Carmignac Gestion

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Carmignac Gestion reported 140 stock positions worth $6.3 billion. Its top holding was Meta Platforms Class A (META) at 8.5% of the portfolio, followed by Microsoft (MSFT, 6.7%) and Advanced Micro Devices (AMD, 6.6%). Compared with Q4 2023, it opened 23 new positions, sold out of 27, added to 43 and reduced 58. The biggest buy was a new position in Micron Technology (MU) and the biggest sale Eli Lilly (LLY, shares −50%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001569758
Portfolio Value
$6.3B (Q1 2024)
SEC Filing
0000945621-24-000423 ↗ filed May 14, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.3B $6.3B Q1 2024 Q2 2024: $5.8B Q2 2024 Q3 2024: $6.0B Q3 2024 Q4 2024: $6.3B Q4 2024 Q1 2025: $6.1B Q1 2025 Q2 2025: $6.5B Q2 2025 Q3 2025: $6.7B Q3 2025 Q4 2025: $7.4B Q4 2025 Q1 2026: $6.5B Q1 2026 Q2 2026: $7.7B Q2 2026

Holdings 140 stocks · $6.3B
META Meta Platforms Inc. Class A 8.46% 1,101,178 $534.7M Add +12.0%
MSFT Microsoft Corp. 6.66% 1,000,826 $421.1M Add +3.2%
AMD Advanced Micro Devices 6.61% 2,314,691 $417.8M Add +1.4%
AMZN Amazon.com Inc. 6.46% 2,265,893 $408.7M Reduce -1.0%
NVDA Nvidia Corp. 5.64% 394,758 $356.7M Reduce -35.0%
LLY Eli Lilly & Co. 4.96% 403,204 $313.7M Reduce -50.2%
GE General Electric 3.68% 1,324,146 $232.4M Reduce -18.6%
TSM Taiwan Semiconductor-SP ADR 3.17% 1,475,291 $200.7M Add +30.5%
BAX Baxter International Inc. 3.16% 4,678,605 $200.0M Reduce -11.9%
GOOGL Alphabet Inc. Class A 3.12% 1,307,716 $197.4M Add +35.9%
TMUS T-Mobile US Inc. 3.12% 1,207,511 $197.1M Reduce -8.1%
SPGI S&P Global Inc. 3.11% 462,159 $196.6M Add +0.8%
ICE Intercontinental Exchange Inc. 3.09% 1,419,454 $195.1M Reduce -19.9%
MU Micron Technology Inc. 2.88% 1,544,544 $182.1M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 2.75% 1,128,738 $173.9M Reduce -5.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 2.59% 2,987,800 $163.8M Add +35.0%
FCX Freeport-McMoran Inc. 2.04% 2,742,217 $128.9M Add +0.3%
ITUB Itau Unibanco H-Spon PRF ADR 1.47% 13,452,687 $93.2M Add +0.9%
CRM Salesforce Inc. 1.39% 291,003 $87.6M Add +9.0%
NEM Newmont Corp. 1.35% 2,380,036 $85.3M Reduce -1.1%
AEM Agnico Eagle Mines Ltd. 1.26% 1,336,226 $79.7M Reduce -31.0%
BABA Alibaba Group Holding-SP ADR 1.26% 1,099,868 $79.6M Add +2.3%
SNAP Snap Inc. Class A 1.25% 6,860,491 $78.8M Add +5.5%
XYZ Block Inc. 1.24% 923,225 $78.1M Add +35.1%
MA Mastercard Inc. Class A 1.08% 142,331 $68.5M Add +8.8%
SE Sea Ltd.-ADR 0.94% 1,111,006 $59.7M Reduce -15.6%
MELI MercadoLibre Inc. 0.93% 38,905 $58.8M Add +18.9%
TEAM Atlassian Corp. Class A 0.88% 285,516 $55.7M Add +26.3%
VIPS Vipshop Holdings Ltd. - ADR 0.77% 2,942,693 $48.7M Add +142.2%
LIN Linde PLC 0.75% 102,205 $47.5M Add +1.4%
BILL Bill Holdings Inc. 0.71% 655,230 $45.0M Add +17.2%
WMT Walmart Inc. 0.69% 720,183 $43.3M Reduce -0.5%
TMO Thermo Fisher Scientific Inc. 0.62% 67,686 $39.3M Reduce -8.7%
PG The Procter & Gamble Co. 0.62% 240,831 $39.1M Add +18.5%
EH Ehang Holdings Ltd.-SPS ADR 0.60% 1,833,908 $37.7M Reduce -3.1%
MDB Mongodb Inc. 0.59% 103,929 $37.3M New
JD Jd.com Inc.-ADR 0.59% 1,357,379 $37.2M Add +40.6%
CL Colgate-Palmolive Co. 0.58% 406,178 $36.6M Add +12.6%
TW Tradeweb Markets Inc. Class A 0.49% 297,988 $31.0M No change
NVMI Nova Ltd. 0.45% 161,011 $28.6M Add +90.1%
VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 0.45% 719,730 $28.2M No change
AMAT Applied Materials Inc. 0.44% 135,544 $28.0M Add +881.4%
ANSS Ansys Inc. 0.43% 78,539 $27.3M Add +74.6%
MNSO Miniso Group Holding Ltd.-ADR 0.37% 1,127,867 $23.1M Add +53.3%
COF Capital One Financial Corp. 0.36% 153,668 $22.9M Reduce -47.6%
DHR Danaher Corp. 0.33% 83,736 $20.9M Add +13.9%
VEEV Veeva Systems Inc. Class A 0.23% 61,599 $14.3M Reduce -6.1%
TCN Tricon Residential Inc. 0.22% 1,259,976 $14.0M New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.21% 983,956 $13.5M Reduce -80.3%
TDG Transdigm Group Inc. 0.21% 10,658 $13.1M New
WM Waste Management Inc. 0.20% 58,723 $12.5M Reduce -22.8%
SPOT Spotify Technology SA 0.19% 46,590 $12.3M New
TUYA Tuya Inc. 0.18% 6,321,276 $11.1M Add +29.3%
ADI Analog Devices Inc. 0.17% 52,961 $10.4M Add +125.5%
ISRG Intuitive Surgical Inc. 0.16% 25,804 $10.3M Reduce -29.1%
ORCL Oracle Corp. 0.15% 75,180 $9.4M Reduce -49.6%
ETSY Etsy Inc. 0.13% 123,938 $8.5M New
ALGN Align Technology Inc. 0.13% 25,299 $8.3M Add +70.2%
SYK Stryker Corp. 0.13% 22,363 $8.0M Reduce -74.0%
ADBE Adobe Inc. 0.12% 15,167 $7.7M Reduce -20.9%
INTU Intuit Inc. 0.12% 11,315 $7.4M Reduce -7.3%
NEE Nextera Energy Inc. 0.11% 108,351 $6.9M Reduce -65.8%
PXD Pioneer Natural Resources Co. 0.10% 23,956 $6.3M Add +15.1%
ADSK Autodesk Inc. 0.10% 23,809 $6.2M Reduce -55.4%
AXONICS INC 0.10% 89,475 $6.2M New
SP SP Plus Corp. 0.10% 116,283 $6.1M Add +55.3%
CTLT Catalent Inc. 0.10% 107,154 $6.0M New
JNPR Juniper Networks Inc. 0.10% 162,985 $6.0M New
CERE Cerevel Therapeutics Holding 0.09% 142,015 $6.0M Add +221.4%
GPRK Geopark Ltd. 0.09% 609,566 $5.9M Reduce -45.5%
HES Hess Corp. 0.09% 37,958 $5.8M Add +11.3%
TAL Tal Education Group- ADR 0.08% 445,750 $5.1M Add +4.1%
TRU Transunion 0.08% 61,538 $4.9M Add +0.4%
ALC Alcon Inc. filed as ALCON AG 0.07% 56,183 $4.7M Reduce -85.2%
TME Tencent Music Entertainm-ADR 0.07% 404,935 $4.5M Add +45.6%
CCJ Cameco Corp. 0.07% 97,308 $4.2M New
NOW ServiceNow Inc. 0.07% 5,479 $4.2M Reduce -43.5%
OLK Olink Holding AB - ADR 0.06% 165,036 $3.9M Add +33.7%
ECL Ecolab Inc. 0.06% 16,642 $3.8M No change
CRH CRH PLC 0.06% 43,511 $3.8M Add +19.8%
CPRI Capri Holdings Ltd. 0.06% 81,937 $3.7M Reduce -29.8%
TBBB BBB Foods Inc. Class A 0.05% 140,000 $3.3M New
CLEARSIDE BIOMEDICAL INC 0.05% 2,132,744 $3.3M No change
EDU New Oriental Educatio-SP ADR 0.05% 36,696 $3.2M Reduce -31.8%
CP Canadian Pacific Kansas City 0.05% 35,959 $3.2M Reduce -60.6%
ERF Enerplus Corp. 0.05% 151,002 $3.0M New
MAR Marriott International Class A 0.04% 10,958 $2.8M Reduce -30.9%
BRO Brown & Brown Inc. 0.04% 31,511 $2.8M Reduce -33.0%
PANW Palo Alto Networks Inc. 0.04% 9,669 $2.7M Reduce -37.9%
COST Costco Wholesale Corp. 0.04% 3,745 $2.7M Reduce -68.1%
GRMN Garmin Ltd. 0.04% 17,255 $2.6M Reduce -33.8%
TGAN Transphorm Inc. 0.04% 513,852 $2.5M New
KO The Coca-Cola Co. 0.04% 2,789 $2.4M Reduce -41.8%
ODFL Old Dominion Freight Line 0.04% 10,514 $2.3M New
ETRN Equitrans Midstream Corp. 0.04% 181,547 $2.3M New
MEDP Medpace Holdings Inc. 0.03% 5,453 $2.2M Reduce -37.2%
CPE Callon Petroleum Co. 0.03% 60,142 $2.2M New
TASK Taskus Inc. Class A 0.03% 180,000 $2.1M Reduce -28.0%
VZIO Vizio Holding Corp. Class A 0.03% 180,897 $2.0M New
SWN Southwestern Energy Co. 0.03% 259,998 $2.0M New
WTS Watts Water Technologies-A 0.03% 9,252 $2.0M Reduce -30.2%
GIS General Mills Inc. 0.03% 27,464 $1.9M Reduce -42.6%
ON On Semiconductor 0.03% 24,350 $1.8M Reduce -68.3%
MRUS Merus NV 0.03% 39,172 $1.8M Reduce -90.3%
HXL Hexcel Corp. 0.03% 24,157 $1.8M No change
TPICQ Tpi Composites Inc. 0.03% 576,327 $1.7M Add +1.8%
CTAS Cintas Corp. 0.03% 2,418 $1.7M Reduce -51.8%
CPRT Copart Inc. 0.03% 28,354 $1.6M Reduce -28.5%
HLT Hilton Worldwide Holdings Inc. 0.02% 7,337 $1.6M Reduce -9.2%
NIU Niu Technologies-Spons ADR 0.02% 895,908 $1.5M Reduce -0.2%
INTC Intel Corp. 0.02% 33,887 $1.5M Reduce -0.6%
PAYX Paychex Inc. 0.02% 12,063 $1.5M Reduce -35.7%
FTNT Fortinet Inc. 0.02% 21,178 $1.4M Reduce -97.1%
DAR Darling Ingredients Inc. 0.02% 30,917 $1.4M No change
VLTO Veralto Corp. 0.02% 15,644 $1.4M No change
V Visa Inc. Class A 0.02% 4,681 $1.3M No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.02% 1,275 $1.3M Reduce -57.5%
HD Home Depot Inc. 0.02% 3,234 $1.2M No change
SSNC Ss&c Technologies Holdings 0.02% 18,691 $1.2M Add +46.8%
CSCO Cisco Systems Inc. 0.02% 23,975 $1.2M Reduce -37.5%
ACN Accenture PLC Class A 0.02% 3,361 $1.2M Add +24.9%
NGMS Neogames SA 0.02% 34,114 $988K Add +51.9%
ALB Albemarle Corp. 0.02% 7,499 $988K No change
FREE Whole Earth Brands Inc. 0.02% 203,969 $985K New
LII Lennox International Inc. 0.02% 1,967 $961K Reduce -37.9%
MTZ Mastec Inc. 0.01% 8,960 $836K Reduce -69.1%
NDSN Nordson Corp. 0.01% 2,886 $792K Reduce -37.1%
GLOB Globant SA 0.01% 3,500 $707K Reduce -6.3%
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 0.01% 28,562 $526K New
NOV Nov Inc. 0.01% 25,000 $488K No change
CORT Corcept Therapeutics Inc. 0.01% 16,943 $427K Reduce -34.4%
SEDG Solaredge Technologies Inc. 0.01% 5,975 $424K No change
DAVA Endava PLC- Spon ADR 0.01% 10,000 $380K Reduce -9.1%
RUN Sunrun Inc. 0.01% 26,626 $351K No change
NOVAQ Sunnova Energy International 0.00% 41,999 $257K No change
PLUG Plug Power Inc. 0.00% 67,284 $231K No change
BIDU Baidu Inc. - Spon ADR 0.00% 791 $83K No change
NWLI National Western Life Grou-A 0.00% 120 $59K New
DSKE Daseke Inc. 0.00% 3,020 $25K New
BMY Bristol-Myers Squibb Co. 0.00% 27,804 $0 New

Options reported separately and not counted above: GOOG calls ($53K), GOOGL calls ($53K), MU calls ($43K), TSLA calls ($21K).

Portfolio Sells Q4 2023 → Q1 2024
LLY Eli Lilly & Co. Reduce -50.2% 4.96% −2.96
HUM Humana Inc. Sold out 0.00% −1.96
BIIB Biogen Inc. Sold out 0.00% −1.57
BEKE Ke Holdings Inc.-ADR Reduce -80.3% 0.21% −1.15
ICE Intercontinental Exchange Inc. Reduce -19.9% 3.09% −0.74
FTNT Fortinet Inc. Reduce -97.1% 0.02% −0.69
AEM Agnico Eagle Mines Ltd. Reduce -31.0% 1.26% −0.52
YMM Full Truck Alliance -SPN ADR Sold out 0.00% −0.46
ALC Alcon Inc. Reduce -85.2% 0.07% −0.42
TMUS T-Mobile US Inc. Reduce -8.1% 3.12% −0.42
NEM Newmont Corp. Reduce -1.1% 1.35% −0.32
SYK Stryker Corp. Reduce -74.0% 0.13% −0.31
BAX Baxter International Inc. Reduce -11.9% 3.16% −0.29
COF Capital One Financial Corp. Reduce -47.6% 0.36% −0.28
NEE Nextera Energy Inc. Reduce -65.8% 0.11% −0.21
SPLK Splunk Inc. Sold out 0.00% −0.21
EL Estee Lauder Companies Class A Reduce -5.6% 2.75% −0.19
DE Deere & Co. Sold out 0.00% −0.17
MRUS Merus NV Reduce -90.3% 0.03% −0.16
SOVO Sovos Brands Inc. Sold out 0.00% −0.15
ADSK Autodesk Inc. Reduce -55.4% 0.10% −0.12
ORCL Oracle Corp. Reduce -49.6% 0.15% −0.12
TGH Textainer Group Holdings Ltd. Sold out 0.00% −0.11
COST Costco Wholesale Corp. Reduce -68.1% 0.04% −0.09
ON On Semiconductor Reduce -68.3% 0.03% −0.08
ADBE Adobe Inc. Reduce -20.9% 0.12% −0.07
CP Canadian Pacific Kansas City Reduce -60.6% 0.05% −0.07
GPRK Geopark Ltd. Reduce -45.5% 0.09% −0.07
RPT REALTY Sold out 0.00% −0.06
SMG Scotts Miracle-Gro Co. Sold out 0.00% −0.06
IMGN Immunogen Inc. Sold out 0.00% −0.06
AMED Amedisys Inc. Sold out 0.00% −0.05
GDDY GoDaddy Inc. Class A Sold out 0.00% −0.05
CMBT CMB Tech NV Sold out 0.00% −0.05
NOW ServiceNow Inc. Reduce -43.5% 0.07% −0.05
ISRG Intuitive Surgical Inc. Reduce -29.1% 0.16% −0.04
CPRI Capri Holdings Ltd. Reduce -29.8% 0.06% −0.04
TMO Thermo Fisher Scientific Inc. Reduce -8.7% 0.62% −0.04
KO The Coca-Cola Co. Reduce -41.8% 0.04% −0.04
BANC Banc of California Inc. Sold out 0.00% −0.04
PANW Palo Alto Networks Inc. Reduce -37.9% 0.04% −0.03
SRC Spirit Realty Capital Inc. Sold out 0.00% −0.03
WM Waste Management Inc. Reduce -22.8% 0.20% −0.03
X United States Steel Corp. Sold out 0.00% −0.03
MRTX Mirati Therapeutics Inc. Sold out 0.00% −0.03
BVH Bluegreen Vacations Holding Sold out 0.00% −0.03
ESMT Engagesmart Inc. Sold out 0.00% −0.03
CTAS Cintas Corp. Reduce -51.8% 0.03% −0.02
MTZ Mastec Inc. Reduce -69.1% 0.01% −0.02
GIS General Mills Inc. Reduce -42.6% 0.03% −0.02

Portfolio Buys Q4 2023 → Q1 2024
MU Micron Technology Inc. New 2.88% +2.88
META Meta Platforms Inc. Class A Add +12.0% 8.46% +2.61
TSM Taiwan Semiconductor-SP ADR Add +30.5% 3.17% +1.20
AMD Advanced Micro Devices Add +1.4% 6.61% +0.95
GOOGL Alphabet Inc. Class A Add +35.9% 3.12% +0.86
SLB SLB Ltd. Add +35.0% 2.59% +0.66
MDB Mongodb Inc. New 0.59% +0.59
MSFT Microsoft Corp. Add +3.2% 6.66% +0.53
VIPS Vipshop Holdings Ltd. - ADR Add +142.2% 0.77% +0.41
AMAT Applied Materials Inc. Add +881.4% 0.44% +0.40
XYZ Block Inc. Add +35.1% 1.24% +0.35
NVMI Nova Ltd. Add +90.1% 0.45% +0.26
TCN Tricon Residential Inc. New 0.22% +0.22
TDG Transdigm Group Inc. New 0.21% +0.21
CRM Salesforce Inc. Add +9.0% 1.39% +0.21
SPOT Spotify Technology SA New 0.19% +0.19
ANSS Ansys Inc. Add +74.6% 0.43% +0.16
MA Mastercard Inc. Class A Add +8.8% 1.08% +0.15
ETSY Etsy Inc. New 0.13% +0.13
JD Jd.com Inc.-ADR Add +40.6% 0.59% +0.12
PG The Procter & Gamble Co. Add +18.5% 0.62% +0.12
MNSO Miniso Group Holding Ltd.-ADR Add +53.3% 0.37% +0.11
AXONICS INC New 0.10% +0.10
CL Colgate-Palmolive Co. Add +12.6% 0.58% +0.10
CTLT Catalent Inc. New 0.10% +0.10
JNPR Juniper Networks Inc. New 0.10% +0.10
ADI Analog Devices Inc. Add +125.5% 0.17% +0.09
FCX Freeport-McMoran Inc. Add +0.3% 2.04% +0.08
CCJ Cameco Corp. New 0.07% +0.07
MELI MercadoLibre Inc. Add +18.9% 0.93% +0.07
CERE Cerevel Therapeutics Holding Add +221.4% 0.09% +0.06
ALGN Align Technology Inc. Add +70.2% 0.13% +0.06
LIN Linde PLC Add +1.4% 0.75% +0.06
TBBB BBB Foods Inc. Class A New 0.05% +0.05
ERF Enerplus Corp. New 0.05% +0.05
DHR Danaher Corp. Add +13.9% 0.33% +0.05
TGAN Transphorm Inc. New 0.04% +0.04
ODFL Old Dominion Freight Line New 0.04% +0.04
ETRN Equitrans Midstream Corp. New 0.04% +0.04
CPE Callon Petroleum Co. New 0.03% +0.03
SP SP Plus Corp. Add +55.3% 0.10% +0.03
VZIO Vizio Holding Corp. Class A New 0.03% +0.03
SWN Southwestern Energy Co. New 0.03% +0.03
TME Tencent Music Entertainm-ADR Add +45.6% 0.07% +0.03
PXD Pioneer Natural Resources Co. Add +15.1% 0.10% +0.02
CRH CRH PLC Add +19.8% 0.06% +0.02
FREE Whole Earth Brands Inc. New 0.02% +0.02
OLK Olink Holding AB - ADR Add +33.7% 0.06% +0.01
HES Hess Corp. Add +11.3% 0.09% +0.01
QFIN Qfin Holdings Inc.-ADR New 0.01% +0.01

Options Activity Q4 2023 → Q1 2024
GOOG Alphabet Inc. Class C call New 350,000 $53K
GOOGL Alphabet Inc. Class A call New 350,000 $53K
MU Micron Technology Inc. call New 365,000 $43K
TSLA Tesla Inc. call New 120,000 $21K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 94$7.7BNVDA, AVGO, COR, MCK, GOOGL
Q1 2026 108$6.5BNVDA, MELI, SPGI, GOOGL, COR
Q4 2025 119$7.4BNVDA, MSFT, SPGI, GOOGL, AMZN
Q3 2025 126$6.7BNVDA, GOOGL, AMZN, SPGI, MELI
Q2 2025 122$6.5BNVDA, AMZN, GOOGL, MELI, MCK
Q1 2025 152$6.1BAMZN, NVDA, MCK, COR, CNC
Q4 2024 148$6.3BAMZN, MSFT, NVDA, CNC, SLB
Q3 2024 167$6.0BAMZN, SLB, MSFT, GOOGL, NVDA
Q2 2024 155$5.8BMSFT, AMZN, GOOGL, SLB, NVDA
Q1 2024 140$6.3BMETA, MSFT, AMD, AMZN, NVDA