# EDGAR Filing Document

**Accession Number:** 0001674546
**File Stem:** 0000950123-23-002442
**Filing Date:** 2023-2
**Character Count:** 25639
**Document Hash:** 2ee89298be4216e017cd8563bf4e9acd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-002442.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000950123-23-002442

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bellevue Group AG
- **CENTRAL INDEX KEY:** 0001674546
- **IRS NUMBER:** 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:** 23625803

**BUSINESS ADDRESS:**
- **STREET 1:** SEESTRASSE 16
- **CITY:** KUESNACHT
- **STATE:** V8
- **ZIP:** 8700
- **BUSINESS PHONE:** 41 44 267 67 77

**MAIL ADDRESS:**
- **STREET 1:** SEESTRASSE 16
- **CITY:** KUESNACHT
- **STATE:** V8
- **ZIP:** 8700

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Seestrasse 16<br>Kuesnacht, V8 8700

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

**SEC File Number (if applicable):** 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 / Michael Hutter<br>**Title:** Head Legal  Compliance / CFO<br>**Phone:** 41 (44) 267 67 77

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

/s/ Christoph Eisenring / /s/ Michael Hutter  Kuesnacht, V8  02-10-2023<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:** 3

**Form 13F Information Table Entry Total:** 215

**Form 13F Information Table Value Total:** $7534625383

      (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                       | 28-06964               |
|  | Bellevue Asset Management AG        | 28-16892               |
|  | Bellevue Asset Management (UK) Ltd. | 28-20408               |

### 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 |  | 11833744 | 324746 | SH |  | DFND | 2 | 324746 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 184938949 | 1684479 | SH |  | DFND | 2 | 1684479 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 2618082 | 16200 | SH |  | DFND | 2 | 16200 | 0 | 0 |
| ACADIA HEALTHCARE CO IN | COM | 00404A109 |  | 105946 | 1287 | SH |  | DFND | 2 | 1287 | 0 | 0 |
| ACCOLADE INC | COM | 00437E102 |  | 4948457 | 635232 | SH |  | DFND | 2 | 635232 | 0 | 0 |
| ACCOLADE INC | COM | 00437E102 |  | 23697531 | 3042045 | SH |  | DFND | 3 | 3042045 | 0 | 0 |
| ADAPTIVE BIOTECHNOLOGIES COR | COM | 00650F109 |  | 22615401 | 2960131 | SH |  | DFND | 3 | 2960131 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 1193908 | 7978 | SH |  | DFND | 2 | 7978 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 730080 | 26000 | SH |  | DFND | 2 | 26000 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 113184639 | 4030792 | SH |  | DFND | 12 | 4030792 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 2337220 | 42650 | SH |  | DFND | 2 | 42650 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 16702015 | 79194 | SH |  | DFND | 2 | 79194 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 1580865 | 35500 | SH |  | DFND | 2 | 35500 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 7417769 | 31213 | SH |  | DFND | 2 | 31213 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 211508500 | 890000 | SH |  | DFND | 12 | 890000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 532380 | 6000 | SH |  | DFND | 2 | 6000 | 0 | 0 |
| AMEDISYS INC | COM | 023436108 |  | 6360234 | 76134 | SH |  | DFND | 2 | 76134 | 0 | 0 |
| AMEDISYS INC | COM | 023436108 |  | 44892558 | 537378 | SH |  | DFND | 3 | 537378 | 0 | 0 |
| AMERICAN WELL CORP | CL A | 03044L105 |  | 5525334 | 1952415 | SH |  | DFND | 2 | 1952415 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 1691899 | 10210 | SH |  | DFND | 2 | 10210 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 10226939 | 38939 | SH |  | DFND | 2 | 38939 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 1835705 | 35500 | SH |  | DFND | 2 | 35500 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 55263356 | 1068717 | SH |  | DFND | 3 | 1068717 | 0 | 0 |
| ARCUS BIOSCIENCES INC | COM | 03969F109 |  | 1362068 | 65864 | SH |  | DFND | 2 | 65864 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 7045102 | 18597 | SH |  | DFND | 2 | 18597 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 338106911 | 892503 | SH |  | DFND | 12 | 892503 | 0 | 0 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 863928 | 21300 | SH |  | DFND | 2 | 21300 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 478940 | 14000 | SH |  | DFND | 2 | 14000 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 73086655 | 2136412 | SH |  | DFND | 12 | 2136412 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 4648252 | 68500 | SH |  | DFND | 2 | 68500 | 0 | 0 |
| ATRICURE INC | COM | 04963C209 |  | 28585557 | 644109 | SH |  | DFND | 3 | 644109 | 0 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 5574001 | 1290278 | SH |  | DFND | 3 | 1290278 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 9946487 | 471621 | SH |  | DFND | 2 | 471621 | 0 | 0 |
| AXONICS INC | COM | 05465P101 |  | 49286271 | 788202 | SH |  | DFND | 2 | 788202 | 0 | 0 |
| AXONICS INC | COM | 05465P101 |  | 69924735 | 1118259 | SH |  | DFND | 3 | 1118259 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 58850 | 763 | SH |  | DFND | 2 | 763 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 33620581 | 435895 | SH |  | DFND | 3 | 435895 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 16345111 | 320681 | SH |  | DFND | 2 | 320681 | 0 | 0 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 140796 | 3600 | SH |  | DFND | 2 | 3600 | 0 | 0 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 27107962 | 693121 | SH |  | DFND | 12 | 693121 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 84315708 | 331560 | SH |  | DFND | 2 | 331560 | 0 | 0 |
| BEIGENE LTD | SPONSORED ADR | 07725L102 |  | 7714819 | 34500 | SH |  | DFND | 2 | 34500 | 0 | 0 |
| BELLUS HEALTH INC | COM NEW | 07987C204 |  | 369119 | 44905 | SH |  | DFND | 2 | 44905 | 0 | 0 |
| BERKELEY LTS INC | COM | 084310101 |  | 1031838 | 385014 | SH |  | DFND | 2 | 385014 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 2077920 | 70200 | SH |  | DFND | 2 | 70200 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 7865636 | 28404 | SH |  | DFND | 2 | 28404 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 6280291 | 60685 | SH |  | DFND | 2 | 60685 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 33210638 | 221080 | SH |  | DFND | 2 | 221080 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 46740827 | 111158 | SH |  | DFND | 3 | 111158 | 0 | 0 |
| BLACK DIAMOND THERAPEUTICS I | COM | 09203E105 |  | 41400 | 23000 | SH |  | DFND | 2 | 23000 | 0 | 0 |
| BLACK DIAMOND THERAPEUTICS I | COM | 09203E105 |  | 9680110 | 5377839 | SH |  | DFND | 12 | 5377839 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 180588293 | 3902924 | SH |  | DFND | 2 | 3902924 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 3615847 | 50255 | SH |  | DFND | 2 | 50255 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 814822 | 10600 | SH |  | DFND | 2 | 10600 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 36151992 | 3168448 | SH |  | DFND | 3 | 3168448 | 0 | 0 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 |  | 22229104 | 944312 | SH |  | DFND | 3 | 944312 | 0 | 0 |
| CELLDEX THERAPEUTICS INC | COM NEW | 15117B202 |  | 80226000 | 1800000 | SH |  | DFND | 12 | 1800000 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 56878692 | 693558 | SH |  | DFND | 2 | 693558 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 63185988 | 289977 | SH |  | DFND | 3 | 289977 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 52557482 | 158621 | SH |  | DFND | 2 | 158621 | 0 | 0 |
| COOPER COS INC | COM NEW | 216648402 |  | 26887770 | 81313 | SH |  | DFND | 2 | 81313 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 939015 | 23100 | SH |  | DFND | 2 | 23100 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 36121793 | 888605 | SH |  | DFND | 12 | 888605 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 19029864 | 204205 | SH |  | DFND | 2 | 204205 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 2483444 | 54200 | SH |  | DFND | 2 | 54200 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 97236617 | 366350 | SH |  | DFND | 2 | 366350 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 862110 | 31000 | SH |  | DFND | 2 | 31000 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 357879 | 34881 | SH |  | DFND | 2 | 34881 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 111935022 | 988476 | SH |  | DFND | 2 | 988476 | 0 | 0 |
| DOLBY LABORATORIES INC | COM CL A | 25659T107 |  | 112864 | 1600 | SH |  | DFND | 2 | 1600 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 15054311 | 448579 | SH |  | DFND | 2 | 448579 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 6430506 | 125500 | SH |  | DFND | 2 | 125500 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 79394814 | 1064131 | SH |  | DFND | 2 | 1064131 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 41733187 | 81356 | SH |  | DFND | 2 | 81356 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 34915303 | 68065 | SH |  | DFND | 3 | 68065 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4044361 | 11055 | SH |  | DFND | 2 | 11055 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 26201 | 40 | SH |  | DFND | 2 | 40 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 848526 | 136200 | SH |  | DFND | 2 | 136200 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 26129019 | 4194064 | SH |  | DFND | 12 | 4194064 | 0 | 0 |
| ESSA PHARMA INC | COM NEW | 29668H708 |  | 47880 | 19000 | SH |  | DFND | 2 | 19000 | 0 | 0 |
| ESSA PHARMA INC | COM NEW | 29668H708 |  | 19856549 | 7879583 | SH |  | DFND | 12 | 7879583 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 23929 | 739 | SH |  | DFND | 2 | 739 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 12413410 | 442073 | SH |  | DFND | 2 | 442073 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 43287566 | 1541580 | SH |  | DFND | 3 | 1541580 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 8805502 | 177853 | SH |  | DFND | 2 | 177853 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 56152361 | 1134162 | SH |  | DFND | 3 | 1134162 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 304760 | 19000 | SH |  | DFND | 2 | 19000 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 42578180 | 2654500 | SH |  | DFND | 12 | 2654500 | 0 | 0 |
| FATE THERAPEUTICS INC | COM | 31189P102 |  | 216935 | 21500 | SH |  | DFND | 2 | 21500 | 0 | 0 |
| FATE THERAPEUTICS INC | COM | 31189P102 |  | 48833370 | 4839779 | SH |  | DFND | 12 | 4839779 | 0 | 0 |
| GENERATION BIO CO | COM | 37148K100 |  | 74670 | 19000 | SH |  | DFND | 2 | 19000 | 0 | 0 |
| GENERATION BIO CO | COM | 37148K100 |  | 14180540 | 3608280 | SH |  | DFND | 12 | 3608280 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 11189947 | 130343 | SH |  | DFND | 2 | 130343 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 50516969 | 680180 | SH |  | DFND | 2 | 680180 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 157 | 135 | SH |  | DFND | 2 | 135 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 3684376 | 135455 | SH |  | DFND | 2 | 135455 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 46242630 | 812700 | SH |  | DFND | 2 | 812700 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 32850179 | 596192 | SH |  | DFND | 2 | 596192 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 79500188 | 331306 | SH |  | DFND | 2 | 331306 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 18191623 | 243171 | SH |  | DFND | 2 | 243171 | 0 | 0 |
| HOMOLOGY MEDICINES INC | COM | 438083107 |  | 2044378 | 1622522 | SH |  | DFND | 12 | 1622522 | 0 | 0 |
| HORIZON THERAPEUTICS PUB L | SHS | G46188101 |  | 1412372 | 12411 | SH |  | DFND | 2 | 12411 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 56616970 | 110539 | SH |  | DFND | 2 | 110539 | 0 | 0 |
| HUTCHMED CHINA LTD | SPONSORED ADS | 44842L103 |  | 284255 | 17800 | SH |  | DFND | 2 | 17800 | 0 | 0 |
| HUTCHMED CHINA LTD | SPONSORED ADS | 44842L103 |  | 28143506 | 1762344 | SH |  | DFND | 3 | 1762344 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 44395023 | 108822 | SH |  | DFND | 2 | 108822 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 19190195 | 94907 | SH |  | DFND | 2 | 94907 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 5293088 | 65900 | SH |  | DFND | 2 | 65900 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 232211305 | 2891077 | SH |  | DFND | 12 | 2891077 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 20607 | 1130 | SH |  | DFND | 2 | 1130 | 0 | 0 |
| INHIBRX INC | COM | 45720L107 |  | 731808 | 29700 | SH |  | DFND | 2 | 29700 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 65478596 | 3277207 | SH |  | DFND | 3 | 3277207 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 101190775 | 401742 | SH |  | DFND | 2 | 401742 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 101794174 | 345780 | SH |  | DFND | 2 | 345780 | 0 | 0 |
| INTRA-CELLULAR THERAPIES INC | COM | 46116X101 |  | 2686060 | 50757 | SH |  | DFND | 2 | 50757 | 0 | 0 |
| INTRA-CELLULAR THERAPIES INC | COM | 46116X101 |  | 174185069 | 3291479 | SH |  | DFND | 12 | 3291479 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 224526168 | 846151 | SH |  | DFND | 2 | 846151 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 29436602 | 110935 | SH |  | DFND | 3 | 110935 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 4113153 | 108900 | SH |  | DFND | 2 | 108900 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 363913950 | 9635000 | SH |  | DFND | 12 | 9635000 | 0 | 0 |
| IPG PHOTONICS CORP | COM | 44980X109 |  | 99404 | 1050 | SH |  | DFND | 2 | 1050 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 37560435 | 183320 | SH |  | DFND | 2 | 183320 | 0 | 0 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 194750 | 4100 | SH |  | DFND | 2 | 4100 | 0 | 0 |
| IVERIC BIO INC | COM | 46583P102 |  | 894938 | 41800 | SH |  | DFND | 2 | 41800 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 43648072 | 273982 | SH |  | DFND | 2 | 273982 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 76891609 | 482654 | SH |  | DFND | 3 | 482654 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4597670 | 26027 | SH |  | DFND | 2 | 26027 | 0 | 0 |
| JUMIA TECHNOLOGIES AG | SPONSORED ADS | 48138M105 |  | 57780 | 18000 | SH |  | DFND | 2 | 18000 | 0 | 0 |
| KARUNA THERAPEUTICS INC | COM | 48576A100 |  | 1434450 | 7300 | SH |  | DFND | 2 | 7300 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM | 49372L100 |  | 218240 | 31000 | SH |  | DFND | 2 | 31000 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM | 49372L100 |  | 21120000 | 3000000 | SH |  | DFND | 12 | 3000000 | 0 | 0 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 2024388 | 318300 | SH |  | DFND | 2 | 318300 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 1449726 | 18300 | SH |  | DFND | 2 | 18300 | 0 | 0 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 784148 | 3330 | SH |  | DFND | 2 | 3330 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 17711067 | 354789 | SH |  | DFND | 2 | 354789 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 335165 | 49950 | SH |  | DFND | 2 | 49950 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 59920052 | 8929963 | SH |  | DFND | 12 | 8929963 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 184625 | 662 | SH |  | DFND | 2 | 662 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1095350 | 2920 | SH |  | DFND | 2 | 2920 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 48063602 | 618420 | SH |  | DFND | 2 | 618420 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 143861 | 170 | SH |  | DFND | 2 | 170 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 749023 | 6751 | SH |  | DFND | 2 | 6751 | 0 | 0 |
| MERSANA THERAPEUTICS INC | COM | 59045L106 |  | 1268104 | 216400 | SH |  | DFND | 2 | 216400 | 0 | 0 |
| MERSANA THERAPEUTICS INC | COM | 59045L106 |  | 23827932 | 4066200 | SH |  | DFND | 12 | 4066200 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 706979 | 45700 | SH |  | DFND | 2 | 45700 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 14437317 | 80377 | SH |  | DFND | 2 | 80377 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 269780439 | 1501951 | SH |  | DFND | 12 | 1501951 | 0 | 0 |
| MOLECULAR TEMPLATES INC | COM | 608550109 |  | 28208 | 86000 | SH |  | DFND | 2 | 86000 | 0 | 0 |
| MOLECULAR TEMPLATES INC | COM | 608550109 |  | 3670977 | 11192003 | SH |  | DFND | 12 | 11192003 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 61425543 | 186014 | SH |  | DFND | 2 | 186014 | 0 | 0 |
| MYOVANT SCIENCES LTD | COM | G637AM102 |  | 1024480 | 38000 | SH |  | DFND | 2 | 38000 | 0 | 0 |
| MYOVANT SCIENCES LTD | COM | G637AM102 |  | 158326347 | 5872639 | SH |  | DFND | 12 | 5872639 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 6982028 | 173812 | SH |  | DFND | 2 | 173812 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM | 640268108 |  | 33448 | 14800 | SH |  | DFND | 2 | 14800 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 5171035 | 43294 | SH |  | DFND | 2 | 43294 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 326071200 | 2730000 | SH |  | DFND | 12 | 2730000 | 0 | 0 |
| NEVRO CORP | COM | 64157F103 |  | 10329066 | 260835 | SH |  | DFND | 2 | 260835 | 0 | 0 |
| NOVOCURE LTD | ORD SHS | G6674U108 |  | 660000 | 9000 | SH |  | DFND | 2 | 9000 | 0 | 0 |
| OLINK HLDG AB | SPONSORED ADS | 680710100 |  | 6375075 | 251185 | SH |  | DFND | 2 | 251185 | 0 | 0 |
| OMNICELL COM | COM | 68213N109 |  | 26136921 | 518384 | SH |  | DFND | 2 | 518384 | 0 | 0 |
| OPTHEA LTD | SPONSORED ADS | 68386J208 |  | 234601 | 47000 | SH |  | DFND | 2 | 47000 | 0 | 0 |
| OPTION CARE HEALTH INC | COM NEW | 68404L201 |  | 73131398 | 2430422 | SH |  | DFND | 3 | 2430422 | 0 | 0 |
| OUTSET MED INC | COM | 690145107 |  | 25999578 | 1006955 | SH |  | DFND | 2 | 1006955 | 0 | 0 |
| OUTSET MED INC | COM | 690145107 |  | 47424214 | 1836724 | SH |  | DFND | 3 | 1836724 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 |  | 22892630 | 2798610 | SH |  | DFND | 2 | 2798610 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 |  | 30104977 | 3680315 | SH |  | DFND | 3 | 3680315 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 50235250 | 225817 | SH |  | DFND | 2 | 225817 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 40411605 | 788673 | SH |  | DFND | 2 | 788673 | 0 | 0 |
| PHREESIA INC | COM | 71944F106 |  | 21565319 | 666419 | SH |  | DFND | 2 | 666419 | 0 | 0 |
| PRIVIA HEALTH GROUP INC | COM | 74276R102 |  | 20454125 | 900666 | SH |  | DFND | 2 | 900666 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 30802616 | 741517 | SH |  | DFND | 2 | 741517 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 11311520 | 15678 | SH |  | DFND | 2 | 15678 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 1256454 | 84100 | SH |  | DFND | 2 | 84100 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 61563557 | 4120720 | SH |  | DFND | 12 | 4120720 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 20453976 | 98275 | SH |  | DFND | 2 | 98275 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 1848432 | 77600 | SH |  | DFND | 2 | 77600 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 113801527 | 4777562 | SH |  | DFND | 12 | 4777562 | 0 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 716262 | 36600 | SH |  | DFND | 2 | 36600 | 0 | 0 |
| SAGE THERAPEUTICS INC | COM | 78667J108 |  | 724660 | 19000 | SH |  | DFND | 2 | 19000 | 0 | 0 |
| SAGE THERAPEUTICS INC | COM | 78667J108 |  | 112523603 | 2950278 | SH |  | DFND | 12 | 2950278 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 4046913 | 31231 | SH |  | DFND | 2 | 31231 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 85779109 | 661978 | SH |  | DFND | 3 | 661978 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 174665 | 19300 | SH |  | DFND | 2 | 19300 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 19301161 | 2132725 | SH |  | DFND | 12 | 2132725 | 0 | 0 |
| SEAGEN INC | COM | 81181C104 |  | 2907667 | 22626 | SH |  | DFND | 2 | 22626 | 0 | 0 |
| SEER INC | COM CL A | 81578P106 |  | 789571 | 136133 | SH |  | DFND | 2 | 136133 | 0 | 0 |
| SHOCKWAVE MED INC | COM | 82489T104 |  | 50912326 | 247616 | SH |  | DFND | 2 | 247616 | 0 | 0 |
| SIGHT SCIENCES INC | COM | 82657M105 |  | 3597139 | 294606 | SH |  | DFND | 2 | 294606 | 0 | 0 |
| SILK RD MED INC | COM | 82710M100 |  | 53511841 | 1012523 | SH |  | DFND | 3 | 1012523 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 688374 | 1800 | SH |  | DFND | 2 | 1800 | 0 | 0 |
| SPDR SER TR | S OILGAS EXP | 78468R556 |  | 529932 | 3900 | SH |  | DFND | 2 | 3900 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 120346291 | 492234 | SH |  | DFND | 2 | 492234 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 3961011 | 111046 | SH |  | DFND | 2 | 111046 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1249 | 770 | SH |  | DFND | 2 | 770 | 0 | 0 |
| TANDEM DIABETES CARE INC | COM NEW | 875372203 |  | 26554932 | 590766 | SH |  | DFND | 2 | 590766 | 0 | 0 |
| TANDEM DIABETES CARE INC | COM NEW | 875372203 |  | 53970746 | 1200684 | SH |  | DFND | 3 | 1200684 | 0 | 0 |
| TELADOC HEALTH INC | COM | 87918A105 |  | 9230264 | 390286 | SH |  | DFND | 2 | 390286 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 6257226 | 25066 | SH |  | DFND | 2 | 25066 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 45888447 | 83329 | SH |  | DFND | 2 | 83329 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 42096620 | 682058 | SH |  | DFND | 2 | 682058 | 0 | 0 |
| UNITED MICROELECTRONICS CORP | SPON ADR NEW | 910873405 |  | 17867 | 2698 | SH |  | DFND | 2 | 2698 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 58955 | 212 | SH |  | DFND | 2 | 212 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 76235643 | 143792 | SH |  | DFND | 2 | 143792 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 42680550 | 80502 | SH |  | DFND | 3 | 80502 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 527344 | 18400 | SH |  | DFND | 2 | 18400 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 178250 | 5000 | SH |  | DFND | 2 | 5000 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 30058155 | 186257 | SH |  | DFND | 2 | 186257 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 12773606 | 44233 | SH |  | DFND | 2 | 44233 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 35020928 | 121272 | SH |  | DFND | 3 | 121272 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 268716432 | 930523 | SH |  | DFND | 12 | 930523 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 1346581 | 46100 | SH |  | DFND | 2 | 46100 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 31461206 | 4494458 | SH |  | DFND | 12 | 4494458 | 0 | 0 |
| XENCOR INC | COM | 98401F105 |  | 661416 | 25400 | SH |  | DFND | 2 | 25400 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 2837843 | 90000 | SH |  | DFND | 2 | 90000 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 33952740 | 266296 | SH |  | DFND | 2 | 266296 | 0 | 0 |

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