Carmignac Gestion
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Carmignac Gestion reported 148 stock positions worth $6.3 billion. Its top holding was Amazon.com (AMZN) at 8.7% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Nvidia (NVDA, 5.2%). Compared with Q3 2024, it opened 23 new positions, sold out of 42, added to 48 and reduced 56. The biggest buy was Broadcom (AVGO, shares +27%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001569758
- Portfolio Value
- $6.3B (Q4 2024)
- SEC Filing
- 0000945621-25-000179 ↗ filed Feb 13, 2025
Holdings Value
Holdings 148 stocks · $6.3B
| AMZN Amazon.com Inc. | 8.68% | 2,483,863 | $545.0M | Reduce -9.1% |
| MSFT Microsoft Corp. | 5.93% | 882,565 | $372.1M | Add +18.9% |
| NVDA Nvidia Corp. | 5.16% | 2,412,975 | $324.1M | Add +12.3% |
| CNC Centene Corp. | 4.78% | 4,948,528 | $299.8M | Add +56.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 4.46% | 7,296,500 | $279.7M | Reduce -5.8% |
| GOOGL Alphabet Inc. Class A | 4.43% | 1,467,958 | $277.9M | Reduce -17.4% |
| MCK McKesson Corp. | 4.25% | 467,603 | $266.5M | Reduce -1.1% |
| SPGI S&P Global Inc. | 3.85% | 485,260 | $241.7M | Add +31.7% |
| SNPS Synopsys Inc. | 3.81% | 492,362 | $239.0M | Add +54.5% |
| AVGO Broadcom Inc. | 3.68% | 996,321 | $231.0M | Add +26.6% |
| COR Cencora Inc. | 3.59% | 1,001,501 | $225.0M | Reduce -1.8% |
| ICE Intercontinental Exchange Inc. | 3.04% | 1,279,614 | $190.7M | Reduce -0.3% |
| MELI MercadoLibre Inc. | 3.00% | 110,772 | $188.4M | Add +21.3% |
| ELV Elevance Health Inc. | 2.72% | 462,776 | $170.7M | Add +47.1% |
| VIPS Vipshop Holdings Ltd. - ADR | 2.13% | 9,935,058 | $133.8M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 2.03% | 242,115 | $127.5M | Add +23.4% |
| LLY Eli Lilly & Co. | 1.86% | 151,470 | $116.9M | Add +10.6% |
| EFX Equifax Inc. | 1.52% | 373,200 | $95.1M | Add +714.9% |
| XYZ Block Inc. | 1.50% | 1,110,500 | $94.4M | Reduce -16.8% |
| LIN Linde PLC | 1.45% | 217,133 | $90.9M | Add +40.2% |
| PH Parker Hannifin Corp. | 1.45% | 142,856 | $90.9M | Add +9.7% |
| CDNS Cadence Design SYS Inc. | 1.43% | 297,863 | $89.5M | Reduce -2.0% |
| META Meta Platforms Inc. Class A | 1.39% | 149,478 | $87.5M | Add +176.9% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.30% | 16,469,073 | $81.7M | Add +2.2% |
| TMO Thermo Fisher Scientific Inc. | 1.29% | 156,153 | $81.2M | Add +182.6% |
| ORLY O'reilly Automotive Inc. | 1.27% | 67,436 | $80.0M | Add +62.9% |
| VRTX Vertex Pharmaceuticals Inc. | 1.27% | 197,466 | $79.5M | Reduce -6.2% |
| GE General Electric filed as GE AEROSPACE | 1.25% | 468,925 | $78.2M | Add +16.2% |
| APH Amphenol Corp. Class A | 1.08% | 974,000 | $67.6M | Add +68.5% |
| NOW ServiceNow Inc. | 1.06% | 62,861 | $66.6M | Reduce -32.0% |
| ETN Eaton Corp. PLC | 0.95% | 180,036 | $59.7M | Add +5.4% |
| TW Tradeweb Markets Inc. Class A | 0.66% | 317,300 | $41.5M | Reduce -8.6% |
| LULU Lululemon Athletica Inc. | 0.65% | 107,400 | $41.1M | Add +1.1% |
| CL Colgate-Palmolive Co. | 0.62% | 426,114 | $38.7M | Add +7.6% |
| PG The Procter & Gamble Co. | 0.57% | 213,934 | $35.9M | Reduce -17.9% |
| DHR Danaher Corp. | 0.57% | 154,986 | $35.6M | Add +68.2% |
| ANSS Ansys Inc. | 0.54% | 100,668 | $34.0M | Add +13.5% |
| AEM Agnico Eagle Mines Ltd. | 0.50% | 402,206 | $31.5M | Reduce -49.9% |
| SE Sea Ltd.-ADR | 0.48% | 282,153 | $29.9M | Reduce -14.9% |
| NEM Newmont Corp. | 0.47% | 798,854 | $29.7M | Reduce -9.1% |
| BNTX Biontech SE-ADR | 0.40% | 222,095 | $25.3M | Add +18.3% |
| KLAC KLA Corp. | 0.36% | 35,650 | $22.5M | Add +17725.0% |
| LNTH Lantheus Holdings Inc. | 0.33% | 232,700 | $20.8M | Add +68.5% |
| HD Home Depot Inc. | 0.32% | 51,947 | $20.2M | Add +635.1% |
| GGAL Grupo Financiero Galicia-ADR | 0.32% | 320,499 | $20.0M | Add +1502.5% |
| NVT Nvent Electric PLC | 0.32% | 292,695 | $20.0M | Add +123.4% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.30% | 737,430 | $18.9M | Reduce -2.6% |
| SKX Skechers USA Inc. Class A | 0.29% | 275,000 | $18.5M | Add +3.4% |
| CRS Carpenter Technology | 0.29% | 105,800 | $18.0M | Add +98.9% |
| ISRG Intuitive Surgical Inc. | 0.27% | 32,468 | $17.0M | Reduce -1.8% |
| DOCS Doximity Inc. Class A | 0.27% | 317,300 | $16.9M | Add +29.9% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.25% | 167,054 | $15.8M | Reduce -0.9% |
| JD Jd.com Inc.-ADR | 0.25% | 455,147 | $15.8M | Reduce -23.6% |
| HTHT H World Group Ltd.-ADR | 0.25% | 466,721 | $15.4M | New |
| VEEV Veeva Systems Inc. Class A | 0.24% | 72,690 | $15.3M | Reduce -35.0% |
| KEYS Keysight Technologies Inc. | 0.23% | 90,600 | $14.6M | Reduce -0.4% |
| ACN Accenture PLC Class A | 0.22% | 39,401 | $13.9M | Add +6.0% |
| SYK Stryker Corp. | 0.21% | 36,769 | $13.3M | Reduce -9.2% |
| ORCL Oracle Corp. | 0.19% | 72,792 | $12.1M | Reduce -38.3% |
| WM Waste Management Inc. | 0.19% | 58,256 | $11.8M | Reduce -5.7% |
| ALGN Align Technology Inc. | 0.18% | 52,966 | $11.0M | Add +67.8% |
| ESGR Enstar Group Ltd. | 0.14% | 27,888 | $9.0M | Add +3.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 43,258 | $8.5M | Reduce -48.7% |
| INTU Intuit Inc. | 0.13% | 13,085 | $8.2M | No change |
| TRU Transunion | 0.12% | 83,020 | $7.7M | Reduce -7.9% |
| HCP Hashicorp Inc. Class A | 0.11% | 210,242 | $7.2M | Reduce -16.9% |
| TUYA Tuya Inc. | 0.11% | 4,018,972 | $7.2M | Reduce -4.8% |
| ADBE Adobe Inc. | 0.11% | 15,949 | $7.1M | Reduce -10.3% |
| CHX Championx Corp. | 0.11% | 260,605 | $7.1M | Add +473.1% |
| JNPR Juniper Networks Inc. | 0.11% | 184,178 | $6.9M | Reduce -15.1% |
| SMAR Smartsheet Inc. Class A | 0.11% | 120,154 | $6.7M | Add +60.3% |
| ADSK Autodesk Inc. | 0.10% | 22,191 | $6.6M | Add +18.1% |
| GL Globe Life Inc. | 0.10% | 53,447 | $6.0M | New |
| NEE Nextera Energy Inc. | 0.09% | 77,299 | $5.5M | Add +18.5% |
| K Kellanova | 0.09% | 68,069 | $5.5M | Add +237.1% |
| EH Ehang Holdings Ltd.-SPS ADR | 0.08% | 330,723 | $5.2M | Reduce -73.0% |
| PTVE Pactiv Evergreen Inc. | 0.08% | 292,543 | $5.1M | New |
| CCJ Cameco Corp. | 0.08% | 96,337 | $5.0M | Add +2.6% |
| DFS Discover Financial Services | 0.08% | 28,457 | $4.9M | Reduce -51.2% |
| COST Costco Wholesale Corp. | 0.07% | 5,000 | $4.6M | Reduce -4.9% |
| ADI Analog Devices Inc. | 0.07% | 20,792 | $4.4M | No change |
| CEG Constellation Energy | 0.07% | 18,895 | $4.2M | New |
| IQV Iqvia Holdings Inc. | 0.07% | 21,200 | $4.2M | New |
| PANW Palo Alto Networks Inc. | 0.06% | 21,352 | $3.9M | No change |
| CSCO Cisco Systems Inc. | 0.06% | 60,197 | $3.6M | Reduce -15.7% |
| AMAT Applied Materials Inc. | 0.06% | 21,745 | $3.5M | Reduce -89.2% |
| V Visa Inc. Class A | 0.06% | 10,930 | $3.5M | Add +15.3% |
| CDMO Avid Bioservices Inc. | 0.05% | 277,741 | $3.4M | New |
| AAPL Apple Inc. | 0.05% | 13,614 | $3.4M | Add +126.9% |
| ECL Ecolab Inc. | 0.05% | 14,007 | $3.3M | Reduce -18.1% |
| TGI Triumph Group Inc. | 0.05% | 172,701 | $3.2M | New |
| MAR Marriott International Class A | 0.04% | 10,003 | $2.8M | Reduce -25.6% |
| AMD Advanced Micro Devices | 0.04% | 22,345 | $2.7M | Reduce -41.6% |
| DQ Daqo New Energy Corp.-ADR | 0.04% | 135,614 | $2.6M | Reduce -38.3% |
| HLT Hilton Worldwide Holdings Inc. | 0.04% | 9,950 | $2.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.04% | 28,853 | $2.4M | Add +10204.6% |
| SRDX Surmodics Inc. | 0.04% | 61,074 | $2.4M | Reduce -16.4% |
| CRH CRH PLC | 0.04% | 25,145 | $2.3M | Reduce -37.9% |
| TME Tencent Music Entertainm-ADR | 0.03% | 178,987 | $2.0M | Reduce -13.8% |
| EDU New Oriental Educatio-SP ADR | 0.03% | 29,430 | $1.9M | Add +12.2% |
Options reported separately and not counted above: AVGO calls ($32K), GOOGL calls ($25K), RBLX calls ($22K).
Portfolio Sells Q3 2024 → Q4 2024
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −3.50 |
| SLB SLB Ltd. | Reduce -5.8% | 4.46% | −0.96 |
| AMAT Applied Materials Inc. | Reduce -89.2% | 0.06% | −0.62 |
| AEM Agnico Eagle Mines Ltd. | Reduce -49.9% | 0.50% | −0.58 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -1.0% | 2.13% | −0.50 |
| GOOGL Alphabet Inc. Class A | Reduce -17.4% | 4.43% | −0.49 |
| ICE Intercontinental Exchange Inc. | Reduce -0.3% | 3.04% | −0.40 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -6.2% | 1.27% | −0.37 |
| NOW ServiceNow Inc. | Reduce -32.0% | 1.06% | −0.32 |
| NEM Newmont Corp. | Reduce -9.1% | 0.47% | −0.31 |
| PDD PDD Holdings Inc. | Reduce -89.7% | 0.02% | −0.27 |
| COR Cencora Inc. | Reduce -1.8% | 3.59% | −0.25 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.21 |
| EH Ehang Holdings Ltd.-SPS ADR | Reduce -73.0% | 0.08% | −0.21 |
| NVMI Nova Ltd. | Sold out | 0.00% | −0.21 |
| PG The Procter & Gamble Co. | Reduce -17.9% | 0.57% | −0.18 |
| CTLT Catalent Inc. | Sold out | 0.00% | −0.18 |
| TDY Teledyne Technologies Inc. | Sold out | 0.00% | −0.17 |
| VEEV Veeva Systems Inc. Class A | Reduce -35.0% | 0.24% | −0.15 |
| JD Jd.com Inc.-ADR | Reduce -23.6% | 0.25% | −0.15 |
| AAN The Aaron's Co. Inc. | Sold out | 0.00% | −0.14 |
| ORCL Oracle Corp. | Reduce -38.3% | 0.19% | −0.14 |
| ENV Envestnet Inc. | Sold out | 0.00% | −0.14 |
| RCM R1 RCM Inc. | Sold out | 0.00% | −0.11 |
| PWSC Powerschool Holdings Inc. Class A | Sold out | 0.00% | −0.11 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -48.7% | 0.14% | −0.11 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −0.11 |
| PRFT Perficient Inc. | Sold out | 0.00% | −0.11 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −0.10 |
| PETQ Petiq Inc. | Sold out | 0.00% | −0.07 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −0.07 |
| TAL Tal Education Group- ADR | Reduce -80.2% | 0.01% | −0.07 |
| HES Hess Corp. | Reduce -77.9% | 0.02% | −0.07 |
| AMD Advanced Micro Devices | Reduce -41.6% | 0.04% | −0.06 |
| DFS Discover Financial Services | Reduce -51.2% | 0.08% | −0.06 |
| TW Tradeweb Markets Inc. Class A | Reduce -8.6% | 0.66% | −0.05 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.05 |
| GRMN Garmin Ltd. | Reduce -95.2% | 0.00% | −0.05 |
| KSPI JSC Kaspi.kz ADR | Reduce -0.9% | 0.25% | −0.05 |
| SE Sea Ltd.-ADR | Reduce -14.9% | 0.48% | −0.04 |
| ADBE Adobe Inc. | Reduce -10.3% | 0.11% | −0.04 |
| BEKE Ke Holdings Inc.-ADR | Reduce -79.5% | 0.01% | −0.04 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Reduce -2.6% | 0.30% | −0.04 |
| AXONICS INC | Sold out | 0.00% | −0.04 |
| TBBB BBB Foods Inc. Class A | Reduce -75.0% | 0.01% | −0.04 |
| VZIO Vizio Holding Corp. Class A | Sold out | 0.00% | −0.04 |
| CHUY Chuy's Holdings Inc. | Sold out | 0.00% | −0.04 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.03 |
| TRU Transunion | Reduce -7.9% | 0.12% | −0.03 |
| SYK Stryker Corp. | Reduce -9.2% | 0.21% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| AVGO Broadcom Inc. | Add +26.6% | 3.68% | +1.42 |
| EFX Equifax Inc. | Add +714.9% | 1.52% | +1.29 |
| SNPS Synopsys Inc. | Add +54.5% | 3.81% | +1.11 |
| META Meta Platforms Inc. Class A | Add +176.9% | 1.39% | +0.88 |
| NVDA Nvidia Corp. | Add +12.3% | 5.16% | +0.81 |
| CNC Centene Corp. | Add +56.1% | 4.78% | +0.79 |
| TMO Thermo Fisher Scientific Inc. | Add +182.6% | 1.29% | +0.72 |
| SPGI S&P Global Inc. | Add +31.7% | 3.85% | +0.68 |
| MSFT Microsoft Corp. | Add +18.9% | 5.93% | +0.60 |
| ORLY O'reilly Automotive Inc. | Add +62.9% | 1.27% | +0.48 |
| APH Amphenol Corp. Class A | Add +68.5% | 1.08% | +0.45 |
| MA Mastercard Inc. Class A | Add +23.4% | 2.03% | +0.41 |
| KLAC KLA Corp. | Add +17725.0% | 0.36% | +0.36 |
| GGAL Grupo Financiero Galicia-ADR | Add +1502.5% | 0.32% | +0.30 |
| HD Home Depot Inc. | Add +635.1% | 0.32% | +0.27 |
| HTHT H World Group Ltd.-ADR | New | 0.25% | +0.25 |
| LIN Linde PLC | Add +40.2% | 1.45% | +0.22 |
| LULU Lululemon Athletica Inc. | Add +1.1% | 0.65% | +0.17 |
| NVT Nvent Electric PLC | Add +123.4% | 0.32% | +0.16 |
| CRS Carpenter Technology | Add +98.9% | 0.29% | +0.14 |
| DHR Danaher Corp. | Add +68.2% | 0.57% | +0.14 |
| GL Globe Life Inc. | New | 0.10% | +0.10 |
| DOCS Doximity Inc. Class A | Add +29.9% | 0.27% | +0.09 |
| CHX Championx Corp. | Add +473.1% | 0.11% | +0.09 |
| PTVE Pactiv Evergreen Inc. | New | 0.08% | +0.08 |
| LNTH Lantheus Holdings Inc. | Add +68.5% | 0.33% | +0.08 |
| PH Parker Hannifin Corp. | Add +9.7% | 1.45% | +0.07 |
| ANSS Ansys Inc. | Add +13.5% | 0.54% | +0.07 |
| CEG Constellation Energy | New | 0.07% | +0.07 |
| IQV Iqvia Holdings Inc. | New | 0.07% | +0.07 |
| K Kellanova | Add +237.1% | 0.09% | +0.06 |
| CDMO Avid Bioservices Inc. | New | 0.05% | +0.05 |
| TGI Triumph Group Inc. | New | 0.05% | +0.05 |
| ALGN Align Technology Inc. | Add +67.8% | 0.18% | +0.04 |
| BABA Alibaba Group Holding-SP ADR | Add +10204.6% | 0.04% | +0.04 |
| SMAR Smartsheet Inc. Class A | Add +60.3% | 0.11% | +0.04 |
| AAPL Apple Inc. | Add +126.9% | 0.05% | +0.03 |
| BNTX Biontech SE-ADR | Add +18.3% | 0.40% | +0.03 |
| ALTR Altair Engineering Inc. Class A | New | 0.03% | +0.03 |
| BARNES GROUP INC | New | 0.03% | +0.03 |
| ROIC Retail Opportunity Investmen | New | 0.03% | +0.03 |
| SUM Summit Materials Inc. Class A | New | 0.03% | +0.03 |
| BERY Berry Global Group Inc. | New | 0.03% | +0.03 |
| FSLR First Solar Inc. | Add +1043.3% | 0.02% | +0.02 |
| SITE Siteone Landscape Supply Inc. | New | 0.02% | +0.02 |
| ADSK Autodesk Inc. | Add +18.1% | 0.10% | +0.02 |
| GOTU Gaotu Techedu Inc. | New | 0.02% | +0.02 |
| SCWX Secureworks Corp. Class A | New | 0.02% | +0.02 |
| ALTM Arcadium Lithium PLC | New | 0.01% | +0.01 |
| V Visa Inc. Class A | Add +15.3% | 0.06% | +0.01 |
Options Activity Q3 2024 → Q4 2024
| AVGO Broadcom Inc. | call | New | 139,500 | $32K |
| GOOGL Alphabet Inc. Class A | call | New | 132,300 | $25K |
| RBLX Roblox Corp. Class A | call | New | 382,300 | $22K |
| NVDA Nvidia Corp. | call | Sold out | 28,400 | $3Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 94 | $7.7B | NVDA, AVGO, COR, MCK, GOOGL |
| Q1 2026 | 108 | $6.5B | NVDA, MELI, SPGI, GOOGL, COR |
| Q4 2025 | 119 | $7.4B | NVDA, MSFT, SPGI, GOOGL, AMZN |
| Q3 2025 | 126 | $6.7B | NVDA, GOOGL, AMZN, SPGI, MELI |
| Q2 2025 | 122 | $6.5B | NVDA, AMZN, GOOGL, MELI, MCK |
| Q1 2025 | 152 | $6.1B | AMZN, NVDA, MCK, COR, CNC |
| Q4 2024 | 148 | $6.3B | AMZN, MSFT, NVDA, CNC, SLB |
| Q3 2024 | 167 | $6.0B | AMZN, SLB, MSFT, GOOGL, NVDA |
| Q2 2024 | 155 | $5.8B | MSFT, AMZN, GOOGL, SLB, NVDA |
| Q1 2024 | 140 | $6.3B | META, MSFT, AMD, AMZN, NVDA |