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

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $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 $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 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%
CRM Salesforce Inc. 0.04% 8,792 $2.4M Add +87.7%
DQ Daqo New Energy Corp.-ADR 0.04% 122,514 $2.2M Reduce -9.7%
BERY Berry Global Group Inc. 0.03% 27,800 $1.9M Add +13.9%
NVT Nvent Electric PLC 0.03% 37,002 $1.9M Reduce -87.4%
RSG Republic Services Inc. 0.03% 7,761 $1.9M New
SRDX Surmodics Inc. 0.03% 61,074 $1.9M No change
AMAT Applied Materials Inc. 0.03% 12,530 $1.8M Reduce -42.4%
PRA Proassurance Corp. 0.03% 77,396 $1.8M New
JWN Nordstrom Inc. 0.03% 70,190 $1.7M New
ACCD Accolade Inc. 0.03% 238,864 $1.7M New
LGTY Logility Supply Chain Soluti 0.03% 115,999 $1.7M New
TGI Triumph Group Inc. 0.03% 65,098 $1.6M Reduce -62.3%
TME Tencent Music Entertainm-ADR 0.03% 111,602 $1.6M Reduce -37.6%
VLTO Veralto Corp. 0.03% 15,644 $1.5M No change
ESGR Enstar Group Ltd. 0.02% 4,562 $1.5M Reduce -83.6%
VNET Vnet Group Inc.-ADR 0.02% 171,476 $1.4M New
FERG Ferguson Enterprises Inc. 0.02% 8,684 $1.4M New
CLEARSIDE BIOMEDICAL INC 0.02% 1,508,342 $1.4M Reduce -22.0%
HES Hess Corp. 0.02% 8,379 $1.3M No change
GOTU Gaotu Techedu Inc. 0.02% 401,859 $1.3M Reduce -20.0%
FYBR Frontier Communications Pare 0.02% 34,501 $1.2M New
AMD Advanced Micro Devices 0.02% 11,975 $1.2M Reduce -46.4%
TASK Taskus Inc. Class A 0.02% 85,000 $1.2M Reduce -15.0%
MTZ Mastec Inc. 0.02% 8,960 $1.0M No change
DAR Darling Ingredients Inc. 0.02% 30,917 $966K No change
BRDG Bridge Investment Grp HDS-A 0.01% 94,014 $901K New
LAUR Laureate Education Inc. 0.01% 40,000 $818K No change
TAL Tal Education Group- ADR 0.01% 58,527 $773K Reduce -31.5%
ALAB Astera Labs Inc. 0.01% 12,000 $716K New
BABA Alibaba Group Holding-SP ADR 0.01% 4,933 $652K Reduce -82.9%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.01% 10,000 $615K Reduce -16.7%
PANW Palo Alto Networks Inc. 0.01% 3,000 $512K Reduce -86.0%
ELV Elevance Health Inc. 0.01% 1,176 $512K Reduce -99.8%
SNREY Sunrise Communicat Class A 0.01% 9,420 $455K No change
HXL Hexcel Corp. 0.01% 7,804 $427K Reduce -47.3%
TBBB BBB Foods Inc. Class A 0.01% 15,000 $400K Reduce -40.0%
NOV Nov Inc. 0.01% 25,000 $381K No change
GLOB Globant SA 0.01% 3,000 $353K No change
RNW Renew Energy Global PLC-A 0.00% 50,000 $295K No change
ALB Albemarle Corp. 0.00% 3,999 $288K Reduce -46.7%
RDFN Redfin Corp. 0.00% 28,393 $262K New
TSLA Tesla Inc. 0.00% 1,000 $259K Reduce -33.3%
SNOW Snowflake Inc. 0.00% 1,500 $219K New
GRMN Garmin Ltd. 0.00% 800 $174K No change
SPOT Spotify Technology SA 0.00% 297 $163K New
ATSG Air Transport Services Group 0.00% 6,729 $151K No change
SEDG Solaredge Technologies Inc. 0.00% 5,975 $97K No change
PLUG Plug Power Inc. 0.00% 67,284 $91K No change
INOD Innodata Inc. 0.00% 2,500 $90K Reduce -80.0%
TPICQ Tpi Composites Inc. 0.00% 87,311 $70K Reduce -36.4%
RUN Sunrun Inc. 0.00% 11,626 $68K No change
NOVAQ Sunnova Energy International 0.00% 41,999 $16K No change

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

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