Bellevue Group AG
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Bellevue Group AG reported 176 stock positions worth $5.3 billion. Its top holding was Revolution Medicines (RVMD) at 7.6% of the portfolio, followed by Argenx SE - ADR (ARGX, 7.4%) and Ionis Pharmaceuticals (IONS, 7.2%). Compared with Q3 2025, it opened 37 new positions, sold out of 9, added to 47 and reduced 83. The biggest buy was a new position in Amicus Therapeutics (FOLD) and the biggest sale an exit from Agios Pharmaceuticals (AGIO).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001674546
- Portfolio Value
- $5.3B (Q4 2025)
- SEC Filing
- 0001104659-26-016360 ↗ filed Feb 17, 2026
Holdings Value
Holdings 176 stocks · $5.3B
| RVMD Revolution Medicines Inc. | 7.56% | 5,005,719 | $398.7M | Reduce -10.2% |
| ARGX Argenx SE - ADR | 7.36% | 461,854 | $388.4M | Reduce -15.5% |
| IONS Ionis Pharmaceuticals Inc. | 7.20% | 4,802,199 | $379.9M | Reduce -23.1% |
| VRTX Vertex Pharmaceuticals Inc. | 5.85% | 681,120 | $308.8M | Add +34.7% |
| NBIX Neurocrine Biosciences Inc. | 4.58% | 1,703,304 | $241.6M | Reduce -3.4% |
| RNAM Avidity Biosciences Inc. | 3.60% | 2,630,969 | $189.8M | Add +22.2% |
| ISRG Intuitive Surgical Inc. | 3.46% | 322,028 | $182.4M | Reduce -7.6% |
| SRRK Scholar Rock Holding Corp. | 3.39% | 4,056,592 | $178.7M | Add +25.0% |
| ALNY Alnylam Pharmaceuticals Inc. | 3.36% | 445,903 | $177.3M | Reduce -0.1% |
| ABT Abbott Laboratories | 3.13% | 1,316,915 | $165.0M | Reduce -10.9% |
| FOLD Amicus Therapeutics Inc. | 2.90% | 10,735,195 | $152.9M | New |
| BSX Boston Scientific Corp. | 2.82% | 1,559,606 | $148.7M | Reduce -6.0% |
| VRDN Viridian Therapeutics Inc. | 2.57% | 4,358,527 | $135.6M | New |
| SYK Stryker Corp. | 2.40% | 360,577 | $126.7M | Reduce -20.1% |
| NUVL Nuvalent Inc. Class A | 1.98% | 1,037,468 | $104.4M | New |
| KRYS Krystal Biotech Inc. | 1.92% | 410,323 | $101.2M | Add +31174.6% |
| CLDX Celldex Therapeutics Inc. | 1.86% | 3,617,669 | $98.3M | Add +1.7% |
| IMCR Immunocore Holdings PLC-ADR | 1.84% | 2,796,803 | $97.1M | No change |
| EW Edwards Lifesciences Corp. | 1.69% | 1,043,096 | $88.9M | Add +16.3% |
| VERA Vera Therapeutics Inc. | 1.63% | 1,698,152 | $86.0M | New |
| MDT Medtronic PLC | 1.40% | 766,592 | $73.6M | Add +0.9% |
| RLAY Relay Therapeutics Inc. | 1.34% | 8,345,364 | $70.6M | Reduce 0.0% |
| IDXX Idexx Laboratories Inc. | 1.21% | 94,539 | $64.0M | Add +23.4% |
| UNH Unitedhealth Group Inc. | 1.10% | 175,169 | $57.8M | Add +3.0% |
| DXCM Dexcom Inc. | 1.07% | 847,405 | $56.2M | Add +7.8% |
| PODD Insulet Corp. | 1.01% | 186,699 | $53.1M | Reduce -11.9% |
| BDX Becton Dickinson and Co. | 0.98% | 265,662 | $51.6M | Reduce -10.5% |
| JBIO Jade Biosciences Inc. | 0.98% | 3,341,103 | $51.6M | New |
| DHR Danaher Corp. | 0.84% | 194,633 | $44.6M | Add +18.8% |
| PEN Penumbra Inc. | 0.80% | 135,395 | $42.1M | Reduce -7.8% |
| RMD Resmed Inc. | 0.74% | 161,214 | $38.8M | Reduce -2.2% |
| EWTX Edgewise Therapeutics Inc. | 0.72% | 1,528,518 | $37.9M | Reduce -44.9% |
| TMO Thermo Fisher Scientific Inc. | 0.71% | 65,077 | $37.7M | Reduce -38.7% |
| MAZE Maze Therapeutics Inc. | 0.70% | 887,708 | $36.8M | New |
| LLY Eli Lilly & Co. | 0.69% | 34,003 | $36.5M | Reduce -16.1% |
| GEHC GE Healthcare Technology | 0.66% | 424,514 | $34.8M | Reduce -8.3% |
| TNGX Tango Therapeutics Inc. | 0.66% | 3,927,670 | $34.8M | New |
| ABBV Abbvie Inc. | 0.58% | 134,859 | $30.8M | Reduce -21.1% |
| CI The Cigna Group | 0.57% | 110,013 | $30.3M | Reduce -10.2% |
| GKOS Glaukos Corp. | 0.56% | 261,935 | $29.6M | Add +368.4% |
| JNJ Johnson & Johnson | 0.50% | 126,800 | $26.2M | Add +69.5% |
| ANNX Annexon Inc. | 0.49% | 5,157,290 | $25.9M | No change |
| STE Steris PLC | 0.49% | 101,705 | $25.8M | Reduce -13.9% |
| WVE Wave Life Sciences Ltd. | 0.48% | 1,490,518 | $25.3M | Reduce -63.6% |
| ELV Elevance Health Inc. | 0.46% | 69,645 | $24.4M | Reduce -33.6% |
| COO The Cooper Cos Inc. | 0.45% | 291,959 | $23.9M | Reduce -0.1% |
| GMED Globus Medical Inc. Class A | 0.43% | 262,683 | $22.9M | Reduce -19.6% |
| ALGN Align Technology Inc. | 0.42% | 141,474 | $22.1M | Reduce -2.2% |
| ZBH Zimmer Biomet Holdings Inc. | 0.41% | 238,680 | $21.5M | Reduce -2.7% |
| MCK McKesson Corp. | 0.39% | 25,098 | $20.6M | Reduce -33.9% |
| HCA HCA Healthcare Inc. | 0.39% | 43,906 | $20.5M | Reduce -33.1% |
| HUM Humana Inc. | 0.35% | 73,081 | $18.7M | Reduce -4.2% |
| VEEV Veeva Systems Inc. Class A | 0.34% | 80,529 | $18.0M | Reduce -17.4% |
| PRCT Procept Biorobotics Corp. | 0.31% | 515,430 | $16.2M | Add +11.2% |
| NTRA Natera Inc. | 0.24% | 56,036 | $12.8M | Reduce -39.0% |
| MASI Masimo Corp. | 0.24% | 97,285 | $12.7M | Add +0.3% |
| TMDX Transmedics Group Inc. | 0.23% | 97,885 | $11.9M | Reduce -16.3% |
| CNC Centene Corp. | 0.21% | 273,674 | $11.3M | Reduce -2.9% |
| REGN Regeneron Pharmaceuticals | 0.20% | 13,928 | $10.8M | Reduce -7.5% |
| PRVA Privia Health Group Inc. | 0.20% | 448,163 | $10.6M | Reduce -32.7% |
| TEVA Teva Pharmaceutical-SP ADR | 0.19% | 327,863 | $10.2M | Reduce -22.7% |
| GPCR Structure Therapeutics Inc. | 0.19% | 145,167 | $10.1M | Reduce -54.0% |
| MRK Merck & Co. Inc. | 0.18% | 92,117 | $9.7M | Add +165.2% |
| IQV Iqvia Holdings Inc. | 0.18% | 41,267 | $9.3M | Reduce -22.0% |
| INSP Inspire Medical Systems Inc. | 0.18% | 100,761 | $9.3M | Add +71.8% |
| CVS CVS Health Corp. | 0.16% | 109,058 | $8.7M | Add +113.0% |
| CDNA Caredx Inc. | 0.15% | 431,070 | $8.1M | Reduce -24.8% |
| MOH Molina Healthcare Inc. | 0.15% | 46,626 | $8.1M | Reduce -48.8% |
| THC Tenet Healthcare Corp. | 0.15% | 40,239 | $8.0M | Reduce -0.3% |
| WAY Waystar Holding Corp. | 0.15% | 241,734 | $7.9M | Add +86.1% |
| GILD Gilead Sciences Inc. | 0.12% | 52,752 | $6.5M | Add +5.7% |
| AMGN Amgen Inc. | 0.11% | 18,489 | $6.1M | Add +23.4% |
| TXG 10X Genomics Inc. Class A | 0.10% | 322,060 | $5.3M | Add +2.6% |
| ASND Ascendis Pharma A/S | 0.10% | 24,330 | $5.2M | Reduce -2.3% |
| AXSM Axsome Therapeutics Inc. | 0.10% | 27,600 | $5.0M | Reduce -47.3% |
| MDLN Medline Inc. Class A | 0.09% | 117,720 | $4.9M | New |
| ADPT Adaptive Biotechnologies | 0.09% | 298,090 | $4.8M | Add +76.9% |
| ICLR Icon PLC | 0.08% | 24,560 | $4.5M | Add +1.3% |
| BNTX Biontech SE-ADR | 0.08% | 43,755 | $4.2M | Add +28.9% |
| BMRN Biomarin Pharmaceutical Inc. | 0.07% | 65,008 | $3.9M | Reduce -35.7% |
| BMY Bristol-Myers Squibb Co. | 0.07% | 67,082 | $3.6M | Add +40.9% |
| BTSG Brightspring Health Services | 0.07% | 92,095 | $3.4M | Reduce -51.7% |
| NEO Neogenomics Inc. | 0.06% | 278,286 | $3.3M | Reduce -24.8% |
| AVTR Avantor Inc. | 0.06% | 276,266 | $3.2M | Add +167.3% |
| PHR Phreesia Inc. | 0.06% | 183,213 | $3.1M | Reduce -41.5% |
| BEAM Beam Therapeutics Inc. | 0.06% | 111,510 | $3.1M | Reduce -96.1% |
| KMTS Kestra Medical Technologies | 0.06% | 115,755 | $3.1M | Reduce -10.1% |
| ILMN Illumina Inc. | 0.06% | 22,940 | $3.0M | Reduce -3.6% |
| OMDA Omada Health Inc. | 0.05% | 177,897 | $2.8M | Reduce -29.4% |
| AZN Astrazeneca PLC-Spons ADR | 0.05% | 30,431 | $2.8M | Reduce -14.6% |
| INSM Insmed Inc. | 0.05% | 13,915 | $2.4M | Reduce -31.3% |
| VKTX Viking Therapeutics Inc. | 0.05% | 68,665 | $2.4M | Reduce -9.8% |
| ROIV Roivant Sciences Ltd. | 0.04% | 108,039 | $2.3M | New |
| BBNX Beta Bionics Inc. | 0.04% | 72,285 | $2.2M | Add +12.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 3,100 | $2.1M | No change |
| EHC Encompass Health Corp. | 0.04% | 19,089 | $2.0M | Reduce -84.5% |
| UTHR United Therapeutics Corp. | 0.04% | 3,895 | $1.9M | Add +47.5% |
| BBIO Bridgebio Pharma Inc. | 0.03% | 24,111 | $1.8M | Add +18.4% |
| BKD Brookdale Senior Living Inc. | 0.03% | 167,444 | $1.8M | Add +60.0% |
| SIBN Si-Bone Inc. | 0.03% | 90,331 | $1.8M | Reduce -69.8% |
Portfolio Sells Q3 2025 → Q4 2025
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −3.10 |
| INCY Incyte Corp. | Reduce -99.7% | 0.01% | −2.53 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −2.36 |
| BEAM Beam Therapeutics Inc. | Reduce -96.1% | 0.06% | −1.40 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -23.1% | 7.20% | −1.29 |
| SYK Stryker Corp. | Reduce -20.1% | 2.40% | −1.06 |
| ARGX Argenx SE - ADR | Reduce -15.5% | 7.36% | −1.01 |
| ABT Abbott Laboratories | Reduce -10.9% | 3.13% | −0.99 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.87 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -0.1% | 3.36% | −0.87 |
| NBIX Neurocrine Biosciences Inc. | Reduce -3.4% | 4.58% | −0.56 |
| BSX Boston Scientific Corp. | Reduce -6.0% | 2.82% | −0.55 |
| TMO Thermo Fisher Scientific Inc. | Reduce -38.7% | 0.71% | −0.36 |
| PODD Insulet Corp. | Reduce -11.9% | 1.01% | −0.35 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.35 |
| MGNX Macrogenics Inc. | Sold out | 0.00% | −0.35 |
| EHC Encompass Health Corp. | Reduce -84.5% | 0.04% | −0.29 |
| VEEV Veeva Systems Inc. Class A | Reduce -17.4% | 0.34% | −0.26 |
| EXAS Exact Sciences Corp. | Reduce -93.6% | 0.03% | −0.26 |
| ELV Elevance Health Inc. | Reduce -33.6% | 0.46% | −0.24 |
| ABBV Abbvie Inc. | Reduce -21.1% | 0.58% | −0.24 |
| ONC Beone Medicines Ltd.-ADR | Reduce -94.4% | 0.01% | −0.23 |
| MCK McKesson Corp. | Reduce -33.9% | 0.39% | −0.22 |
| EWTX Edgewise Therapeutics Inc. | Reduce -44.9% | 0.72% | −0.22 |
| MOH Molina Healthcare Inc. | Reduce -48.8% | 0.15% | −0.21 |
| RMD Resmed Inc. | Reduce -2.2% | 0.74% | −0.20 |
| HCA HCA Healthcare Inc. | Reduce -33.1% | 0.39% | −0.19 |
| BDX Becton Dickinson and Co. | Reduce -10.5% | 0.98% | −0.18 |
| CI The Cigna Group | Reduce -10.2% | 0.57% | −0.16 |
| PRVA Privia Health Group Inc. | Reduce -32.7% | 0.20% | −0.14 |
| WVE Wave Life Sciences Ltd. | Reduce -63.6% | 0.48% | −0.14 |
| STE Steris PLC | Reduce -13.9% | 0.49% | −0.12 |
| DGX Quest Diagnostics Inc. | Reduce -78.0% | 0.02% | −0.11 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -2.7% | 0.41% | −0.10 |
| PHR Phreesia Inc. | Reduce -41.5% | 0.06% | −0.09 |
| NTRA Natera Inc. | Reduce -39.0% | 0.24% | −0.06 |
| LH Labcorp Holdings Inc. | Reduce -62.4% | 0.03% | −0.06 |
| GEHC GE Healthcare Technology | Reduce -8.3% | 0.66% | −0.06 |
| OMDA Omada Health Inc. | Reduce -29.4% | 0.05% | −0.06 |
| HUM Humana Inc. | Reduce -4.2% | 0.35% | −0.06 |
| SIBN Si-Bone Inc. | Reduce -69.8% | 0.03% | −0.06 |
| BTSG Brightspring Health Services | Reduce -51.7% | 0.07% | −0.05 |
| TMDX Transmedics Group Inc. | Reduce -16.3% | 0.23% | −0.05 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -35.7% | 0.07% | −0.04 |
| AXSM Axsome Therapeutics Inc. | Reduce -47.3% | 0.10% | −0.04 |
| IQV Iqvia Holdings Inc. | Reduce -22.0% | 0.18% | −0.03 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.03 |
| LEGN Legend Biotech Corp.-ADR | Reduce -24.7% | 0.03% | −0.03 |
| COR Cencora Inc. | Reduce -89.3% | 0.00% | −0.03 |
| CAH Cardinal Health Inc. | Reduce -52.9% | 0.03% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| FOLD Amicus Therapeutics Inc. | New | 2.90% | +2.90 |
| VRDN Viridian Therapeutics Inc. | New | 2.57% | +2.57 |
| NUVL Nuvalent Inc. Class A | New | 1.98% | +1.98 |
| KRYS Krystal Biotech Inc. | Add +31174.6% | 1.92% | +1.91 |
| VRTX Vertex Pharmaceuticals Inc. | Add +34.7% | 5.85% | +1.74 |
| RNAM Avidity Biosciences Inc. | Add +22.2% | 3.60% | +1.65 |
| VERA Vera Therapeutics Inc. | New | 1.63% | +1.63 |
| JBIO Jade Biosciences Inc. | New | 0.98% | +0.98 |
| SRRK Scholar Rock Holding Corp. | Add +25.0% | 3.39% | +0.88 |
| MAZE Maze Therapeutics Inc. | New | 0.70% | +0.70 |
| TNGX Tango Therapeutics Inc. | New | 0.66% | +0.66 |
| GKOS Glaukos Corp. | Add +368.4% | 0.56% | +0.47 |
| EW Edwards Lifesciences Corp. | Add +16.3% | 1.69% | +0.24 |
| JNJ Johnson & Johnson | Add +69.5% | 0.50% | +0.21 |
| IDXX Idexx Laboratories Inc. | Add +23.4% | 1.21% | +0.20 |
| DHR Danaher Corp. | Add +18.8% | 0.84% | +0.17 |
| MRK Merck & Co. Inc. | Add +165.2% | 0.18% | +0.12 |
| MDLN Medline Inc. Class A | New | 0.09% | +0.09 |
| INSP Inspire Medical Systems Inc. | Add +71.8% | 0.18% | +0.09 |
| CVS CVS Health Corp. | Add +113.0% | 0.16% | +0.08 |
| WAY Waystar Holding Corp. | Add +86.1% | 0.15% | +0.05 |
| ROIV Roivant Sciences Ltd. | New | 0.04% | +0.04 |
| ADPT Adaptive Biotechnologies | Add +76.9% | 0.09% | +0.04 |
| AVTR Avantor Inc. | Add +167.3% | 0.06% | +0.03 |
| AMGN Amgen Inc. | Add +23.4% | 0.11% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +40.9% | 0.07% | +0.02 |
| TXG 10X Genomics Inc. Class A | Add +2.6% | 0.10% | +0.02 |
| PFE Pfizer Inc. | Add +380.6% | 0.03% | +0.02 |
| CMPS Compass Pathways PLC | New | 0.02% | +0.02 |
| BLLN Billiontoone Inc. Class A | New | 0.02% | +0.02 |
| BKD Brookdale Senior Living Inc. | Add +60.0% | 0.03% | +0.02 |
| NAMS Newamsterdam Pharma Co. NV | Add +148.7% | 0.02% | +0.02 |
| BBNX Beta Bionics Inc. | Add +12.4% | 0.04% | +0.02 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.01% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | New | 0.01% | +0.01 |
| BBIO Bridgebio Pharma Inc. | Add +18.4% | 0.03% | +0.01 |
| UTHR United Therapeutics Corp. | Add +47.5% | 0.04% | +0.01 |
| ANET Arista Networks Inc. | New | 0.01% | +0.01 |
| MA Mastercard Inc. Class A | New | 0.01% | +0.01 |
| CSCO Cisco Systems Inc. | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | Add +460.3% | 0.01% | +0.01 |
| PG The Procter & Gamble Co. | New | 0.01% | +0.01 |
| MSFT Microsoft Corp. | Add +531.5% | 0.01% | +0.01 |
| BNTX Biontech SE-ADR | Add +28.9% | 0.08% | +0.01 |
| V Visa Inc. Class A | New | 0.01% | +0.01 |
| BLK BlackRock Inc. | New | 0.01% | +0.01 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +20.5% | 0.03% | +0.01 |
| LULU Lululemon Athletica Inc. | New | 0.01% | +0.01 |
| CYTK Cytokinetics Inc. | Add +339.3% | 0.01% | +0.01 |
| AAPL Apple Inc. | Add +106.3% | 0.02% | +0.01 |
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 |