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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
CSCO icon
76
Cisco
CSCO
$479B
$4.49M 0.06%
58,345
+8,731
+18% +$648K
HOLX
77
DELISTED
Hologic
HOLX
$4.2M 0.06%
+56,387
New +$4.12M
RNAM
78
DELISTED
Avidity Biosciences
RNAM
$4.18M 0.06%
+57,938
New +$3.74M
CDTX
79
DELISTED
Cidara Therapeutics
CDTX
$4.17M 0.06%
+18,896
New +$3.05M
JHG
80
DELISTED
Janus Henderson
JHG
$4.15M 0.06%
+87,299
New +$3.86M
CFLT
81
DELISTED
Confluent
CFLT
$4.14M 0.06%
+136,922
New +$3.36M
AAPL icon
82
Apple
AAPL
$4.57T
$4.07M 0.06%
14,979
-7,415
-33% -$1.99M
COST icon
83
Costco
COST
$420B
$4.01M 0.05%
4,653
+408
+10% +$370K
V icon
84
Visa
V
$677B
$3.7M 0.05%
10,552
– –
JPM icon
85
JPMorgan Chase
JPM
$950B
$3.67M 0.05%
11,400
+2,029
+22% +$628K
CDNS icon
86
Cadence Design Systems
CDNS
$93.4B
$3.63M 0.05%
11,586
-206,602
-95% -$67.4M
VNET
87
VNET Group
VNET
$2.09B
$3.34M 0.05%
394,616
-833
-0.2% -$7.72K
NGD
88
DELISTED
New Gold Inc
NGD
$3.31M 0.04%
+379,537
New +$2.86M
MAR icon
89
Marriott International
MAR
$92.3B
$3.25M 0.04%
10,482
+952
+10% +$272K
HLT icon
90
Hilton Worldwide
HLT
$71.5B
$3.17M 0.04%
11,045
+1,442
+15% +$393K
CADE
91
DELISTED
Cadence Bank
CADE
$3.04M 0.04%
+70,869
New +$2.81M
FOLD
92
DELISTED
Amicus Therapeutics
FOLD
$2.78M 0.04%
+194,887
New +$1.91M
TXNM
93
TXNM Energy Inc
TXNM
$5.94B
$2.77M 0.04%
+47,000
New +$2.71M
HI
94
DELISTED
Hillenbrand
HI
$2.74M 0.04%
+86,224
New +$2.66M
KVUE icon
95
Kenvue
KVUE
$36.9B
$2.72M 0.04%
+157,574
New +$2.58M
CASY icon
96
Casey's General Stores
CASY
$30.9B
$2.65M 0.04%
+4,800
New +$2.64M
CIO
97
DELISTED
City Office REIT
CIO
$2.62M 0.04%
375,233
– –
LLY icon
98
Eli Lilly
LLY
$1.06T
$2.56M 0.03%
2,379
-94,468
-98% -$90.3M
TGNA
99
DELISTED
TEGNA Inc
TGNA
$2.4M 0.03%
123,716
– –
PTON icon
100
Peloton Interactive
PTON
$2.49B
$2.26M 0.03%
366,439
+326,955
+828% +$2.3M
2 3
4
5 6

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HI
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BF
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LAM
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OCM
Oaktree Capital Management Los Angeles, California $6.56B AUM 42.97% 1-Year Est. Return
HFS
Hantz Financial Services Southfield, Michigan $6.56B AUM 16.11% 1-Year Est. Return
BFS
Bradley Foster & Sargent Hartford, Connecticut $6.44B AUM 25.27% 1-Year Est. Return
NMIMC
Northwestern Mutual Investment Management Company Milwaukee, Wisconsin $6.6B AUM 19.75% 1-Year Est. Return

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.