Carmignac Gestion
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Carmignac Gestion reported 152 stock positions worth $6.1 billion. Its top holding was Amazon.com (AMZN) at 9.0% of the portfolio, followed by Nvidia (NVDA, 7.1%) and McKesson (MCK, 5.1%). Compared with Q4 2024, it opened 29 new positions, sold out of 25, added to 38 and reduced 63. The biggest buy was Nvidia (NVDA, shares +65%) and the biggest sale Elevance Health (ELV, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001569758
- Portfolio Value
- $6.1B (Q1 2025)
- SEC Filing
- 0000945621-25-000472 ↗ filed May 14, 2025
Holdings Value
Holdings 152 stocks · $6.1B
| AMZN Amazon.com Inc. | 8.99% | 2,878,227 | $547.7M | Add +15.9% |
| NVDA Nvidia Corp. | 7.07% | 3,970,410 | $430.4M | Add +64.5% |
| MCK McKesson Corp. | 5.15% | 465,876 | $313.5M | Reduce -0.4% |
| COR Cencora Inc. | 5.04% | 1,103,479 | $306.9M | Add +10.2% |
| CNC Centene Corp. | 4.48% | 4,495,928 | $272.9M | Reduce -9.2% |
| GOOGL Alphabet Inc. Class A | 4.23% | 1,665,062 | $257.5M | Add +13.4% |
| MELI MercadoLibre Inc. | 3.79% | 118,238 | $230.7M | Add +6.7% |
| SNPS Synopsys Inc. | 3.54% | 502,773 | $215.6M | Add +2.1% |
| MSFT Microsoft Corp. | 3.23% | 524,623 | $197.0M | Reduce -40.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 3.16% | 4,605,000 | $192.5M | Reduce -36.9% |
| ICE Intercontinental Exchange Inc. | 2.89% | 1,020,110 | $176.0M | Reduce -20.3% |
| SPGI S&P Global Inc. | 2.81% | 336,311 | $170.9M | Reduce -30.7% |
| ETN Eaton Corp. PLC | 2.69% | 602,544 | $163.8M | Add +234.7% |
| EFX Equifax Inc. | 2.47% | 618,491 | $150.6M | Add +65.7% |
| VIPS Vipshop Holdings Ltd. - ADR | 2.31% | 8,959,821 | $140.5M | Reduce -9.8% |
| AVGO Broadcom Inc. | 2.26% | 823,684 | $137.9M | Reduce -17.3% |
| APH Amphenol Corp. Class A | 2.23% | 2,071,000 | $135.8M | Add +112.6% |
| XYZ Block Inc. | 1.98% | 2,217,526 | $120.5M | Add +99.7% |
| PH Parker Hannifin Corp. | 1.83% | 183,409 | $111.5M | Add +28.4% |
| CDNS Cadence Design SYS Inc. | 1.77% | 424,823 | $108.1M | Add +42.6% |
| TMO Thermo Fisher Scientific Inc. | 1.55% | 189,172 | $94.2M | Add +21.1% |
| META Meta Platforms Inc. Class A | 1.45% | 152,865 | $88.1M | Add +2.3% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.44% | 15,891,740 | $87.4M | Reduce -3.5% |
| NOW ServiceNow Inc. | 1.36% | 103,701 | $82.6M | Add +65.0% |
| LLY Eli Lilly & Co. | 1.33% | 97,912 | $80.9M | Reduce -35.4% |
| GE General Electric filed as GE AEROSPACE | 1.18% | 359,325 | $71.9M | Reduce -23.4% |
| ORLY O'reilly Automotive Inc. | 1.14% | 48,636 | $69.7M | Reduce -27.9% |
| LIN Linde PLC | 1.09% | 142,633 | $66.4M | Reduce -34.3% |
| VRTX Vertex Pharmaceuticals Inc. | 1.01% | 126,954 | $61.6M | Reduce -35.7% |
| MA Mastercard Inc. Class A | 1.01% | 111,981 | $61.4M | Reduce -53.8% |
| TW Tradeweb Markets Inc. Class A | 0.81% | 331,000 | $49.1M | Add +4.3% |
| FIX Comfort Systems USA Inc. | 0.71% | 134,274 | $43.3M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.62% | 228,873 | $38.0M | Add +429.1% |
| AEM Agnico Eagle Mines Ltd. | 0.61% | 341,547 | $37.0M | Reduce -15.1% |
| SE Sea Ltd.-ADR | 0.58% | 272,645 | $35.6M | Reduce -3.4% |
| CL Colgate-Palmolive Co. | 0.56% | 367,042 | $34.3M | Reduce -13.9% |
| PG The Procter & Gamble Co. | 0.56% | 201,413 | $34.3M | Reduce -5.8% |
| ANSS Ansys Inc. | 0.42% | 81,724 | $25.9M | Reduce -18.8% |
| TAP Molson Coors Beverage Co. Class B | 0.38% | 377,462 | $23.0M | New |
| LULU Lululemon Athletica Inc. | 0.38% | 81,000 | $22.9M | Reduce -24.6% |
| NEM Newmont Corp. | 0.38% | 474,863 | $22.9M | Reduce -40.6% |
| DOCS Doximity Inc. Class A | 0.35% | 370,000 | $21.5M | Add +16.6% |
| CLS Celestica Inc. | 0.35% | 271,500 | $21.4M | New |
| HTHT H World Group Ltd.-ADR | 0.35% | 570,818 | $21.1M | Add +22.3% |
| SKX Skechers USA Inc. Class A | 0.34% | 360,000 | $20.4M | Add +30.9% |
| CRS Carpenter Technology | 0.32% | 109,052 | $19.8M | Add +3.1% |
| DHR Danaher Corp. | 0.31% | 93,370 | $19.1M | Reduce -39.8% |
| JD Jd.com Inc.-ADR | 0.31% | 463,364 | $19.1M | Add +1.8% |
| KLAC KLA Corp. | 0.31% | 27,600 | $18.8M | Reduce -22.6% |
| LNTH Lantheus Holdings Inc. | 0.31% | 190,500 | $18.6M | Reduce -18.1% |
| BNTX Biontech SE-ADR | 0.28% | 185,877 | $17.0M | Reduce -16.3% |
| KEYS Keysight Technologies Inc. | 0.28% | 113,000 | $16.9M | Add +24.7% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.28% | 737,430 | $16.8M | No change |
| ANET Arista Networks Inc. | 0.27% | 212,700 | $16.5M | Add +3445.0% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.25% | 167,054 | $15.5M | No change |
| ISRG Intuitive Surgical Inc. | 0.24% | 29,870 | $14.8M | Reduce -8.0% |
| EDU New Oriental Educatio-SP ADR | 0.24% | 300,250 | $14.4M | Add +920.2% |
| HD Home Depot Inc. | 0.23% | 39,104 | $14.3M | Reduce -24.7% |
| GL Globe Life Inc. | 0.19% | 90,000 | $11.9M | Add +68.4% |
| CHX Championx Corp. | 0.19% | 394,433 | $11.8M | Add +51.4% |
| SYK Stryker Corp. | 0.19% | 31,669 | $11.7M | Reduce -13.9% |
| TUYA Tuya Inc. | 0.15% | 3,038,244 | $9.2M | Reduce -24.4% |
| ALGN Align Technology Inc. | 0.15% | 56,774 | $9.0M | Add +7.2% |
| ACN Accenture PLC Class A | 0.14% | 27,536 | $8.6M | Reduce -30.1% |
| ORCL Oracle Corp. | 0.13% | 56,028 | $7.8M | Reduce -23.0% |
| PTVE Pactiv Evergreen Inc. | 0.13% | 430,373 | $7.8M | Add +47.1% |
| K Kellanova | 0.12% | 91,934 | $7.6M | Add +35.1% |
| GGAL Grupo Financiero Galicia-ADR | 0.12% | 139,032 | $7.6M | Reduce -56.6% |
| PLYA Playa Hotels & Resorts NV | 0.12% | 563,168 | $7.5M | New |
| INTU Intuit Inc. | 0.12% | 12,136 | $7.4M | Reduce -7.3% |
| WM Waste Management Inc. | 0.11% | 28,164 | $6.5M | Reduce -51.6% |
| ADSK Autodesk Inc. | 0.10% | 22,191 | $5.8M | No change |
| MRUS Merus NV | 0.08% | 121,161 | $5.1M | New |
| ITCI Intra-Cellular Therapies Inc. | 0.08% | 38,819 | $5.1M | New |
| CSCO Cisco Systems Inc. | 0.08% | 81,368 | $5.0M | Add +35.2% |
| DFS Discover Financial Services | 0.08% | 28,457 | $4.9M | No change |
| COST Costco Wholesale Corp. | 0.08% | 5,000 | $4.7M | No change |
| GB Global Blue Group Holding AG | 0.08% | 639,034 | $4.7M | New |
| VEEV Veeva Systems Inc. Class A | 0.08% | 20,180 | $4.7M | Reduce -72.2% |
| DESP Despegar.com Corp. | 0.07% | 234,586 | $4.4M | Add +486.5% |
| V Visa Inc. Class A | 0.07% | 12,429 | $4.4M | Add +13.7% |
| ADI Analog Devices Inc. | 0.07% | 20,792 | $4.2M | No change |
| ADBE Adobe Inc. | 0.07% | 10,628 | $4.1M | Reduce -33.4% |
| CCJ Cameco Corp. | 0.06% | 88,933 | $3.7M | Reduce -7.7% |
| BECN Beacon Roofing Supply Inc. | 0.06% | 28,633 | $3.5M | New |
| HEES H&E Equipment Services Inc. | 0.06% | 35,923 | $3.4M | New |
| PDCO Patterson Cos Inc. | 0.05% | 106,772 | $3.3M | New |
| PYCR Paycor HCM Inc. | 0.05% | 147,693 | $3.3M | New |
| JPM JPMorgan Chase & Co. | 0.05% | 13,374 | $3.3M | New |
| NEE Nextera Energy Inc. | 0.05% | 46,138 | $3.3M | Reduce -40.3% |
| AAPL Apple Inc. | 0.05% | 14,714 | $3.3M | Add +8.1% |
| JNPR Juniper Networks Inc. | 0.05% | 88,000 | $3.2M | Reduce -52.2% |
| FNV Franco-Nevada Corp. | 0.05% | 19,550 | $3.1M | New |
| AMPS Altus Power Inc. | 0.05% | 600,440 | $3.0M | New |
| MAR Marriott International Class A | 0.05% | 12,200 | $2.9M | Add +22.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.05% | 12,363 | $2.8M | Add +24.3% |
| DNB Dun & Bradstreet Holdings Inc. | 0.05% | 314,466 | $2.8M | New |
| ECL Ecolab Inc. | 0.04% | 10,656 | $2.7M | Reduce -23.9% |
| SHW The Sherwin-Williams Co. | 0.04% | 7,644 | $2.7M | New |
| EH Ehang Holdings Ltd.-SPS ADR | 0.04% | 120,511 | $2.5M | Reduce -63.6% |
Portfolio Sells Q4 2024 → Q1 2025
| ELV Elevance Health Inc. | Reduce -99.8% | 0.01% | −2.71 |
| MSFT Microsoft Corp. | Reduce -40.6% | 3.23% | −2.69 |
| AVGO Broadcom Inc. | Reduce -17.3% | 2.26% | −1.42 |
| SLB SLB Ltd. | Reduce -36.9% | 3.16% | −1.30 |
| SPGI S&P Global Inc. | Reduce -30.7% | 2.81% | −1.05 |
| MA Mastercard Inc. Class A | Reduce -53.8% | 1.01% | −1.02 |
| LLY Eli Lilly & Co. | Reduce -35.4% | 1.33% | −0.54 |
| LIN Linde PLC | Reduce -34.3% | 1.09% | −0.36 |
| CNC Centene Corp. | Reduce -9.2% | 4.48% | −0.30 |
| NVT Nvent Electric PLC | Reduce -87.4% | 0.03% | −0.29 |
| LULU Lululemon Athletica Inc. | Reduce -24.6% | 0.38% | −0.28 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -35.7% | 1.01% | −0.26 |
| DHR Danaher Corp. | Reduce -39.8% | 0.31% | −0.25 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -56.6% | 0.12% | −0.19 |
| VEEV Veeva Systems Inc. Class A | Reduce -72.2% | 0.08% | −0.17 |
| ICE Intercontinental Exchange Inc. | Reduce -20.3% | 2.89% | −0.15 |
| ORLY O'reilly Automotive Inc. | Reduce -27.9% | 1.14% | −0.13 |
| BNTX Biontech SE-ADR | Reduce -16.3% | 0.28% | −0.12 |
| TRU Transunion | Sold out | 0.00% | −0.12 |
| ESGR Enstar Group Ltd. | Reduce -83.6% | 0.02% | −0.12 |
| ANSS Ansys Inc. | Reduce -18.8% | 0.42% | −0.12 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.11 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.11 |
| NEM Newmont Corp. | Reduce -40.6% | 0.38% | −0.10 |
| HD Home Depot Inc. | Reduce -24.7% | 0.23% | −0.09 |
| WM Waste Management Inc. | Reduce -51.6% | 0.11% | −0.08 |
| ACN Accenture PLC Class A | Reduce -30.1% | 0.14% | −0.08 |
| CEG Constellation Energy | Sold out | 0.00% | −0.07 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.07 |
| GE General Electric | Reduce -23.4% | 1.18% | −0.07 |
| ORCL Oracle Corp. | Reduce -23.0% | 0.13% | −0.06 |
| JNPR Juniper Networks Inc. | Reduce -52.2% | 0.05% | −0.06 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −0.05 |
| PANW Palo Alto Networks Inc. | Reduce -86.0% | 0.01% | −0.05 |
| CL Colgate-Palmolive Co. | Reduce -13.9% | 0.56% | −0.05 |
| KLAC KLA Corp. | Reduce -22.6% | 0.31% | −0.05 |
| ADBE Adobe Inc. | Reduce -33.4% | 0.07% | −0.05 |
| EH Ehang Holdings Ltd.-SPS ADR | Reduce -63.6% | 0.04% | −0.04 |
| CRH CRH PLC | Sold out | 0.00% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -40.3% | 0.05% | −0.03 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.03 |
| BABA Alibaba Group Holding-SP ADR | Reduce -82.9% | 0.01% | −0.03 |
| ISRG Intuitive Surgical Inc. | Reduce -8.0% | 0.24% | −0.03 |
| BARNES GROUP INC | Sold out | 0.00% | −0.03 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −0.03 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.03 |
| AMAT Applied Materials Inc. | Reduce -42.4% | 0.03% | −0.03 |
| LNTH Lantheus Holdings Inc. | Reduce -18.1% | 0.31% | −0.03 |
| ACMR Acm Research Inc. Class A | Sold out | 0.00% | −0.03 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Add +64.5% | 7.07% | +1.90 |
| ETN Eaton Corp. PLC | Add +234.7% | 2.69% | +1.74 |
| COR Cencora Inc. | Add +10.2% | 5.04% | +1.45 |
| APH Amphenol Corp. Class A | Add +112.6% | 2.23% | +1.15 |
| EFX Equifax Inc. | Add +65.7% | 2.47% | +0.96 |
| MELI MercadoLibre Inc. | Add +6.7% | 3.79% | +0.79 |
| FIX Comfort Systems USA Inc. | New | 0.71% | +0.71 |
| TSM Taiwan Semiconductor-SP ADR | Add +429.1% | 0.62% | +0.49 |
| XYZ Block Inc. | Add +99.7% | 1.98% | +0.47 |
| PH Parker Hannifin Corp. | Add +28.4% | 1.83% | +0.38 |
| TAP Molson Coors Beverage Co. Class B | New | 0.38% | +0.38 |
| CLS Celestica Inc. | New | 0.35% | +0.35 |
| CDNS Cadence Design SYS Inc. | Add +42.6% | 1.77% | +0.35 |
| AMZN Amazon.com Inc. | Add +15.9% | 8.99% | +0.31 |
| NOW ServiceNow Inc. | Add +65.0% | 1.36% | +0.29 |
| ANET Arista Networks Inc. | Add +3445.0% | 0.27% | +0.26 |
| TMO Thermo Fisher Scientific Inc. | Add +21.1% | 1.55% | +0.25 |
| EDU New Oriental Educatio-SP ADR | Add +920.2% | 0.24% | +0.21 |
| TW Tradeweb Markets Inc. Class A | Add +4.3% | 0.81% | +0.14 |
| PLYA Playa Hotels & Resorts NV | New | 0.12% | +0.12 |
| HTHT H World Group Ltd.-ADR | Add +22.3% | 0.35% | +0.10 |
| GL Globe Life Inc. | Add +68.4% | 0.19% | +0.10 |
| MRUS Merus NV | New | 0.08% | +0.08 |
| ITCI Intra-Cellular Therapies Inc. | New | 0.08% | +0.08 |
| DOCS Doximity Inc. Class A | Add +16.6% | 0.35% | +0.08 |
| CHX Championx Corp. | Add +51.4% | 0.19% | +0.08 |
| GB Global Blue Group Holding AG | New | 0.08% | +0.08 |
| JD Jd.com Inc.-ADR | Add +1.8% | 0.31% | +0.06 |
| DESP Despegar.com Corp. | Add +486.5% | 0.07% | +0.06 |
| BECN Beacon Roofing Supply Inc. | New | 0.06% | +0.06 |
| HEES H&E Equipment Services Inc. | New | 0.06% | +0.06 |
| PDCO Patterson Cos Inc. | New | 0.05% | +0.05 |
| PYCR Paycor HCM Inc. | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | New | 0.05% | +0.05 |
| META Meta Platforms Inc. Class A | Add +2.3% | 1.45% | +0.05 |
| FNV Franco-Nevada Corp. | New | 0.05% | +0.05 |
| AMPS Altus Power Inc. | New | 0.05% | +0.05 |
| DNB Dun & Bradstreet Holdings Inc. | New | 0.05% | +0.05 |
| KEYS Keysight Technologies Inc. | Add +24.7% | 0.28% | +0.05 |
| PTVE Pactiv Evergreen Inc. | Add +47.1% | 0.13% | +0.05 |
| SHW The Sherwin-Williams Co. | New | 0.04% | +0.04 |
| SKX Skechers USA Inc. Class A | Add +30.9% | 0.34% | +0.04 |
| CRS Carpenter Technology | Add +3.1% | 0.32% | +0.04 |
| K Kellanova | Add +35.1% | 0.12% | +0.04 |
| RSG Republic Services Inc. | New | 0.03% | +0.03 |
| PRA Proassurance Corp. | New | 0.03% | +0.03 |
| JWN Nordstrom Inc. | New | 0.03% | +0.03 |
| ACCD Accolade Inc. | New | 0.03% | +0.03 |
| LGTY Logility Supply Chain Soluti | New | 0.03% | +0.03 |
| CSCO Cisco Systems Inc. | Add +35.2% | 0.08% | +0.03 |
Options Activity Q4 2024 → Q1 2025
| AVGO Broadcom Inc. | call | Sold out | 139,500 | $32Kbefore exit |
| GOOGL Alphabet Inc. Class A | call | Sold out | 132,300 | $25Kbefore exit |
| RBLX Roblox Corp. Class A | call | Sold out | 382,300 | $22Kbefore 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 |