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CG

Carmignac Gestion Portfolio holdings

AUM $6.51B
1-Year Est. Return 19.13%
This Fund
S&P 500
This Quarter Est. Return
+1.9%
1 Year Est. Return
+19.13%
3 Year Est. Return
+94.32%
5 Year Est. Return
+115.43%
10 Year Est. Return
+608.92%
AUM
$7.39B
AUM Growth
+$684M
Cap. Flow
+$547M
Cap. Flow %
7.4%
Top 10 Hldgs %
51.89%
Holding
170
New
38
Increased
43
Reduced
24
Closed
45

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$313M
2
TEAM icon
Atlassian
TEAM
+$186M
3
NOW icon
ServiceNow
NOW
+$131M
4
CRM icon
Salesforce
CRM
+$128M
5
XYZ
Block Inc
XYZ
+$104M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$282M
2
META icon
Meta Platforms (Facebook)
META
+$150M
3
AMZN icon
Amazon
AMZN
+$110M
4
LLY icon
Eli Lilly
LLY
+$90.3M
5
ETN icon
Eaton
ETN
+$81.1M

Sector Composition

Rank Sector Weight
1 Technology 38.19%
2 Financials 16.28%
3 Healthcare 14.81%
4 Consumer Discretionary 12.74%
5 Communication Services 6.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VIPS icon
26
Vipshop
VIPS
$7.53B
$73.7M 1%
4,161,154
-2,357,244
-36% -$45.4M
SE icon
27
Sea Limited
SE
$69.5B
$65.9M 0.89%
516,426
+232,971
+82% +$34.5M
ABNB icon
28
Airbnb
ABNB
$107B
$63.6M 0.86%
468,370
– –
ITUB icon
29
Itaú Unibanco
ITUB
$87.5B
$51.2M 0.69%
7,152,585
-4,469,096
-38% -$31.8M
NVO
30
Novo Nordisk
NVO
$209B
$51M 0.69%
+1,003,300
New +$51.3M
PG icon
31
Procter & Gamble
PG
$339B
$49.7M 0.67%
346,492
+145,621
+72% +$21.5M
GTLB icon
32
GitLab
GTLB
$6.58B
$49.2M 0.66%
1,310,000
+640,000
+96% +$27.7M
AVGO icon
33
Broadcom
AVGO
$2.04T
$48.1M 0.65%
139,080
-60,744
-30% -$21.7M
FNV icon
34
Franco-Nevada
FNV
$46B
$46.7M 0.63%
225,511
+200,376
+797% +$40.6M
AEM icon
35
Agnico Eagle Mines
AEM
$90.5B
$45.5M 0.62%
268,511
+64,485
+32% +$10.8M
KEYS icon
36
Keysight
KEYS
$58.3B
$43.3M 0.59%
213,000
-22,100
-9% -$4.1M
SFM icon
37
Sprouts Farmers Market
SFM
$8.01B
$42.2M 0.57%
+530,000
New +$47.6M
REGN icon
38
Regeneron Pharmaceuticals
REGN
$80.8B
$38.6M 0.52%
+49,971
New +$33.9M
ALGN icon
39
Align Technology
ALGN
$12.3B
$38.4M 0.52%
246,101
+3,193
+1% +$458K
NFLX icon
40
Netflix
NFLX
$309B
$37.4M 0.51%
+398,362
New +$42.9M
GL icon
41
Globe Life
GL
$14.3B
$37.1M 0.5%
265,000
+106,000
+67% +$14.4M
META icon
42
Meta Platforms (Facebook)
META
$1.51T
$29.3M 0.4%
44,331
-225,168
-84% -$150M
NEM icon
43
Newmont
NEM
$119B
$26.8M 0.36%
268,134
-82,505
-24% -$7.45M
VTMX icon
44
Vesta Real Estate
VTMX
$3.18B
$24.3M 0.33%
796,215
+27,700
+4% +$820K
HTHT icon
45
Huazhu Hotels Group
HTHT
$13B
$22.1M 0.3%
469,601
-107,306
-19% -$4.63M
KMB icon
46
Kimberly-Clark
KMB
$36.5B
$20.5M 0.28%
+203,068
New +$22.2M
EDU icon
47
New Oriental
EDU
$8.98B
$20.3M 0.28%
369,289
+6,000
+2% +$329K
FCX icon
48
Freeport-McMoran
FCX
$97.5B
$19.5M 0.26%
384,504
-90,158
-19% -$3.91M
KSPI icon
49
Kaspi.kz JSC
KSPI
$17.2B
$17.9M 0.24%
228,970
-21,617
-9% -$1.63M
LULU icon
50
lululemon athletica
LULU
$14.6B
$15.4M 0.21%
74,300
-31,700
-30% -$5.74M
1
2
3 4 5

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Carmignac Gestion's Q4 2025 Portfolio in Review

As of Q4 2025, Carmignac Gestion held 170 positions worth $7.39B, up 10% from $6.71B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Carmignac Gestion deployed $547M of net new capital in Q4 2025, opening 38 new positions and adding to 43 existing holdings. Its largest new stake was Novo Nordisk: 1,003,300 shares worth $51M.

By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 30% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $282M trimmed.

  • Carmignac Gestion's largest Q4 2025 buy was Novo Nordisk: 1,003,300 shares worth $51M.
  • Carmignac Gestion added most to Microsoft in Q4 2025, an estimated $313M increase.
  • Carmignac Gestion's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $282M.
  • Carmignac Gestion fully exited Eaton in Q4 2025, selling an estimated $81.1M.
  • Carmignac Gestion's ten largest holdings make up 52% of its $7.39B portfolio in Q4 2025.
  • Carmignac Gestion opened 38 new positions and closed 45 in Q4 2025.
  • Carmignac Gestion's portfolio value rose 10% quarter-over-quarter to $7.39B.

Based on Carmignac Gestion's 13F filing for Q4 2025, filed 13 Feb 2026.