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

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 Q1 2025 Q2 2025: $6.5B $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 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
EH Ehang Holdings Ltd.-SPS ADR 0.03% 106,479 $1.8M Reduce -11.6%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.03% 58,227 $1.8M New
VRT Vertiv Holdings Co. Class A 0.02% 10,000 $1.3M New
CLEARSIDE BIOMEDICAL INC 0.02% 1,508,342 $1.2M No change
MRC MRC Global Inc. 0.02% 83,408 $1.1M New
LAUR Laureate Education Inc. 0.01% 40,000 $935K No change
BRDG Bridge Investment Grp HDS-A 0.01% 88,805 $889K Reduce -5.5%
SRDX Surmodics Inc. 0.01% 27,622 $821K Reduce -54.8%
GOTU Gaotu Techedu Inc. 0.01% 209,068 $755K Reduce -48.0%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.01% 10,000 $632K No change
KT KT Corp.-SP ADR 0.01% 30,000 $623K New
DDOG Datadog Inc. Class A 0.01% 3,822 $513K New
CVAC Curevac NV 0.01% 86,612 $470K New
SPOT Spotify Technology SA 0.01% 608 $467K Add +104.7%
DELL Dell Technologies -C 0.01% 3,385 $415K New
VEEV Veeva Systems Inc. Class A 0.01% 1,300 $374K Reduce -93.6%
GLOB Globant SA 0.01% 4,000 $363K Add +33.3%
RNW Renew Energy Global PLC-A 0.01% 50,000 $346K No change
RDFN Redfin Corp. 0.00% 26,818 $300K Reduce -5.5%
IBKR Interactive Brokers Gro Class A 0.00% 4,514 $250K New
GRMN Garmin Ltd. 0.00% 800 $167K No change
TSLA Tesla Inc. 0.00% 500 $159K Reduce -50.0%

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

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