Bellevue Group AG

Name: Bellevue Group AG 13F holdings, Q1 2025
Creator: Bellevue Group AG
Published: 2025-05-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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

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%
TXG 10X Genomics Inc. Class A	0.05%	230,997	$2.0M	Reduce -14.7%
BMY Bristol-Myers Squibb Co.	0.03%	25,566	$1.6M	Reduce -32.9%
DOCS Doximity Inc. Class A	0.03%	23,816	$1.4M	Reduce -14.7%
SMMT Summit Therapeutics Inc.	0.03%	67,685	$1.3M	Reduce -60.3%
RDY Dr. Reddy's Laboratories-ADR	0.03%	91,916	$1.2M	Reduce -6.1%
GDX Vaneck Gold Miners ETF	0.03%	26,200	$1.2M	No change
RXRX Recursion Pharmaceuticals-A	0.02%	195,052	$1.0M	Reduce -48.4%
SNY Sanofi-ADR	0.02%	16,000	$887K	New
PTGX Protagonist Therapeutics Inc.	0.02%	17,622	$852K	Reduce -25.7%
RYTM Rhythm Pharmaceuticals Inc.	0.02%	15,550	$824K	Reduce -34.1%
BBNX Beta Bionics Inc.	0.02%	66,825	$818K	New
CERT Certara Inc.	0.02%	81,740	$809K	Reduce -11.3%
BNTX Biontech SE-ADR	0.02%	7,964	$725K	Reduce -4.4%
ZLAB Zai Lab Ltd.-ADR	0.02%	20,000	$723K	Add +53.9%
ARQT Arcutis Biotherapeutics Inc.	0.01%	35,700	$558K	Reduce -9.6%
ZTS Zoetis Inc.	0.01%	3,114	$513K	Reduce -68.2%
KRYS Krystal Biotech Inc.	0.01%	2,650	$478K	Reduce -47.5%
IWM iShares Russell 2000 ETF	0.01%	2,300	$459K	New
NAMS Newamsterdam Pharma Co. NV	0.01%	21,800	$446K	Reduce -12.8%
TEVA Teva Pharmaceutical-SP ADR	0.01%	28,930	$445K	Reduce -52.3%
PCVX Vaxcyte Inc.	0.01%	11,290	$426K	Reduce -6.2%
TVTX Travere Therapeutics Inc.	0.01%	23,100	$414K	No change
MDGL Madrigal Pharmaceuticals Inc.	0.01%	1,100	$364K	No change
BBIO Bridgebio Pharma Inc.	0.01%	10,400	$360K	No change
MRUS Merus NV	0.01%	8,000	$337K	No change
ADMA Adma Biologics Inc.	0.01%	16,900	$335K	No change
EXEL Exelixis Inc.	0.01%	8,500	$314K	New
ASND Ascendis Pharma A/S	0.01%	1,900	$296K	Reduce -24.0%
OCS Oculis Holding AG	0.01%	14,100	$268K	Add +41.0%
MLYS Mineralys Therapeutics Inc.	0.01%	16,499	$262K	No change
QURE Uniqure NV	0.01%	22,500	$239K	No change
ACLX Arcellx Inc.	0.00%	3,000	$197K	No change
PTCT PTC Therapeutics Inc.	0.00%	3,800	$194K	No change
GRMN Garmin Ltd.	0.00%	850	$185K	Reduce -19.1%
BIDU Baidu Inc. - Spon ADR	0.00%	2,000	$184K	No change
AMZN Amazon.com Inc.	0.00%	900	$171K	New
GOOGL Alphabet Inc. Class A	0.00%	1,100	$170K	New
CYTK Cytokinetics Inc.	0.00%	3,741	$150K	Reduce -65.8%
MLTX Moonlake Immunotherapeutics	0.00%	3,000	$117K	Reduce -31.8%
BRBR Bellring Brands Inc.	0.00%	1,400	$104K	New
A Agilent Technologies Inc.	0.00%	806	$94K	No change
ORCL Oracle Corp.	0.00%	654	$91K	No change
NVDA Nvidia Corp.	0.00%	751	$81K	No change
MSFT Microsoft Corp.	0.00%	203	$76K	No change
QCOM Qualcomm Inc.	0.00%	447	$69K	No change
BIIB Biogen Inc.	0.00%	402	$55K	Reduce -84.8%
MTD Mettler-Toledo International	0.00%	42	$50K	No change
TEM Tempus AI Inc. Class A	0.00%	237	$11K	No change

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

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	148	$4.8B	AMGN, VRTX, ARGX, GILD, RVMD
Q1 2026	155	$4.2B	VRTX, ARGX, REGN, SRRK, GILD
Q4 2025	176	$5.3B	RVMD, ARGX, IONS, VRTX, NBIX
Q3 2025	148	$4.8B	IONS, ARGX, RVMD, NBIX, ALNY
Q2 2025	142	$4.5B	ARGX, IONS, NBIX, ALNY, ABT
Q1 2025	148	$4.5B	ARGX, IONS, SYK, ISRG, ALNY
Q4 2024	160	$5.2B	ARGX, IONS, NBIX, ISRG, ITCI
Q3 2024	162	$6.2B	ARGX, IONS, VRTX, ISRG, ALNY
Q2 2024	166	$6.2B	IONS, ARGX, VRTX, NBIX, ISRG
Q1 2024	169	$6.6B	IONS, ARGX, NBIX, VRTX, ISRG