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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
YETI icon
101
Yeti Holdings
YETI
$3.95B
$2.16M 0.03%
49,010
+11,707
+31% +$450K
SHW icon
102
Sherwin-Williams
SHW
$89.8B
$1.88M 0.03%
5,814
-1,150
-17% -$385K
TME icon
103
Tencent Music
TME
$15.6B
$1.85M 0.03%
105,310
+5,133
+5% +$104K
MMYT icon
104
MakeMyTrip
MMYT
$5.64B
$1.81M 0.02%
+21,993
New +$1.8M
ADBE icon
105
Adobe
ADBE
$105B
$1.75M 0.02%
+5,000
New +$1.7M
ZM icon
106
Zoom
ZM
$30.6B
$1.73M 0.02%
+20,000
New +$1.68M
DVAX
107
DELISTED
Dynavax Technologies
DVAX
$1.72M 0.02%
+111,974
New +$1.23M
BAC icon
108
Bank of America
BAC
$442B
$1.47M 0.02%
+26,682
New +$1.41M
BABA icon
109
Alibaba
BABA
$308B
$1.4M 0.02%
+9,540
New +$1.55M
QCOM icon
110
Qualcomm
QCOM
$176B
$1.37M 0.02%
8,000
– –
GOTU icon
111
Gaotu Techedu
GOTU
$436M
$1.02M 0.01%
440,947
– –
EH
112
EHang Holdings
EH
$435M
$1.01M 0.01%
76,985
+14,312
+23% +$226K
QFIN icon
113
Qfin Holdings
QFIN
$1.61B
$753K 0.01%
39,081
– –
IMXI icon
114
International Money Express
IMXI
$367M
$704K 0.01%
45,802
– –
CIFR icon
115
Cipher Digital
CIFR
$7.13B
$698K 0.01%
+47,312
New +$835K
TSM icon
116
TSMC
TSM
$2.18T
$638K 0.01%
2,100
-10,022
-83% -$2.94M
URI icon
117
United Rentals
URI
$72.4B
$528K 0.01%
+652
New +$566K
AU icon
118
AngloGold Ashanti
AU
$48.7B
$522K 0.01%
+6,122
New +$477K
WOW
119
DELISTED
WideOpenWest
WOW
$208K ﹤0.01%
40,038
– –
AMZN icon
120
CALL
Amazon
AMZN
$2.96T
– –
0
– -$2.63K
AVDX
121
DELISTED
AvidXchange
AVDX
– –
-375,768
Closed -$3.74M
CLS icon
122
Celestica
CLS
$36.5B
– –
-158,000
Closed -$38.9M
CLSD
123
DELISTED
Clearside Biomedical
CLSD
– –
-100,556
Closed -$399K
CNC icon
124
Centene
CNC
$32.5B
– –
-848,000
Closed -$30.3M
COIN icon
125
Coinbase
COIN
$40.5B
– –
-559
Closed -$189K
3 4
5
6 7

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HI
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BF
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LAM
Lyrical Asset Management New York $6.56B AUM 20.06% 1-Year Est. Return
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
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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.