Bellevue Group AG
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Bellevue Group AG reported 142 stock positions worth $4.5 billion. Its top holding was Argenx SE - ADR (ARGX) at 6.9% of the portfolio, followed by Ionis Pharmaceuticals (IONS, 6.8%) and Neurocrine Biosciences (NBIX, 5.0%). Compared with Q1 2025, it opened 7 new positions, sold out of 13, added to 39 and reduced 61. The biggest buy was Akero Therapeutics (AKRO, shares +59%) and the biggest sale Unitedhealth (UNH, shares −14%).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001674546
- Portfolio Value
- $4.5B (Q2 2025)
- SEC Filing
- 0001104659-25-078490 ↗ filed Aug 14, 2025
Holdings Value
Holdings 142 stocks · $4.5B
| ARGX Argenx SE - ADR | 6.94% | 571,039 | $314.8M | Reduce -1.4% |
| IONS Ionis Pharmaceuticals Inc. | 6.84% | 7,853,198 | $310.3M | No change |
| NBIX Neurocrine Biosciences Inc. | 5.04% | 1,820,000 | $228.8M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 4.86% | 676,367 | $220.6M | Reduce -11.9% |
| ABT Abbott Laboratories | 4.69% | 1,564,022 | $212.7M | Add +0.5% |
| SYK Stryker Corp. | 4.67% | 535,089 | $211.7M | Reduce -5.6% |
| ISRG Intuitive Surgical Inc. | 4.54% | 378,728 | $205.8M | Reduce -11.0% |
| VRTX Vertex Pharmaceuticals Inc. | 4.33% | 441,610 | $196.6M | Add +6.9% |
| BSX Boston Scientific Corp. | 4.18% | 1,765,194 | $189.6M | Reduce -9.5% |
| RVMD Revolution Medicines Inc. | 3.71% | 4,579,300 | $168.5M | Add +4.7% |
| AGIO Agios Pharmaceuticals Inc. | 2.63% | 3,590,150 | $119.4M | Add +2.1% |
| INCY Incyte Corp. | 2.36% | 1,570,333 | $106.9M | Reduce -24.9% |
| AKRO Akero Therapeutics Inc. | 2.33% | 1,985,272 | $105.9M | Add +58.7% |
| SRRK Scholar Rock Holding Corp. | 2.30% | 2,947,295 | $104.4M | Add +17.6% |
| MDT Medtronic PLC | 1.77% | 921,043 | $80.3M | Reduce -1.8% |
| IMCR Immunocore Holdings PLC-ADR | 1.69% | 2,441,830 | $76.6M | Add +99.9% |
| DXCM Dexcom Inc. | 1.66% | 860,828 | $75.1M | Reduce -19.1% |
| EW Edwards Lifesciences Corp. | 1.53% | 889,077 | $69.5M | Reduce -8.5% |
| PODD Insulet Corp. | 1.52% | 219,013 | $68.8M | Reduce -19.3% |
| CLDX Celldex Therapeutics Inc. | 1.48% | 3,307,569 | $67.3M | Add +7.7% |
| BDX Becton Dickinson and Co. | 1.20% | 316,732 | $54.6M | Reduce -8.0% |
| BEAM Beam Therapeutics Inc. | 1.08% | 2,889,288 | $49.1M | Add +20.6% |
| TMO Thermo Fisher Scientific Inc. | 1.01% | 113,544 | $46.0M | Add +76.8% |
| PEN Penumbra Inc. | 0.98% | 174,050 | $44.7M | Reduce -14.9% |
| UNH Unitedhealth Group Inc. | 0.98% | 142,296 | $44.4M | Reduce -13.6% |
| RMD Resmed Inc. | 0.94% | 165,802 | $42.8M | No change |
| IDXX Idexx Laboratories Inc. | 0.90% | 76,548 | $41.1M | Reduce -0.5% |
| BHVN Biohaven Ltd. | 0.87% | 2,802,853 | $39.5M | Add +37.3% |
| GEHC GE Healthcare Technology | 0.84% | 515,468 | $38.2M | Reduce -1.7% |
| HCA HCA Healthcare Inc. | 0.84% | 99,122 | $38.0M | Add +60.4% |
| CI The Cigna Group | 0.81% | 110,712 | $36.6M | Reduce -5.8% |
| BPMC Blueprint Medicines Corp. | 0.80% | 284,900 | $36.5M | New |
| EWTX Edgewise Therapeutics Inc. | 0.80% | 2,775,997 | $36.4M | Add +94.3% |
| MRNA Moderna Inc. | 0.75% | 1,238,668 | $34.2M | Reduce -18.4% |
| VEEV Veeva Systems Inc. Class A | 0.72% | 113,333 | $32.6M | Add +0.1% |
| ELV Elevance Health Inc. | 0.70% | 82,053 | $31.9M | Add +104.8% |
| LLY Eli Lilly & Co. | 0.70% | 40,920 | $31.9M | Reduce -6.3% |
| MCK McKesson Corp. | 0.65% | 40,466 | $29.7M | Add +32.3% |
| ABBV Abbvie Inc. | 0.65% | 159,661 | $29.6M | Add +18.1% |
| ALGN Align Technology Inc. | 0.63% | 150,787 | $28.5M | Reduce -0.1% |
| RLAY Relay Therapeutics Inc. | 0.63% | 8,230,870 | $28.5M | Add +11.6% |
| PRCT Procept Biorobotics Corp. | 0.62% | 489,278 | $28.2M | Add +17.9% |
| DHR Danaher Corp. | 0.60% | 136,811 | $27.0M | Add +10.1% |
| WVE Wave Life Sciences Ltd. | 0.59% | 4,094,458 | $26.6M | No change |
| STE Steris PLC | 0.58% | 109,887 | $26.4M | No change |
| COO The Cooper Cos Inc. | 0.56% | 356,074 | $25.3M | Reduce -0.3% |
| NTRA Natera Inc. | 0.55% | 147,491 | $24.9M | Add +30.3% |
| ZBH Zimmer Biomet Holdings Inc. | 0.54% | 267,716 | $24.4M | Reduce -8.1% |
| MOH Molina Healthcare Inc. | 0.49% | 74,022 | $22.1M | Reduce -2.5% |
| GMED Globus Medical Inc. Class A | 0.43% | 332,336 | $19.6M | No change |
| TMDX Transmedics Group Inc. | 0.39% | 130,517 | $17.5M | Reduce -24.9% |
| EHC Encompass Health Corp. | 0.36% | 131,741 | $16.2M | Reduce -23.8% |
| HOLX Hologic Inc. | 0.36% | 247,886 | $16.2M | No change |
| EXAS Exact Sciences Corp. | 0.33% | 284,201 | $15.1M | Reduce -50.9% |
| MASI Masimo Corp. | 0.33% | 89,673 | $15.1M | Add +28.5% |
| CDNA Caredx Inc. | 0.32% | 752,371 | $14.7M | Reduce -15.4% |
| PRVA Privia Health Group Inc. | 0.32% | 630,697 | $14.5M | Reduce -9.6% |
| REGN Regeneron Pharmaceuticals | 0.31% | 26,744 | $14.0M | Reduce -6.2% |
| ANNX Annexon Inc. | 0.27% | 5,157,290 | $12.4M | No change |
| HUM Humana Inc. | 0.26% | 49,124 | $12.0M | Add +73.6% |
| MGNX Macrogenics Inc. | 0.26% | 9,919,992 | $12.0M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.23% | 68,211 | $10.4M | Add +1.8% |
| SIBN Si-Bone Inc. | 0.22% | 540,112 | $10.2M | Reduce -38.1% |
| INSP Inspire Medical Systems Inc. | 0.22% | 75,660 | $9.8M | Reduce -23.6% |
| LH Labcorp Holdings Inc. | 0.21% | 36,692 | $9.6M | Add +30.4% |
| PHR Phreesia Inc. | 0.21% | 332,016 | $9.4M | Reduce -11.7% |
| ONC Beone Medicines Ltd.-ADR | 0.21% | 38,698 | $9.4M | Add +9.5% |
| DGX Quest Diagnostics Inc. | 0.19% | 48,567 | $8.7M | New |
| BMRN Biomarin Pharmaceutical Inc. | 0.18% | 151,445 | $8.3M | Reduce -58.9% |
| INSM Insmed Inc. | 0.18% | 81,397 | $8.2M | Reduce -45.9% |
| CNC Centene Corp. | 0.17% | 139,310 | $7.6M | Add +61.6% |
| GPCR Structure Therapeutics Inc. | 0.16% | 348,527 | $7.2M | Add +57.2% |
| TEVA Teva Pharmaceutical-SP ADR | 0.16% | 421,501 | $7.1M | Add +1357.0% |
| BDTX Black Diamond Therapeutics I | 0.15% | 2,733,547 | $6.8M | No change |
| AMGN Amgen Inc. | 0.15% | 24,108 | $6.7M | Reduce -70.2% |
| NEO Neogenomics Inc. | 0.15% | 913,082 | $6.7M | Reduce -25.0% |
| WAY Waystar Holding Corp. | 0.14% | 150,610 | $6.2M | Add +4.3% |
| AXSM Axsome Therapeutics Inc. | 0.13% | 56,253 | $5.9M | Reduce -41.6% |
| GKOS Glaukos Corp. | 0.13% | 55,926 | $5.8M | No change |
| GILD Gilead Sciences Inc. | 0.13% | 51,416 | $5.7M | Reduce -6.5% |
| IQV Iqvia Holdings Inc. | 0.12% | 33,700 | $5.3M | Reduce -44.8% |
| ASND Ascendis Pharma A/S | 0.11% | 28,655 | $4.9M | Add +1408.2% |
| BAX Baxter International Inc. | 0.10% | 152,291 | $4.6M | Reduce -66.6% |
| OMDA Omada Health Inc. | 0.10% | 250,000 | $4.6M | New |
| BTSG Brightspring Health Services | 0.10% | 191,706 | $4.5M | Reduce -20.7% |
| TXG 10X Genomics Inc. Class A | 0.08% | 326,751 | $3.8M | Add +41.5% |
| BNTX Biontech SE-ADR | 0.08% | 35,039 | $3.7M | Add +340.0% |
| CAH Cardinal Health Inc. | 0.07% | 20,012 | $3.4M | Reduce -3.7% |
| LEGN Legend Biotech Corp.-ADR | 0.07% | 85,438 | $3.0M | Reduce -6.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.06% | 38,400 | $2.7M | Reduce -4.0% |
| ILMN Illumina Inc. | 0.06% | 27,624 | $2.6M | No change |
| COR Cencora Inc. | 0.05% | 7,970 | $2.4M | Reduce -88.8% |
| MRK Merck & Co. Inc. | 0.05% | 28,239 | $2.2M | Reduce -87.8% |
| KMTS Kestra Medical Technologies | 0.05% | 133,761 | $2.2M | No change |
| CVS CVS Health Corp. | 0.05% | 30,096 | $2.1M | Reduce -5.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 3,100 | $1.9M | Reduce -45.2% |
| BMY Bristol-Myers Squibb Co. | 0.04% | 37,177 | $1.7M | Add +45.4% |
| PFE Pfizer Inc. | 0.04% | 70,915 | $1.7M | Reduce -41.3% |
| VRNA Verona Pharma Ltd. | 0.03% | 15,927 | $1.5M | Reduce -74.0% |
| DOCS Doximity Inc. Class A | 0.03% | 23,816 | $1.5M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -13.6% | 0.98% | −0.95 |
| ARGX Argenx SE - ADR | Reduce -1.4% | 6.94% | −0.74 |
| BDX Becton Dickinson and Co. | Reduce -8.0% | 1.20% | −0.56 |
| INCY Incyte Corp. | Reduce -24.9% | 2.36% | −0.48 |
| AMGN Amgen Inc. | Reduce -70.2% | 0.15% | −0.42 |
| MRK Merck & Co. Inc. | Reduce -87.8% | 0.05% | −0.42 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -58.9% | 0.18% | −0.40 |
| COR Cencora Inc. | Reduce -88.8% | 0.05% | −0.39 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.31 |
| ESPR Esperion Therapeutics Inc. | Sold out | 0.00% | −0.31 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.29 |
| BAX Baxter International Inc. | Reduce -66.6% | 0.10% | −0.25 |
| PEN Penumbra Inc. | Reduce -14.9% | 0.98% | −0.24 |
| BSX Boston Scientific Corp. | Reduce -9.5% | 4.18% | −0.23 |
| EXAS Exact Sciences Corp. | Reduce -50.9% | 0.33% | −0.23 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| MRNA Moderna Inc. | Reduce -18.4% | 0.75% | −0.21 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -8.1% | 0.54% | −0.20 |
| ISRG Intuitive Surgical Inc. | Reduce -11.0% | 4.54% | −0.19 |
| INSP Inspire Medical Systems Inc. | Reduce -23.6% | 0.22% | −0.14 |
| CSTL Castle Biosciences Inc. | Sold out | 0.00% | −0.14 |
| EVH Evolent Health Inc. Class A | Sold out | 0.00% | −0.13 |
| IQV Iqvia Holdings Inc. | Reduce -44.8% | 0.12% | −0.12 |
| AXSM Axsome Therapeutics Inc. | Reduce -41.6% | 0.13% | −0.12 |
| MDT Medtronic PLC | Reduce -1.8% | 1.77% | −0.12 |
| ALT Altimmune Inc. | Sold out | 0.00% | −0.12 |
| BIO Bio-Rad Laboratories-A | Sold out | 0.00% | −0.12 |
| COO The Cooper Cos Inc. | Reduce -0.3% | 0.56% | −0.12 |
| ASTH Astrana Health Inc. | Sold out | 0.00% | −0.11 |
| NEO Neogenomics Inc. | Reduce -25.0% | 0.15% | −0.11 |
| GEHC GE Healthcare Technology | Reduce -1.7% | 0.84% | −0.11 |
| LLY Eli Lilly & Co. | Reduce -6.3% | 0.70% | −0.10 |
| REGN Regeneron Pharmaceuticals | Reduce -6.2% | 0.31% | −0.10 |
| PODD Insulet Corp. | Reduce -19.3% | 1.52% | −0.08 |
| INSM Insmed Inc. | Reduce -45.9% | 0.18% | −0.08 |
| MOH Molina Healthcare Inc. | Reduce -2.5% | 0.49% | −0.07 |
| SYK Stryker Corp. | Reduce -5.6% | 4.67% | −0.06 |
| CI The Cigna Group | Reduce -5.8% | 0.81% | −0.06 |
| VRNA Verona Pharma Ltd. | Reduce -74.0% | 0.03% | −0.05 |
| SIBN Si-Bone Inc. | Reduce -38.1% | 0.22% | −0.05 |
| EW Edwards Lifesciences Corp. | Reduce -8.5% | 1.53% | −0.05 |
| EHC Encompass Health Corp. | Reduce -23.8% | 0.36% | −0.04 |
| PRVA Privia Health Group Inc. | Reduce -9.6% | 0.32% | −0.03 |
| PFE Pfizer Inc. | Reduce -41.3% | 0.04% | −0.03 |
| CDNA Caredx Inc. | Reduce -15.4% | 0.32% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -45.2% | 0.04% | −0.03 |
| RDY Dr. Reddy's Laboratories-ADR | Sold out | 0.00% | −0.03 |
| RXRX Recursion Pharmaceuticals-A | Reduce -97.2% | 0.00% | −0.02 |
| SNY Sanofi-ADR | Sold out | 0.00% | −0.02 |
| MGNX Macrogenics Inc. | Reduce -0.1% | 0.26% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| AKRO Akero Therapeutics Inc. | Add +58.7% | 2.33% | +1.20 |
| IMCR Immunocore Holdings PLC-ADR | Add +99.9% | 1.69% | +0.88 |
| BPMC Blueprint Medicines Corp. | New | 0.80% | +0.80 |
| SRRK Scholar Rock Holding Corp. | Add +17.6% | 2.30% | +0.49 |
| HCA HCA Healthcare Inc. | Add +60.4% | 0.84% | +0.36 |
| AGIO Agios Pharmaceuticals Inc. | Add +2.1% | 2.63% | +0.32 |
| ELV Elevance Health Inc. | Add +104.8% | 0.70% | +0.31 |
| TMO Thermo Fisher Scientific Inc. | Add +76.8% | 1.01% | +0.30 |
| RVMD Revolution Medicines Inc. | Add +4.7% | 3.71% | +0.25 |
| CLDX Celldex Therapeutics Inc. | Add +7.7% | 1.48% | +0.23 |
| RLAY Relay Therapeutics Inc. | Add +11.6% | 0.63% | +0.19 |
| MCK McKesson Corp. | Add +32.3% | 0.65% | +0.19 |
| DGX Quest Diagnostics Inc. | New | 0.19% | +0.19 |
| NTRA Natera Inc. | Add +30.3% | 0.55% | +0.19 |
| TEVA Teva Pharmaceutical-SP ADR | Add +1357.0% | 0.16% | +0.15 |
| VEEV Veeva Systems Inc. Class A | Add +0.1% | 0.72% | +0.13 |
| ASND Ascendis Pharma A/S | Add +1408.2% | 0.11% | +0.10 |
| OMDA Omada Health Inc. | New | 0.10% | +0.10 |
| EWTX Edgewise Therapeutics Inc. | Add +94.3% | 0.80% | +0.10 |
| HUM Humana Inc. | Add +73.6% | 0.26% | +0.10 |
| PRCT Procept Biorobotics Corp. | Add +17.9% | 0.62% | +0.08 |
| GPCR Structure Therapeutics Inc. | Add +57.2% | 0.16% | +0.07 |
| MASI Masimo Corp. | Add +28.5% | 0.33% | +0.07 |
| BNTX Biontech SE-ADR | Add +340.0% | 0.08% | +0.07 |
| LH Labcorp Holdings Inc. | Add +30.4% | 0.21% | +0.07 |
| ABT Abbott Laboratories | Add +0.5% | 4.69% | +0.06 |
| CNC Centene Corp. | Add +61.6% | 0.17% | +0.05 |
| TXG 10X Genomics Inc. Class A | Add +41.5% | 0.08% | +0.04 |
| BEAM Beam Therapeutics Inc. | Add +20.6% | 1.08% | +0.03 |
| DHR Danaher Corp. | Add +10.1% | 0.60% | +0.02 |
| ABBV Abbvie Inc. | Add +18.1% | 0.65% | +0.02 |
| WAY Waystar Holding Corp. | Add +4.3% | 0.14% | +0.01 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +34.4% | 0.03% | +0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.01% | +0.01 |
| PLNT Planet Fitness Inc. Class A | New | 0.01% | +0.01 |
| CAI Caris Life Sciences Inc. | New | 0.01% | +0.01 |
| MTSR Metsera Inc. | New | 0.00% | +0.00 |
| PTGX Protagonist Therapeutics Inc. | Add +10.5% | 0.02% | +0.00 |
| BMY Bristol-Myers Squibb Co. | Add +45.4% | 0.04% | +0.00 |
| BRBR Bellring Brands Inc. | Add +150.0% | 0.00% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +31.8% | 0.01% | +0.00 |
| AMZN Amazon.com Inc. | Add +27.8% | 0.01% | +0.00 |
| ONC Beone Medicines Ltd.-ADR | Add +9.5% | 0.21% | −0.01 |
| JNJ Johnson & Johnson | Add +1.8% | 0.23% | −0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Add +6.9% | 4.33% | −0.15 |
| BHVN Biohaven Ltd. | Add +37.3% | 0.87% | −0.23 |
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 |