CIK: 0001569758
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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Carmignac Gestion's disclosed holdings carry a Herfindahl concentration index of 0.038 — mathematically equivalent to about 26 equally-sized positions, well below its 124 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.89), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 65% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
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
Showing top 120 holdings (of 124 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 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% |
Performance for Q3 2026
-1.1%
Performance Last 4 Quarters
+15.1%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 124 | $7.4B | 45 | |
| 2025-09-30 | 136 | $6.7B | 53 | |
| 2025-06-30 | 129 | $6.5B | 0 | |
| 2025-03-31 | 152 | $6.1B | 100 | |
| 2024-12-31 | 151 | $6.3B | 0 | |
| 2024-09-30 | 168 | $6.0B | 0 | |
| 2024-06-30 | 160 | $5.8B | 0 | |
| 2024-03-31 | 146 | $6.3B | 0 | |
| 2023-12-31 | 144 | $6.0B | 0 | |
| 2023-09-30 | 144 | $5.4B | 0 | |
| 2023-06-30 | 161 | $5.8B | 0 | |
| 2023-03-31 | 139 | $6.0B | 0 | |
| 2022-12-31 | 135 | $5.5B | 0 | |
| 2022-09-30 | 127 | $4.7B | 0 | |
| 2022-06-30 | 118 | $4.7B | 0 | |
| 2022-03-31 | 113 | $6.2B | 0 | |
| 2021-12-31 | 124 | $7.1B | 0 | |
| 2021-09-30 | 120 | $8.0B | 0 | |
| 2021-06-30 | 130 | $8.6B | 100 | |
| 2021-03-31 | 132 | $8.7B | 51 | |
| 2020-12-31 | 142 | $9.6B | 33 | |
| 2020-09-30 | 131 | $8.5B | 30 | |
| 2020-06-30 | 125 | $7.2B | 51 | |
| 2020-03-31 | 131 | $5.9B | 57 | |
| 2019-12-31 | 125 | $7.5B | 46 | |
| 2019-09-30 | 130 | $7.9B | 36 | |
| 2019-06-30 | 124 | $8.0B | 38 | |
| 2019-03-31 | 98 | $8.6B | 52 | |
| 2018-12-31 | 83 | $6.6B | 69 | |
| 2018-09-30 | 86 | $11.8B | 40 | |
| 2018-06-30 | 89 | $13.4B | 32 | |
| 2018-03-31 | 89 | $14.3B | 33 | |
| 2017-12-31 | 90 | $15.0B | 49 | |
| 2017-09-30 | 73 | $13.0B | 29 | |
| 2017-06-30 | 74 | $12.3B | 33 | |
| 2017-03-31 | 80 | $13.1B | 23 | |
| 2016-12-31 | 76 | $12.9B | 47 | |
| 2016-09-30 | 98 | $13.4B | 35 | |
| 2016-06-30 | 28 | $11.7B | 38 | |
| 2016-03-31 | 28 | $10.3B | 39 | |
| 2015-12-31 | 22 | $9.1B | 41 | |
| 2015-09-30 | 20 | $7.9B | 44 | |
| 2015-06-30 | 28 | $11.2B | 24 | |
| 2015-03-31 | 27 | $11.3B | 40 | |
| 2014-12-31 | 26 | $11.0B | 54 | |
| 2014-09-30 | 24 | $11.7B | 24 | |
| 2014-06-30 | 27 | $12.8B | 27 | |
| 2014-03-31 | 29 | $13.7B | 28 | |
| 2013-12-31 | 24 | $13.4B | 48 | |
| 2013-09-30 | 25 | $13.2B | 29 | |
| 2013-06-30 | 24 | $12.0B | 42 |
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).
| # | 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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-29 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-15 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-30 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-10-26 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-27 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-07 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-04 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-07 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-16 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-07 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-11 | 13F-HR | View on EDGAR |
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