Bellevue Group AG

Name: Bellevue Group AG 13F holdings, Q2 2025
Creator: Bellevue Group AG
Published: 2025-08-14

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

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
GDX Vaneck Gold Miners ETF	0.03%	26,200	$1.4M	No change
RYTM Rhythm Pharmaceuticals Inc.	0.03%	20,906	$1.3M	Add +34.4%
PTGX Protagonist Therapeutics Inc.	0.02%	19,472	$1.1M	Add +10.5%
BBNX Beta Bionics Inc.	0.02%	66,825	$973K	No change
CERT Certara Inc.	0.02%	81,740	$956K	No change
SMMT Summit Therapeutics Inc.	0.02%	41,738	$888K	Reduce -38.3%
IWM iShares Russell 2000 ETF	0.01%	2,300	$496K	No change
BBIO Bridgebio Pharma Inc.	0.01%	10,400	$449K	No change
NVO Novo-Nordisk A/S-Spons ADR	0.01%	6,500	$449K	New
MRUS Merus NV	0.01%	7,765	$408K	Reduce -2.9%
EXEL Exelixis Inc.	0.01%	8,500	$375K	No change
NAMS Newamsterdam Pharma Co. NV	0.01%	20,555	$372K	Reduce -5.7%
ARQT Arcutis Biotherapeutics Inc.	0.01%	24,008	$337K	Reduce -32.8%
MDGL Madrigal Pharmaceuticals Inc.	0.01%	1,100	$333K	No change
ADMA Adma Biologics Inc.	0.01%	16,900	$308K	No change
PLNT Planet Fitness Inc. Class A	0.01%	2,700	$294K	New
QURE Uniqure NV	0.01%	19,610	$273K	Reduce -12.8%
TVTX Travere Therapeutics Inc.	0.01%	18,303	$271K	Reduce -20.8%
CAI Caris Life Sciences Inc.	0.01%	10,000	$267K	New
GOOGL Alphabet Inc. Class A	0.01%	1,450	$256K	Add +31.8%
AMZN Amazon.com Inc.	0.01%	1,150	$252K	Add +27.8%
MTSR Metsera Inc.	0.00%	7,800	$222K	New
MLYS Mineralys Therapeutics Inc.	0.00%	15,556	$210K	Reduce -5.7%
BRBR Bellring Brands Inc.	0.00%	3,500	$203K	Add +150.0%
ACLX Arcellx Inc.	0.00%	3,000	$198K	No change
OCS Oculis Holding AG	0.00%	9,700	$188K	Reduce -31.2%
PTCT PTC Therapeutics Inc.	0.00%	3,800	$186K	No change
GRMN Garmin Ltd.	0.00%	850	$177K	No change
KRYS Krystal Biotech Inc.	0.00%	1,250	$172K	Reduce -52.8%
BIDU Baidu Inc. - Spon ADR	0.00%	2,000	$172K	No change
ORCL Oracle Corp.	0.00%	654	$143K	No change
MLTX Moonlake Immunotherapeutics	0.00%	3,000	$142K	No change
CYTK Cytokinetics Inc.	0.00%	3,741	$124K	No change
NVDA Nvidia Corp.	0.00%	751	$119K	No change
ZTS Zoetis Inc.	0.00%	657	$102K	Reduce -78.9%
MSFT Microsoft Corp.	0.00%	203	$101K	No change
A Agilent Technologies Inc.	0.00%	806	$95K	No change
QCOM Qualcomm Inc.	0.00%	447	$71K	No change
BIIB Biogen Inc.	0.00%	402	$50K	No change
MTD Mettler-Toledo International	0.00%	42	$49K	No change
RXRX Recursion Pharmaceuticals-A	0.00%	5,514	$28K	Reduce -97.2%
TEM Tempus AI Inc. Class A	0.00%	237	$15K	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