Carmignac Gestion
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Carmignac Gestion reported 126 stock positions worth $6.7 billion. Its top holding was Nvidia (NVDA) at 9.6% of the portfolio, followed by Alphabet Class A (GOOGL, 8.5%) and Amazon.com (AMZN, 6.7%). Compared with Q2 2025, it opened 33 new positions, sold out of 29, added to 35 and reduced 48. The biggest buy was a new position in SLB (SLB) and the biggest sale Broadcom (AVGO, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001569758
- Portfolio Value
- $6.7B (Q3 2025)
- SEC Filing
- 0000945621-25-001089 ↗ filed Nov 13, 2025
Holdings Value
Holdings 126 stocks · $6.7B
| NVDA Nvidia Corp. | 9.59% | 3,448,254 | $643.3M | Reduce -7.7% |
| GOOGL Alphabet Inc. Class A | 8.45% | 2,333,226 | $567.2M | Reduce -11.1% |
| AMZN Amazon.com Inc. | 6.74% | 2,058,757 | $452.1M | Reduce -4.9% |
| SPGI S&P Global Inc. | 5.23% | 720,412 | $350.7M | Add +54.2% |
| MELI MercadoLibre Inc. | 4.63% | 132,696 | $310.3M | Reduce -2.7% |
| COR Cencora Inc. | 4.08% | 875,846 | $273.7M | Reduce -5.1% |
| MCK McKesson Corp. | 3.62% | 314,173 | $242.7M | Reduce -19.5% |
| MSFT Microsoft Corp. | 3.38% | 437,491 | $226.5M | Reduce -10.5% |
| META Meta Platforms Inc. Class A | 2.95% | 269,499 | $197.9M | Add +30.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 2.94% | 5,746,100 | $197.5M | New |
| ICE Intercontinental Exchange Inc. | 2.90% | 1,154,160 | $194.4M | Add +8.0% |
| NOW ServiceNow Inc. | 2.67% | 194,515 | $179.1M | Add +57.6% |
| APH Amphenol Corp. Class A | 2.49% | 1,407,249 | $166.8M | Reduce -27.7% |
| EFX Equifax Inc. | 2.38% | 623,317 | $159.9M | Add +7.3% |
| MA Mastercard Inc. Class A | 2.36% | 278,412 | $158.4M | New |
| ANET Arista Networks Inc. | 2.18% | 1,002,700 | $146.1M | Reduce -0.7% |
| TW Tradeweb Markets Inc. Class A | 2.08% | 1,259,800 | $139.8M | Add +119.9% |
| XYZ Block Inc. | 2.06% | 1,916,626 | $138.5M | Reduce -6.7% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.91% | 6,518,398 | $127.8M | Reduce -31.5% |
| TMO Thermo Fisher Scientific Inc. | 1.78% | 246,592 | $119.5M | Reduce -37.0% |
| CRM Salesforce Inc. | 1.75% | 494,447 | $117.2M | Add +107.7% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.23% | 11,283,185 | $82.8M | Reduce -19.7% |
| ETN Eaton Corp. PLC | 1.21% | 216,700 | $81.1M | Reduce -43.1% |
| CDNS Cadence Design SYS Inc. | 1.14% | 218,188 | $76.6M | Reduce -38.4% |
| LLY Eli Lilly & Co. | 1.10% | 96,847 | $73.8M | Reduce -4.4% |
| VRTX Vertex Pharmaceuticals Inc. | 1.09% | 187,539 | $73.5M | Reduce -17.5% |
| AVGO Broadcom Inc. | 0.98% | 199,824 | $65.9M | Reduce -76.0% |
| ABNB Airbnb Inc. Class A | 0.85% | 468,370 | $56.9M | Add +19.8% |
| SE Sea Ltd.-ADR | 0.76% | 283,455 | $50.7M | No change |
| LIN Linde PLC | 0.66% | 93,794 | $44.6M | Reduce -10.8% |
| LNTH Lantheus Holdings Inc. | 0.62% | 807,409 | $41.4M | Add +171.8% |
| KEYS Keysight Technologies Inc. | 0.61% | 235,100 | $41.1M | Add +7.3% |
| FIX Comfort Systems USA Inc. | 0.60% | 48,400 | $39.9M | Reduce -63.0% |
| CLS Celestica Inc. | 0.58% | 158,000 | $38.9M | Reduce -51.5% |
| ACN Accenture PLC Class A | 0.54% | 145,554 | $35.9M | Add +379.3% |
| AEM Agnico Eagle Mines Ltd. | 0.51% | 204,026 | $34.4M | Reduce -20.8% |
| ORLY O'reilly Automotive Inc. | 0.51% | 316,540 | $34.1M | Reduce -50.3% |
| CL Colgate-Palmolive Co. | 0.47% | 390,528 | $31.2M | New |
| PG The Procter & Gamble Co. | 0.46% | 200,871 | $30.9M | Add +14.9% |
| ALGN Align Technology Inc. | 0.45% | 242,908 | $30.4M | Add +363.1% |
| DOCS Doximity Inc. Class A | 0.45% | 415,228 | $30.4M | No change |
| CNC Centene Corp. | 0.45% | 848,000 | $30.3M | Reduce -60.6% |
| GTLB Gitlab Inc. Class A | 0.45% | 670,000 | $30.2M | New |
| NEM Newmont Corp. | 0.44% | 350,639 | $29.6M | Reduce -43.5% |
| GL Globe Life Inc. | 0.34% | 159,000 | $22.7M | Add +114.9% |
| HTHT H World Group Ltd.-ADR | 0.34% | 576,907 | $22.6M | No change |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.32% | 768,515 | $21.7M | No change |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.31% | 250,587 | $20.5M | Add +36.2% |
| SNPS Synopsys Inc. | 0.30% | 40,964 | $20.2M | Reduce -76.3% |
| EDU New Oriental Educatio-SP ADR | 0.29% | 363,289 | $19.3M | Add +36.9% |
| LULU Lululemon Athletica Inc. | 0.28% | 106,000 | $18.9M | Add +53.6% |
| FCX Freeport-McMoran Inc. | 0.28% | 474,662 | $18.6M | New |
| CRS Carpenter Technology | 0.25% | 69,000 | $16.9M | Add +8.5% |
| HD Home Depot Inc. | 0.24% | 39,671 | $16.1M | Reduce -12.5% |
| MRUS Merus NV | 0.23% | 167,532 | $15.8M | Reduce -22.0% |
| TGI Triumph Group Inc. | 0.22% | 139,896 | $14.9M | Add +55.8% |
| OC Owens Corning | 0.18% | 85,000 | $12.0M | New |
| TAP Molson Coors Beverage Co. Class B | 0.18% | 265,000 | $12.0M | Reduce -55.8% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 0.18% | 155,639 | $11.9M | Add +1456.4% |
| FYBR Frontier Communications Pare | 0.16% | 290,833 | $10.9M | No change |
| BNTX Biontech SE-ADR | 0.16% | 106,549 | $10.5M | Reduce -39.6% |
| CTLP Cantaloupe Inc. | 0.15% | 977,158 | $10.3M | Add +199.3% |
| SAP Sap SE-Sponsored ADR | 0.15% | 37,500 | $10.0M | New |
| K Kellanova | 0.14% | 117,086 | $9.6M | New |
| HBI Hanesbrands Inc. | 0.14% | 1,452,361 | $9.6M | New |
| GTLS Chart Industries Inc. | 0.14% | 46,274 | $9.3M | New |
| INTU Intuit Inc. | 0.14% | 13,502 | $9.2M | Add +3.5% |
| INFA Informatica Inc. Class A | 0.14% | 368,908 | $9.2M | Add +89.5% |
| DHR Danaher Corp. | 0.13% | 44,359 | $8.7M | Reduce -41.7% |
| MRC MRC Global Inc. | 0.12% | 551,126 | $7.9M | Add +560.8% |
| AMWD American Woodmark Corp. | 0.11% | 115,255 | $7.7M | New |
| AGI Alamos Gold Inc. Class A | 0.11% | 216,578 | $7.5M | Add +37.5% |
| SHCO Soho House & Co. Inc. | 0.10% | 741,722 | $6.6M | New |
| AAPL Apple Inc. | 0.09% | 22,394 | $5.7M | Reduce -20.6% |
| FNV Franco-Nevada Corp. | 0.08% | 25,135 | $5.6M | Add +28.6% |
| EA Electronic Arts Inc. | 0.08% | 26,843 | $5.4M | New |
| KLAC KLA Corp. | 0.08% | 5,000 | $5.4M | Reduce -88.7% |
| LBTYA Liberty Global Ltd. Class A | 0.08% | 158,207 | $5.3M | New |
| PRA Proassurance Corp. | 0.08% | 217,263 | $5.2M | Add +117.8% |
| VMEO Vimeo Inc. | 0.07% | 607,609 | $4.7M | New |
| VNET Vnet Group Inc.-ADR | 0.06% | 395,449 | $4.1M | Add +35.7% |
| COST Costco Wholesale Corp. | 0.06% | 4,245 | $3.9M | Reduce -15.1% |
| AVDX Avidxchange Holdings Inc. | 0.06% | 375,768 | $3.7M | Add +74.9% |
| GHLD Guild Holdings Co. Class A | 0.05% | 182,235 | $3.6M | Add +52.4% |
| V Visa Inc. Class A | 0.05% | 10,552 | $3.6M | Reduce -15.1% |
| ESGR Enstar Group Ltd. | 0.05% | 35,000 | $3.5M | Add +22.4% |
| CSCO Cisco Systems Inc. | 0.05% | 49,614 | $3.4M | Reduce -39.0% |
| SAND Sandstorm Gold Ltd. | 0.05% | 270,957 | $3.4M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.05% | 12,122 | $3.4M | Reduce -5.1% |
| JPM JPMorgan Chase & Co. | 0.04% | 9,371 | $3.0M | Reduce -15.3% |
| TEAM Atlassian Corp. Class A | 0.04% | 18,000 | $2.9M | New |
| SPOT Spotify Technology SA | 0.04% | 3,890 | $2.7M | Add +539.8% |
| IAS Integral Ad Science Holding | 0.04% | 266,001 | $2.7M | New |
| TRML Tourmaline Bio Inc. | 0.04% | 55,412 | $2.7M | New |
| PRO Pros Holdings Inc. | 0.04% | 115,061 | $2.6M | New |
| CIO City Office REIT Inc. | 0.04% | 375,233 | $2.6M | New |
| MAC COPPER LTD | 0.04% | 212,545 | $2.6M | New |
| TGNA Tegna Inc. | 0.04% | 123,716 | $2.5M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.04% | 9,603 | $2.5M | Reduce -15.1% |
| MAR Marriott International Class A | 0.04% | 9,530 | $2.5M | Reduce -15.1% |
Options reported separately and not counted above: UNH calls ($72K), UPS calls ($31K), PTON calls ($16K), AMZN calls ($3K), NKE calls ($1K), RKLB calls ($1K).
Portfolio Sells Q2 2025 → Q3 2025
| AVGO Broadcom Inc. | Reduce -76.0% | 0.98% | −2.55 |
| CNC Centene Corp. | Reduce -60.6% | 0.45% | −1.35 |
| SNPS Synopsys Inc. | Reduce -76.3% | 0.30% | −1.06 |
| ETN Eaton Corp. PLC | Reduce -43.1% | 1.21% | −0.88 |
| MELI MercadoLibre Inc. | Reduce -2.7% | 4.63% | −0.86 |
| GE General Electric | Sold out | 0.00% | −0.82 |
| MCK McKesson Corp. | Reduce -19.5% | 3.62% | −0.78 |
| TMO Thermo Fisher Scientific Inc. | Reduce -37.0% | 1.78% | −0.66 |
| AMZN Amazon.com Inc. | Reduce -4.9% | 6.74% | −0.57 |
| CDNS Cadence Design SYS Inc. | Reduce -38.4% | 1.14% | −0.54 |
| KLAC KLA Corp. | Reduce -88.7% | 0.08% | −0.53 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.48 |
| FIX Comfort Systems USA Inc. | Reduce -63.0% | 0.60% | −0.48 |
| APH Amphenol Corp. Class A | Reduce -27.7% | 2.49% | −0.47 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -17.5% | 1.09% | −0.46 |
| ORLY O'reilly Automotive Inc. | Reduce -50.3% | 0.51% | −0.37 |
| MSFT Microsoft Corp. | Reduce -10.5% | 3.38% | −0.36 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -31.5% | 1.91% | −0.30 |
| TAP Molson Coors Beverage Co. Class B | Reduce -55.8% | 0.18% | −0.26 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -19.7% | 1.23% | −0.23 |
| CLS Celestica Inc. | Reduce -51.5% | 0.58% | −0.20 |
| COR Cencora Inc. | Reduce -5.1% | 4.08% | −0.18 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.18 |
| ORCL Oracle Corp. | Reduce -92.8% | 0.02% | −0.17 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.17 |
| CHX Championx Corp. | Sold out | 0.00% | −0.14 |
| BNTX Biontech SE-ADR | Reduce -39.6% | 0.16% | −0.13 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.12 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.12 |
| NEM Newmont Corp. | Reduce -43.5% | 0.44% | −0.12 |
| FARO TECHNOLOGIES INC (FARO 5.5 02/01/28) | Sold out | 0.00% | −0.12 |
| LLY Eli Lilly & Co. | Reduce -4.4% | 1.10% | −0.11 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.11 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| DHR Danaher Corp. | Reduce -41.7% | 0.13% | −0.10 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.10 |
| LIN Linde PLC | Reduce -10.8% | 0.66% | −0.10 |
| XYZ Block Inc. | Reduce -6.7% | 2.06% | −0.08 |
| TUYA Tuya Inc. | Sold out | 0.00% | −0.08 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.07 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −0.07 |
| RDUS Radius Recycling Inc. Class A | Sold out | 0.00% | −0.07 |
| GB Global Blue Group Holding AG | Sold out | 0.00% | −0.07 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −0.06 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.05 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -39.0% | 0.05% | −0.04 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.03 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.03 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| SLB SLB Ltd. | New | 2.94% | +2.94 |
| MA Mastercard Inc. Class A | New | 2.36% | +2.36 |
| SPGI S&P Global Inc. | Add +54.2% | 5.23% | +1.44 |
| TW Tradeweb Markets Inc. Class A | Add +119.9% | 2.08% | +0.79 |
| CRM Salesforce Inc. | Add +107.7% | 1.75% | +0.75 |
| NOW ServiceNow Inc. | Add +57.6% | 2.67% | +0.72 |
| META Meta Platforms Inc. Class A | Add +30.5% | 2.95% | +0.60 |
| CL Colgate-Palmolive Co. | New | 0.47% | +0.47 |
| GTLB Gitlab Inc. Class A | New | 0.45% | +0.45 |
| ACN Accenture PLC Class A | Add +379.3% | 0.54% | +0.40 |
| ALGN Align Technology Inc. | Add +363.1% | 0.45% | +0.30 |
| FCX Freeport-McMoran Inc. | New | 0.28% | +0.28 |
| LNTH Lantheus Holdings Inc. | Add +171.8% | 0.62% | +0.24 |
| GL Globe Life Inc. | Add +114.9% | 0.34% | +0.20 |
| TGI Triumph Group Inc. | Add +55.8% | 0.22% | +0.19 |
| OC Owens Corning | New | 0.18% | +0.18 |
| WNS WNS Holdings Ltd. | Add +1456.4% | 0.18% | +0.17 |
| SAP Sap SE-Sponsored ADR | New | 0.15% | +0.15 |
| K Kellanova | New | 0.14% | +0.14 |
| HBI Hanesbrands Inc. | New | 0.14% | +0.14 |
| GTLS Chart Industries Inc. | New | 0.14% | +0.14 |
| AMWD American Woodmark Corp. | New | 0.11% | +0.11 |
| MRC MRC Global Inc. | Add +560.8% | 0.12% | +0.10 |
| CTLP Cantaloupe Inc. | Add +199.3% | 0.15% | +0.10 |
| SHCO Soho House & Co. Inc. | New | 0.10% | +0.10 |
| EA Electronic Arts Inc. | New | 0.08% | +0.08 |
| LBTYA Liberty Global Ltd. Class A | New | 0.08% | +0.08 |
| VMEO Vimeo Inc. | New | 0.07% | +0.07 |
| EDU New Oriental Educatio-SP ADR | Add +36.9% | 0.29% | +0.07 |
| KSPI JSC Kaspi.kz ADR | Add +36.2% | 0.31% | +0.06 |
| EFX Equifax Inc. | Add +7.3% | 2.38% | +0.06 |
| INFA Informatica Inc. Class A | Add +89.5% | 0.14% | +0.06 |
| KEYS Keysight Technologies Inc. | Add +7.3% | 0.61% | +0.06 |
| ABNB Airbnb Inc. Class A | Add +19.8% | 0.85% | +0.05 |
| SAND Sandstorm Gold Ltd. | New | 0.05% | +0.05 |
| AGI Alamos Gold Inc. Class A | Add +37.5% | 0.11% | +0.05 |
| TEAM Atlassian Corp. Class A | New | 0.04% | +0.04 |
| PRA Proassurance Corp. | Add +117.8% | 0.08% | +0.04 |
| IAS Integral Ad Science Holding | New | 0.04% | +0.04 |
| TRML Tourmaline Bio Inc. | New | 0.04% | +0.04 |
| PRO Pros Holdings Inc. | New | 0.04% | +0.04 |
| CIO City Office REIT Inc. | New | 0.04% | +0.04 |
| MAC COPPER LTD | New | 0.04% | +0.04 |
| TGNA Tegna Inc. | New | 0.04% | +0.04 |
| FNV Franco-Nevada Corp. | Add +28.6% | 0.08% | +0.03 |
| SPOT Spotify Technology SA | Add +539.8% | 0.04% | +0.03 |
| PG The Procter & Gamble Co. | Add +14.9% | 0.46% | +0.03 |
| VNET Vnet Group Inc.-ADR | Add +35.7% | 0.06% | +0.03 |
| ORLA Orla Mining Ltd. | New | 0.03% | +0.03 |
| LULU Lululemon Athletica Inc. | Add +53.6% | 0.28% | +0.03 |
Options Activity Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | call | Add +9440.9% | 209,900 | $72K |
| UPS United Parcel Service Class B | call | New | 369,200 | $31K |
| PTON Peloton Interactive Inc. Class A | call | New | 1,766,000 | $16K |
| RBLX Roblox Corp. Class A | call | Sold out | 18,900 | $6Kbefore exit |
| MA Mastercard Inc. Class A | call | Sold out | 6,700 | $4Kbefore exit |
| NVDA Nvidia Corp. | call | Sold out | 20,600 | $3Kbefore exit |
| AMZN Amazon.com Inc. | call | New | 12,000 | $3K |
| GOOGL Alphabet Inc. Class A | call | Sold out | 11,400 | $2Kbefore exit |
| NKE Nike Inc. Class B | call | Reduce -96.8% | 19,900 | $1K |
| RKLB Rocket Lab Corp. | call | New | 24,100 | $1K |
| ACHR Archer Aviation Inc. Class A | call | Sold out | 95,100 | $1Kbefore 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 |