Bellevue Group AG
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bellevue Group AG reported 148 stock positions worth $4.8 billion. Its top holding was Ionis Pharmaceuticals (IONS) at 8.5% of the portfolio, followed by Argenx SE - ADR (ARGX, 8.4%) and Revolution Medicines (RVMD, 5.4%). Compared with Q2 2025, it opened 17 new positions, sold out of 11, added to 40 and reduced 75. The biggest buy was a new position in Avidity Biosciences (RNAM) and the biggest sale Intuitive Surgical (ISRG, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001674546
- Portfolio Value
- $4.8B (Q3 2025)
- SEC Filing
- 0001104659-25-112697 ↗ filed Nov 14, 2025
Holdings Value
Holdings 148 stocks · $4.8B
| IONS Ionis Pharmaceuticals Inc. | 8.49% | 6,244,451 | $408.5M | Reduce -20.5% |
| ARGX Argenx SE - ADR | 8.37% | 546,328 | $402.9M | Reduce -4.3% |
| RVMD Revolution Medicines Inc. | 5.41% | 5,573,838 | $260.3M | Add +21.7% |
| NBIX Neurocrine Biosciences Inc. | 5.14% | 1,763,105 | $247.5M | Reduce -3.1% |
| ALNY Alnylam Pharmaceuticals Inc. | 4.23% | 446,524 | $203.6M | Reduce -34.0% |
| VRTX Vertex Pharmaceuticals Inc. | 4.12% | 505,805 | $198.1M | Add +14.5% |
| ABT Abbott Laboratories | 4.11% | 1,478,563 | $198.0M | Reduce -5.5% |
| SYK Stryker Corp. | 3.46% | 451,096 | $166.8M | Reduce -15.7% |
| BSX Boston Scientific Corp. | 3.37% | 1,659,849 | $162.1M | Reduce -6.0% |
| ISRG Intuitive Surgical Inc. | 3.24% | 348,626 | $155.9M | Reduce -8.0% |
| AGIO Agios Pharmaceuticals Inc. | 3.10% | 3,714,736 | $149.1M | Add +3.5% |
| INCY Incyte Corp. | 2.54% | 1,440,686 | $122.2M | Reduce -8.3% |
| SRRK Scholar Rock Holding Corp. | 2.51% | 3,244,537 | $120.8M | Add +10.1% |
| AKRO Akero Therapeutics Inc. | 2.36% | 2,389,314 | $113.4M | Add +20.4% |
| IMCR Immunocore Holdings PLC-ADR | 2.11% | 2,796,803 | $101.6M | Add +14.5% |
| RNAM Avidity Biosciences Inc. | 1.95% | 2,152,862 | $93.8M | New |
| CLDX Celldex Therapeutics Inc. | 1.91% | 3,557,669 | $92.0M | Add +7.6% |
| MDT Medtronic PLC | 1.50% | 759,861 | $72.4M | Reduce -17.5% |
| BEAM Beam Therapeutics Inc. | 1.46% | 2,889,288 | $70.1M | No change |
| EW Edwards Lifesciences Corp. | 1.45% | 896,633 | $69.7M | Add +0.8% |
| PODD Insulet Corp. | 1.36% | 212,005 | $65.5M | Reduce -3.2% |
| UNH Unitedhealth Group Inc. | 1.22% | 170,057 | $58.7M | Add +19.5% |
| BDX Becton Dickinson and Co. | 1.15% | 296,894 | $55.6M | Reduce -6.3% |
| DXCM Dexcom Inc. | 1.10% | 786,118 | $52.9M | Reduce -8.7% |
| TMO Thermo Fisher Scientific Inc. | 1.07% | 106,185 | $51.5M | Reduce -6.5% |
| IDXX Idexx Laboratories Inc. | 1.02% | 76,587 | $48.9M | Add +0.1% |
| RMD Resmed Inc. | 0.94% | 164,834 | $45.1M | Reduce -0.6% |
| EWTX Edgewise Therapeutics Inc. | 0.94% | 2,775,997 | $45.0M | No change |
| RLAY Relay Therapeutics Inc. | 0.91% | 8,345,610 | $43.6M | Add +1.4% |
| BHVN Biohaven Ltd. | 0.87% | 2,802,853 | $42.1M | No change |
| ABBV Abbvie Inc. | 0.82% | 170,870 | $39.6M | Add +7.0% |
| PEN Penumbra Inc. | 0.77% | 146,895 | $37.2M | Reduce -15.6% |
| CI The Cigna Group | 0.73% | 122,486 | $35.3M | Add +10.6% |
| GEHC GE Healthcare Technology | 0.72% | 463,063 | $34.8M | Reduce -10.2% |
| ELV Elevance Health Inc. | 0.70% | 104,971 | $33.9M | Add +27.9% |
| DHR Danaher Corp. | 0.68% | 163,876 | $32.5M | Add +19.8% |
| LLY Eli Lilly & Co. | 0.64% | 40,514 | $30.9M | Reduce -1.0% |
| WVE Wave Life Sciences Ltd. | 0.62% | 4,094,458 | $30.0M | No change |
| MCK McKesson Corp. | 0.61% | 37,957 | $29.3M | Reduce -6.2% |
| STE Steris PLC | 0.61% | 118,112 | $29.2M | Add +7.5% |
| VEEV Veeva Systems Inc. Class A | 0.60% | 97,506 | $29.0M | Reduce -14.0% |
| HCA HCA Healthcare Inc. | 0.58% | 65,607 | $28.0M | Reduce -33.8% |
| ZBH Zimmer Biomet Holdings Inc. | 0.50% | 245,202 | $24.2M | Reduce -8.4% |
| COO The Cooper Cos Inc. | 0.42% | 292,265 | $20.0M | Reduce -17.9% |
| HUM Humana Inc. | 0.41% | 76,310 | $19.9M | Add +55.3% |
| GMED Globus Medical Inc. Class A | 0.39% | 326,867 | $18.7M | Reduce -1.6% |
| ALGN Align Technology Inc. | 0.38% | 144,676 | $18.1M | Reduce -4.0% |
| MOH Molina Healthcare Inc. | 0.36% | 90,985 | $17.4M | Add +22.9% |
| HOLX Hologic Inc. | 0.35% | 247,886 | $16.7M | No change |
| MGNX Macrogenics Inc. | 0.35% | 9,919,992 | $16.7M | No change |
| PRVA Privia Health Group Inc. | 0.34% | 666,177 | $16.6M | Add +5.6% |
| PRCT Procept Biorobotics Corp. | 0.34% | 463,404 | $16.5M | Reduce -5.3% |
| ANNX Annexon Inc. | 0.33% | 5,157,290 | $15.7M | No change |
| EHC Encompass Health Corp. | 0.32% | 122,958 | $15.6M | Reduce -6.7% |
| NTRA Natera Inc. | 0.31% | 91,818 | $14.8M | Reduce -37.8% |
| MASI Masimo Corp. | 0.30% | 96,968 | $14.3M | Add +8.1% |
| JNJ Johnson & Johnson | 0.29% | 74,807 | $13.9M | Add +9.7% |
| EXAS Exact Sciences Corp. | 0.29% | 252,701 | $13.8M | Reduce -11.1% |
| TMDX Transmedics Group Inc. | 0.27% | 116,968 | $13.1M | Reduce -10.4% |
| ONC Beone Medicines Ltd.-ADR | 0.24% | 33,797 | $11.5M | Reduce -12.7% |
| CNC Centene Corp. | 0.21% | 281,949 | $10.1M | Add +102.4% |
| IQV Iqvia Holdings Inc. | 0.21% | 52,898 | $10.0M | Add +57.0% |
| GPCR Structure Therapeutics Inc. | 0.18% | 315,857 | $8.8M | Reduce -9.4% |
| TEVA Teva Pharmaceutical-SP ADR | 0.18% | 424,056 | $8.6M | Add +0.6% |
| REGN Regeneron Pharmaceuticals | 0.18% | 15,057 | $8.5M | Reduce -43.7% |
| CDNA Caredx Inc. | 0.17% | 572,956 | $8.3M | Reduce -23.9% |
| THC Tenet Healthcare Corp. | 0.17% | 40,372 | $8.2M | New |
| PHR Phreesia Inc. | 0.15% | 313,057 | $7.4M | Reduce -5.7% |
| AXSM Axsome Therapeutics Inc. | 0.13% | 52,335 | $6.4M | Reduce -7.0% |
| DGX Quest Diagnostics Inc. | 0.13% | 33,015 | $6.3M | Reduce -32.0% |
| BTSG Brightspring Health Services | 0.12% | 190,524 | $5.6M | Reduce -0.6% |
| OMDA Omada Health Inc. | 0.12% | 251,791 | $5.6M | Add +0.7% |
| GILD Gilead Sciences Inc. | 0.12% | 49,893 | $5.5M | Reduce -3.0% |
| BMRN Biomarin Pharmaceutical Inc. | 0.11% | 101,033 | $5.5M | Reduce -33.3% |
| ASND Ascendis Pharma A/S | 0.10% | 24,903 | $5.0M | Reduce -13.1% |
| WAY Waystar Holding Corp. | 0.10% | 129,913 | $4.9M | Reduce -13.7% |
| GKOS Glaukos Corp. | 0.09% | 55,926 | $4.6M | No change |
| SIBN Si-Bone Inc. | 0.09% | 298,857 | $4.4M | Reduce -44.7% |
| INSP Inspire Medical Systems Inc. | 0.09% | 58,648 | $4.4M | Reduce -22.5% |
| LH Labcorp Holdings Inc. | 0.09% | 15,065 | $4.3M | Reduce -58.9% |
| ICLR Icon PLC | 0.09% | 24,247 | $4.2M | New |
| AMGN Amgen Inc. | 0.09% | 14,988 | $4.2M | Reduce -37.8% |
| CVS CVS Health Corp. | 0.08% | 51,199 | $3.9M | Add +70.1% |
| TXG 10X Genomics Inc. Class A | 0.08% | 313,836 | $3.7M | Reduce -4.0% |
| BNTX Biontech SE-ADR | 0.07% | 33,955 | $3.3M | Reduce -3.1% |
| KMTS Kestra Medical Technologies | 0.06% | 128,711 | $3.1M | Reduce -3.8% |
| INSM Insmed Inc. | 0.06% | 20,251 | $2.9M | Reduce -75.1% |
| MRK Merck & Co. Inc. | 0.06% | 34,739 | $2.9M | Add +23.0% |
| NEO Neogenomics Inc. | 0.06% | 370,198 | $2.9M | Reduce -59.5% |
| LEGN Legend Biotech Corp.-ADR | 0.06% | 84,976 | $2.8M | Reduce -0.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.06% | 35,644 | $2.7M | Reduce -7.2% |
| CAH Cardinal Health Inc. | 0.05% | 16,268 | $2.6M | Reduce -18.7% |
| ADPT Adaptive Biotechnologies | 0.05% | 168,476 | $2.5M | New |
| ILMN Illumina Inc. | 0.05% | 23,797 | $2.3M | Reduce -13.8% |
| BMY Bristol-Myers Squibb Co. | 0.04% | 47,613 | $2.1M | Add +28.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 3,100 | $2.1M | No change |
| VKTX Viking Therapeutics Inc. | 0.04% | 76,082 | $2.0M | New |
| BAX Baxter International Inc. | 0.03% | 68,084 | $1.6M | Reduce -55.3% |
| COR Cencora Inc. | 0.03% | 4,850 | $1.5M | Reduce -39.1% |
| GDX Vaneck Gold Miners ETF | 0.03% | 18,500 | $1.4M | Reduce -29.4% |
Portfolio Sells Q2 2025 → Q3 2025
| ISRG Intuitive Surgical Inc. | Reduce -8.0% | 3.24% | −1.30 |
| SYK Stryker Corp. | Reduce -15.7% | 3.46% | −1.20 |
| BSX Boston Scientific Corp. | Reduce -6.0% | 3.37% | −0.81 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.80 |
| MRNA Moderna Inc. | Reduce -99.3% | 0.01% | −0.75 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -34.0% | 4.23% | −0.63 |
| ABT Abbott Laboratories | Reduce -5.5% | 4.11% | −0.57 |
| DXCM Dexcom Inc. | Reduce -8.7% | 1.10% | −0.56 |
| PRCT Procept Biorobotics Corp. | Reduce -5.3% | 0.34% | −0.28 |
| MDT Medtronic PLC | Reduce -17.5% | 1.50% | −0.27 |
| HCA HCA Healthcare Inc. | Reduce -33.8% | 0.58% | −0.26 |
| ALGN Align Technology Inc. | Reduce -4.0% | 0.38% | −0.25 |
| NTRA Natera Inc. | Reduce -37.8% | 0.31% | −0.24 |
| PEN Penumbra Inc. | Reduce -15.6% | 0.77% | −0.21 |
| PODD Insulet Corp. | Reduce -3.2% | 1.36% | −0.16 |
| CDNA Caredx Inc. | Reduce -23.9% | 0.17% | −0.15 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.15 |
| COO The Cooper Cos Inc. | Reduce -17.9% | 0.42% | −0.14 |
| REGN Regeneron Pharmaceuticals | Reduce -43.7% | 0.18% | −0.13 |
| SIBN Si-Bone Inc. | Reduce -44.7% | 0.09% | −0.13 |
| INSP Inspire Medical Systems Inc. | Reduce -22.5% | 0.09% | −0.13 |
| LH Labcorp Holdings Inc. | Reduce -58.9% | 0.09% | −0.12 |
| INSM Insmed Inc. | Reduce -75.1% | 0.06% | −0.12 |
| GEHC GE Healthcare Technology | Reduce -10.2% | 0.72% | −0.12 |
| VEEV Veeva Systems Inc. Class A | Reduce -14.0% | 0.60% | −0.12 |
| TMDX Transmedics Group Inc. | Reduce -10.4% | 0.27% | −0.11 |
| NEO Neogenomics Inc. | Reduce -59.5% | 0.06% | −0.09 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -33.3% | 0.11% | −0.07 |
| BAX Baxter International Inc. | Reduce -55.3% | 0.03% | −0.07 |
| DGX Quest Diagnostics Inc. | Reduce -32.0% | 0.13% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -1.0% | 0.64% | −0.06 |
| AMGN Amgen Inc. | Reduce -37.8% | 0.09% | −0.06 |
| PHR Phreesia Inc. | Reduce -5.7% | 0.15% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -6.3% | 1.15% | −0.05 |
| EXAS Exact Sciences Corp. | Reduce -11.1% | 0.29% | −0.05 |
| MCK McKesson Corp. | Reduce -6.2% | 0.61% | −0.04 |
| GMED Globus Medical Inc. Class A | Reduce -1.6% | 0.39% | −0.04 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -8.4% | 0.50% | −0.04 |
| WAY Waystar Holding Corp. | Reduce -13.7% | 0.10% | −0.03 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.03 |
| EHC Encompass Health Corp. | Reduce -6.7% | 0.32% | −0.03 |
| PFE Pfizer Inc. | Reduce -83.3% | 0.01% | −0.03 |
| COR Cencora Inc. | Reduce -39.1% | 0.03% | −0.02 |
| CAH Cardinal Health Inc. | Reduce -18.7% | 0.05% | −0.02 |
| DOCS Doximity Inc. Class A | Reduce -59.3% | 0.01% | −0.02 |
| BNTX Biontech SE-ADR | Reduce -3.1% | 0.07% | −0.01 |
| SMMT Summit Therapeutics Inc. | Reduce -54.5% | 0.01% | −0.01 |
| ILMN Illumina Inc. | Reduce -13.8% | 0.05% | −0.01 |
| GILD Gilead Sciences Inc. | Reduce -3.0% | 0.12% | −0.01 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -56.7% | 0.02% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| RNAM Avidity Biosciences Inc. | New | 1.95% | +1.95 |
| RVMD Revolution Medicines Inc. | Add +21.7% | 5.41% | +1.70 |
| AGIO Agios Pharmaceuticals Inc. | Add +3.5% | 3.10% | +0.47 |
| CLDX Celldex Therapeutics Inc. | Add +7.6% | 1.91% | +0.43 |
| IMCR Immunocore Holdings PLC-ADR | Add +14.5% | 2.11% | +0.42 |
| RLAY Relay Therapeutics Inc. | Add +1.4% | 0.91% | +0.28 |
| UNH Unitedhealth Group Inc. | Add +19.5% | 1.22% | +0.24 |
| SRRK Scholar Rock Holding Corp. | Add +10.1% | 2.51% | +0.21 |
| THC Tenet Healthcare Corp. | New | 0.17% | +0.17 |
| ABBV Abbvie Inc. | Add +7.0% | 0.82% | +0.17 |
| HUM Humana Inc. | Add +55.3% | 0.41% | +0.15 |
| IDXX Idexx Laboratories Inc. | Add +0.1% | 1.02% | +0.11 |
| IQV Iqvia Holdings Inc. | Add +57.0% | 0.21% | +0.09 |
| ICLR Icon PLC | New | 0.09% | +0.09 |
| DHR Danaher Corp. | Add +19.8% | 0.68% | +0.08 |
| JNJ Johnson & Johnson | Add +9.7% | 0.29% | +0.06 |
| ADPT Adaptive Biotechnologies | New | 0.05% | +0.05 |
| CNC Centene Corp. | Add +102.4% | 0.21% | +0.04 |
| VKTX Viking Therapeutics Inc. | New | 0.04% | +0.04 |
| CVS CVS Health Corp. | Add +70.1% | 0.08% | +0.03 |
| AVTR Avantor Inc. | New | 0.03% | +0.03 |
| STE Steris PLC | Add +7.5% | 0.61% | +0.03 |
| PRVA Privia Health Group Inc. | Add +5.6% | 0.34% | +0.02 |
| UTHR United Therapeutics Corp. | New | 0.02% | +0.02 |
| AKRO Akero Therapeutics Inc. | Add +20.4% | 2.36% | +0.02 |
| TEVA Teva Pharmaceutical-SP ADR | Add +0.6% | 0.18% | +0.02 |
| BKD Brookdale Senior Living Inc. | New | 0.02% | +0.02 |
| MLYS Mineralys Therapeutics Inc. | Add +71.0% | 0.02% | +0.02 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +117.5% | 0.02% | +0.02 |
| OMDA Omada Health Inc. | Add +0.7% | 0.12% | +0.01 |
| BBIO Bridgebio Pharma Inc. | Add +95.7% | 0.02% | +0.01 |
| MRK Merck & Co. Inc. | Add +23.0% | 0.06% | +0.01 |
| BIIB Biogen Inc. | Add +948.0% | 0.01% | +0.01 |
| RPRX Royalty Pharma PLC Class A | New | 0.01% | +0.01 |
| SNY Sanofi-ADR | New | 0.01% | +0.01 |
| AAPL Apple Inc. | New | 0.01% | +0.01 |
| TEM Tempus AI Inc. Class A | Add +2015.2% | 0.01% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +28.1% | 0.04% | +0.01 |
| GRMN Garmin Ltd. | Add +138.9% | 0.01% | +0.01 |
| META Meta Platforms Inc. Class A | New | 0.01% | +0.01 |
| PTGX Protagonist Therapeutics Inc. | Add +5.7% | 0.03% | +0.00 |
| ALKS Alkermes PLC | New | 0.00% | +0.00 |
| PLNT Planet Fitness Inc. Class A | Add +59.3% | 0.01% | +0.00 |
| AMZN Amazon.com Inc. | Add +57.6% | 0.01% | +0.00 |
| GH Guardant Health Inc. | New | 0.00% | +0.00 |
| CORT Corcept Therapeutics Inc. | New | 0.00% | +0.00 |
| MLTX Moonlake Immunotherapeutics | Add +1068.4% | 0.01% | +0.00 |
| GMAB Genmab A/S -SP ADR | New | 0.00% | +0.00 |
| AMRX Amneal Pharmaceuticals Inc. | New | 0.00% | +0.00 |
| ELV Elevance Health Inc. | Add +27.9% | 0.70% | +0.00 |
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 |