Carmignac Gestion
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Carmignac Gestion reported 122 stock positions worth $6.5 billion. Its top holding was Nvidia (NVDA) at 9.1% of the portfolio, followed by Amazon.com (AMZN, 7.3%) and Alphabet Class A (GOOGL, 7.1%). Compared with Q1 2025, it opened 22 new positions, sold out of 52, added to 42 and reduced 49. The biggest buy was Alphabet Class A (GOOGL, shares +58%) and the biggest sale an exit from SLB (SLB).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001569758
- Portfolio Value
- $6.5B (Q2 2025)
- SEC Filing
- 0000945621-25-000748 ↗ filed Aug 13, 2025
Holdings Value
Holdings 122 stocks · $6.5B
| NVDA Nvidia Corp. | 9.08% | 3,733,985 | $589.9M | Reduce -6.0% |
| AMZN Amazon.com Inc. | 7.31% | 2,165,476 | $475.2M | Reduce -24.8% |
| GOOGL Alphabet Inc. Class A | 7.12% | 2,625,815 | $462.8M | Add +57.7% |
| MELI MercadoLibre Inc. | 5.49% | 136,441 | $356.5M | Add +15.4% |
| MCK McKesson Corp. | 4.40% | 390,112 | $285.9M | Reduce -16.3% |
| COR Cencora Inc. | 4.26% | 922,491 | $276.6M | Reduce -16.4% |
| SPGI S&P Global Inc. | 3.79% | 467,109 | $246.2M | Add +38.9% |
| MSFT Microsoft Corp. | 3.74% | 488,624 | $243.0M | Reduce -6.9% |
| AVGO Broadcom Inc. | 3.53% | 833,124 | $229.7M | Add +1.1% |
| ICE Intercontinental Exchange Inc. | 3.02% | 1,068,406 | $196.0M | Add +4.7% |
| APH Amphenol Corp. Class A | 2.96% | 1,946,500 | $192.2M | Reduce -6.0% |
| TMO Thermo Fisher Scientific Inc. | 2.44% | 391,279 | $158.7M | Add +106.8% |
| META Meta Platforms Inc. Class A | 2.35% | 206,490 | $152.4M | Add +35.1% |
| EFX Equifax Inc. | 2.32% | 581,098 | $150.7M | Reduce -6.0% |
| VIPS Vipshop Holdings Ltd. - ADR | 2.20% | 9,510,664 | $143.2M | Add +6.2% |
| XYZ Block Inc. | 2.15% | 2,054,026 | $139.5M | Reduce -7.4% |
| ETN Eaton Corp. PLC | 2.09% | 381,000 | $136.0M | Reduce -36.8% |
| NOW ServiceNow Inc. | 1.95% | 123,415 | $126.9M | Add +19.0% |
| CNC Centene Corp. | 1.80% | 2,150,428 | $116.7M | Reduce -52.2% |
| CDNS Cadence Design SYS Inc. | 1.68% | 354,026 | $109.1M | Reduce -16.7% |
| ANET Arista Networks Inc. | 1.59% | 1,009,500 | $103.3M | Add +374.6% |
| VRTX Vertex Pharmaceuticals Inc. | 1.56% | 227,296 | $101.2M | Add +79.0% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.47% | 14,046,110 | $95.4M | Reduce -11.6% |
| SNPS Synopsys Inc. | 1.37% | 173,034 | $88.7M | Reduce -65.6% |
| TW Tradeweb Markets Inc. Class A | 1.29% | 572,900 | $83.9M | Add +73.1% |
| LLY Eli Lilly & Co. | 1.22% | 101,326 | $79.0M | Add +3.5% |
| FIX Comfort Systems USA Inc. | 1.08% | 130,699 | $70.1M | Reduce -2.7% |
| CRM Salesforce Inc. | 1.00% | 238,050 | $64.9M | Add +2607.6% |
| ORLY O'reilly Automotive Inc. | 0.88% | 636,340 | $57.4M | Reduce -12.8% |
| GE General Electric filed as GE AEROSPACE | 0.82% | 205,825 | $53.0M | Reduce -42.7% |
| ABNB Airbnb Inc. Class A | 0.80% | 390,970 | $51.7M | New |
| CLS Celestica Inc. | 0.78% | 325,500 | $50.8M | Add +19.9% |
| LIN Linde PLC | 0.76% | 105,194 | $49.4M | Reduce -26.3% |
| SE Sea Ltd.-ADR | 0.70% | 283,455 | $45.3M | Add +4.0% |
| KLAC KLA Corp. | 0.61% | 44,100 | $39.5M | Add +59.8% |
| NEM Newmont Corp. | 0.56% | 620,651 | $36.2M | Add +30.7% |
| KEYS Keysight Technologies Inc. | 0.55% | 219,000 | $35.9M | Add +93.8% |
| PH Parker Hannifin Corp. | 0.48% | 45,009 | $31.4M | Reduce -75.5% |
| AEM Agnico Eagle Mines Ltd. | 0.47% | 257,718 | $30.7M | Reduce -24.5% |
| TAP Molson Coors Beverage Co. Class B | 0.44% | 599,000 | $28.8M | Add +58.7% |
| PG The Procter & Gamble Co. | 0.43% | 174,852 | $27.9M | Reduce -13.2% |
| DOCS Doximity Inc. Class A | 0.39% | 415,228 | $25.5M | Add +12.2% |
| LNTH Lantheus Holdings Inc. | 0.37% | 297,000 | $24.3M | Add +55.9% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.32% | 768,515 | $21.0M | Add +4.2% |
| HTHT H World Group Ltd.-ADR | 0.30% | 576,907 | $19.6M | Add +1.1% |
| BNTX Biontech SE-ADR | 0.29% | 176,351 | $18.8M | Reduce -5.1% |
| CRS Carpenter Technology | 0.27% | 63,600 | $17.6M | Reduce -41.7% |
| HD Home Depot Inc. | 0.26% | 45,328 | $16.6M | Add +15.9% |
| LULU Lululemon Athletica Inc. | 0.25% | 69,000 | $16.4M | Reduce -14.8% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.24% | 184,030 | $15.6M | Add +10.2% |
| DHR Danaher Corp. | 0.23% | 76,055 | $15.0M | Reduce -18.5% |
| EDU New Oriental Educatio-SP ADR | 0.22% | 265,333 | $14.3M | Reduce -11.6% |
| ORCL Oracle Corp. | 0.19% | 55,808 | $12.1M | Reduce -0.4% |
| ANSS Ansys Inc. | 0.18% | 32,796 | $11.5M | Reduce -59.9% |
| MRUS Merus NV | 0.17% | 214,722 | $11.3M | Add +77.2% |
| DNB Dun & Bradstreet Holdings Inc. | 0.17% | 1,205,784 | $11.0M | Add +283.4% |
| FYBR Frontier Communications Pare | 0.16% | 290,833 | $10.6M | Add +743.0% |
| INTU Intuit Inc. | 0.16% | 13,042 | $10.3M | Add +7.5% |
| ALGN Align Technology Inc. | 0.15% | 52,453 | $9.9M | Reduce -7.6% |
| ESGR Enstar Group Ltd. | 0.15% | 28,589 | $9.6M | Add +526.7% |
| CHX Championx Corp. | 0.14% | 378,880 | $9.4M | Reduce -3.9% |
| GL Globe Life Inc. | 0.14% | 74,000 | $9.2M | Reduce -17.8% |
| ACN Accenture PLC Class A | 0.14% | 30,366 | $9.1M | Add +10.3% |
| ADBE Adobe Inc. | 0.12% | 20,062 | $7.8M | Add +88.8% |
| SYK Stryker Corp. | 0.12% | 19,556 | $7.7M | Reduce -38.3% |
| FARO TECHNOLOGIES INC (FARO 5.5 02/01/28) | 0.12% | 171,287 | $7.5M | New |
| BPMC Blueprint Medicines Corp. | 0.11% | 54,676 | $7.0M | New |
| SWTX Springworks Therapeutics Inc. | 0.11% | 148,806 | $7.0M | New |
| ISRG Intuitive Surgical Inc. | 0.10% | 12,103 | $6.6M | Reduce -59.5% |
| AAPL Apple Inc. | 0.09% | 28,190 | $5.8M | Add +91.6% |
| CSCO Cisco Systems Inc. | 0.09% | 81,368 | $5.6M | No change |
| TUYA Tuya Inc. | 0.08% | 2,180,501 | $5.0M | Reduce -28.2% |
| COST Costco Wholesale Corp. | 0.08% | 5,000 | $4.9M | No change |
| WBA Walgreens Boots Alliance Inc. | 0.07% | 414,681 | $4.8M | New |
| INFA Informatica Inc. Class A | 0.07% | 194,672 | $4.7M | New |
| ETWO E2OPEN Parent Holdings Inc. | 0.07% | 1,441,686 | $4.7M | New |
| RDUS Radius Recycling Inc. Class A | 0.07% | 156,757 | $4.7M | New |
| GB Global Blue Group Holding AG | 0.07% | 603,472 | $4.5M | Reduce -5.6% |
| V Visa Inc. Class A | 0.07% | 12,429 | $4.4M | No change |
| AGI Alamos Gold Inc. Class A | 0.06% | 157,543 | $4.2M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.06% | 77,070 | $3.9M | Reduce -44.6% |
| CTLP Cantaloupe Inc. | 0.06% | 326,466 | $3.6M | New |
| IPG Interpublic Group of Cos Inc. | 0.05% | 141,766 | $3.5M | New |
| JNPR Juniper Networks Inc. | 0.05% | 83,454 | $3.3M | Reduce -5.2% |
| JPM JPMorgan Chase & Co. | 0.05% | 11,057 | $3.2M | Reduce -17.3% |
| FNV Franco-Nevada Corp. | 0.05% | 19,550 | $3.2M | No change |
| MAR Marriott International Class A | 0.05% | 11,225 | $3.1M | Reduce -8.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.05% | 11,311 | $3.0M | Reduce -8.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.04% | 12,775 | $2.9M | Reduce -94.4% |
| TASK Taskus Inc. Class A | 0.04% | 171,507 | $2.9M | Add +101.8% |
| TME Tencent Music Entertainm-ADR | 0.04% | 137,269 | $2.7M | Add +23.0% |
| SHW The Sherwin-Williams Co. | 0.04% | 7,632 | $2.6M | Reduce -0.2% |
| GHLD Guild Holdings Co. Class A | 0.04% | 119,606 | $2.4M | New |
| ALAB Astera Labs Inc. | 0.04% | 26,000 | $2.4M | Add +116.7% |
| TGI Triumph Group Inc. | 0.04% | 89,818 | $2.3M | Add +38.0% |
| PRA Proassurance Corp. | 0.04% | 99,759 | $2.3M | Add +28.9% |
| SKX Skechers USA Inc. Class A | 0.03% | 33,786 | $2.1M | Reduce -90.6% |
| AVDX Avidxchange Holdings Inc. | 0.03% | 214,818 | $2.1M | New |
| VNET Vnet Group Inc.-ADR | 0.03% | 291,452 | $2.0M | Add +70.0% |
| VIGL Vigil Neuroscience Inc. | 0.03% | 241,755 | $1.9M | New |
Options reported separately and not counted above: NKE calls ($45K), RBLX calls ($6K), MA calls ($4K), NVDA calls ($3K), GOOGL calls ($2K), ACHR calls ($1K), UNH calls ($686).
Portfolio Sells Q1 2025 → Q2 2025
| SLB SLB Ltd. | Sold out | 0.00% | −3.16 |
| CNC Centene Corp. | Reduce -52.2% | 1.80% | −2.69 |
| SNPS Synopsys Inc. | Reduce -65.6% | 1.37% | −2.18 |
| AMZN Amazon.com Inc. | Reduce -24.8% | 7.31% | −1.68 |
| PH Parker Hannifin Corp. | Reduce -75.5% | 0.48% | −1.35 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −1.01 |
| COR Cencora Inc. | Reduce -16.4% | 4.26% | −0.78 |
| MCK McKesson Corp. | Reduce -16.3% | 4.40% | −0.75 |
| ETN Eaton Corp. PLC | Reduce -36.8% | 2.09% | −0.60 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -94.4% | 0.04% | −0.58 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.56 |
| GE General Electric | Reduce -42.7% | 0.82% | −0.37 |
| LIN Linde PLC | Reduce -26.3% | 0.76% | −0.33 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.31 |
| SKX Skechers USA Inc. Class A | Reduce -90.6% | 0.03% | −0.30 |
| ORLY O'reilly Automotive Inc. | Reduce -12.8% | 0.88% | −0.26 |
| ANSS Ansys Inc. | Reduce -59.9% | 0.18% | −0.25 |
| EFX Equifax Inc. | Reduce -6.0% | 2.32% | −0.15 |
| ISRG Intuitive Surgical Inc. | Reduce -59.5% | 0.10% | −0.14 |
| AEM Agnico Eagle Mines Ltd. | Reduce -24.5% | 0.47% | −0.14 |
| PG The Procter & Gamble Co. | Reduce -13.2% | 0.43% | −0.13 |
| PTVE Pactiv Evergreen Inc. | Sold out | 0.00% | −0.13 |
| K Kellanova | Sold out | 0.00% | −0.12 |
| LULU Lululemon Athletica Inc. | Reduce -14.8% | 0.25% | −0.12 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.12 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.11 |
| CDNS Cadence Design SYS Inc. | Reduce -16.7% | 1.68% | −0.10 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.10 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.08 |
| DHR Danaher Corp. | Reduce -18.5% | 0.23% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| SYK Stryker Corp. | Reduce -38.3% | 0.12% | −0.07 |
| TUYA Tuya Inc. | Reduce -28.2% | 0.08% | −0.07 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.07 |
| VEEV Veeva Systems Inc. Class A | Reduce -93.6% | 0.01% | −0.07 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −0.07 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -44.6% | 0.06% | −0.06 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.06 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.06 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −0.06 |
| PDCO Patterson Cos Inc. | Sold out | 0.00% | −0.05 |
| PYCR Paycor HCM Inc. | Sold out | 0.00% | −0.05 |
| CRS Carpenter Technology | Reduce -41.7% | 0.27% | −0.05 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.05 |
| GL Globe Life Inc. | Reduce -17.8% | 0.14% | −0.05 |
| AMPS Altus Power Inc. | Sold out | 0.00% | −0.05 |
| CHX Championx Corp. | Reduce -3.9% | 0.14% | −0.05 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.04 |
| DQ Daqo New Energy Corp.-ADR | Sold out | 0.00% | −0.04 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| GOOGL Alphabet Inc. Class A | Add +57.7% | 7.12% | +2.89 |
| MELI MercadoLibre Inc. | Add +15.4% | 5.49% | +1.70 |
| ANET Arista Networks Inc. | Add +374.6% | 1.59% | +1.32 |
| AVGO Broadcom Inc. | Add +1.1% | 3.53% | +1.27 |
| SPGI S&P Global Inc. | Add +38.9% | 3.79% | +0.98 |
| CRM Salesforce Inc. | Add +2607.6% | 1.00% | +0.96 |
| META Meta Platforms Inc. Class A | Add +35.1% | 2.35% | +0.90 |
| TMO Thermo Fisher Scientific Inc. | Add +106.8% | 2.44% | +0.90 |
| ABNB Airbnb Inc. Class A | New | 0.80% | +0.80 |
| NOW ServiceNow Inc. | Add +19.0% | 1.95% | +0.60 |
| VRTX Vertex Pharmaceuticals Inc. | Add +79.0% | 1.56% | +0.55 |
| TW Tradeweb Markets Inc. Class A | Add +73.1% | 1.29% | +0.48 |
| CLS Celestica Inc. | Add +19.9% | 0.78% | +0.43 |
| KLAC KLA Corp. | Add +59.8% | 0.61% | +0.30 |
| KEYS Keysight Technologies Inc. | Add +93.8% | 0.55% | +0.27 |
| NEM Newmont Corp. | Add +30.7% | 0.56% | +0.18 |
| FYBR Frontier Communications Pare | Add +743.0% | 0.16% | +0.14 |
| ICE Intercontinental Exchange Inc. | Add +4.7% | 3.02% | +0.13 |
| ESGR Enstar Group Ltd. | Add +526.7% | 0.15% | +0.12 |
| DNB Dun & Bradstreet Holdings Inc. | Add +283.4% | 0.17% | +0.12 |
| FARO TECHNOLOGIES INC (FARO 5.5 02/01/28) | New | 0.12% | +0.12 |
| SE Sea Ltd.-ADR | Add +4.0% | 0.70% | +0.11 |
| BPMC Blueprint Medicines Corp. | New | 0.11% | +0.11 |
| SWTX Springworks Therapeutics Inc. | New | 0.11% | +0.11 |
| MRUS Merus NV | Add +77.2% | 0.17% | +0.09 |
| WBA Walgreens Boots Alliance Inc. | New | 0.07% | +0.07 |
| INFA Informatica Inc. Class A | New | 0.07% | +0.07 |
| ETWO E2OPEN Parent Holdings Inc. | New | 0.07% | +0.07 |
| RDUS Radius Recycling Inc. Class A | New | 0.07% | +0.07 |
| LNTH Lantheus Holdings Inc. | Add +55.9% | 0.37% | +0.07 |
| TAP Molson Coors Beverage Co. Class B | Add +58.7% | 0.44% | +0.07 |
| AGI Alamos Gold Inc. Class A | New | 0.06% | +0.06 |
| CTLP Cantaloupe Inc. | New | 0.06% | +0.06 |
| IPG Interpublic Group of Cos Inc. | New | 0.05% | +0.05 |
| ADBE Adobe Inc. | Add +88.8% | 0.12% | +0.05 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Add +4.2% | 0.32% | +0.05 |
| DOCS Doximity Inc. Class A | Add +12.2% | 0.39% | +0.04 |
| GHLD Guild Holdings Co. Class A | New | 0.04% | +0.04 |
| INTU Intuit Inc. | Add +7.5% | 0.16% | +0.04 |
| AAPL Apple Inc. | Add +91.6% | 0.09% | +0.04 |
| AVDX Avidxchange Holdings Inc. | New | 0.03% | +0.03 |
| VIGL Vigil Neuroscience Inc. | New | 0.03% | +0.03 |
| YETI Yeti Holdings Inc. | New | 0.03% | +0.03 |
| TASK Taskus Inc. Class A | Add +101.8% | 0.04% | +0.03 |
| ALAB Astera Labs Inc. | Add +116.7% | 0.04% | +0.02 |
| HD Home Depot Inc. | Add +15.9% | 0.26% | +0.02 |
| VRT Vertiv Holdings Co. Class A | New | 0.02% | +0.02 |
| MRC MRC Global Inc. | New | 0.02% | +0.02 |
| TME Tencent Music Entertainm-ADR | Add +23.0% | 0.04% | +0.01 |
| KT KT Corp.-SP ADR | New | 0.01% | +0.01 |
Options Activity Q1 2025 → Q2 2025
| NKE Nike Inc. Class B | call | New | 632,200 | $45K |
| RBLX Roblox Corp. Class A | call | New | 18,900 | $6K |
| MA Mastercard Inc. Class A | call | New | 6,700 | $4K |
| NVDA Nvidia Corp. | call | New | 20,600 | $3K |
| GOOGL Alphabet Inc. Class A | call | New | 11,400 | $2K |
| ACHR Archer Aviation Inc. Class A | call | New | 95,100 | $1K |
| UNH Unitedhealth Group Inc. | call | New | 2,200 | $686 |
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 |