# EDGAR Filing Document

**Accession Number:** 0001674546
**File Stem:** 0001104659-26-061375
**Filing Date:** 2026-5
**Character Count:** 20599
**Document Hash:** 81c3ad4ff9e49345e932179edd74a35f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-061375.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001104659-26-061375

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bellevue Group AG
- **CENTRAL INDEX KEY:** 0001674546

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17462
- **FILM NUMBER:** 26980863

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THEATERSTRASSE 12
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** CH-8001
- **BUSINESS PHONE:** 41 44 267 67 77

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THEATERSTRASSE 12
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** CH-8001

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Bellevue Group AG<br>**Address:** Theaterstrasse 12<br>Zurich, V8 CH-8001

**Form 13F File Number:** 028-17462

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christoph Eisenring / Stefano Montalbano<br>**Title:** Head Legal  Compliance / CFO<br>**Phone:** 41-44-267-72-51

**Signature, Place, and Date of Signing:**

/s/ Christoph Eisenring / /s/ Stefano Montalbano  Zurich, V8  05-11-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 167

**Form 13F Information Table Value Total:** $4201990189

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                         | Form 13F File Number   |
|:---|:---|:---|
|  | BB BIOTECH AG                | 028-06964              |
|  | Bellevue Asset Management AG | 028-16892              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 10X GENOMICS INC | CL A COM | 88025U109 |  | 6995115 | 329492 | SH |  | DFND | 2 | 329492 | 0 | 0 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 118238365 | 1151635 | SH |  | DFND | 2 | 1151635 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 20349887 | 93567 | SH |  | DFND | 2 | 93567 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 116695 | 1048 | SH |  | DFND | 2 | 1048 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 297435 | 1500 | SH |  | DFND | 2 | 1500 | 0 | 0 |
| ADAPTIVE BIOTECHNOLOGIES COR | COM | 00650F109 |  | 1057392 | 76181 | SH |  | DFND | 2 | 76181 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 291696 | 1200 | SH |  | DFND | 2 | 1200 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 75683 | 664 | SH |  | DFND | 2 | 664 | 0 | 0 |
| AGOMAB THERAPEUTICS NV | SPONSORED ADS | 00860C102 |  | 524500 | 50000 | SH |  | DFND | 2 | 50000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 589662 | 4700 | SH |  | DFND | 2 | 4700 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 23945342 | 139680 | SH |  | DFND | 2 | 139680 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 313643 | 8870 | SH |  | DFND | 2 | 8870 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 285872 | 864 | SH |  | DFND | 2 | 864 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 77317371 | 233679 | SH |  | DFND | 12 | 233679 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 90294 | 314 | SH |  | DFND | 2 | 314 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 281789 | 1353 | SH |  | DFND | 2 | 1353 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9625912 | 27358 | SH |  | DFND | 2 | 27358 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 94295800 | 268000 | SH |  | DFND | 12 | 268000 | 0 | 0 |
| ANNEXON INC | COM | 03589W102 |  | 28571387 | 5157290 | SH |  | DFND | 12 | 5157290 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 842583 | 3320 | SH |  | DFND | 2 | 3320 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 228568250 | 313000 | SH |  | DFND | 12 | 313000 | 0 | 0 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 96872 | 1545 | SH |  | DFND | 2 | 1545 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 122599 | 536 | SH |  | DFND | 2 | 536 | 0 | 0 |
| ATRIUM THERAPEUTICS INC | COM | 04965N104 |  | 3517594 | 263096 | SH |  | DFND | 12 | 263096 | 0 | 0 |
| AXSOME THERAPEUTICS INC. | COM | 05464T104 |  | 537653 | 3181 | SH |  | DFND | 2 | 3181 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 19164293 | 121887 | SH |  | DFND | 2 | 121887 | 0 | 0 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 |  | 1132050 | 3812 | SH |  | DFND | 2 | 3812 | 0 | 0 |
| BETA BIONICS INC | COM | 08659B102 |  | 722963 | 72152 | SH |  | DFND | 2 | 72152 | 0 | 0 |
| BILLIONTOONE INC | CL A | 090168105 |  | 833133 | 10554 | SH |  | DFND | 2 | 10554 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 669704 | 3653 | SH |  | DFND | 2 | 3653 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 1853237 | 20851 | SH |  | DFND | 2 | 20851 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 432770 | 450 | SH |  | DFND | 2 | 450 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 92047599 | 1466894 | SH |  | DFND | 2 | 1466894 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 735268 | 15644 | SH |  | DFND | 2 | 15644 | 0 | 0 |
| BRIDGEBIO ONCOLOGY THERAPEUT | COM NEW | 107924102 |  | 62489 | 6982 | SH |  | DFND | 2 | 6982 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 1884496 | 25377 | SH |  | DFND | 2 | 25377 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1033355 | 17038 | SH |  | DFND | 2 | 17038 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 182361 | 863 | SH |  | DFND | 2 | 863 | 0 | 0 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 114754 | 6418 | SH |  | DFND | 2 | 6418 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 38064000 | 1200000 | SH |  | DFND | 12 | 1200000 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 539064 | 1716 | SH |  | DFND | 2 | 1716 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 8547301 | 261066 | SH |  | DFND | 2 | 261066 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 358672 | 9030 | SH |  | DFND | 2 | 9030 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 566819 | 99442 | SH |  | DFND | 2 | 99442 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 620720 | 8000 | SH |  | DFND | 2 | 8000 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 19461156 | 272184 | SH |  | DFND | 2 | 272184 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 119129600 | 3280000 | SH |  | DFND | 12 | 3280000 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 238611 | 5016 | SH |  | DFND | 2 | 5016 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 6418051 | 89363 | SH |  | DFND | 2 | 89363 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 582710 | 8841 | SH |  | DFND | 2 | 8841 | 0 | 0 |
| DAMORA THERAPEUTICS INC | COM NEW | 36322Q206 |  | 59518200 | 2298000 | SH |  | DFND | 12 | 2298000 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 38330294 | 202164 | SH |  | DFND | 2 | 202164 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 341107 | 17766 | SH |  | DFND | 2 | 17766 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 49534505 | 788766 | SH |  | DFND | 2 | 788766 | 0 | 0 |
| DISC MEDICINE INC | COM | 254604101 |  | 29368537 | 459314 | SH |  | DFND | 12 | 459314 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 48148317 | 1528518 | SH |  | DFND | 12 | 1528518 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 67223236 | 839451 | SH |  | DFND | 2 | 839451 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 15374645 | 52518 | SH |  | DFND | 2 | 52518 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 31209636 | 33932 | SH |  | DFND | 2 | 33932 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 950759 | 9829 | SH |  | DFND | 2 | 9829 | 0 | 0 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 90977986 | 2320867 | SH |  | DFND | 12 | 2320867 | 0 | 0 |
| EQUINOR ASA | SPONSORED ADR | 29446M102 |  | 741581 | 17573 | SH |  | DFND | 2 | 17573 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 741414 | 4370 | SH |  | DFND | 2 | 4370 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 306485 | 1321 | SH |  | DFND | 2 | 1321 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 29674017 | 416887 | SH |  | DFND | 2 | 416887 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 7230376 | 51879 | SH |  | DFND | 2 | 51879 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 155815660 | 1118000 | SH |  | DFND | 12 | 1118000 | 0 | 0 |
| GLAUKOS CORP | COM | 377322102 |  | 15686385 | 145703 | SH |  | DFND | 2 | 145703 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 21304008 | 247261 | SH |  | DFND | 2 | 247261 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 249278 | 3857 | SH |  | DFND | 2 | 3857 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 17871909 | 37765 | SH |  | DFND | 2 | 37765 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 11183308 | 64498 | SH |  | DFND | 2 | 64498 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 50081818 | 89131 | SH |  | DFND | 2 | 89131 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2492687 | 20223 | SH |  | DFND | 2 | 20223 | 0 | 0 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 84323610 | 2796803 | SH |  | DFND | 12 | 2796803 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 45742 | 486 | SH |  | DFND | 2 | 486 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1640760 | 10034 | SH |  | DFND | 2 | 10034 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 5144331 | 99735 | SH |  | DFND | 2 | 99735 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 34341575 | 163656 | SH |  | DFND | 2 | 163656 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 132144627 | 286654 | SH |  | DFND | 2 | 286654 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 2152455 | 28665 | SH |  | DFND | 2 | 28665 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 134411100 | 1790000 | SH |  | DFND | 12 | 1790000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 126200 | 740 | SH |  | DFND | 2 | 740 | 0 | 0 |
| JADE BIOSCIENCES INC | COM NEW | 008064206 |  | 49196103 | 3501502 | SH |  | DFND | 12 | 3501502 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 325270 | 11000 | SH |  | DFND | 2 | 11000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 29113293 | 119102 | SH |  | DFND | 2 | 119102 | 0 | 0 |
| KESTRA MED TECHNOLOGIES LTD | SHS | G52441105 |  | 2303709 | 115590 | SH |  | DFND | 2 | 115590 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 377922 | 1463 | SH |  | DFND | 2 | 1463 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 124076779 | 480322 | SH |  | DFND | 12 | 480322 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 74707 | 280 | SH |  | DFND | 2 | 280 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 649178 | 35886 | SH |  | DFND | 2 | 35886 | 0 | 0 |
| LIVANOVA PLC | SHS | G5509L101 |  | 11833919 | 186185 | SH |  | DFND | 2 | 186185 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 1591349 | 3040 | SH |  | DFND | 2 | 3040 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 1556896 | 8753 | SH |  | DFND | 2 | 8753 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 549626 | 1100 | SH |  | DFND | 2 | 1100 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 19342527 | 22352 | SH |  | DFND | 2 | 22352 | 0 | 0 |
| MEDLINE INC | COM CL A | 58507V107 |  | 6080258 | 136635 | SH |  | DFND | 2 | 136635 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 82952558 | 957329 | SH |  | DFND | 2 | 957329 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 24850831 | 206591 | SH |  | DFND | 2 | 206591 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 45403 | 36 | SH |  | DFND | 2 | 36 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 63669 | 172 | SH |  | DFND | 2 | 172 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 795742 | 29374 | SH |  | DFND | 2 | 29374 | 0 | 0 |
| MONTE ROSA THERAPEUTICS INC | COM | 61225M102 |  | 20562500 | 1250000 | SH |  | DFND | 12 | 1250000 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 6338483 | 31694 | SH |  | DFND | 2 | 31694 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 612064 | 4646 | SH |  | DFND | 2 | 4646 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 885429 | 27661 | SH |  | DFND | 2 | 27661 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 107907307 | 1053268 | SH |  | DFND | 12 | 1053268 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 71155 | 408 | SH |  | DFND | 2 | 408 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 245165 | 16443 | SH |  | DFND | 2 | 16443 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 1985281 | 157938 | SH |  | DFND | 2 | 157938 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 28098 | 191 | SH |  | DFND | 2 | 191 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 24868742 | 507008 | SH |  | DFND | 12 | 507008 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 4028115 | 12267 | SH |  | DFND | 2 | 12267 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 3022391 | 107635 | SH |  | DFND | 2 | 107635 | 0 | 0 |
| PHREESIA INC | COM | 71944F106 |  | 1097713 | 130992 | SH |  | DFND | 2 | 130992 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 566088 | 1757 | SH |  | DFND | 2 | 1757 | 0 | 0 |
| PRIVIA HEALTH GROUP INC | COM | 74276R102 |  | 4663281 | 226703 | SH |  | DFND | 2 | 226703 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 12562173 | 502286 | SH |  | DFND | 2 | 502286 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 563316 | 3900 | SH |  | DFND | 2 | 3900 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 1522714 | 14447 | SH |  | DFND | 2 | 14447 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 131832 | 1935 | SH |  | DFND | 2 | 1935 | 0 | 0 |
| QIAGEN NV | ORD SHARES | N72482156 |  | 9730 | 243 | SH |  | DFND | 2 | 243 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 25370 | 197 | SH |  | DFND | 2 | 197 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 25673 | 131 | SH |  | DFND | 2 | 131 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 14205 | 4627 | SH |  | DFND | 2 | 4627 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1191411 | 1542 | SH |  | DFND | 2 | 1542 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 214123268 | 277132 | SH |  | DFND | 12 | 277132 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 19144 | 1924 | SH |  | DFND | 2 | 1924 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 77543514 | 7793318 | SH |  | DFND | 12 | 7793318 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 35769990 | 159346 | SH |  | DFND | 2 | 159346 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 376163 | 3868 | SH |  | DFND | 2 | 3868 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 149822183 | 1540588 | SH |  | DFND | 12 | 1540588 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 88362 | 1016 | SH |  | DFND | 2 | 1016 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 1837059 | 38296 | SH |  | DFND | 2 | 38296 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 260302 | 5295 | SH |  | DFND | 2 | 5295 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 175957306 | 3579278 | SH |  | DFND | 12 | 3579278 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 729492 | 7844 | SH |  | DFND | 2 | 7844 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 1755918 | 2700 | SH |  | DFND | 2 | 2700 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 22086022 | 99878 | SH |  | DFND | 2 | 99878 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 327905 | 6803 | SH |  | DFND | 2 | 6803 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 71381906 | 217237 | SH |  | DFND | 2 | 217237 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 300668 | 15858 | SH |  | DFND | 2 | 15858 | 0 | 0 |
| TANGO THERAPEUTICS INC | COM | 87583X109 |  | 50208000 | 2400000 | SH |  | DFND | 12 | 2400000 | 0 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 223839 | 4950 | SH |  | DFND | 2 | 4950 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 7221743 | 38269 | SH |  | DFND | 2 | 38269 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 7532470 | 250082 | SH |  | DFND | 2 | 250082 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 26211655 | 98263 | SH |  | DFND | 2 | 98263 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 31660430 | 64412 | SH |  | DFND | 2 | 64412 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 10054228 | 101139 | SH |  | DFND | 2 | 101139 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 264389 | 8899 | SH |  | DFND | 2 | 8899 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 49861000 | 2380000 | SH |  | DFND | 12 | 2380000 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 1231619 | 2077 | SH |  | DFND | 2 | 2077 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 40102250 | 148203 | SH |  | DFND | 2 | 148203 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 527678 | 5750 | SH |  | DFND | 2 | 5750 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 69191403 | 1190697 | SH |  | DFND | 12 | 1190697 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 9927776 | 56517 | SH |  | DFND | 2 | 56517 | 0 | 0 |
| VERA THERAPEUTICS INC | CL A | 92337R101 |  | 718709 | 17865 | SH |  | DFND | 2 | 17865 | 0 | 0 |
| VERA THERAPEUTICS INC | CL A | 92337R101 |  | 68105608 | 1692906 | SH |  | DFND | 12 | 1692906 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 6489566 | 14533 | SH |  | DFND | 2 | 14533 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 298009633 | 667375 | SH |  | DFND | 12 | 667375 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 168783 | 8629 | SH |  | DFND | 2 | 8629 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 131394593 | 6717515 | SH |  | DFND | 12 | 6717515 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 423136 | 1400 | SH |  | DFND | 2 | 1400 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 38142 | 5261 | SH |  | DFND | 2 | 5261 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 6175511 | 256139 | SH |  | DFND | 2 | 256139 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 14066730 | 155571 | SH |  | DFND | 2 | 155571 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 63006 | 533 | SH |  | DFND | 2 | 533 | 0 | 0 |

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