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

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 Q1 2025 Q2 2025: $4.5B Q2 2025 Q3 2025: $4.8B $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 · $4.8B
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%
PTGX Protagonist Therapeutics Inc. 0.03% 20,581 $1.4M Add +5.7%
AVTR Avantor Inc. 0.03% 103,362 $1.3M New
BBNX Beta Bionics Inc. 0.03% 64,283 $1.3M Reduce -3.8%
UTHR United Therapeutics Corp. 0.02% 2,640 $1.1M New
MDGL Madrigal Pharmaceuticals Inc. 0.02% 2,393 $1.1M Add +117.5%
BBIO Bridgebio Pharma Inc. 0.02% 20,356 $1.1M Add +95.7%
MLYS Mineralys Therapeutics Inc. 0.02% 26,605 $1.0M Add +71.0%
RYTM Rhythm Pharmaceuticals Inc. 0.02% 9,053 $914K Reduce -56.7%
BKD Brookdale Senior Living Inc. 0.02% 104,665 $887K New
CERT Certara Inc. 0.02% 59,447 $726K Reduce -27.3%
DOCS Doximity Inc. Class A 0.01% 9,693 $709K Reduce -59.3%
BIIB Biogen Inc. 0.01% 4,213 $590K Add +948.0%
IWM iShares Russell 2000 ETF 0.01% 2,300 $557K No change
GRMN Garmin Ltd. 0.01% 2,031 $500K Add +138.9%
RPRX Royalty Pharma PLC Class A 0.01% 12,961 $457K New
PLNT Planet Fitness Inc. Class A 0.01% 4,301 $446K Add +59.3%
SNY Sanofi-ADR 0.01% 8,860 $418K New
NAMS Newamsterdam Pharma Co. NV 0.01% 14,611 $416K Reduce -28.9%
AAPL Apple Inc. 0.01% 1,609 $410K New
TEM Tempus AI Inc. Class A 0.01% 5,013 $405K Add +2015.2%
AMZN Amazon.com Inc. 0.01% 1,812 $398K Add +57.6%
SMMT Summit Therapeutics Inc. 0.01% 18,982 $392K Reduce -54.5%
EXEL Exelixis Inc. 0.01% 7,361 $304K Reduce -13.4%
PFE Pfizer Inc. 0.01% 11,827 $301K Reduce -83.3%
META Meta Platforms Inc. Class A 0.01% 400 $294K New
CAI Caris Life Sciences Inc. 0.01% 9,605 $291K Reduce -4.0%
QURE Uniqure NV 0.01% 4,763 $278K Reduce -75.7%
BIDU Baidu Inc. - Spon ADR 0.01% 2,000 $264K No change
GOOGL Alphabet Inc. Class A 0.01% 1,082 $263K Reduce -25.4%
MLTX Moonlake Immunotherapeutics 0.01% 35,052 $251K Add +1068.4%
MRNA Moderna Inc. 0.01% 9,341 $241K Reduce -99.3%
KRYS Krystal Biotech Inc. 0.00% 1,312 $232K Add +5.0%
ALKS Alkermes PLC 0.00% 6,594 $198K New
PTCT PTC Therapeutics Inc. 0.00% 2,530 $155K Reduce -33.4%
NVDA Nvidia Corp. 0.00% 702 $131K Reduce -6.5%
ZTS Zoetis Inc. 0.00% 872 $128K Add +32.7%
GH Guardant Health Inc. 0.00% 1,953 $122K New
ORCL Oracle Corp. 0.00% 417 $117K Reduce -36.2%
CYTK Cytokinetics Inc. 0.00% 2,100 $115K Reduce -43.9%
MSFT Microsoft Corp. 0.00% 203 $105K No change
A Agilent Technologies Inc. 0.00% 806 $103K No change
CORT Corcept Therapeutics Inc. 0.00% 1,227 $102K New
GMAB Genmab A/S -SP ADR 0.00% 3,009 $92K New
AMRX Amneal Pharmaceuticals Inc. 0.00% 7,913 $79K New
MRUS Merus NV 0.00% 825 $78K Reduce -89.4%
QCOM Qualcomm Inc. 0.00% 447 $74K No change
MTD Mettler-Toledo International 0.00% 42 $52K No change
RXRX Recursion Pharmaceuticals-A 0.00% 5,514 $27K No change

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

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