Bellevue Group portfolio

What changed this quarter

134 positions with a change (10 new, 38 added to, 64 trimmed, 22 sold); also, 7 entered through an IPO, 2 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Amgen+188%more sharesIncreased
  2.5% → 6.5%
• Insmed+13,787%more sharesIncreased
  under 0.1% → 3.1%
• Gilead Sciences+85%more sharesIncreased
  3.9% → 5.7%
• Krystal Biotech−84%fewer sharesReduced
  3.0% → 0.6%
• Oruka Therapeutics+227%more sharesIncreased
  0.6% → 3.3%
• United Therapeutics+8,976%more sharesIncreased
  under 0.1% → 2.1%
• Revolution Medicines−32%fewer sharesReduced
  3.6% → 4.1%
• BridgeBio Pharma+4,587%more sharesIncreased
  under 0.1% → 1.9%
• Regeneron Pharmaceuticals−44%fewer sharesReduced
  5.1% → 2.1%
• Alnylam Pharmaceuticals−99.5%fewer sharesReduced
  1.8% → under 0.1%
• Ionis Pharmaceuticals−47%fewer sharesReduced
  3.3% → 1.6%
• Scholar Rock Holding−32%fewer sharesReduced
  4.2% → 2.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• AmgenAMGN6.5%
• Vertex PharmaceuticalsVRTX6.0%
• ArgenxARGX5.9%
• Gilead SciencesGILD5.7%
• Revolution MedicinesRVMD4.1%
• Oruka TherapeuticsORKA3.3%
• InsmedINSM3.1%
• Scholar Rock HoldingSRRK2.8%
• Nuvalent2.7%
• Viridian TherapeuticsVRDN2.6%
• Relay TherapeuticsRLAY2.4%
• VaxcytePCVX2.4%
• United TherapeuticsUTHR2.1%
• Intuitive SurgicalISRG2.1%
• Regeneron PharmaceuticalsREGN2.1%
• Crinetics PharmaceuticalsCRNX2.1%
• BridgeBio PharmaBBIO1.9%
• Immunocore HoldingsIMCR1.9%
• Abbott LaboratoriesABT1.8%
• StrykerSYK1.8%
• MedtronicMDT1.6%
• Ionis PharmaceuticalsIONS1.6%
• Enliven TherapeuticsELVN1.6%
• Vera TherapeuticsVERA1.5%
• Jade BiosciencesJBIO1.4%
• Edwards LifesciencesEW1.4%
• Ultragenyx PharmaceuticalRARE1.4%
• UnitedHealth GroupUNH1.3%
• DexcomDXCM1.2%
• Celldex TherapeuticsCLDX0.9%
• Avalyn PharmaAVLN0.9%
• Damora Therapeutics0.9%
• Disc MedicineIRON0.9%
• Thermo Fisher ScientificTMO0.8%
• Boston ScientificBSX0.8%
• Eli LillyLLY0.8%
• CG OncologyCGON0.7%
• Idexx LaboratoriesIDXX0.7%
• ResMedRMD0.6%
• Krystal BiotechKRYS0.6%
• Monte Rosa TherapeuticsGLUE0.6%
• DanaherDHR0.6%
• Johnson & JohnsonJNJ0.6%
• Seaport TherapeuticsSPTX0.5%
• Palvella TherapeuticsPVLA0.5%
• Align TechnologyALGN0.5%
• AnnexonANNX0.5%
• HumanaHUM0.5%
• Elevance HealthELV0.5%
• Tango TherapeuticsTNGX0.5%
• SterisSTE0.4%
• Spyre TherapeuticsSYRE0.4%
• Hemab Therapeutics HoldingsCOAG0.4%
• InsuletPODD0.4%
• Cigna GroupCI0.4%
• GlaukosGKOS0.4%
• CVS HealthCVS0.4%
• Becton, DickinsonBDX0.3%
• GE Healthcare TechnologiesGEHC0.3%
• LivaNovaLIVN0.3%
• CenteneCNC0.3%
• MerckMRK0.3%
• Cooper CompaniesCOO0.3%
• Parabilis MedicinesPBLS0.3%
• TEVA Pharmaceutical IndustriesTEVA0.2%
• Globus MedicalGMED0.2%
• PROCEPT BioRoboticsPRCT0.2%
• Zimmer Biomet HoldingsZBH0.2%
• Veeva SystemsVEEV0.2%
• AbbVieABBV0.2%
• 10x GenomicsTXG0.2%
• HCA HealthcareHCA0.2%
• Aura BiosciencesAURA0.2%
• McKESSONMCK0.2%
• Tenet HealthcareTHC0.2%
• Protagonist TherapeuticsPTGX0.1%
• NateraNTRA0.1%
• TransMedics GroupTMDX0.1%
• Molina HealthcareMOH0.1%
• Alkermes plc.ALKS0.1%
• Royalty PharmaRPRX0.1%
• Waystar HoldingWAY0.1%
• Privia Health GroupPRVA0.1%
• GMR SolutionsGMRS0.1%
• Neurocrine BiosciencesNBIX0.1%
• Omada HealthOMDA0.1%
• Kestra Medical TechnologiesKMTS0.1%
• MedlineMDLN0.1%
• IlluminaILMN0.1%
• Beone MedicinesONC0.1%
• NewAmsterdam PharmaNAMS0.1%
• Madrigal PharmaceuticalsMDGL0.1%
• State Str Spdr S&P 500 ETF TSPYunder 0.1%
• BioNTechBNTXunder 0.1%
• Adaptive BiotechnologiesADPTunder 0.1%
• CytokineticsCYTKunder 0.1%
• Alamar BiosciencesALMRunder 0.1%
• PhreesiaPHRunder 0.1%
• Mobia MedicalMOBIunder 0.1%
• BillionToOneBLLNunder 0.1%