undamentalytics Newsletter
Sign in

Funds (13F)

Carmignac Gestion

Backtest from 14 Jun 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+16.9%
S&P 500 +14.1%
Last 12 months
+9.7%
S&P 500 +12.1%
Sharpe ratio
0.82
S&P 500 0.78
Biggest drop
−37.6%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $80.7k$58.3k
Carmignac GestionS&P 500 $10,000 in Carmignac Gestion from 14 Jun 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Carmignac Gestion's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Carmignac Gestion's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+16.9%+14.1%
Total return+707%+483%
Last 12 months+9.7%+12.1%
Last 3 months+5.3%—
Last month+1.4%—
This year so far+9.2%—
Volatility a year18.8%15.9%
Sharpe ratio0.820.78
Biggest drop−37.6%−31.8%
Beta to the S&P 5001.051.00
Alpha a year (t-statistic)+2.3% (0.98)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
NVDA14.2%——
AVGO7.6%——
COR7.3%——
MCK7.0%——
GOOGL6.1%——
MA5.6%——
SPGI5.5%——
MELI4.8%——
ICE3.8%——
MSFT3.4%——
AMZN3.0%——
APH2.5%——
LNTH2.2%——
TEAM1.8%——
REGN1.7%——
ZTS1.7%——
EFX1.7%——
PH1.5%——
XYZ1.4%——
ABNB1.4%——
VRTX1.2%——
CLS1.1%——
VIPS1.0%——
SE0.9%——
META0.9%——
ALGN0.8%——
DOCS0.7%——
GTLB0.7%——
SLB0.6%——
VNET0.6%——
NOW0.6%——
NBIX0.5%——
RPRX0.5%——
SFM0.5%——
SPCX0.4%——
VTMX0.4%——
TBBB0.4%——
IONS0.4%——
TME0.4%——
GL0.3%——
CL0.3%——
AEM0.3%——
FNV0.3%——
EDU0.3%——
ANET0.2%——
PG0.2%——
TSM0.1%——
HD0.1%——
CHD0.1%——
SLAB0.1%——
RAMP0.1%——
TECH0.1%——
KVUE0.1%——
TMO0.1%——
BNTX0.1%——
OGN0.1%——
PAYO0.1%——
CZR0.0%——
TXNM0.0%——
MMYT0.0%——
IMXI0.0%——
CRH0.0%——
QFIN0.0%——
V0.0%——
DX0.0%——
AGNC0.0%——
NLY0.0%——
BMY0.0%——
EH0.0%——
GFS0.0%——
PFE0.0%——
AMAT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest14 Jun 2013 to 2 Nov 2026+16.9%+14.1%0.820.78−37.6%1.05+2.3% (0.98)
2018 onwards5 Jan 2018 to 2 Nov 2026+15.2%+13.9%0.650.66−37.6%1.04+1.2% (0.38)
Last three years3 Nov 2023 to 2 Nov 2026+23.8%+21.8%1.101.16−14.7%1.05+1.3% (0.28)
Last year7 Nov 2025 to 2 Nov 2026+12.0%+14.2%0.510.84−12.5%1.15−2.6% (−0.24)
DateCompanyAction
14 Aug 2026ZTSBought
14 Aug 2026TECHBought
14 Aug 2026SPCXBought
14 Aug 2026RAMPBought
14 Aug 2026PFEBought
14 Aug 2026PAYOBought
14 Aug 2026OGNBought
14 Aug 2026NLYBought
14 Aug 2026GFSBought
14 Aug 2026FNVBought
14 Aug 2026DXBought
14 Aug 2026CZRBought
14 Aug 2026CRHBought
14 Aug 2026CLSBought
14 Aug 2026BMYBought
14 Aug 2026AMATBought
14 Aug 2026AGNCBought
14 Aug 2026AEMBought
18 Jun 2026WDAYBought
18 Jun 2026TBBBBought
18 Jun 2026SUNBBought
18 Jun 2026SLABBought
18 Jun 2026RPRXBought
18 Jun 2026PHBought
18 Jun 2026PBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026WDAYSold
14 Aug 2026TWLOSold
14 Aug 2026SUNBSold
14 Aug 2026PSold
14 Aug 2026NFLXSold
14 Aug 2026MUSold
14 Aug 2026MARSold
14 Aug 2026LLYSold
14 Aug 2026KLACSold
14 Aug 2026KEYSSold
14 Aug 2026JPMSold
14 Aug 2026INTUSold
14 Aug 2026HLTSold
14 Aug 2026CSCOSold
14 Aug 2026CRMSold
14 Aug 2026CRDOSold
14 Aug 2026COSTSold
14 Aug 2026BKNGSold
14 Aug 2026ALABSold
14 Aug 2026ACNSold
14 Aug 2026AAPLSold
18 Jun 2026ZMSold
18 Jun 2026YETISold
18 Jun 2026VRTSold
18 Jun 2026URISold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest