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Carmignac Gestion

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1569758

Reported value
$7.7bn
87% in companies we cover
Positions we cover
72
Largest NVDA 12.5%
Copy, a year
+16.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.82
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $80.7k$58.3k
CopyS&P 500 $10,000 copying Carmignac Gestion's filed holdings in companies we cover from June 14, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −37.6% (S&P 500 −31.8%); beta 1.05; alpha +2.4% a year (t = 0.98); last 12 months +9.7% against +12.1%.

Reported value by quarter

Carmignac Gestion: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2013-03-31: $12.4B Reported value, 2013-06-30: $12B Reported value, 2013-09-30: $13.2B Reported value, 2013-12-31: $13.4B Reported value, 2014-03-31: $13.7B Reported value, 2014-06-30: $12.8B Reported value, 2014-09-30: $11.7B Reported value, 2014-12-31: $11B Reported value, 2015-03-31: $11.3B Reported value, 2015-06-30: $11.2B Reported value, 2015-09-30: $7.9B Reported value, 2015-12-31: $9.1B Reported value, 2016-03-31: $10.3B Reported value, 2016-06-30: $11.7B Reported value, 2016-09-30: $13.3B Reported value, 2016-12-31: $12.9B Reported value, 2017-03-31: $13B Reported value, 2017-06-30: $12.3B Reported value, 2017-09-30: $12.9B Reported value, 2017-12-31: $15B Reported value, 2018-03-31: $14.2B Reported value, 2018-06-30: $13.4B Reported value, 2018-09-30: $11.8B Reported value, 2018-12-31: $6.6B Reported value, 2019-03-31: $8.5B Reported value, 2019-06-30: $8B Reported value, 2019-09-30: $7.9B Reported value, 2019-12-31: $7.5B Reported value, 2020-03-31: $5.8B Reported value, 2020-06-30: $7.2B Reported value, 2020-09-30: $8.5B Reported value, 2020-12-31: $9.5B Reported value, 2021-03-31: $8.7B Reported value, 2021-06-30: $8.6B Reported value, 2021-09-30: $8B Reported value, 2021-12-31: $7.1B Reported value, 2022-03-31: $6.2B Reported value, 2022-06-30: $4.7B Reported value, 2022-09-30: $4.7B Reported value, 2022-12-31: $5.5T Reported value, 2023-03-31: $6B Reported value, 2023-06-30: $5.8B Reported value, 2023-09-30: $5.4B Reported value, 2023-12-31: $6B Reported value, 2024-03-31: $6.3B Reported value, 2024-06-30: $5.8B Reported value, 2024-09-30: $6B Reported value, 2024-12-31: $6.3B Reported value, 2025-03-31: $6.1B Reported value, 2025-06-30: $6.5B Reported value, 2025-09-30: $6.7B Reported value, 2025-12-31: $7.4B Reported value, 2026-03-31: $6.5B Reported value, 2026-06-30: $7.7B 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $7.7B
View chart data
Period Reported value
2013-03-31 $12.4B
2013-06-30 $12B
2013-09-30 $13.2B
2013-12-31 $13.4B
2014-03-31 $13.7B
2014-06-30 $12.8B
2014-09-30 $11.7B
2014-12-31 $11B
2015-03-31 $11.3B
2015-06-30 $11.2B
2015-09-30 $7.9B
2015-12-31 $9.1B
2016-03-31 $10.3B
2016-06-30 $11.7B
2016-09-30 $13.3B
2016-12-31 $12.9B
2017-03-31 $13B
2017-06-30 $12.3B
2017-09-30 $12.9B
2017-12-31 $15B
2018-03-31 $14.2B
2018-06-30 $13.4B
2018-09-30 $11.8B
2018-12-31 $6.6B
2019-03-31 $8.5B
2019-06-30 $8B
2019-09-30 $7.9B
2019-12-31 $7.5B
2020-03-31 $5.8B
2020-06-30 $7.2B
2020-09-30 $8.5B
2020-12-31 $9.5B
2021-03-31 $8.7B
2021-06-30 $8.6B
2021-09-30 $8B
2021-12-31 $7.1B
2022-03-31 $6.2B
2022-06-30 $4.7B
2022-09-30 $4.7B
2022-12-31 $5.5T
2023-03-31 $6B
2023-06-30 $5.8B
2023-09-30 $5.4B
2023-12-31 $6B
2024-03-31 $6.3B
2024-06-30 $5.8B
2024-09-30 $6B
2024-12-31 $6.3B
2025-03-31 $6.1B
2025-06-30 $6.5B
2025-09-30 $6.7B
2025-12-31 $7.4B
2026-03-31 $6.5B
2026-06-30 $7.7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation12.45%$959.4m4.80M+5.0% Added
AVGOBroadcom6.64%$511.5m1.35M+150.0% Added
CORCencora6.42%$494.5m1.75M+58.7% Added
MCKMcKesson6.15%$473.7m626.9K+97.3% Added
GOOGLAlphabet Inc. (Class A)5.35%$412.5m1.15M−14.2% Reduced
MAMastercard4.88%$376.2m732.6K+92.6% Added
SPGIS&P Global4.86%$374.3m919.1K−3.8% Reduced
MELIMercadolibre Inc4.19%$322.6m190.1K−23.8% Reduced
ICEIntercontinental Exchange3.31%$254.9m2.07M+80.0% Added
MSFTMicrosoft Corporation3.01%$231.9m621.8K+189.3% Added
AMZNAmazon2.60%$200.5m841.3K−40.3% Reduced
APHAmphenol2.22%$171.0m969.8K+44.9% Added
LNTHLantheus Holdings, Inc.1.93%$148.7m1.34M+0.9% Added
TEAMAtlassian Corp1.59%$122.7m1.58M−39.4% Reduced
REGNRegeneron Pharmaceuticals1.48%$113.8m182.5K+56.6% Added
ZTSZoetis1.47%$113.2m1.58MNew
EFXEquifax1.46%$112.8m710.7K+94.9% Added
PHParker Hannifin1.31%$101.0m103.3K+191.4% Added
XYZBlock, Inc.1.27%$97.8m1.29M−60.2% Reduced
ABNBAirbnb1.22%$94.0m656.6K−0.5%
VRTXVertex Pharmaceuticals1.05%$81.0m163.0K+10.0% Added
CLSCelestica Inc0.92%$70.5m193.2KNew
VIPSVipshop Holdings Ltd0.85%$65.2m4.92M+9.8% Added
SESea Ltd0.81%$62.3m651.8K+2.2% Added
METAMeta Platforms0.76%$58.3m103.6K−9.5% Reduced
ALGNAlign Technology0.69%$53.5m316.8K+40.7% Added
DOCSDoximity, Inc.0.63%$48.9m2.36M−45.4% Reduced
GTLBGitlab Inc.0.58%$45.1m1.48M+55.8% Added
SLBSchlumberger0.51%$39.3m846.2K−10.6% Reduced
VNETVnet Group, Inc.0.49%$38.1m4.76M+1375.1% Added
NOWServiceNow0.48%$36.9m371.8K−75.4% Reduced
NBIXNeurocrine Biosciences Inc0.47%$36.1m214.1K+15.1% Added
RPRXRoyalty Pharma plc0.46%$35.4m630.7K−0.1%
SFMSprouts Farmers Market, Inc.0.41%$31.7m375.2K−46.3% Reduced
SPCXSpace Exploration Technologies Corp0.37%$28.8m168.7KNew
VTMXVesta Real Estate Corporation, S.a.b. De C.v.0.37%$28.5m829.3K+0.8% Added
TBBBBBB Foods Inc0.36%$27.9m670.1K+526.5% Added
IONSIonis Pharmaceuticals Inc0.33%$25.5m321.0K+505.7% Added
TMETencent Music Entertainment Group0.32%$24.3m2.90M+0.8% Added
GLGlobe Life0.25%$19.1m107.1K−37.0% Reduced
CLColgate-Palmolive0.24%$18.3m199.1K−15.7% Reduced
AEMAgnico Eagle Mines LTD0.23%$17.6m113.6KNew
FNVFranco Nevada Corp0.23%$17.5m83.7KNew
EDUNew Oriental Education & Technology Group Inc.0.22%$16.9m368.4K+0.8% Added
ANETArista Networks0.16%$12.3m72.5K−90.3% Reduced
PGProcter & Gamble0.15%$11.3m76.8K−12.9% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.13%$10.0m21.0K+1427.4% Added
HDThe Home Depot0.12%$9.3m26.4K−14.2% Reduced
CHDChurch & Dwight0.12%$8.8m91.0K−6.3% Reduced
SLABSilicon Laboratories Inc.0.11%$8.8m40.3K+44.9% Added
RAMPLiveramp Holdings, Inc.0.11%$8.8m234.1KNew
TECHBio-Techne0.11%$8.8m124.5KNew
KVUEKenvue0.10%$8.0m420.4K+166.8% Added
TMOThermo Fisher Scientific0.10%$7.9m15.7K−0.6% Reduced
BNTXBiontech SE0.10%$7.4m79.9K−29.1% Reduced
OGNOrganon & Co.0.08%$6.1m448.6KNew
PAYOPayoneer Global Inc.0.04%$3.0m426.4KNew
CZRCaesars Entertainment, Inc.0.04%$3.0m100.5KNew
TXNMTxnm Energy Inc0.04%$2.7m47.0K0.0%
MMYTMakemytrip Ltd0.03%$2.2m40.5K+32.9% Added
IMXIInternational Money Express, Inc.0.03%$2.0m138.7K0.0%
CRHCRH plc0.02%$1.8m17.2KNew
QFINQfin Holdings, Inc.0.01%$617,87139.1K0.0%
VVisa Inc.0.01%$590,4581.7K−26.1% Reduced
DXDynex Capital Inc0.01%$587,93144.8KNew
AGNCAGNC Investment Corp.0.01%$544,21549.9KNew
NLYAnnaly Capital Management Inc0.01%$527,96423.6KNew
BMYBristol Myers Squibb0.01%$519,3879.0KNew
EHEhang Holdings Ltd0.01%$504,25277.0K0.0%
GFSGlobalfoundries Inc.0.01%$471,3035.7KNew
PFEPfizer0.01%$468,95819.5KNew
AMATApplied Materials0.00%$167,736232New
CompanyBought (value)Shares
AVGOBroadcom$306.9m812.5K
MCKMcKesson$233.6m309.2K
CORCencora$182.8m646.1K
MAMastercard$180.8m352.1K
MSFTMicrosoft Corporation$151.7m406.9K
ICEIntercontinental Exchange$113.3m920.2K
ZTSZoetis$113.2m1.58M
CLSCelestica Inc$70.5m193.2K
PHParker Hannifin$66.3m67.8K
EFXEquifax$54.9m346.1K
APHAmphenol$53.0m300.5K
NVDANVIDIA Corporation$45.9m229.3K
REGNRegeneron Pharmaceuticals$41.1m65.9K
VNETVnet Group, Inc.$35.5m4.44M
SPCXSpace Exploration Technologies Corp$28.8m168.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
CRMSalesforce−$181.8m−974.1K
XYZBlock, Inc.−$148.0m−1.95M
AMZNAmazon−$135.5m−568.6K
ANETArista Networks−$114.3m−674.6K
NOWServiceNow−$113.4m−1.14M
MELIMercadolibre Inc−$100.7m−59.4K
TEAMAtlassian Corp−$79.9m−1.03M
GOOGLAlphabet Inc. (Class A)−$68.3m−191.3K
BKNGBooking Holdings−$62.1m−14.7K
WDAYWorkday, Inc.−$59.4m−457.5K
DOCSDoximity, Inc.−$40.6m−1.96M
CRDOCredo Technology Group Holding Ltd−$34.2m−364.5K
SFMSprouts Farmers Market, Inc.−$27.3m−323.3K
SPGIS&P Global−$14.6m−35.9K
KLACKLA Corporation−$13.3m−9.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
CRMSalesforce$181.8m974.1K
BKNGBooking Holdings$62.1m14.7K
WDAYWorkday, Inc.$59.4m457.5K
CRDOCredo Technology Group Holding Ltd$34.2m364.5K
KLACKLA Corporation$13.3m9.0K
ALABAstera Labs, Inc.$6.6m60.0K
MUMicron Technology$5.1m15.0K
KEYSKeysight Technologies$2.8m10.0K
TWLOTwilio Inc$2.5m20.0K
PEverpure$2.4m40.0K
CSCOCisco$1.2m15.8K
AAPLApple Inc.$1.2m4.8K
COSTCostco$1.1m1.2K
JPMJPMorgan Chase$973,0813.3K
MARMarriott International$928,2252.8K
HLTHilton Worldwide$909,1993.0K
SUNBSunbelt Rentals Holdings, Inc.$740,57315.6K
LLYLilly (Eli)$537,146584
ACNAccenture$528,4432.7K
INTUIntuit$503,2901.2K
NFLXNetflix$295,2773.1K
  • Technology33.0%
  • Health Care24.6%
  • Financials16.8%
  • Industrials8.4%
  • Communication Services8.3%
  • Consumer Discretionary5.8%
  • Consumer Staples1.6%
  • Energy0.6%
  • Materials0.5%
  • Real Estate0.4%
  • Utilities0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestJune 14, 2013 to November 2, 2026+16.9%+14.1%0.820.78−37.6%1.05
2018 onwardsJanuary 5, 2018 to November 2, 2026+15.2%+13.9%0.650.66−37.6%1.04
Last three yearsNovember 3, 2023 to November 2, 2026+23.8%+21.8%1.101.16−14.7%1.05
Last yearNovember 7, 2025 to November 2, 2026+12.0%+14.2%0.510.84−12.5%1.15

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.