CG

Carmignac Gestion Portfolio holdings

AUM $7.71B Turnover 49.25%
1-Year Est. Return 4.02%
This Fund
S&P 500
This Quarter Est. Return
+1.9%
1 Year Est. Return
+4.02%
3 Year Est. Return
+85.13%
5 Year Est. Return
+112.24%
10 Year Est. Return
+570.29%
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
Avg Time Held Equity + Options
1.8 years
Top 10 Avg Time Held Equity + Options
1.5 years
Top 20 Avg Time Held Equity + Options
1.9 years
Avg Time Held Equity only
1.9 years
Top 10 Avg Time Held Equity only
1.5 years
Top 20 Avg Time Held Equity only
1.9 years

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 icon
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 Held Since
VIPS icon
26
Vipshop
VIPS
$6.11B
$73.7M 1%
4,161,154
-2,357,244
-36% -$45.4M
2023 Q2
10 quarters
SE icon
27
Sea Limited
SE
$58.4B
$65.9M 0.89%
516,426
+232,971
+82% +$34.5M
2019 Q2
26 quarters
ABNB icon
28
Airbnb
ABNB
$98.5B
$63.6M 0.86%
468,370
– –
2025 Q2
2 quarters
ITUB icon
29
Itaú Unibanco
ITUB
$107B
$51.2M 0.69%
7,152,585
-4,469,096
-38% -$31.8M
2023 Q4
8 quarters
NVO icon
30
Novo Nordisk
NVO
$168B
$51M 0.69%
+1,003,300
New +$51.3M
2025 Q4
0 quarters
PG icon
31
Procter & Gamble
PG
$364B
$49.7M 0.67%
346,492
+145,621
+72% +$21.5M
2021 Q4
16 quarters
GTLB icon
32
GitLab
GTLB
$8.86B
$49.2M 0.66%
1,310,000
+640,000
+96% +$27.7M
2025 Q3
1 quarter
AVGO icon
33
Broadcom
AVGO
$1.65T
$48.1M 0.65%
139,080
-60,744
-30% -$21.7M
2024 Q2
6 quarters
FNV icon
34
Franco-Nevada
FNV
$45.3B
$46.7M 0.63%
225,511
+200,376
+797% +$40.6M
2025 Q1
3 quarters
AEM icon
35
Agnico Eagle Mines
AEM
$89.6B
$45.5M 0.62%
268,511
+64,485
+32% +$10.8M
2018 Q2
30 quarters
KEYS icon
36
Keysight
KEYS
$60.9B
$43.3M 0.59%
213,000
-22,100
-9% -$4.1M
2024 Q2
6 quarters
SFM icon
37
Sprouts Farmers Market
SFM
$6.03B
$42.2M 0.57%
+530,000
New +$47.6M
2025 Q4
0 quarters
REGN icon
38
Regeneron Pharmaceuticals
REGN
$80.1B
$38.6M 0.52%
+49,971
New +$33.9M
2025 Q4
0 quarters
ALGN icon
39
Align Technology
ALGN
$10.3B
$38.4M 0.52%
246,101
+3,193
+1% +$458K
2022 Q1
15 quarters
NFLX icon
40
Netflix
NFLX
$294B
$37.4M 0.51%
+398,362
New +$42.9M
2025 Q4
0 quarters
GL icon
41
Globe Life
GL
$12.9B
$37.1M 0.5%
265,000
+106,000
+67% +$14.4M
2024 Q4
4 quarters
META icon
42
Meta Platforms (Facebook)
META
$1.88T
$29.3M 0.4%
44,331
-225,168
-84% -$150M
2022 Q2
14 quarters
NEM icon
43
Newmont
NEM
$118B
$26.8M 0.36%
268,134
-82,505
-24% -$7.45M
2016 Q1
39 quarters
VTMX icon
44
Vesta Real Estate
VTMX
$3.18B
$24.3M 0.33%
796,215
+27,700
+4% +$820K
2023 Q3
9 quarters
HTHT icon
45
Huazhu Hotels Group
HTHT
$13.9B
$22.1M 0.3%
469,601
-107,306
-19% -$4.63M
2024 Q4
4 quarters
KMB icon
46
Kimberly-Clark
KMB
$33.1B
$20.5M 0.28%
+203,068
New +$22.2M
2025 Q4
0 quarters
EDU icon
47
New Oriental
EDU
$8.93B
$20.3M 0.28%
369,289
+6,000
+2% +$329K
2021 Q2
18 quarters
FCX icon
48
Freeport-McMoran
FCX
$100B
$19.5M 0.26%
384,504
-90,158
-19% -$3.91M
2025 Q3
1 quarter
KSPI icon
49
Kaspi.kz JSC
KSPI
$18B
$17.9M 0.24%
228,970
-21,617
-9% -$1.63M
2024 Q2
6 quarters
LULU icon
50
lululemon athletica
LULU
$10.9B
$15.4M 0.21%
74,300
-31,700
-30% -$5.74M
2024 Q3
5 quarters
1
2
3 4 5

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EGM
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NAMA
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AAB
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SIAU
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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.