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CG

Carmignac Gestion Portfolio holdings

AUM $7.71B
1-Year Est. Return 4.02%
This Fund
S&P 500
This Quarter Est. Return
+1.9%
1 Year Est. Return
+4.02%
3 Year Est. Return
+85.13%
5 Year Est. Return
+112.24%
10 Year Est. Return
+570.29%
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
Avg Time Held Equity + Options
7.2 quarters
Top 10 Avg Time Held Equity + Options
5.9 quarters
Top 20 Avg Time Held Equity + Options
7.5 quarters
Avg Time Held Equity only
7.4 quarters
Top 10 Avg Time Held Equity only
5.9 quarters
Top 20 Avg Time Held Equity only
7.5 quarters

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 icon
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 Held Since
NVDA icon
1
NVIDIA
NVDA
$5.36T
$678M 9.17%
3,635,106
+186,852
+5% +$34.8M
2019 Q2
26 quarters
MSFT icon
2
Microsoft
MSFT
$3.99T
$513M 6.94%
1,061,153
+623,662
+143% +$313M
2019 Q1
27 quarters
SPGI icon
3
S&P Global
SPGI
$120B
$452M 6.11%
864,840
+144,428
+20% +$71.5M
2022 Q1
15 quarters
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.29T
$422M 5.7%
1,347,106
-986,120
-42% -$282M
2018 Q3
29 quarters
AMZN icon
5
Amazon
AMZN
$2.75T
$364M 4.93%
1,577,739
-481,018
-23% -$110M
2019 Q4
24 quarters
COR icon
6
Cencora
COR
$63.7B
$296M 4%
875,095
-751
-0.1% -$256K
2024 Q2
6 quarters
MCK icon
7
McKesson
MCK
$113B
$294M 3.98%
358,535
+44,362
+14% +$36.2M
2024 Q3
5 quarters
MELI icon
8
Mercado Libre
MELI
$92.7B
$285M 3.85%
141,373
+8,677
+7% +$18.2M
2014 Q4
44 quarters
CRM icon
9
Salesforce
CRM
$194B
$267M 3.61%
1,008,151
+513,704
+104% +$128M
2019 Q3
25 quarters
NOW icon
10
ServiceNow
NOW
$145B
$266M 3.59%
1,734,925
+762,350
+78% +$131M
2022 Q2
14 quarters
TW icon
11
Tradeweb Markets
TW
$23.4B
$238M 3.22%
2,214,400
+954,600
+76% +$102M
2022 Q2
14 quarters
ICE icon
12
Intercontinental Exchange
ICE
$87.4B
$223M 3.01%
1,375,560
+221,400
+19% +$34.7M
2013 Q2
50 quarters
XYZ icon
13
Block Inc
XYZ
$45.3B
$222M 3.01%
3,417,826
+1,501,200
+78% +$104M
2022 Q4
12 quarters
TEAM icon
14
Atlassian
TEAM
$52.2B
$196M 2.65%
1,206,368
+1,188,368
+6,602% +$186M
2025 Q3
1 quarter
SLB icon
15
SLB Ltd
SLB
$71.5B
$179M 2.42%
4,669,456
-1,076,644
-19% -$39M
2025 Q3
1 quarter
MA icon
16
Mastercard
MA
$530B
$171M 2.31%
299,595
+21,183
+8% +$11.8M
2025 Q3
1 quarter
EFX icon
17
Equifax
EFX
$17.5B
$163M 2.2%
750,015
+126,698
+20% +$27.7M
2024 Q3
5 quarters
APH icon
18
Amphenol
APH
$205B
$161M 2.18%
2,388,400
-426,098
-15% -$28.5M
2024 Q3
5 quarters
ANET icon
19
Arista Networks
ANET
$248B
$143M 1.94%
1,093,784
+91,084
+9% +$12.5M
2024 Q2
6 quarters
ACN icon
20
Accenture
ACN
$133B
$143M 1.93%
532,041
+386,487
+266% +$98.2M
2021 Q3
17 quarters
CL icon
21
Colgate-Palmolive
CL
$73.3B
$91.2M 1.23%
1,153,391
+762,863
+195% +$59.8M
2025 Q3
1 quarter
VRTX icon
22
Vertex Pharmaceuticals
VRTX
$126B
$86.9M 1.17%
191,571
+4,032
+2% +$1.74M
2024 Q2
6 quarters
DOCS icon
23
Doximity
DOCS
$5.31B
$83.8M 1.13%
1,893,026
+1,477,798
+356% +$83M
2024 Q2
6 quarters
TMO icon
24
Thermo Fisher Scientific
TMO
$249B
$81.2M 1.1%
140,037
-106,555
-43% -$60.3M
2019 Q2
26 quarters
LNTH icon
25
Lantheus
LNTH
$6.54B
$74.7M 1.01%
1,122,000
+314,591
+39% +$18.3M
2024 Q2
6 quarters
1
2 3 4 5

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NAMA
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AAB
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SIAU
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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.