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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
NVDA icon
1
NVIDIA
NVDA
$5.42T
$678M 9.17%
3,635,106
+186,852
+5% +$34.8M
MSFT icon
2
Microsoft
MSFT
$3.71T
$513M 6.94%
1,061,153
+623,662
+143% +$313M
SPGI icon
3
S&P Global
SPGI
$120B
$452M 6.11%
864,840
+144,428
+20% +$71.5M
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.33T
$422M 5.7%
1,347,106
-986,120
-42% -$282M
AMZN icon
5
Amazon
AMZN
$2.96T
$364M 4.93%
1,577,739
-481,018
-23% -$110M
COR icon
6
Cencora
COR
$61.2B
$296M 4%
875,095
-751
-0.1% -$256K
MCK icon
7
McKesson
MCK
$101B
$294M 3.98%
358,535
+44,362
+14% +$36.2M
MELI icon
8
Mercado Libre
MELI
$92.3B
$285M 3.85%
141,373
+8,677
+7% +$18.2M
CRM icon
9
Salesforce
CRM
$158B
$267M 3.61%
1,008,151
+513,704
+104% +$128M
NOW icon
10
ServiceNow
NOW
$129B
$266M 3.59%
1,734,925
+762,350
+78% +$131M
TW icon
11
Tradeweb Markets
TW
$21.6B
$238M 3.22%
2,214,400
+954,600
+76% +$102M
ICE icon
12
Intercontinental Exchange
ICE
$84.4B
$223M 3.01%
1,375,560
+221,400
+19% +$34.7M
XYZ
13
Block Inc
XYZ
$47.5B
$222M 3.01%
3,417,826
+1,501,200
+78% +$104M
TEAM icon
14
Atlassian
TEAM
$37.8B
$196M 2.65%
1,206,368
+1,188,368
+6,602% +$186M
SLB icon
15
SLB Ltd
SLB
$75B
$179M 2.42%
4,669,456
-1,076,644
-19% -$39M
MA icon
16
Mastercard
MA
$493B
$171M 2.31%
299,595
+21,183
+8% +$11.8M
EFX icon
17
Equifax
EFX
$21.4B
$163M 2.2%
750,015
+126,698
+20% +$27.7M
APH icon
18
Amphenol
APH
$209B
$161M 2.18%
1,194,200
-213,049
-15% -$28.5M
ANET icon
19
Arista Networks
ANET
$238B
$143M 1.94%
1,093,784
+91,084
+9% +$12.5M
ACN icon
20
Accenture
ACN
$108B
$143M 1.93%
532,041
+386,487
+266% +$98.2M
CL icon
21
Colgate-Palmolive
CL
$74.4B
$91.2M 1.23%
1,153,391
+762,863
+195% +$59.8M
VRTX icon
22
Vertex Pharmaceuticals
VRTX
$126B
$86.9M 1.17%
191,571
+4,032
+2% +$1.74M
DOCS icon
23
Doximity
DOCS
$4.88B
$83.8M 1.13%
1,893,026
+1,477,798
+356% +$83M
TMO icon
24
Thermo Fisher Scientific
TMO
$220B
$81.2M 1.1%
140,037
-106,555
-43% -$60.3M
LNTH icon
25
Lantheus
LNTH
$6.59B
$74.7M 1.01%
1,122,000
+314,591
+39% +$18.3M
1
2 3 4 5

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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.