JNJ Johnson & Johnson Add +22.8% 0.25% +0.10
ONC Beone Medicines Ltd.-ADR Add +3.2% 0.22% +0.09
KMTS Kestra Medical Technologies New 0.07% +0.07
IQV Iqvia Holdings Inc. Add +36.2% 0.24% +0.07
DXCM Dexcom Inc. Add +1.8% 1.63% +0.06
GILD Gilead Sciences Inc. Add +13.6% 0.14% +0.05
DHR Danaher Corp. Add +3.7% 0.57% +0.04
BTSG Brightspring Health Services Add +38.8% 0.10% +0.04
CVS CVS Health Corp. Add +45.4% 0.05% +0.03
AZN Astrazeneca PLC-Spons ADR Add +12.0% 0.07% +0.02
SNY Sanofi-ADR New 0.02% +0.02
BBNX Beta Bionics Inc. New 0.02% +0.02
IWM iShares Russell 2000 ETF New 0.01% +0.01
ZLAB Zai Lab Ltd.-ADR Add +53.9% 0.02% +0.01
EXEL Exelixis Inc. New 0.01% +0.01
GOOGL Alphabet Inc. Class A New 0.00% +0.00
AMZN Amazon.com Inc. New 0.00% +0.00
OCS Oculis Holding AG Add +41.0% 0.01% +0.00
BRBR Bellring Brands Inc. New 0.00% +0.00
ALT Altimmune Inc. Add +11.8% 0.12% −0.01
NEO Neogenomics Inc. Add +15.3% 0.26% −0.08

Options Activity Q4 2024 → Q1 2025
MODERNA INC call Sold out 150 $110Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 148$4.8BAMGN, VRTX, ARGX, GILD, RVMD
Q1 2026 155$4.2BVRTX, ARGX, REGN, SRRK, GILD
Q4 2025 176$5.3BRVMD, ARGX, IONS, VRTX, NBIX
Q3 2025 148$4.8BIONS, ARGX, RVMD, NBIX, ALNY
Q2 2025 142$4.5BARGX, IONS, NBIX, ALNY, ABT
Q1 2025 148$4.5BARGX, IONS, SYK, ISRG, ALNY
Q4 2024 160$5.2BARGX, IONS, NBIX, ISRG, ITCI
Q3 2024 162$6.2BARGX, IONS, VRTX, ISRG, ALNY
Q2 2024 166$6.2BIONS, ARGX, VRTX, NBIX, ISRG
Q1 2024 169$6.6BIONS, ARGX, NBIX, VRTX, ISRG