Carmignac Gestion — 13F Filing Insights

Diversified strategyMomentum followerSector-focused

Total reported value

$7.4B

Reporting period: 2025-12-31 · Number of holdings: 124

Carmignac Gestion disclosed 124 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $7.4B and a quarterly turnover rate of 44.6%.

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Personality snowflake

Concentration: 15.11
Portfolio Stability: 44.59
Momentum/Contrarian: 100
Sector conviction: 81.58
Diversification: 100
Sizing Uniformity: 81.12

Recent moves

Add MSFT
+142.6%　$286.7M
Trim GOOGL
-42.3%　-$145.6M
Add TEAM
+6602.0%　$192.7M
Trim META
-81.9%　-$168.7M
Add CRM
+103.9%　$149.9M
Trim AMZN
-23.8%　-$87.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 120 holdings (of 124 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	NVDA	Nvidia CORP	Stock-Tech	9.17%	-0.42%	+5.71%
2	MSFT	Microsoft CORP	Stock-Tech	6.94%	+3.56%	+142.55%
3	SPGI	S&p Global INC	Stock-Financials	6.11%	+0.88%	+20.05%
4	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	5.70%	-2.75%	-42.26%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	4.93%	-1.81%	-23.81%
6	COR	Cencora INC	Stock-Healthcare	4.00%	-0.08%	-0.09%
7	MCK	Mckesson CORP	Stock-Healthcare	3.98%	+0.36%	+14.12%
8	MELI	Mercadolibre INC	Stock-Consumer Disc	3.85%	-0.78%	+6.54%
9	CRM	Salesforce INC	Stock-Tech	3.61%	+1.86%	+103.89%
10	NOW	Servicenow INC	Stock-Tech	3.59%	+0.92%	+791.92%
11	TW	Tradeweb Markets Inc-class A	Stock-Financials	3.22%	+1.14%	+75.77%
12	ICE	Intercontinental Exchange In	Stock-Financials	3.01%	+0.11%	+19.18%
13	XYZ	Block INC	Stock-Financials	3.01%	+0.95%	+78.33%
14	TEAM	Atlassian Corp-cl A	Stock-Tech	2.65%	+2.61%	+6602.04%
15	SLB	Slb LTD	Stock-Energy	2.42%	-0.52%	-18.74%
16	MA	Mastercard INC - A	Stock-Financials	2.31%	-0.05%	+7.61%
17	EFX	Equifax INC	Stock-Industrials	2.20%	—	+20.33%
18	APH	Amphenol Corp-cl A	Stock-Tech	2.18%	—	-15.14%
19	ANET	Arista Networks INC	Stock-Tech	1.94%	—	+9.08%
20	ACN	Accenture plc	Stock-Tech	1.93%	+1.40%	+265.53%
21	CL	Colgate-palmolive Co	Stock-Consumer Staples	1.23%	+0.76%	+195.34%
22	VRTX	Vertex Pharmaceuticals INC	Stock-Healthcare	1.17%	+0.08%	+2.15%
23	DOCS	Doximity Inc-class A	Stock-Healthcare	1.13%	+0.68%	+355.90%
24	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	1.10%	-0.68%	-43.21%
25	LNTH	Lantheus Holdings INC	Stock-Healthcare	1.01%	+0.39%	+38.96%
26	VIPS	Vipshop Holdings LTD - Adr	Stock-Consumer Disc	1.00%	-0.91%	-36.16%
27	SE	Sea Ltd-adr	Stock-Comm Services	0.89%	+0.13%	+82.19%
28	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	0.86%	—	—
29	ITUB	Itau Unibanco H-spon Prf Adr	Stock-Financials	0.69%	-0.54%	-36.61%
30	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	0.69%	+0.69%	NEW
31	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.67%	+0.21%	+72.49%
32	GTLB	Gitlab Inc-cl A	Stock-Tech	0.66%	+0.21%	+95.52%
33	AVGO	Broadcom INC	Stock-Tech	0.65%	-0.33%	-27.05%
34	FNV	Franco-nevada CORP	Stock-Materials	0.63%	+0.55%	+797.20%
35	AEM	Agnico Eagle Mines LTD	Stock-Materials	0.62%	—	+31.61%
36	KEYS	Keysight Technologies In	Stock-Tech	0.59%	—	-9.40%
37	SFM	Sprouts Farmers Market INC	Stock-Consumer Staples	0.57%	+0.57%	NEW
38	REGN	Regeneron Pharmaceuticals	Stock-Healthcare	0.52%	+0.52%	NEW
39	ALGN	Align Technology INC	Stock-Healthcare	0.52%	—	+1.31%
40	NFLX	Netflix INC	Stock-Comm Services	0.51%	+0.51%	NEW
41	GL	Globe Life INC	Stock-Financials	0.50%	+0.16%	+66.67%
42	META	Meta Platforms Inc-class A	Stock-Comm Services	0.40%	-2.55%	-81.88%
43	NEM	Newmont CORP	Stock-Materials	0.36%	—	-23.53%
44	VTMX	CORP Inmobiliaria Vesta-adr	Stock-Other	0.33%	—	+3.60%
45	HTHT	H World Group Ltd-adr	Stock-Other	0.30%	—	-18.60%
46	KMB	Kimberly-clark CORP	Stock-Consumer Staples	0.28%	+0.28%	NEW
47	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	0.28%	—	+1.65%
48	FCX	Freeport-mcmoran INC	Stock-Materials	0.26%	—	-18.99%
49	KSPI	Jsc Kaspi.kz Adr	Stock-Other	0.24%	—	-8.63%
50	LULU	Lululemon Athletica INC	Stock-Consumer Disc	0.21%	—	-29.91%

1–50 of 120

Portfolio Performance

Performance for Q3 2026

-1.1%

Performance Last 4 Quarters

+15.1%

Based on 72% of reported portfolio value with available pricing

Stdev: +14.3%
Beta: +0.96
Alpha: -1.7%
Max Drawdown: -9.3%
Annualized Perf: +16.2%
Batting Avg vs S&P: +41.7%
Sortino: +2.22
Stutzer: +0.33
Treynor: +0.17
Sterling: +0.91
Calmar: +1.73
Information Ratio: -0.36
Tracking Error: +6.7%
Stdev Down: +7.2%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +35.7%
Worst 12 Months: -0.4%
Efficiency Ratio: +0.43
Sharpe: +1.13
Stdev Sectors: +13.6%
Skewness: +0.07
Kurtosis: -1.01
Upside Potential: +4.13

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	124	$7.4B	45	1NVDA 2MSFT 3SPGI Top holdings2025-12-31 1.NVDA 2.MSFT 3.SPGI 4.GOOGL 5.AMZN 6.COR 7.MCK 8.MELI 9.CRM 10.NOW
2025-09-30	136	$6.7B	53	1NVDA 2GOOGL 3AMZN Top holdings2025-09-30 1.NVDA 2.GOOGL 3.AMZN 4.SPGI 5.MELI 6.COR 7.MCK 8.MSFT 9.META 10.SLB
2025-06-30	129	$6.5B	0	1NVDA 2AMZN 3GOOGL Top holdings2025-06-30 1.NVDA 2.AMZN 3.GOOGL 4.MELI 5.MCK 6.COR 7.SPGI 8.MSFT 9.AVGO 10.ICE
2025-03-31	152	$6.1B	100	1AMZN 2NVDA 3MCK Top holdings2025-03-31 1.AMZN 2.NVDA 3.MCK 4.COR 5.CNC 6.GOOGL 7.MELI 8.SNPS 9.MSFT 10.SLB
2024-12-31	151	$6.3B	0	1AMZN 2MSFT 3NVDA Top holdings2024-12-31 1.AMZN 2.MSFT 3.NVDA 4.CNC 5.SLB 6.GOOGL 7.MCK 8.SPGI 9.SNPS 10.AVGO
2024-09-30	168	$6.0B	0	1AMZN 2SLB 3MSFT Top holdings2024-09-30 1.AMZN 2.SLB 3.MSFT 4.GOOGL 5.NVDA 6.CNC 7.MCK 8.COR 9.UNH 10.ICE
2024-06-30	160	$5.8B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-06-30 1.MSFT 2.AMZN 3.GOOGL 4.SLB 5.NVDA 6.AVGO 7.COR 8.ICE 9.UNH 10.SPGI
2024-03-31	146	$6.3B	0	1META 2MSFT 3AMD Top holdings2024-03-31 1.META 2.MSFT 3.AMD 4.AMZN 5.NVDA 6.LLY 7.GE 8.TSM 9.BAX 10.GOOGL
2023-12-31	144	$6.0B	0	1LLY 2MSFT 3META Top holdings2023-12-31 1.LLY 2.MSFT 3.META 4.AMZN 5.AMD 6.NVDA 7.ICE 8.TMUS 9.GE 10.BAX
2023-09-30	144	$5.4B	0	1LLY 2MSFT 3AMZN Top holdings2023-09-30 1.LLY 2.MSFT 3.AMZN 4.META 5.AMD 6.NVDA 7.SPGI 8.ICE 9.BABA 10.GOOGL
2023-06-30	161	$5.8B	0	1LLY 2MSFT 3AMZN Top holdings2023-06-30 1.LLY 2.MSFT 3.AMZN 4.META 5.BABA 6.SPGI 7.AMD 8.ICE 9.GOOGL 10.SLB
2023-03-31	139	$6.0B	0	1MSFT 2BABA 3LLY Top holdings2023-03-31 1.MSFT 2.BABA 3.LLY 4.SPGI 5.AMZN 6.AMD 7.SYK 8.ORCL 9.ICE 10.SLB
2022-12-31	135	$5.5B	0	1BABA 2MSFT 3ORCL Top holdings2022-12-31 1.BABA 2.MSFT 3.ORCL 4.SLB 5.SPGI 6.ELV 7.LLY 8.SYK 9.DHR 10.JD
2022-09-30	127	$4.7B	0	1AMZN 2SLB 3MSFT Top holdings2022-09-30 1.AMZN 2.SLB 3.MSFT 4.LLY 5.JD 6.ELV 7.DHR 8.SPGI 9.ORCL 10.PANW
2022-06-30	118	$4.7B	0	1SLB 2JD 3LLY Top holdings2022-06-30 1.SLB 2.JD 3.LLY 4.ELV 5.MSFT 6.DHR 7.SPGI 8.TMUS 9.ORLY 10.PANW
2022-03-31	113	$6.2B	0	1MSFT 2AMZN 3UBER Top holdings2022-03-31 1.MSFT 2.AMZN 3.UBER 4.TMUS 5.SLB 6.ELV 7.CRM 8.PANW 9.DHR 10.ICE
2021-12-31	124	$7.1B	0	1UBER 2JD 3AMZN Top holdings2021-12-31 1.UBER 2.JD 3.AMZN 4.META 5.MSFT 6.ELV 7.CRM 8.GOOGL 9.TMUS 10.PANW
2021-09-30	120	$8.0B	0	1JD 2CRM 3AMZN Top holdings2021-09-30 1.JD 2.CRM 3.AMZN 4.MSFT 5.UBER 6.GOOGL 7.META 8.ELV 9.XYZ 10.TMUS
2021-06-30	130	$8.6B	100	1META 2JD 3MSFT Top holdings2021-06-30 1.META 2.JD 3.MSFT 4.CRM 5.AMZN 6.GOOGL 7.TMUS 8.ELV 9.FIS 10.UBER
2021-03-31	132	$8.7B	51	1JD 2META 3MSFT Top holdings2021-03-31 1.JD 2.META 3.MSFT 4.COF 5.GOOGL 6.ELV 7.FIS 8.AMZN 9.TMUS 10.FISV
2020-12-31	142	$9.6B	33	1JD 2META 3GOOGL Top holdings2020-12-31 1.JD 2.META 3.GOOGL 4.AMZN 5.ICE 6.STZ 7.ELV 8.FIS 9.MSFT 10.CRM
2020-09-30	131	$8.5B	30	1JD 2META 3AMZN Top holdings2020-09-30 1.JD 2.META 3.AMZN 4.GOOGL 5.STZ 6.CRM 7.FIS 8.ICE 9.NEM 10.ELV
2020-06-30	125	$7.2B	51	1JD 2AMZN 3META Top holdings2020-06-30 1.JD 2.AMZN 3.META 4.GOOGL 5.STZ 6.FIS 7.CRM 8.NEM 9.ELV 10.ICE
2020-03-31	131	$5.9B	57	1AMZN 2JD 3GOOGL Top holdings2020-03-31 1.AMZN 2.JD 3.GOOGL 4.META 5.STZ 6.WUBAUSD 7.FIS 8.ICE 9.ELV 10.NEM
2019-12-31	125	$7.5B	46	1META 2JD 3ICE Top holdings2019-12-31 1.META 2.JD 3.ICE 4.GOOGL 5.STZ 6.ELV 7.WUBAUSD 8.CRM 9.FISV 10.FIS
2019-09-30	130	$7.9B	36	1META 2ICE 3GOOGL Top holdings2019-09-30 1.META 2.ICE 3.GOOGL 4.BKNG 5.STZ 6.JD 7.ELV 8.COST 9.GDDY 10.FISV
2019-06-30	124	$8.0B	38	1META 2ICE 3GOOGL Top holdings2019-06-30 1.META 2.ICE 3.GOOGL 4.BKNG 5.STZ 6.ELV 7.400110 8.BDX 9.PTC 10.GDDY
2019-03-31	98	$8.6B	52	1META 2ICE 3GOOGL Top holdings2019-03-31 1.META 2.ICE 3.GOOGL 4.STZ 5.ELV 6.BKNG 7.JD 8.BDX 9.COST 10.400110
2018-12-31	83	$6.6B	69	1ICE 2META 3GOOGL Top holdings2018-12-31 1.ICE 2.META 3.GOOGL 4.BDX 5.STZ 6.MELI 7.BKNG 8.ELV 9.NEM 10.TMUS
2018-09-30	86	$11.8B	40	1MELI 2ICE 3PXDEUR Top holdings2018-09-30 1.MELI 2.ICE 3.PXDEUR 4.META 5.BKNG 6.EOG 7.EA 8.WUBAUSD 9.STZ 10.GOOGL
2018-06-30	89	$13.4B	32	1META 2MELI 3ICE Top holdings2018-06-30 1.META 2.MELI 3.ICE 4.PXDEUR 5.AMZN 6.EOG 7.NEM 8.ATVIEUR 9.WUBAUSD 10.TMUS
2018-03-31	89	$14.3B	33	1META 2AMZN 3MELI Top holdings2018-03-31 1.META 2.AMZN 3.MELI 4.ICE 5.PXDEUR 6.NEM 7.EOG 8.WUBAUSD 9.ATVIEUR 10.NOW
2017-12-31	90	$15.0B	49	1META 2ICE 3MELI Top holdings2017-12-31 1.META 2.ICE 3.MELI 4.PXDEUR 5.AMZN 6.CELG 7.EOG 8.NEM 9.NOW 10.CXOEUR
2017-09-30	73	$13.0B	29	1CELG 2META 3ICE Top holdings2017-09-30 1.CELG 2.META 3.ICE 4.MELI 5.NEM 6.CX 7.PXDEUR 8.NOW 9.EOG 10.APC3EUR
2017-06-30	74	$12.3B	33	1CELG 2META 3ICE Top holdings2017-06-30 1.CELG 2.META 3.ICE 4.MELI 5.CX 6.PXDEUR 7.NEM 8.APC3EUR 9.NOW 10.BAC
2017-03-31	80	$13.1B	23	1CELG 2APC3EUR 3META Top holdings2017-03-31 1.CELG 2.APC3EUR 3.META 4.ICE 5.CX 6.PXDEUR 7.MELI 8.MA 9.NEM 10.V
2016-12-31	76	$12.9B	47	1APC3EUR 2CELG 3META Top holdings2016-12-31 1.APC3EUR 2.CELG 3.META 4.ICE 5.MA 6.NEM 7.CX 8.V 9.AMZN 10.MELI
2016-09-30	98	$13.4B	35	1AMZN 2CELG 3META Top holdings2016-09-30 1.AMZN 2.CELG 3.META 4.APC3EUR 5.ICE 6.TMO 7.NEM 8.MA 9.V 10.MELI
2016-06-30	28	$11.7B	38	1AMZN 2CELG 3META Top holdings2016-06-30 1.AMZN 2.CELG 3.META 4.APC3EUR 5.ICE 6.V 7.TMO 8.MA 9.NEM 10.380956
2016-03-31	28	$10.3B	39	1AMZN 2META 3CELG Top holdings2016-03-31 1.AMZN 2.META 3.CELG 4.APC3EUR 5.ICE 6.V 7.MA 8.TMO 9.MSFT 10.PRGO
2015-12-31	22	$9.1B	41	1AMZN 2CELG 3META Top holdings2015-12-31 1.AMZN 2.CELG 3.META 4.ICE 5.V 6.MA 7.PRGO 8.TMO 9.GOOGL 10.GOOG
2015-09-30	20	$7.9B	44	1AMZN 2CELG 3GOOG Top holdings2015-09-30 1.AMZN 2.CELG 3.GOOG 4.META 5.V 6.ICE 7.MA 8.AIG 9.TMO 10.AVAL
2015-06-30	28	$11.2B	24	1AMZN 2CELG 3META Top holdings2015-06-30 1.AMZN 2.CELG 3.META 4.GOOG 5.ICE 6.AIG 7.BIDU 8.MA 9.V 10.AVAL
2015-03-31	27	$11.3B	40	1CMCSA 2CELG 3AMZN Top holdings2015-03-31 1.CMCSA 2.CELG 3.AMZN 4.GOOG 5.META 6.ICE 7.AVAL 8.AIG 9.BIDU 10.V
2014-12-31	26	$11.0B	54	1CMCSA 2CELG 3GOOG Top holdings2014-12-31 1.CMCSA 2.CELG 3.GOOG 4.META 5.ICE 6.YUM 7.BIDU 8.AIG 9.AVAL 10.V
2014-09-30	24	$11.7B	24	1CMCSA 2BAC 3CELG Top holdings2014-09-30 1.CMCSA 2.BAC 3.CELG 4.YUM 5.GOOG 6.AIG 7.META 8.AVAL 9.ICE 10.APC3EUR
2014-06-30	27	$12.8B	27	1CMCSA 2CELG 3BAC Top holdings2014-06-30 1.CMCSA 2.CELG 3.BAC 4.APC3EUR 5.AIG 6.YUM 7.GOOG 8.AVAL 9.SLB 10.ICE
2014-03-31	29	$13.7B	28	1BAC 2CMCSA 3LYB Top holdings2014-03-31 1.BAC 2.CMCSA 3.LYB 4.AIG 5.APC3EUR 6.YUM 7.BIDU 8.GOOG 9.AVAL 10.CLB
2013-12-31	24	$13.4B	48	1BIDU 2YUM 3BAC Top holdings2013-12-31 1.BIDU 2.YUM 3.BAC 4.CMCSA 5.AIG 6.LVS 7.APC3EUR 8.AVAL 9.CELG 10.LYB
2013-09-30	25	$13.2B	29	1APC3EUR 2BIDU 3YUM Top holdings2013-09-30 1.APC3EUR 2.BIDU 3.YUM 4.BAC 5.SLB 6.CELG 7.LVS 8.AIG 9.LYB 10.CLB
2013-06-30	24	$12.0B	42	1APC3EUR 2YUM 3MSFT Top holdings2013-06-30 1.APC3EUR 2.YUM 3.MSFT 4.BAC 5.LVS 6.BIDU 7.AIG 8.SLB 9.CELG 10.CLB

Holding changes this quarter

Carmignac Gestion's most significant position changes for 2025-12-31: Sold out: Eaton Corporation plc (ETN); New buy: Novo-nordisk A/s-spons Adr (NVO); Sold out: Linde plc (LIN); New buy: Sprouts Farmers Market INC (SFM); Sold out: Comfort Systems USA INC (FIX).

Position changes disclosed by Carmignac Gestion for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MSFT	Microsoft CORP	+3.6%	+142.55%	Add
2	TEAM	Atlassian Corp-cl A	+2.6%	+6602.04%	Add
3	CRM	Salesforce INC	+1.9%	+103.89%	Add
4	ACN	Accenture plc	+1.4%	+265.53%	Add
5	TW	Tradeweb Markets Inc-class A	+1.1%	+75.77%	Add
6	XYZ	Block INC	+1%	+78.33%	Add
7	NOW	Servicenow INC	+0.9%	+791.92%	Add
8	SPGI	S&p Global INC	+0.9%	+20.05%	Add
9	CL	Colgate-palmolive Co	+0.8%	+195.34%	Add
10	DOCS	Doximity Inc-class A	+0.7%	+355.90%	Add
11	FNV	Franco-nevada CORP	+0.6%	+797.20%	Add
12	LNTH	Lantheus Holdings INC	+0.4%	+38.96%	Add
13	MCK	Mckesson CORP	+0.4%	+14.12%	Add
14	GTLB	Gitlab Inc-cl A	+0.2%	+95.52%	Add
15	PG	Procter & Gamble Co/the	+0.2%	+72.49%	Add
16	GL	Globe Life INC	+0.2%	+66.67%	Add
17	SE	Sea Ltd-adr	+0.1%	+82.19%	Add
18	ICE	Intercontinental Exchange In	+0.1%	+19.18%	Add
19	VRTX	Vertex Pharmaceuticals INC	+0.1%	+2.15%	Add
20	MA	Mastercard INC - A	-0.1%	+7.61%	Add
21	COR	Cencora INC	-0.1%	-0.09%	Trim
22	AVGO	Broadcom INC	-0.3%	-27.05%	Trim
23	NVDA	Nvidia CORP	-0.4%	+5.71%	Add
24	SLB	Slb LTD	-0.5%	-18.74%	Trim
25	ITUB	Itau Unibanco H-spon Prf Adr	-0.5%	-36.61%	Trim
26	TMO	Thermo Fisher Scientific INC	-0.7%	-43.21%	Trim
27	MELI	Mercadolibre INC	-0.8%	+6.54%	Add
28	VIPS	Vipshop Holdings LTD - Adr	-0.9%	-36.16%	Trim
29	LLY	Eli Lilly & Co	-1.1%	-97.54%	Trim
30	CDNS	Cadence Design Sys INC	-1.1%	-94.69%	Trim
31	AMZN	Amazon.com INC	-1.8%	-23.81%	Trim
32	META	Meta Platforms Inc-class A	-2.6%	-81.88%	Trim
33	GOOGL	Alphabet Inc-cl A	-2.8%	-42.26%	Trim
34	ETN	Eaton Corporation plc	—	EXIT	Sold out
35	NVO	Novo-nordisk A/s-spons Adr	—	NEW	New buy
36	LIN	Linde plc	—	EXIT	Sold out
37	SFM	Sprouts Farmers Market INC	—	NEW	New buy
38	FIX	Comfort Systems USA INC	—	EXIT	Sold out
39	CLS	Celestica INC	—	EXIT	Sold out
40	REGN	Regeneron Pharmaceuticals	—	NEW	New buy
41	NFLX	Netflix INC	—	NEW	New buy
42	ORLY	O'reilly Automotive INC	—	EXIT	Sold out
43	CNC	Centene CORP	—	EXIT	Sold out
44	KMB	Kimberly-clark CORP	—	NEW	New buy
45	SNPS	Synopsys INC	—	EXIT	Sold out
46	CRS	Carpenter Technology	—	EXIT	Sold out
47	✓	Merus N V	—	EXIT	Sold out
48	TG7	Triumph Group INC	—	EXIT	Sold out
49	CLX	Clorox Company	—	NEW	New buy
50	TAP	Molson Coors Beverage Co - B	—	EXIT	Sold out

FAQ

What is Carmignac Gestion and what type of investor is it?

Carmignac Gestion is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-12-31), the firm manages a tracked equity portfolio valued at approximately $7.4B, spread across 124 disclosed positions.

What are Carmignac Gestion's largest equity positions?

Based on the latest 13F filing, Carmignac Gestion's top holdings by market value are: 1. Nvidia CORP (NVDA) — $678.0M (9.2%) 2. Microsoft CORP (MSFT) — $513.3M (6.9%) 3. S&p Global INC (SPGI) — $452.0M (6.1%) 4. Alphabet Inc-cl A (GOOGL) — $421.7M (5.7%) 5. Amazon.com INC (AMZN) — $364.2M (4.9%)

What changes did Carmignac Gestion make in its most recent portfolio filing?

In the latest reported quarter, Carmignac Gestion made 50 notable position adjustments: 6 new positions were initiated, 22 existing holdings were added to, 11 positions were partially reduced, and 11 were completely exited. The largest of these moves: Sold out: Eaton Corporation plc (ETN); New buy: Novo-nordisk A/s-spons Adr (NVO); Sold out: Linde plc (LIN); New buy: Sprouts Farmers Market INC (SFM); Sold out: Comfort Systems USA INC (FIX)

What sectors does Carmignac Gestion focus on?

Carmignac Gestion is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 44.1% • Financials: 17.7% • Consumer Discretionary: 15.4% • Communication Services: 11.5% • Health Care: 9.7% • Consumer Staples: 1.1%

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Institutions with a similar AUM

Select Equity Group INC

CIK 0001126116

Total reported value

$7.4B

174 stks

2013-09-30

Stale — no recent filing

Concentration9.3

Portfolio Stability36.8

Sector conviction96.3

AUM within 0.1% of this institution

View detail

Bridges Investment Management INC

CIK 0001007295

Total reported value

$7.4B

890 stks

2026-03-31

Concentration8.8

Portfolio Stability13.9

Sector conviction50.8

AUM within 0.2% of this institution

View detail

Douglas Lane & Associates, LLC

CIK 0001672594

Total reported value

$7.4B

250 stks

2026-06-30

Concentration5.2

Portfolio Stability15.5

Sector conviction36.5

AUM within 0.3% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Adams Diversified Equity Fund, INC.

CIK 0000002230

Total reported value

$2.8B

99 stks

2026-03-31

Concentration10.3

Portfolio Stability36.4

Sector conviction68.6

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Franklin Resources INC

CIK 0000038777

Total reported value

$408.3B

14,782 stks

2026-03-31

Concentration3.7

Portfolio Stability24.2

Sector conviction39.7

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Northern Trust CORP

CIK 0000073124

Total reported value

$756.6B

19,864 stks

2026-03-31

Concentration4.9

Portfolio Stability14.1

Sector conviction48.4

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Carmignac Gestion — 13F Filing Insights

Diversified strategyMomentum followerSector-focused

Total reported value

$7.4B

Reporting period: 2025-12-31 · Number of holdings: 124

Carmignac Gestion disclosed 124 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $7.4B and a quarterly turnover rate of 44.6%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 15.11
Portfolio Stability: 44.59
Momentum/Contrarian: 100
Sector conviction: 81.58
Diversification: 100
Sizing Uniformity: 81.12

Recent moves

Add MSFT
+142.6%　$286.7M
Trim GOOGL
-42.3%　-$145.6M
Add TEAM
+6602.0%　$192.7M
Trim META
-81.9%　-$168.7M
Add CRM
+103.9%　$149.9M
Trim AMZN
-23.8%　-$87.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 120 holdings (of 124 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	NVDA	Nvidia CORP	Stock-Tech	9.17%	-0.42%	+5.71%
2	MSFT	Microsoft CORP	Stock-Tech	6.94%	+3.56%	+142.55%
3	SPGI	S&p Global INC	Stock-Financials	6.11%	+0.88%	+20.05%
4	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	5.70%	-2.75%	-42.26%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	4.93%	-1.81%	-23.81%
6	COR	Cencora INC	Stock-Healthcare	4.00%	-0.08%	-0.09%
7	MCK	Mckesson CORP	Stock-Healthcare	3.98%	+0.36%	+14.12%
8	MELI	Mercadolibre INC	Stock-Consumer Disc	3.85%	-0.78%	+6.54%
9	CRM	Salesforce INC	Stock-Tech	3.61%	+1.86%	+103.89%
10	NOW	Servicenow INC	Stock-Tech	3.59%	+0.92%	+791.92%
11	TW	Tradeweb Markets Inc-class A	Stock-Financials	3.22%	+1.14%	+75.77%
12	ICE	Intercontinental Exchange In	Stock-Financials	3.01%	+0.11%	+19.18%
13	XYZ	Block INC	Stock-Financials	3.01%	+0.95%	+78.33%
14	TEAM	Atlassian Corp-cl A	Stock-Tech	2.65%	+2.61%	+6602.04%
15	SLB	Slb LTD	Stock-Energy	2.42%	-0.52%	-18.74%
16	MA	Mastercard INC - A	Stock-Financials	2.31%	-0.05%	+7.61%
17	EFX	Equifax INC	Stock-Industrials	2.20%	—	+20.33%
18	APH	Amphenol Corp-cl A	Stock-Tech	2.18%	—	-15.14%
19	ANET	Arista Networks INC	Stock-Tech	1.94%	—	+9.08%
20	ACN	Accenture plc	Stock-Tech	1.93%	+1.40%	+265.53%
21	CL	Colgate-palmolive Co	Stock-Consumer Staples	1.23%	+0.76%	+195.34%
22	VRTX	Vertex Pharmaceuticals INC	Stock-Healthcare	1.17%	+0.08%	+2.15%
23	DOCS	Doximity Inc-class A	Stock-Healthcare	1.13%	+0.68%	+355.90%
24	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	1.10%	-0.68%	-43.21%
25	LNTH	Lantheus Holdings INC	Stock-Healthcare	1.01%	+0.39%	+38.96%
26	VIPS	Vipshop Holdings LTD - Adr	Stock-Consumer Disc	1.00%	-0.91%	-36.16%
27	SE	Sea Ltd-adr	Stock-Comm Services	0.89%	+0.13%	+82.19%
28	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	0.86%	—	—
29	ITUB	Itau Unibanco H-spon Prf Adr	Stock-Financials	0.69%	-0.54%	-36.61%
30	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	0.69%	+0.69%	NEW
31	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.67%	+0.21%	+72.49%
32	GTLB	Gitlab Inc-cl A	Stock-Tech	0.66%	+0.21%	+95.52%
33	AVGO	Broadcom INC	Stock-Tech	0.65%	-0.33%	-27.05%
34	FNV	Franco-nevada CORP	Stock-Materials	0.63%	+0.55%	+797.20%
35	AEM	Agnico Eagle Mines LTD	Stock-Materials	0.62%	—	+31.61%
36	KEYS	Keysight Technologies In	Stock-Tech	0.59%	—	-9.40%
37	SFM	Sprouts Farmers Market INC	Stock-Consumer Staples	0.57%	+0.57%	NEW
38	REGN	Regeneron Pharmaceuticals	Stock-Healthcare	0.52%	+0.52%	NEW
39	ALGN	Align Technology INC	Stock-Healthcare	0.52%	—	+1.31%
40	NFLX	Netflix INC	Stock-Comm Services	0.51%	+0.51%	NEW
41	GL	Globe Life INC	Stock-Financials	0.50%	+0.16%	+66.67%
42	META	Meta Platforms Inc-class A	Stock-Comm Services	0.40%	-2.55%	-81.88%
43	NEM	Newmont CORP	Stock-Materials	0.36%	—	-23.53%
44	VTMX	CORP Inmobiliaria Vesta-adr	Stock-Other	0.33%	—	+3.60%
45	HTHT	H World Group Ltd-adr	Stock-Other	0.30%	—	-18.60%
46	KMB	Kimberly-clark CORP	Stock-Consumer Staples	0.28%	+0.28%	NEW
47	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	0.28%	—	+1.65%
48	FCX	Freeport-mcmoran INC	Stock-Materials	0.26%	—	-18.99%
49	KSPI	Jsc Kaspi.kz Adr	Stock-Other	0.24%	—	-8.63%
50	LULU	Lululemon Athletica INC	Stock-Consumer Disc	0.21%	—	-29.91%

1–50 of 120

Portfolio Performance

Performance for Q3 2026

-1.1%

Performance Last 4 Quarters

+15.1%

Based on 72% of reported portfolio value with available pricing

Stdev: +14.3%
Beta: +0.96
Alpha: -1.7%
Max Drawdown: -9.3%
Annualized Perf: +16.2%
Batting Avg vs S&P: +41.7%
Sortino: +2.22
Stutzer: +0.33
Treynor: +0.17
Sterling: +0.91
Calmar: +1.73
Information Ratio: -0.36
Tracking Error: +6.7%
Stdev Down: +7.2%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +35.7%
Worst 12 Months: -0.4%
Efficiency Ratio: +0.43
Sharpe: +1.13
Stdev Sectors: +13.6%
Skewness: +0.07
Kurtosis: -1.01
Upside Potential: +4.13

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	124	$7.4B	45	1NVDA 2MSFT 3SPGI Top holdings2025-12-31 1.NVDA 2.MSFT 3.SPGI 4.GOOGL 5.AMZN 6.COR 7.MCK 8.MELI 9.CRM 10.NOW
2025-09-30	136	$6.7B	53	1NVDA 2GOOGL 3AMZN Top holdings2025-09-30 1.NVDA 2.GOOGL 3.AMZN 4.SPGI 5.MELI 6.COR 7.MCK 8.MSFT 9.META 10.SLB
2025-06-30	129	$6.5B	0	1NVDA 2AMZN 3GOOGL Top holdings2025-06-30 1.NVDA 2.AMZN 3.GOOGL 4.MELI 5.MCK 6.COR 7.SPGI 8.MSFT 9.AVGO 10.ICE
2025-03-31	152	$6.1B	100	1AMZN 2NVDA 3MCK Top holdings2025-03-31 1.AMZN 2.NVDA 3.MCK 4.COR 5.CNC 6.GOOGL 7.MELI 8.SNPS 9.MSFT 10.SLB
2024-12-31	151	$6.3B	0	1AMZN 2MSFT 3NVDA Top holdings2024-12-31 1.AMZN 2.MSFT 3.NVDA 4.CNC 5.SLB 6.GOOGL 7.MCK 8.SPGI 9.SNPS 10.AVGO
2024-09-30	168	$6.0B	0	1AMZN 2SLB 3MSFT Top holdings2024-09-30 1.AMZN 2.SLB 3.MSFT 4.GOOGL 5.NVDA 6.CNC 7.MCK 8.COR 9.UNH 10.ICE
2024-06-30	160	$5.8B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-06-30 1.MSFT 2.AMZN 3.GOOGL 4.SLB 5.NVDA 6.AVGO 7.COR 8.ICE 9.UNH 10.SPGI
2024-03-31	146	$6.3B	0	1META 2MSFT 3AMD Top holdings2024-03-31 1.META 2.MSFT 3.AMD 4.AMZN 5.NVDA 6.LLY 7.GE 8.TSM 9.BAX 10.GOOGL
2023-12-31	144	$6.0B	0	1LLY 2MSFT 3META Top holdings2023-12-31 1.LLY 2.MSFT 3.META 4.AMZN 5.AMD 6.NVDA 7.ICE 8.TMUS 9.GE 10.BAX
2023-09-30	144	$5.4B	0	1LLY 2MSFT 3AMZN Top holdings2023-09-30 1.LLY 2.MSFT 3.AMZN 4.META 5.AMD 6.NVDA 7.SPGI 8.ICE 9.BABA 10.GOOGL
2023-06-30	161	$5.8B	0	1LLY 2MSFT 3AMZN Top holdings2023-06-30 1.LLY 2.MSFT 3.AMZN 4.META 5.BABA 6.SPGI 7.AMD 8.ICE 9.GOOGL 10.SLB
2023-03-31	139	$6.0B	0	1MSFT 2BABA 3LLY Top holdings2023-03-31 1.MSFT 2.BABA 3.LLY 4.SPGI 5.AMZN 6.AMD 7.SYK 8.ORCL 9.ICE 10.SLB
2022-12-31	135	$5.5B	0	1BABA 2MSFT 3ORCL Top holdings2022-12-31 1.BABA 2.MSFT 3.ORCL 4.SLB 5.SPGI 6.ELV 7.LLY 8.SYK 9.DHR 10.JD
2022-09-30	127	$4.7B	0	1AMZN 2SLB 3MSFT Top holdings2022-09-30 1.AMZN 2.SLB 3.MSFT 4.LLY 5.JD 6.ELV 7.DHR 8.SPGI 9.ORCL 10.PANW
2022-06-30	118	$4.7B	0	1SLB 2JD 3LLY Top holdings2022-06-30 1.SLB 2.JD 3.LLY 4.ELV 5.MSFT 6.DHR 7.SPGI 8.TMUS 9.ORLY 10.PANW
2022-03-31	113	$6.2B	0	1MSFT 2AMZN 3UBER Top holdings2022-03-31 1.MSFT 2.AMZN 3.UBER 4.TMUS 5.SLB 6.ELV 7.CRM 8.PANW 9.DHR 10.ICE
2021-12-31	124	$7.1B	0	1UBER 2JD 3AMZN Top holdings2021-12-31 1.UBER 2.JD 3.AMZN 4.META 5.MSFT 6.ELV 7.CRM 8.GOOGL 9.TMUS 10.PANW
2021-09-30	120	$8.0B	0	1JD 2CRM 3AMZN Top holdings2021-09-30 1.JD 2.CRM 3.AMZN 4.MSFT 5.UBER 6.GOOGL 7.META 8.ELV 9.XYZ 10.TMUS
2021-06-30	130	$8.6B	100	1META 2JD 3MSFT Top holdings2021-06-30 1.META 2.JD 3.MSFT 4.CRM 5.AMZN 6.GOOGL 7.TMUS 8.ELV 9.FIS 10.UBER
2021-03-31	132	$8.7B	51	1JD 2META 3MSFT Top holdings2021-03-31 1.JD 2.META 3.MSFT 4.COF 5.GOOGL 6.ELV 7.FIS 8.AMZN 9.TMUS 10.FISV
2020-12-31	142	$9.6B	33	1JD 2META 3GOOGL Top holdings2020-12-31 1.JD 2.META 3.GOOGL 4.AMZN 5.ICE 6.STZ 7.ELV 8.FIS 9.MSFT 10.CRM
2020-09-30	131	$8.5B	30	1JD 2META 3AMZN Top holdings2020-09-30 1.JD 2.META 3.AMZN 4.GOOGL 5.STZ 6.CRM 7.FIS 8.ICE 9.NEM 10.ELV
2020-06-30	125	$7.2B	51	1JD 2AMZN 3META Top holdings2020-06-30 1.JD 2.AMZN 3.META 4.GOOGL 5.STZ 6.FIS 7.CRM 8.NEM 9.ELV 10.ICE
2020-03-31	131	$5.9B	57	1AMZN 2JD 3GOOGL Top holdings2020-03-31 1.AMZN 2.JD 3.GOOGL 4.META 5.STZ 6.WUBAUSD 7.FIS 8.ICE 9.ELV 10.NEM
2019-12-31	125	$7.5B	46	1META 2JD 3ICE Top holdings2019-12-31 1.META 2.JD 3.ICE 4.GOOGL 5.STZ 6.ELV 7.WUBAUSD 8.CRM 9.FISV 10.FIS
2019-09-30	130	$7.9B	36	1META 2ICE 3GOOGL Top holdings2019-09-30 1.META 2.ICE 3.GOOGL 4.BKNG 5.STZ 6.JD 7.ELV 8.COST 9.GDDY 10.FISV
2019-06-30	124	$8.0B	38	1META 2ICE 3GOOGL Top holdings2019-06-30 1.META 2.ICE 3.GOOGL 4.BKNG 5.STZ 6.ELV 7.400110 8.BDX 9.PTC 10.GDDY
2019-03-31	98	$8.6B	52	1META 2ICE 3GOOGL Top holdings2019-03-31 1.META 2.ICE 3.GOOGL 4.STZ 5.ELV 6.BKNG 7.JD 8.BDX 9.COST 10.400110
2018-12-31	83	$6.6B	69	1ICE 2META 3GOOGL Top holdings2018-12-31 1.ICE 2.META 3.GOOGL 4.BDX 5.STZ 6.MELI 7.BKNG 8.ELV 9.NEM 10.TMUS
2018-09-30	86	$11.8B	40	1MELI 2ICE 3PXDEUR Top holdings2018-09-30 1.MELI 2.ICE 3.PXDEUR 4.META 5.BKNG 6.EOG 7.EA 8.WUBAUSD 9.STZ 10.GOOGL
2018-06-30	89	$13.4B	32	1META 2MELI 3ICE Top holdings2018-06-30 1.META 2.MELI 3.ICE 4.PXDEUR 5.AMZN 6.EOG 7.NEM 8.ATVIEUR 9.WUBAUSD 10.TMUS
2018-03-31	89	$14.3B	33	1META 2AMZN 3MELI Top holdings2018-03-31 1.META 2.AMZN 3.MELI 4.ICE 5.PXDEUR 6.NEM 7.EOG 8.WUBAUSD 9.ATVIEUR 10.NOW
2017-12-31	90	$15.0B	49	1META 2ICE 3MELI Top holdings2017-12-31 1.META 2.ICE 3.MELI 4.PXDEUR 5.AMZN 6.CELG 7.EOG 8.NEM 9.NOW 10.CXOEUR
2017-09-30	73	$13.0B	29	1CELG 2META 3ICE Top holdings2017-09-30 1.CELG 2.META 3.ICE 4.MELI 5.NEM 6.CX 7.PXDEUR 8.NOW 9.EOG 10.APC3EUR
2017-06-30	74	$12.3B	33	1CELG 2META 3ICE Top holdings2017-06-30 1.CELG 2.META 3.ICE 4.MELI 5.CX 6.PXDEUR 7.NEM 8.APC3EUR 9.NOW 10.BAC
2017-03-31	80	$13.1B	23	1CELG 2APC3EUR 3META Top holdings2017-03-31 1.CELG 2.APC3EUR 3.META 4.ICE 5.CX 6.PXDEUR 7.MELI 8.MA 9.NEM 10.V
2016-12-31	76	$12.9B	47	1APC3EUR 2CELG 3META Top holdings2016-12-31 1.APC3EUR 2.CELG 3.META 4.ICE 5.MA 6.NEM 7.CX 8.V 9.AMZN 10.MELI
2016-09-30	98	$13.4B	35	1AMZN 2CELG 3META Top holdings2016-09-30 1.AMZN 2.CELG 3.META 4.APC3EUR 5.ICE 6.TMO 7.NEM 8.MA 9.V 10.MELI
2016-06-30	28	$11.7B	38	1AMZN 2CELG 3META Top holdings2016-06-30 1.AMZN 2.CELG 3.META 4.APC3EUR 5.ICE 6.V 7.TMO 8.MA 9.NEM 10.380956
2016-03-31	28	$10.3B	39	1AMZN 2META 3CELG Top holdings2016-03-31 1.AMZN 2.META 3.CELG 4.APC3EUR 5.ICE 6.V 7.MA 8.TMO 9.MSFT 10.PRGO
2015-12-31	22	$9.1B	41	1AMZN 2CELG 3META Top holdings2015-12-31 1.AMZN 2.CELG 3.META 4.ICE 5.V 6.MA 7.PRGO 8.TMO 9.GOOGL 10.GOOG
2015-09-30	20	$7.9B	44	1AMZN 2CELG 3GOOG Top holdings2015-09-30 1.AMZN 2.CELG 3.GOOG 4.META 5.V 6.ICE 7.MA 8.AIG 9.TMO 10.AVAL
2015-06-30	28	$11.2B	24	1AMZN 2CELG 3META Top holdings2015-06-30 1.AMZN 2.CELG 3.META 4.GOOG 5.ICE 6.AIG 7.BIDU 8.MA 9.V 10.AVAL
2015-03-31	27	$11.3B	40	1CMCSA 2CELG 3AMZN Top holdings2015-03-31 1.CMCSA 2.CELG 3.AMZN 4.GOOG 5.META 6.ICE 7.AVAL 8.AIG 9.BIDU 10.V
2014-12-31	26	$11.0B	54	1CMCSA 2CELG 3GOOG Top holdings2014-12-31 1.CMCSA 2.CELG 3.GOOG 4.META 5.ICE 6.YUM 7.BIDU 8.AIG 9.AVAL 10.V
2014-09-30	24	$11.7B	24	1CMCSA 2BAC 3CELG Top holdings2014-09-30 1.CMCSA 2.BAC 3.CELG 4.YUM 5.GOOG 6.AIG 7.META 8.AVAL 9.ICE 10.APC3EUR
2014-06-30	27	$12.8B	27	1CMCSA 2CELG 3BAC Top holdings2014-06-30 1.CMCSA 2.CELG 3.BAC 4.APC3EUR 5.AIG 6.YUM 7.GOOG 8.AVAL 9.SLB 10.ICE
2014-03-31	29	$13.7B	28	1BAC 2CMCSA 3LYB Top holdings2014-03-31 1.BAC 2.CMCSA 3.LYB 4.AIG 5.APC3EUR 6.YUM 7.BIDU 8.GOOG 9.AVAL 10.CLB
2013-12-31	24	$13.4B	48	1BIDU 2YUM 3BAC Top holdings2013-12-31 1.BIDU 2.YUM 3.BAC 4.CMCSA 5.AIG 6.LVS 7.APC3EUR 8.AVAL 9.CELG 10.LYB
2013-09-30	25	$13.2B	29	1APC3EUR 2BIDU 3YUM Top holdings2013-09-30 1.APC3EUR 2.BIDU 3.YUM 4.BAC 5.SLB 6.CELG 7.LVS 8.AIG 9.LYB 10.CLB
2013-06-30	24	$12.0B	42	1APC3EUR 2YUM 3MSFT Top holdings2013-06-30 1.APC3EUR 2.YUM 3.MSFT 4.BAC 5.LVS 6.BIDU 7.AIG 8.SLB 9.CELG 10.CLB

Holding changes this quarter

Position changes disclosed by Carmignac Gestion for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MSFT	Microsoft CORP	+3.6%	+142.55%	Add
2	TEAM	Atlassian Corp-cl A	+2.6%	+6602.04%	Add
3	CRM	Salesforce INC	+1.9%	+103.89%	Add
4	ACN	Accenture plc	+1.4%	+265.53%	Add
5	TW	Tradeweb Markets Inc-class A	+1.1%	+75.77%	Add
6	XYZ	Block INC	+1%	+78.33%	Add
7	NOW	Servicenow INC	+0.9%	+791.92%	Add
8	SPGI	S&p Global INC	+0.9%	+20.05%	Add
9	CL	Colgate-palmolive Co	+0.8%	+195.34%	Add
10	DOCS	Doximity Inc-class A	+0.7%	+355.90%	Add
11	FNV	Franco-nevada CORP	+0.6%	+797.20%	Add
12	LNTH	Lantheus Holdings INC	+0.4%	+38.96%	Add
13	MCK	Mckesson CORP	+0.4%	+14.12%	Add
14	GTLB	Gitlab Inc-cl A	+0.2%	+95.52%	Add
15	PG	Procter & Gamble Co/the	+0.2%	+72.49%	Add
16	GL	Globe Life INC	+0.2%	+66.67%	Add
17	SE	Sea Ltd-adr	+0.1%	+82.19%	Add
18	ICE	Intercontinental Exchange In	+0.1%	+19.18%	Add
19	VRTX	Vertex Pharmaceuticals INC	+0.1%	+2.15%	Add
20	MA	Mastercard INC - A	-0.1%	+7.61%	Add
21	COR	Cencora INC	-0.1%	-0.09%	Trim
22	AVGO	Broadcom INC	-0.3%	-27.05%	Trim
23	NVDA	Nvidia CORP	-0.4%	+5.71%	Add
24	SLB	Slb LTD	-0.5%	-18.74%	Trim
25	ITUB	Itau Unibanco H-spon Prf Adr	-0.5%	-36.61%	Trim
26	TMO	Thermo Fisher Scientific INC	-0.7%	-43.21%	Trim
27	MELI	Mercadolibre INC	-0.8%	+6.54%	Add
28	VIPS	Vipshop Holdings LTD - Adr	-0.9%	-36.16%	Trim
29	LLY	Eli Lilly & Co	-1.1%	-97.54%	Trim
30	CDNS	Cadence Design Sys INC	-1.1%	-94.69%	Trim
31	AMZN	Amazon.com INC	-1.8%	-23.81%	Trim
32	META	Meta Platforms Inc-class A	-2.6%	-81.88%	Trim
33	GOOGL	Alphabet Inc-cl A	-2.8%	-42.26%	Trim
34	ETN	Eaton Corporation plc	—	EXIT	Sold out
35	NVO	Novo-nordisk A/s-spons Adr	—	NEW	New buy
36	LIN	Linde plc	—	EXIT	Sold out
37	SFM	Sprouts Farmers Market INC	—	NEW	New buy
38	FIX	Comfort Systems USA INC	—	EXIT	Sold out
39	CLS	Celestica INC	—	EXIT	Sold out
40	REGN	Regeneron Pharmaceuticals	—	NEW	New buy
41	NFLX	Netflix INC	—	NEW	New buy
42	ORLY	O'reilly Automotive INC	—	EXIT	Sold out
43	CNC	Centene CORP	—	EXIT	Sold out
44	KMB	Kimberly-clark CORP	—	NEW	New buy
45	SNPS	Synopsys INC	—	EXIT	Sold out
46	CRS	Carpenter Technology	—	EXIT	Sold out
47	✓	Merus N V	—	EXIT	Sold out
48	TG7	Triumph Group INC	—	EXIT	Sold out
49	CLX	Clorox Company	—	NEW	New buy
50	TAP	Molson Coors Beverage Co - B	—	EXIT	Sold out