Carmignac Gestion
PARIS, I0
$7.7bn in 94 US stocks at the end of 30 June 2026. The top 10 are 60.5% of the money. It changed about 22.8% of the portfolio this quarter.
Value
$7.7bn
Stocks
94
Top 10 share
60.5%
Turnover
22.8%
What changed this quarter
New
Bought for the first time this quarter.
- ZoetisZTS1.5% of the fund
- CelesticaCLS0.9% of the fund
- Space Exploration TechnologiesSPCX0.4% of the fund
- Agnico Eagle MinesAEM0.2% of the fund
- Franco NevadaFNV0.2% of the fund
- LiveRamp HoldingsRAMP0.1% of the fund
- Bio-TechneTECH0.1% of the fund
- OrganonOGN<0.1% of the fund
- Apogee TherapeuticsAPGE<0.1% of the fund
- Nuvalent<0.1% of the fund
- Esperion Therapeutics INC NE<0.1% of the fund
- Leggett & PlattLEG<0.1% of the fund
- Payoneer GlobalPAYO<0.1% of the fund
- Caesars EntertainmentCZR<0.1% of the fund
- Catalyst Pharmaceuticals<0.1% of the fund
- Open Lending<0.1% of the fund
- Global Business Travel GroupGBTG<0.1% of the fund
- Avanos MED<0.1% of the fund
- CRH PublicCRH<0.1% of the fund
- Dynex CapitalDX<0.1% of the fund
- AGNC InvestmentAGNC<0.1% of the fund
- Annaly Capital ManagementNLY<0.1% of the fund
- Bristol-Myers SquibbBMY<0.1% of the fund
- GlobalfoundriesGFS<0.1% of the fund
- PfizerPFE<0.1% of the fund
Added
Bought more of a stock they already held.
- NvidiaNVDA12.5% of the fund+5%
- BroadcomAVGO6.6% of the fund+150%
- CencoraCOR6.4% of the fund+59%
- MckessonMCK6.1% of the fund+97%
- Tradeweb MarketsTW5.0% of the fund+70%
- MastercardMA4.9% of the fund+93%
- Berkshire HathawayBRK-B4.6% of the fund+73%
- Intercontinental ExchangeICE3.3% of the fund+80%
- MicrosoftMSFT3.0% of the fund+189%
- AmphenolAPH2.2% of the fund+45%
- Regeneron PharmaceuticalsREGN1.5% of the fund+57%
- EquifaxEFX1.5% of the fund+95%
- Parker-HannifinPH1.3% of the fund+191%
- Itau Unibanco Hldg S AITUB1.3% of the fund+42%
- Vertex PharmaceuticalsVRTX1.1% of the fund+10%
- Vipshop HldgsVIPS0.8% of the fund+10%
- SeaSE0.8% of the fund+2%
- Align TechnologyALGN0.7% of the fund+41%
- GitlabGTLB0.6% of the fund+56%
- Vnet GroupVNET0.5% of the fund+1375%
- Neurocrine BiosciencesNBIX0.5% of the fund+15%
- BBB FoodsTBBB0.4% of the fund+526%
- Ionis PharmaceuticalsIONS0.3% of the fund+506%
- Webster FinancialWBS0.2% of the fund+15%
- Taiwan Semiconductor ManufacturingTSM0.1% of the fund+1427%
Cut
Sold some of their stake.
- AlphabetGOOGL5.4% of the fund-14%
- S&P GlobalSPGI4.9% of the fund-4%
- MercadoLibreMELI4.2% of the fund-24%
- Amazon.comAMZN2.6% of the fund-40%
- AtlassianTEAM1.6% of the fund-39%
- BlockXYZ1.3% of the fund-60%
- Meta PlatformsMETA0.8% of the fund-9%
- DoximityDOCS0.6% of the fund-45%
- SLB LimitedSLB0.5% of the fund-11%
- ServiceNowNOW0.5% of the fund-75%
- Sprouts Farmers MarketSFM0.4% of the fund-46%
- Globe LifeGL0.2% of the fund-37%
- Colgate-PalmoliveCL0.2% of the fund-16%
- Arista NetworksANET0.2% of the fund-90%
- Procter & GamblePG0.1% of the fund-13%
- Home DepotHD0.1% of the fund-14%
- Church & DwightCHD0.1% of the fund-6%
- Biontech SEBNTX<0.1% of the fund-29%
- VisaV<0.1% of the fund-26%
Sold out
Sold their entire stake.
- SalesforceCRM-100%
- Booking HoldingsBKNG-100%
- WorkdayWDAY-100%
- Credo Technology Group HoldingCRDO-100%
- Air Lease-100%
- Hologic-100%
- KLAKLAC-100%
- Cantaloupe-100%
- Masimo-100%
- Amicus Therapeutics-100%
- Onestream-100%
- CSG SYS Intl-100%
- Astera LabsALAB-100%
- Proassurance-100%
- Micron TechnologyMU-100%
- American Woodmark Corporatio-100%
- Semrush Hldgs-100%
- Keysight TechnologiesKEYS-100%
- Terns Pharmaceuticals-100%
- TwilioTWLO-100%
- EverpureP-100%
- SkyWater TechnologySKYT-100%
- Arcellx-100%
- Clearwater Analytics Hldgs I-100%
- On24-100%
Holdings
- Itau Unibanco Hldg S AITUB
- Share
- 1.3%
- Value
- $100m
- Shares
- 12,219,314
+42%
- Vipshop HldgsVIPS
- Share
- 0.8%
- Value
- $65m
- Shares
- 4,920,324
+10%
- SeaSE
- Share
- 0.8%
- Value
- $62m
- Shares
- 651,818
+2%
- Vnet GroupVNET
- Share
- 0.5%
- Value
- $38m
- Shares
- 4,760,599
+1375%
- Space Exploration TechnologiesSPCX
- Share
- 0.4%
- Value
- $29m
- Shares
- 168,723
New
- Vesta Real EstateVTMX
- Share
- 0.4%
- Value
- $28m
- Shares
- 829,302
Held
- Tencent Music Entmt GroupTME
- Share
- 0.3%
- Value
- $24m
- Shares
- 2,903,426
Held
- Agnico Eagle MinesAEM
- Share
- 0.2%
- Value
- $18m
- Shares
- 113,584
New
- Franco NevadaFNV
- Share
- 0.2%
- Value
- $17m
- Shares
- 83,723
New
- Chart Inds
- Share
- 0.2%
- Value
- $17m
- Shares
- 82,944
Held
- Webster FinancialWBS
- Share
- 0.2%
- Value
- $17m
- Shares
- 222,221
+15%
- Electronic ArtsEA
- Share
- 0.1%
- Value
- $10m
- Shares
- 48,934
Held
- Biontech SEBNTX
- Share
- <0.1%
- Value
- $7m
- Shares
- 79,875
-29%
- Janus Henderson Group
- Share
- <0.1%
- Value
- $7m
- Shares
- 137,300
Held
- Apogee TherapeuticsAPGE
- Share
- <0.1%
- Value
- $6m
- Shares
- 44,475
New
- Nuvalent
- Share
- <0.1%
- Value
- $6m
- Shares
- 47,657
New
- Esperion Therapeutics INC NE
- Share
- <0.1%
- Value
- $5m
- Shares
- 1,659,399
New
- Leggett & PlattLEG
- Share
- <0.1%
- Value
- $5m
- Shares
- 410,119
New
- Catalyst Pharmaceuticals
- Share
- <0.1%
- Value
- $3m
- Shares
- 95,603
New
- Open Lending
- Share
- <0.1%
- Value
- $3m
- Shares
- 960,179
New
- TalkspaceTALK
- Share
- <0.1%
- Value
- $3m
- Shares
- 556,771
+280%
- Select MED Hldgs
- Share
- <0.1%
- Value
- $3m
- Shares
- 174,516
Held
- Olaplex Hldgs
- Share
- <0.1%
- Value
- $3m
- Shares
- 1,252,648
+47%
- Avanos MED
- Share
- <0.1%
- Value
- $2m
- Shares
- 89,418
New
- Qfin HoldingsQFIN
- Share
- <0.1%
- Value
- $617,871
- Shares
- 39,081
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 12.5% | $959m | 4,795,726 | +5% |
| BroadcomAVGO | 6.6% | $511m | 1,354,155 | +150% |
| CencoraCOR | 6.4% | $494m | 1,747,363 | +59% |
| MckessonMCK | 6.1% | $474m | 626,904 | +97% |
| AlphabetGOOGL | 5.4% | $412m | 1,154,334 | -14% |
| Tradeweb MarketsTW | 5.0% | $386m | 3,876,800 | +70% |
| MastercardMA | 4.9% | $376m | 732,598 | +93% |
| S&P GlobalSPGI | 4.9% | $374m | 919,140 | -4% |
| Berkshire HathawayBRK-B | 4.6% | $352m | 704,407 | +73% |
| MercadoLibreMELI | 4.2% | $323m | 190,098 | -24% |
| Intercontinental ExchangeICE | 3.3% | $255m | 2,070,226 | +80% |
| MicrosoftMSFT | 3.0% | $232m | 621,773 | +189% |
| Amazon.comAMZN | 2.6% | $201m | 841,266 | -40% |
| AmphenolAPH | 2.2% | $171m | 969,763 | +45% |
| Lantheus HoldingsLNTH | 1.9% | $149m | 1,340,100 | Held |
| AtlassianTEAM | 1.6% | $123m | 1,577,000 | -39% |
| Regeneron PharmaceuticalsREGN | 1.5% | $114m | 182,507 | +57% |
| ZoetisZTS | 1.5% | $113m | 1,575,700 | New |
| EquifaxEFX | 1.5% | $113m | 710,685 | +95% |
| Parker-HannifinPH | 1.3% | $101m | 103,265 | +191% |
| Itau Unibanco Hldg S AITUB | 1.3% | $100m | 12,219,314 | +42% |
| BlockXYZ | 1.3% | $98m | 1,287,026 | -60% |
| AirbnbABNB | 1.2% | $94m | 656,570 | Held |
| Vertex PharmaceuticalsVRTX | 1.1% | $81m | 163,045 | +10% |
| CelesticaCLS | 0.9% | $70m | 193,200 | New |
| Vipshop HldgsVIPS | 0.8% | $65m | 4,920,324 | +10% |
| SeaSE | 0.8% | $62m | 651,818 | +2% |
| Meta PlatformsMETA | 0.8% | $58m | 103,560 | -9% |
| Align TechnologyALGN | 0.7% | $53m | 316,832 | +41% |
| DoximityDOCS | 0.6% | $49m | 2,355,900 | -45% |
| GitlabGTLB | 0.6% | $45m | 1,475,612 | +56% |
| SLB LimitedSLB | 0.5% | $39m | 846,192 | -11% |
| Vnet GroupVNET | 0.5% | $38m | 4,760,599 | +1375% |
| ServiceNowNOW | 0.5% | $37m | 371,803 | -75% |
| Neurocrine BiosciencesNBIX | 0.5% | $36m | 214,100 | +15% |
| Royalty PharmaRPRX | 0.5% | $35m | 630,700 | Held |
| Sprouts Farmers MarketSFM | 0.4% | $32m | 375,200 | -46% |
| Space Exploration TechnologiesSPCX | 0.4% | $29m | 168,723 | New |
| Vesta Real EstateVTMX | 0.4% | $28m | 829,302 | Held |
| BBB FoodsTBBB | 0.4% | $28m | 670,106 | +526% |
| Ionis PharmaceuticalsIONS | 0.3% | $25m | 321,000 | +506% |
| Tencent Music Entmt GroupTME | 0.3% | $24m | 2,903,426 | Held |
| Joint Stock Co Kaspi.kzKSPI | 0.3% | $20m | 226,666 | Held |
| Globe LifeGL | 0.2% | $19m | 107,100 | -37% |
| Colgate-PalmoliveCL | 0.2% | $18m | 199,143 | -16% |
| Agnico Eagle MinesAEM | 0.2% | $18m | 113,584 | New |
| Franco NevadaFNV | 0.2% | $17m | 83,723 | New |
| Chart Inds | 0.2% | $17m | 82,944 | Held |
| Webster FinancialWBS | 0.2% | $17m | 222,221 | +15% |
| New Oriental Education & Technology GroupEDU | 0.2% | $17m | 368,392 | Held |
| Arista NetworksANET | 0.2% | $12m | 72,457 | -90% |
| Procter & GamblePG | 0.1% | $11m | 76,813 | -13% |
| Electronic ArtsEA | 0.1% | $10m | 48,934 | Held |
| Taiwan Semiconductor ManufacturingTSM | 0.1% | $10m | 20,956 | +1427% |
| Home DepotHD | 0.1% | $9m | 26,374 | -14% |
| Church & DwightCHD | 0.1% | $9m | 90,997 | -6% |
| Silicon LaboratoriesSLAB | 0.1% | $9m | 40,340 | +45% |
| LiveRamp HoldingsRAMP | 0.1% | $9m | 234,126 | New |
| Bio-TechneTECH | 0.1% | $9m | 124,530 | New |
| KenvueKVUE | 0.1% | $8m | 420,432 | +167% |
| Thermo Fisher ScientificTMO | 0.1% | $8m | 15,727 | Held |
| Biontech SEBNTX | <0.1% | $7m | 79,875 | -29% |
| Warner Bros. DiscoveryWBD | <0.1% | $7m | 276,857 | +17% |
| Janus Henderson Group | <0.1% | $7m | 137,300 | Held |
| OrganonOGN | <0.1% | $6m | 448,606 | New |
| Apogee TherapeuticsAPGE | <0.1% | $6m | 44,475 | New |
| Nuvalent | <0.1% | $6m | 47,657 | New |
| DigitalBridge GroupDBRG | <0.1% | $6m | 369,415 | Held |
| Esperion Therapeutics INC NE | <0.1% | $5m | 1,659,399 | New |
| Leggett & PlattLEG | <0.1% | $5m | 410,119 | New |
| Payoneer GlobalPAYO | <0.1% | $3m | 426,354 | New |
| Caesars EntertainmentCZR | <0.1% | $3m | 100,508 | New |
| Catalyst Pharmaceuticals | <0.1% | $3m | 95,603 | New |
| Open Lending | <0.1% | $3m | 960,179 | New |
| Global Business Travel GroupGBTG | <0.1% | $3m | 316,463 | New |
| TalkspaceTALK | <0.1% | $3m | 556,771 | +280% |
| Select MED Hldgs | <0.1% | $3m | 174,516 | Held |
| Txnm EnergyTXNM | <0.1% | $3m | 47,000 | Held |
| Olaplex Hldgs | <0.1% | $3m | 1,252,648 | +47% |
| Avanos MED | <0.1% | $2m | 89,418 | New |
| MakeMyTripMMYT | <0.1% | $2m | 40,452 | +33% |
| International Money ExpressIMXI | <0.1% | $2m | 138,650 | Held |
| CRH PublicCRH | <0.1% | $2m | 17,183 | New |
| Qfin HoldingsQFIN | <0.1% | $617,871 | 39,081 | Held |
| VisaV | <0.1% | $590,458 | 1,721 | -26% |
| Dynex CapitalDX | <0.1% | $587,931 | 44,846 | New |
| AGNC InvestmentAGNC | <0.1% | $544,215 | 49,928 | New |
| Annaly Capital ManagementNLY | <0.1% | $527,964 | 23,612 | New |
| Bristol-Myers SquibbBMY | <0.1% | $519,387 | 9,014 | New |
| EHang HoldingsEH | <0.1% | $504,252 | 76,985 | Held |
| GlobalfoundriesGFS | <0.1% | $471,303 | 5,719 | New |
| PfizerPFE | <0.1% | $468,958 | 19,475 | New |
| Applied MaterialsAMAT | <0.1% | $167,736 | 232 | New |
| Clear Channel Outdoor HoldingsCCO | <0.1% | $141,500 | 58,471 | Held |
Options (6)
- Boston Scientific
- Type
- Call
- Value
- $0
- Contracts
- 38,200
- JPMorgan Chase
- Type
- Call
- Value
- $0
- Contracts
- 539,000
- Microsoft
- Type
- Call
- Value
- $0
- Contracts
- 8,500
- NetflixNFLX
- Type
- Call
- Value
- $0
- Contracts
- 29,900
- Anglogold Ashanti
- Type
- Call
- Value
- $0
- Contracts
- 10,300
- Bitdeer Technologies Group
- Type
- Call
- Value
- $0
- Contracts
- 681,600
| Company | Type | Value | Contracts |
|---|---|---|---|
| Boston Scientific | Call | $0 | 38,200 |
| JPMorgan Chase | Call | $0 | 539,000 |
| Microsoft | Call | $0 | 8,500 |
| NetflixNFLX | Call | $0 | 29,900 |
| Anglogold Ashanti | Call | $0 | 10,300 |
| Bitdeer Technologies Group | Call | $0 | 681,600 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 18.6% since 30 June 2025.
Where the money is
Technology33.4%
Financial services24.5%
Health care21.5%
Media & telecom6.2%
Retail & consumer4.3%
Industrials2.8%
Everyday goods1.4%
Energy0.5%
Materials0.5%
Utilities0.0%
Real estate0.0%
Other4.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.