# EDGAR Filing Document

**Accession Number:** 0001674546
**File Stem:** 0001104659-25-112697
**Filing Date:** 2025-11
**Character Count:** 22465
**Document Hash:** e7f164eb3ad4a190fc87ab10ba16d0cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112697.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112697

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251487850

**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:** 09-30-2025

**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  11-10-2025<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:** 186

**Form 13F Information Table Value Total:** $4812815152

      (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              |
|  | Bellevue Asset Management (UK) Ltd. | 028-20408              |

### 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 |  | 3668743 | 313836 | SH |  | DFND | 2 | 313836 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 191174571 | 1427315 | SH |  | DFND | 2 | 1427315 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 6864157 | 51248 | SH |  | DFND | 3 | 51248 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 33101421 | 142962 | SH |  | DFND | 2 | 142962 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 6461818 | 27908 | SH |  | DFND | 3 | 27908 | 0 | 0 |
| ADAPTIVE BIOTECHNOLOGIES COR | COM | 00650F109 |  | 2520401 | 168476 | SH |  | DFND | 3 | 168476 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 103450 | 806 | SH |  | DFND | 2 | 806 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 149109503 | 3714736 | SH |  | DFND | 12 | 3714736 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 311421 | 6559 | SH |  | DFND | 2 | 6559 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 113133207 | 2382755 | SH |  | DFND | 12 | 2382755 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 18116329 | 144676 | SH |  | DFND | 2 | 144676 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 197820 | 6594 | SH |  | DFND | 2 | 6594 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 3577320 | 7845 | SH |  | DFND | 2 | 7845 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 200037624 | 438679 | SH |  | DFND | 12 | 438679 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 263034 | 1082 | SH |  | DFND | 2 | 1082 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 397861 | 1812 | SH |  | DFND | 2 | 1812 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 4229614 | 14988 | SH |  | DFND | 2 | 14988 | 0 | 0 |
| AMNEAL PHARMACEUTICALS INC | COM STK CL A | 03168L105 |  | 79209 | 7913 | SH |  | DFND | 2 | 7913 | 0 | 0 |
| ANNEXON INC | COM | 03589W102 |  | 15729735 | 5157290 | SH |  | DFND | 12 | 5157290 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 409700 | 1609 | SH |  | DFND | 2 | 1609 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 682243 | 925 | SH |  | DFND | 2 | 925 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 7435342 | 10081 | SH |  | DFND | 3 | 10081 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 394832094 | 535322 | SH |  | DFND | 12 | 535322 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 1094449 | 5505 | SH |  | DFND | 2 | 5505 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 3856516 | 19398 | SH |  | DFND | 3 | 19398 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 2734608 | 35644 | SH |  | DFND | 2 | 35644 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 1289958 | 103362 | SH |  | DFND | 3 | 103362 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 93800197 | 2152862 | SH |  | DFND | 12 | 2152862 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 347833 | 2864 | SH |  | DFND | 2 | 2864 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 6008253 | 49471 | SH |  | DFND | 3 | 49471 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 263540 | 2000 | SH |  | DFND | 2 | 2000 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 1550273 | 68084 | SH |  | DFND | 3 | 68084 | 0 | 0 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 70123020 | 2889288 | SH |  | DFND | 12 | 2889288 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 55569650 | 296894 | SH |  | DFND | 2 | 296894 | 0 | 0 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 |  | 11514638 | 33797 | SH |  | DFND | 2 | 33797 | 0 | 0 |
| BETA BIONICS INC | COM | 08659B102 |  | 1277303 | 64283 | SH |  | DFND | 2 | 64283 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 590157 | 4213 | SH |  | DFND | 2 | 4213 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 42070824 | 2802853 | SH |  | DFND | 12 | 2802853 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 274212 | 5063 | SH |  | DFND | 2 | 5063 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 5197735 | 95970 | SH |  | DFND | 3 | 95970 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 749906 | 7604 | SH |  | DFND | 2 | 7604 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 2598736 | 26351 | SH |  | DFND | 3 | 26351 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 162051058 | 1659849 | SH |  | DFND | 2 | 1659849 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 1057291 | 20356 | SH |  | DFND | 2 | 20356 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 5631889 | 190524 | SH |  | DFND | 3 | 190524 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2147346 | 47613 | SH |  | DFND | 2 | 47613 | 0 | 0 |
| BROOKDALE SR LIVING INC | COM | 112463104 |  | 886513 | 104665 | SH |  | DFND | 3 | 104665 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 2553425 | 16268 | SH |  | DFND | 3 | 16268 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 8330780 | 572956 | SH |  | DFND | 3 | 572956 | 0 | 0 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 290551 | 9605 | SH |  | DFND | 2 | 9605 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 92036897 | 3557669 | SH |  | DFND | 12 | 3557669 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 1515771 | 4850 | SH |  | DFND | 2 | 4850 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 10059940 | 281949 | SH |  | DFND | 2 | 281949 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 726442 | 59447 | SH |  | DFND | 2 | 59447 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 20037688 | 292265 | SH |  | DFND | 2 | 292265 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 101976 | 1227 | SH |  | DFND | 2 | 1227 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 3859893 | 51199 | SH |  | DFND | 2 | 51199 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 115416 | 2100 | SH |  | DFND | 2 | 2100 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 25274581 | 127482 | SH |  | DFND | 2 | 127482 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 7215474 | 36394 | SH |  | DFND | 3 | 36394 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 49722061 | 738922 | SH |  | DFND | 2 | 738922 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 3175819 | 47196 | SH |  | DFND | 3 | 47196 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 709043 | 9693 | SH |  | DFND | 2 | 9693 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 45026671 | 2775997 | SH |  | DFND | 12 | 2775997 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 66972724 | 861164 | SH |  | DFND | 2 | 861164 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 2758424 | 35469 | SH |  | DFND | 3 | 35469 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 30027865 | 92931 | SH |  | DFND | 2 | 92931 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 3890365 | 12040 | SH |  | DFND | 3 | 12040 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 30912182 | 40514 | SH |  | DFND | 2 | 40514 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 15618125 | 122958 | SH |  | DFND | 2 | 122958 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 10177865 | 186033 | SH |  | DFND | 2 | 186033 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 3647406 | 66668 | SH |  | DFND | 3 | 66668 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 304009 | 7361 | SH |  | DFND | 2 | 7361 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 500073 | 2031 | SH |  | DFND | 2 | 2031 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 34776031 | 463063 | SH |  | DFND | 2 | 463063 | 0 | 0 |
| GENMAB A/S | SPONSORED ADS | 372303206 |  | 92286 | 3009 | SH |  | DFND | 2 | 3009 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 5538123 | 49893 | SH |  | DFND | 2 | 49893 | 0 | 0 |
| GLAUKOS CORP | COM | 377322102 |  | 4560765 | 55926 | SH |  | DFND | 2 | 55926 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 18719673 | 326867 | SH |  | DFND | 2 | 326867 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 122023 | 1953 | SH |  | DFND | 2 | 1953 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 27961703 | 65607 | SH |  | DFND | 2 | 65607 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 16729826 | 247886 | SH |  | DFND | 2 | 247886 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 17985812 | 69131 | SH |  | DFND | 2 | 69131 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 1867760 | 7179 | SH |  | DFND | 3 | 7179 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 4243225 | 24247 | SH |  | DFND | 3 | 24247 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 48930668 | 76587 | SH |  | DFND | 2 | 76587 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2260001 | 23797 | SH |  | DFND | 2 | 23797 | 0 | 0 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 101607853 | 2796803 | SH |  | DFND | 12 | 2796803 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 409717 | 4831 | SH |  | DFND | 2 | 4831 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 121774863 | 1435855 | SH |  | DFND | 12 | 1435855 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1705510 | 11843 | SH |  | DFND | 2 | 11843 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1210836 | 8408 | SH |  | DFND | 3 | 8408 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 4058146 | 54692 | SH |  | DFND | 2 | 54692 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 293535 | 3956 | SH |  | DFND | 3 | 3956 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 59061901 | 191306 | SH |  | DFND | 2 | 191306 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 6390402 | 20699 | SH |  | DFND | 3 | 20699 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 154028248 | 344405 | SH |  | DFND | 2 | 344405 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1887758 | 4221 | SH |  | DFND | 3 | 4221 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 1283082 | 19613 | SH |  | DFND | 2 | 19613 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 407228902 | 6224838 | SH |  | DFND | 12 | 6224838 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 2569508 | 13528 | SH |  | DFND | 2 | 13528 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 7477938 | 39370 | SH |  | DFND | 3 | 39370 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 556508 | 2300 | SH |  | DFND | 2 | 2300 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 13870714 | 74807 | SH |  | DFND | 2 | 74807 | 0 | 0 |
| KESTRA MED TECHNOLOGIES LTD | SHS | G52441105 |  | 3058173 | 128711 | SH |  | DFND | 2 | 128711 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 231607 | 1312 | SH |  | DFND | 2 | 1312 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 62005 | 216 | SH |  | DFND | 2 | 216 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 4262554 | 14849 | SH |  | DFND | 3 | 14849 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 2771067 | 84976 | SH |  | DFND | 2 | 84976 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 16665587 | 9919992 | SH |  | DFND | 12 | 9919992 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 1097573 | 2393 | SH |  | DFND | 2 | 2393 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 14307628 | 96968 | SH |  | DFND | 2 | 96968 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 22342629 | 28921 | SH |  | DFND | 2 | 28921 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 6980671 | 9036 | SH |  | DFND | 3 | 9036 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 72369162 | 759861 | SH |  | DFND | 2 | 759861 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2915644 | 34739 | SH |  | DFND | 2 | 34739 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 77674 | 825 | SH |  | DFND | 2 | 825 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 293752 | 400 | SH |  | DFND | 2 | 400 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 51560 | 42 | SH |  | DFND | 2 | 42 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 105144 | 203 | SH |  | DFND | 2 | 203 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 1008862 | 26605 | SH |  | DFND | 2 | 26605 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 241278 | 9341 | SH |  | DFND | 2 | 9341 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 17410890 | 90985 | SH |  | DFND | 2 | 90985 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 60221 | 8399 | SH |  | DFND | 2 | 8399 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 191102 | 26653 | SH |  | DFND | 3 | 26653 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 8030632 | 49889 | SH |  | DFND | 2 | 49889 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 6749311 | 41929 | SH |  | DFND | 3 | 41929 | 0 | 0 |
| NEOGENOMICS INC | COM NEW | 64049M209 |  | 2857929 | 370198 | SH |  | DFND | 3 | 370198 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 435880 | 3105 | SH |  | DFND | 2 | 3105 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 247068800 | 1760000 | SH |  | DFND | 12 | 1760000 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 415537 | 14611 | SH |  | DFND | 2 | 14611 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 130979 | 702 | SH |  | DFND | 2 | 702 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 5567099 | 251791 | SH |  | DFND | 2 | 251791 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 117277 | 417 | SH |  | DFND | 2 | 417 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 37211441 | 146895 | SH |  | DFND | 2 | 146895 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 301352 | 11827 | SH |  | DFND | 2 | 11827 | 0 | 0 |
| PHREESIA INC | COM | 71944F106 |  | 7363101 | 313057 | SH |  | DFND | 2 | 313057 | 0 | 0 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 446444 | 4301 | SH |  | DFND | 2 | 4301 | 0 | 0 |
| PRIVIA HEALTH GROUP INC | COM | 74276R102 |  | 16587807 | 666177 | SH |  | DFND | 2 | 666177 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 16538889 | 463404 | SH |  | DFND | 2 | 463404 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 1367196 | 20581 | SH |  | DFND | 2 | 20581 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 155266 | 2530 | SH |  | DFND | 2 | 2530 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 74363 | 447 | SH |  | DFND | 2 | 447 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 2018623 | 10592 | SH |  | DFND | 2 | 10592 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 4273375 | 22423 | SH |  | DFND | 3 | 22423 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 26908 | 5514 | SH |  | DFND | 2 | 5514 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 2090520 | 3718 | SH |  | DFND | 2 | 3718 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 6375580 | 11339 | SH |  | DFND | 3 | 11339 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 11964 | 2292 | SH |  | DFND | 2 | 2292 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 43552120 | 8343318 | SH |  | DFND | 12 | 8343318 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 45120011 | 164834 | SH |  | DFND | 2 | 164834 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 319335 | 6838 | SH |  | DFND | 2 | 6838 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 259978900 | 5567000 | SH |  | DFND | 12 | 5567000 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 914262 | 9053 | SH |  | DFND | 2 | 9053 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 457264 | 12961 | SH |  | DFND | 2 | 12961 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 418192 | 8860 | SH |  | DFND | 2 | 8860 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 266638 | 7160 | SH |  | DFND | 2 | 7160 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 120559919 | 3237377 | SH |  | DFND | 12 | 3237377 | 0 | 0 |
| SI-BONE INC | COM | 825704109 |  | 4399175 | 298857 | SH |  | DFND | 3 | 298857 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2065158 | 3100 | SH |  | DFND | 2 | 3100 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 29225633 | 118112 | SH |  | DFND | 2 | 118112 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 8843996 | 315857 | SH |  | DFND | 3 | 315857 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 162725407 | 440191 | SH |  | DFND | 2 | 440191 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 4031251 | 10905 | SH |  | DFND | 3 | 10905 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 392168 | 18982 | SH |  | DFND | 2 | 18982 | 0 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 404599 | 5013 | SH |  | DFND | 2 | 5013 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 8197131 | 40372 | SH |  | DFND | 2 | 40372 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 8565931 | 424056 | SH |  | DFND | 2 | 424056 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 31690782 | 109942 | SH |  | DFND | 2 | 109942 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 3615808 | 12544 | SH |  | DFND | 3 | 12544 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 42090521 | 86781 | SH |  | DFND | 2 | 86781 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 9411328 | 19404 | SH |  | DFND | 3 | 19404 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 13123810 | 116968 | SH |  | DFND | 2 | 116968 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 278016 | 4763 | SH |  | DFND | 2 | 4763 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 1106714 | 2640 | SH |  | DFND | 2 | 2640 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 48246007 | 139722 | SH |  | DFND | 2 | 139722 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 10474676 | 30335 | SH |  | DFND | 3 | 30335 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1413400 | 18500 | SH |  | DFND | 2 | 18500 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 29048012 | 97506 | SH |  | DFND | 2 | 97506 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 18800678 | 48005 | SH |  | DFND | 2 | 48005 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 179292792 | 457800 | SH |  | DFND | 12 | 457800 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 1999435 | 76082 | SH |  | DFND | 3 | 76082 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 29971433 | 4094458 | SH |  | DFND | 12 | 4094458 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 4926301 | 129913 | SH |  | DFND | 2 | 129913 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 24152397 | 245202 | SH |  | DFND | 2 | 245202 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 127591 | 872 | SH |  | DFND | 2 | 872 | 0 | 0 |

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