# Bellevue Group AG

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1674546. Source: https://holderbook.com/funds/1674546-bellevue-group-ag/

- Reported value: $4.8B
- Positions: 148
- Weight of the ten largest: 42.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $308.4M | 851,550 | 6.5% | 31 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $287.4M | 578,634 | 6.0% | 31 |
| ARGENX SE | [ARGX](https://holderbook.com/stocks/ARGX/) | $279.3M | 301,000 | 5.9% | 31 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $272.7M | 2,158,772 | 5.7% | 31 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $196.3M | 1,048,014 | 4.1% | 23 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $157.7M | 1,657,190 | 3.3% | 2 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $148.6M | 1,393,418 | 3.1% | 31 |
| SCHOLAR ROCK HLDG CORP | [SRRK](https://holderbook.com/stocks/SRRK/) | $134.7M | 2,449,547 | 2.8% | 29 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $130.1M | 1,053,268 | 2.7% | 3 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $123.7M | 6,731,909 | 2.6% | 3 |
| RELAY THERAPEUTICS INC | [RLAY](https://holderbook.com/stocks/RLAY/) | $115.7M | 6,185,970 | 2.4% | 24 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $114.6M | 1,971,935 | 2.4% | 2 |
| UNITED THERAPEUTICS CORP DEL | [UTHR](https://holderbook.com/stocks/UTHR/) | $102.1M | 188,515 | 2.1% | 4 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $101.3M | 254,809 | 2.1% | 31 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $98.1M | 157,291 | 2.1% | 27 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $98.0M | 2,620,000 | 2.1% | 3 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $88.6M | 1,189,506 | 1.9% | 14 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $88.5M | 2,788,245 | 1.9% | 12 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $85.9M | 947,115 | 1.8% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $84.5M | 268,461 | 1.8% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $77.8M | 994,233 | 1.6% | 31 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $77.1M | 972,258 | 1.6% | 31 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $75.6M | 1,490,000 | 1.6% | 2 |
| VERA THERAPEUTICS INC | [VERA](https://holderbook.com/stocks/VERA/) | $73.4M | 1,710,808 | 1.5% | 3 |
| JADE BIOSCIENCES INC | [JBIO](https://holderbook.com/stocks/JBIO/) | $67.9M | 3,057,996 | 1.4% | 3 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $66.9M | 739,234 | 1.4% | 31 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $66.2M | 1,982,775 | 1.4% | 3 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $62.0M | 149,127 | 1.3% | 31 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $55.4M | 822,489 | 1.2% | 31 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $44.7M | 1,200,000 | 0.9% | 17 |
| AVALYN PHARMACEUTICALS INC | [AVLN](https://holderbook.com/stocks/AVLN/) | $44.4M | 1,350,000 | 0.9% | 1 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $42.1M | 1,618,846 | 0.9% | 2 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $41.0M | 560,000 | 0.9% | 2 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $40.0M | 79,816 | 0.8% | 31 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $37.9M | 887,650 | 0.8% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $35.8M | 29,882 | 0.8% | 17 |
| CG ONCOLOGY INC | [CGON](https://holderbook.com/stocks/CGON/) | $35.1M | 493,596 | 0.7% | 1 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $32.5M | 61,780 | 0.7% | 31 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $28.9M | 148,195 | 0.6% | 31 |
| KRYSTAL BIOTECH INC | [KRYS](https://holderbook.com/stocks/KRYS/) | $28.8M | 77,530 | 0.6% | 19 |
| MONTE ROSA THERAPEUTICS INC | [GLUE](https://holderbook.com/stocks/GLUE/) | $28.8M | 1,190,000 | 0.6% | 2 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $27.4M | 143,844 | 0.6% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $26.2M | 103,280 | 0.6% | 23 |
| SEAPORT THERAPEUTICS INC | [SPTX](https://holderbook.com/stocks/SPTX/) | $23.9M | 1,100,000 | 0.5% | 1 |
| PALVELLA THERAPEUTICS INC NE | [PVLA](https://holderbook.com/stocks/PVLA/) | $23.7M | 155,000 | 0.5% | 1 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $23.6M | 139,680 | 0.5% | 31 |
| ANNEXON INC | [ANNX](https://holderbook.com/stocks/ANNX/) | $23.4M | 4,100,016 | 0.5% | 10 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $23.2M | 58,398 | 0.5% | 31 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $21.8M | 56,449 | 0.5% | 31 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $21.7M | 694,182 | 0.5% | 3 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $21.0M | 99,877 | 0.4% | 10 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $20.4M | 229,931 | 0.4% | 1 |
| HEMAB THERAPEUTICS HLDGS INC | - | $20.2M | 550,000 | 0.4% | 1 |
| INSULET CORP | [PODD](https://holderbook.com/stocks/PODD/) | $19.4M | 127,498 | 0.4% | 31 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $18.3M | 66,500 | 0.4% | 30 |
| GLAUKOS CORP | [GKOS](https://holderbook.com/stocks/GKOS/) | $18.0M | 128,667 | 0.4% | 10 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $17.5M | 169,366 | 0.4% | 31 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $16.6M | 109,729 | 0.3% | 31 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $16.2M | 252,744 | 0.3% | 12 |
| LIVANOVA PLC | [LIVN](https://holderbook.com/stocks/LIVN/) | $16.1M | 195,621 | 0.3% | 2 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $14.7M | 228,865 | 0.3% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $14.5M | 113,061 | 0.3% | 17 |
| COOPER COS INC | [COO](https://holderbook.com/stocks/COO/) | $14.1M | 197,135 | 0.3% | 10 |
| PARABILIS MEDICINES INC | [PBLS](https://holderbook.com/stocks/PBLS/) | $13.7M | 500,000 | 0.3% | 1 |
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $11.7M | 345,899 | 0.2% | 10 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $11.5M | 146,108 | 0.2% | 31 |
| PROCEPT BIOROBOTICS CORP | [PRCT](https://holderbook.com/stocks/PRCT/) | $11.3M | 502,286 | 0.2% | 20 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $10.9M | 126,707 | 0.2% | 31 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $10.5M | 59,347 | 0.2% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $10.2M | 40,476 | 0.2% | 27 |
| 10X GENOMICS INC | [TXG](https://holderbook.com/stocks/TXG/) | $10.0M | 261,470 | 0.2% | 28 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $9.3M | 23,750 | 0.2% | 31 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $8.3M | 1,166,667 | 0.2% | 1 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $7.3M | 9,625 | 0.2% | 31 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $7.3M | 38,868 | 0.2% | 4 |
| PROTAGONIST THERAPEUTICS INC | [PTGX](https://holderbook.com/stocks/PTGX/) | $6.8M | 55,682 | 0.1% | 12 |
| NATERA INC | [NTRA](https://holderbook.com/stocks/NTRA/) | $6.7M | 24,806 | 0.1% | 15 |
| TRANSMEDICS GROUP INC | [TMDX](https://holderbook.com/stocks/TMDX/) | $6.7M | 101,139 | 0.1% | 25 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $6.3M | 27,761 | 0.1% | 1 |
| ALKERMES PLC | [ALKS](https://holderbook.com/stocks/ALKS/) | $6.3M | 120,243 | 0.1% | 4 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $6.3M | 112,311 | 0.1% | 4 |
| WAYSTAR HLDG CORP | [WAY](https://holderbook.com/stocks/WAY/) | $6.0M | 293,592 | 0.1% | 9 |
| PRIVIA HEALTH GROUP INC | [PRVA](https://holderbook.com/stocks/PRVA/) | $5.8M | 226,703 | 0.1% | 21 |
| GMR SOLUTIONS INC | [GMRS](https://holderbook.com/stocks/GMRS/) | $5.2M | 333,333 | 0.1% | 1 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $4.1M | 24,037 | 0.1% | 31 |
| OMADA HEALTH INC | [OMDA](https://holderbook.com/stocks/OMDA/) | $3.5M | 157,938 | 0.1% | 5 |
| KESTRA MED TECHNOLOGIES LTD | [KMTS](https://holderbook.com/stocks/KMTS/) | $3.3M | 129,215 | 0.1% | 6 |
| MEDLINE INC | [MDLN](https://holderbook.com/stocks/MDLN/) | $3.2M | 82,153 | 0.1% | 3 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $3.2M | 18,134 | 0.1% | 31 |
| BEONE MEDICINES LTD | [ONC](https://holderbook.com/stocks/ONC/) | $3.0M | 10,474 | 0.1% | 16 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $2.9M | 86,994 | 0.1% | 8 |
| MADRIGAL PHARMACEUTICALS INC | [MDGL](https://holderbook.com/stocks/MDGL/) | $2.5M | 4,675 | 0.1% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.0M | 2,700 | 0.0% | 7 |
| BIONTECH SE | [BNTX](https://holderbook.com/stocks/BNTX/) | $2.0M | 21,229 | 0.0% | 8 |
| ADAPTIVE BIOTECHNOLOGIES COR | [ADPT](https://holderbook.com/stocks/ADPT/) | $1.9M | 89,439 | 0.0% | 4 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $1.6M | 19,007 | 0.0% | 18 |
| ALAMAR BIOSCIENCES INC | [ALMR](https://holderbook.com/stocks/ALMR/) | $1.5M | 55,738 | 0.0% | 1 |
| PHREESIA INC | [PHR](https://holderbook.com/stocks/PHR/) | $1.4M | 140,495 | 0.0% | 28 |
| MOBIA MED INC | - | $1.3M | 100,000 | 0.0% | 1 |
| BILLIONTOONE INC | [BLLN](https://holderbook.com/stocks/BLLN/) | $1.3M | 10,554 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +12.3% | +14.8% | -2.5% | 100% |
| Q1 2026 | -5.4% | -4.6% | -0.8% | 96% |
| Q4 2025 | +13.0% | +2.4% | +10.7% | 98% |
| Q3 2025 | +11.3% | +7.8% | +3.5% | 100% |
| Q2 2025 | +3.9% | +10.5% | -6.5% | 100% |
| Q1 2025 | -3.6% | -4.6% | +1.0% | 100% |
| Q4 2024 | -5.8% | +2.1% | -7.9% | 100% |
| Q3 2024 | +4.6% | +5.4% | -0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.8B | 148 |
| Q1 2026 | $4.2B | 155 |
| Q4 2025 | $5.3B | 176 |
| Q3 2025 | $4.8B | 148 |
| Q2 2025 | $4.5B | 142 |
| Q1 2025 | $4.5B | 148 |
| Q4 2024 | $5.2B | 161 |
| Q3 2024 | $6.2B | 163 |
| Q2 2024 | $6.2B | 166 |
| Q1 2024 | $6.6B | 169 |
| Q4 2023 | $6.5B | 161 |
| Q3 2023 | $6.2B | 154 |