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

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 Q2 2025 Q3 2025: $6.7B $6.7B Q3 2025 Q4 2025: $7.4B Q4 2025 Q1 2026: $6.5B Q1 2026 Q2 2026: $7.7B Q2 2026

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%
SHW The Sherwin-Williams Co. 0.04% 6,964 $2.4M Reduce -8.8%
TME Tencent Music Entertainm-ADR 0.03% 100,177 $2.3M Reduce -27.0%
TASK Taskus Inc. Class A 0.03% 121,507 $2.2M Reduce -29.1%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.03% 179,881 $1.9M New
GOTU Gaotu Techedu Inc. 0.02% 440,947 $1.4M Add +110.9%
QCOM Qualcomm Inc. 0.02% 8,000 $1.3M New
CVAC Curevac NV 0.02% 235,180 $1.3M Add +171.5%
LAUR Laureate Education Inc. 0.02% 40,000 $1.3M No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.02% 37,303 $1.2M Reduce -35.9%
ALAB Astera Labs Inc. 0.02% 6,000 $1.2M Reduce -76.9%
EH Ehang Holdings Ltd.-SPS ADR 0.02% 62,673 $1.2M Reduce -41.1%
ORCL Oracle Corp. 0.02% 4,000 $1.1M Reduce -92.8%
QFIN Qfin Holdings Inc.-ADR 0.02% 39,081 $1.1M New
SPNS Sapiens International Corp. 0.01% 20,027 $861K New
SRDX Surmodics Inc. 0.01% 27,622 $826K No change
IMXI International Money Express 0.01% 45,802 $640K New
DELL Dell Technologies -C 0.01% 4,193 $594K Add +23.9%
FSLR First Solar Inc. 0.01% 2,180 $481K New
CLEARSIDE BIOMEDICAL INC 0.01% 100,556 $399K Reduce -93.3%
PTON Peloton Interactive Inc. Class A 0.01% 39,484 $355K New
GLOB Globant SA 0.00% 4,000 $230K No change
TSLA Tesla Inc. 0.00% 500 $222K No change
WOW Wideopenwest Inc. 0.00% 40,038 $207K New
GRMN Garmin Ltd. 0.00% 800 $197K No change
COIN Coinbase Global Inc. Class A 0.00% 559 $189K New
MLNK Meridianlink Inc. 0.00% 107 $2K New

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

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