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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
CRS icon
126
Carpenter Technology
CRS
$28.4B
– –
-69,000
Closed -$16.9M
CVAC
127
DELISTED
CureVac
CVAC
– –
-235,180
Closed -$1.27M
DELL icon
128
Dell
DELL
$293B
– –
-4,193
Closed -$594K
DHR icon
129
Danaher
DHR
$144B
– –
-44,359
Closed -$8.72M
ESGR
130
DELISTED
Enstar Group
ESGR
– –
-35,000
Closed -$3.5M
ETN icon
131
Eaton
ETN
$174B
– –
-216,700
Closed -$81.1M
FIX icon
132
Comfort Systems
FIX
$59.6B
– –
-48,400
Closed -$39.9M
FSLR icon
133
First Solar
FSLR
$26.9B
– –
-2,180
Closed -$481K
GHLD
134
DELISTED
Guild Holdings
GHLD
– –
-182,235
Closed -$3.63M
GLOB icon
135
Globant
GLOB
$1.61B
– –
-4,000
Closed -$230K
GRMN
136
Garmin
GRMN
$60B
– –
-800
Closed -$197K
HBI
137
DELISTED
Hanesbrands
HBI
– –
-1,452,361
Closed -$9.57M
IAS
138
DELISTED
Integral Ad Science
IAS
– –
-266,001
Closed -$2.71M
INFA
139
DELISTED
Informatica
INFA
– –
-368,908
Closed -$9.16M
K
140
DELISTED
Kellanova
K
– –
-117,086
Closed -$9.6M
LAUR icon
141
Laureate Education
LAUR
$5.28B
– –
-40,000
Closed -$1.26M
LBTYA icon
142
Liberty Global Class A
LBTYA
$3.6B
– –
-158,207
Closed -$5.3M
LIN icon
143
Linde
LIN
$226B
– –
-93,794
Closed -$44.6M
MLNK
144
DELISTED
MeridianLink
MLNK
– –
-107
Closed -$2.13K
MRC
145
DELISTED
MRC Global
MRC
– –
-551,126
Closed -$7.95M
MRUS
146
DELISTED
Merus
MRUS
– –
-167,532
Closed -$15.8M
MTAL
147
DELISTED
Metals Acquisition
MTAL
– –
-212,545
Closed -$2.6M
NKE icon
148
CALL
Nike
NKE
$61.9B
– –
0
– -$1.39K
ORCL icon
149
Oracle
ORCL
$423B
– –
-4,000
Closed -$1.12M
ORLA
150
DELISTED
Orla Mining
ORLA
– –
-179,881
Closed -$1.94M
3 4 5
6
7

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TCM
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HI
Harbour Investments Madison, Wisconsin $6.48B AUM 18.23% 1-Year Est. Return
BF
BOK Financial Tulsa, Oklahoma $6.54B AUM 25.41% 1-Year Est. Return
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
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.