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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
ORLY icon
151
O'Reilly Automotive
ORLY
$76.3B
– –
-316,540
Closed -$34.1M
PRO
152
DELISTED
PROS Holdings
PRO
– –
-115,061
Closed -$2.64M
PTON icon
153
CALL
Peloton Interactive
PTON
$2.49B
– –
0
– -$15.9K
RKLB icon
154
CALL
Rocket Lab Corp
RKLB
$51.8B
– –
0
– -$1.15K
SAND
155
DELISTED
Sandstorm Gold
SAND
– –
-270,957
Closed -$3.39M
SAP icon
156
SAP
SAP
$238B
– –
-37,500
Closed -$10M
SNPS icon
157
Synopsys
SNPS
$79.7B
– –
-40,964
Closed -$20.2M
SPNS
158
DELISTED
Sapiens International
SPNS
– –
-20,027
Closed -$861K
SPOT icon
159
Spotify
SPOT
$100B
– –
-3,890
Closed -$2.72M
SRDX
160
DELISTED
Surmodics
SRDX
– –
-27,622
Closed -$826K
TAP icon
161
Molson Coors Class B
TAP
$8.09B
– –
-265,000
Closed -$12M
TASK icon
162
TaskUs
TASK
$669M
– –
-121,507
Closed -$2.17M
TGI
163
DELISTED
Triumph Group
TGI
– –
-139,896
Closed -$14.9M
TRML
164
DELISTED
Tourmaline Bio
TRML
– –
-55,412
Closed -$2.65M
TSLA icon
165
Tesla
TSLA
$1.3T
– –
-500
Closed -$222K
UNH icon
166
CALL
UnitedHealth
UNH
$370B
– –
0
– -$72.5K
UPS icon
167
CALL
United Parcel Service
UPS
$88.9B
– –
0
– -$30.8K
VMEO
168
DELISTED
Vimeo
VMEO
– –
-607,609
Closed -$4.71M
WNS
169
DELISTED
WNS Holdings
WNS
– –
-155,639
Closed -$11.9M
ALAB icon
170
Astera Labs
ALAB
$58B
– –
-6,000
Closed -$1.17M
3 4 5 6
7

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LAM
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OCM
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HFS
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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.