Carmignac Gestion
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Carmignac Gestion reported 119 stock positions worth $7.4 billion. Its top holding was Nvidia (NVDA) at 9.2% of the portfolio, followed by Microsoft (MSFT, 6.9%) and S&P Global (SPGI, 6.1%). Compared with Q3 2025, it opened 38 new positions, sold out of 45, added to 43 and reduced 24. The biggest buy was Microsoft (MSFT, shares +143%) and the biggest sale Alphabet Class A (GOOGL, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001569758
- Portfolio Value
- $7.4B (Q4 2025)
- SEC Filing
- 0000945621-26-000299 ↗ filed Feb 13, 2026
Holdings Value
Holdings 119 stocks · $7.4B
| NVDA Nvidia Corp. | 9.17% | 3,635,106 | $678.0M | Add +5.4% |
| MSFT Microsoft Corp. | 6.94% | 1,061,153 | $513.3M | Add +142.6% |
| SPGI S&P Global Inc. | 6.11% | 864,840 | $452.0M | Add +20.1% |
| GOOGL Alphabet Inc. Class A | 5.70% | 1,347,106 | $421.7M | Reduce -42.3% |
| AMZN Amazon.com Inc. | 4.93% | 1,577,739 | $364.2M | Reduce -23.4% |
| COR Cencora Inc. | 4.00% | 875,095 | $295.6M | Reduce -0.1% |
| MCK McKesson Corp. | 3.98% | 358,535 | $294.1M | Add +14.1% |
| MELI MercadoLibre Inc. | 3.85% | 141,373 | $284.8M | Add +6.5% |
| CRM Salesforce Inc. | 3.61% | 1,008,151 | $267.1M | Add +103.9% |
| NOW ServiceNow Inc. | 3.59% | 1,734,925 | $265.8M | Add +78.4% |
| TW Tradeweb Markets Inc. Class A | 3.22% | 2,214,400 | $238.1M | Add +75.8% |
| ICE Intercontinental Exchange Inc. | 3.01% | 1,375,560 | $222.8M | Add +19.2% |
| XYZ Block Inc. | 3.01% | 3,417,826 | $222.5M | Add +78.3% |
| TEAM Atlassian Corp. Class A | 2.65% | 1,206,368 | $195.6M | Add +6602.0% |
| SLB SLB Ltd. filed as SLB LIMITED | 2.42% | 4,669,456 | $179.2M | Reduce -18.7% |
| MA Mastercard Inc. Class A | 2.31% | 299,595 | $171.1M | Add +7.6% |
| EFX Equifax Inc. | 2.20% | 750,015 | $162.8M | Add +20.3% |
| APH Amphenol Corp. Class A | 2.18% | 1,194,200 | $161.4M | Reduce -15.1% |
| ANET Arista Networks Inc. | 1.94% | 1,093,784 | $143.3M | Add +9.1% |
| ACN Accenture PLC Class A | 1.93% | 532,041 | $142.7M | Add +265.5% |
| CL Colgate-Palmolive Co. | 1.23% | 1,153,391 | $91.2M | Add +195.3% |
| VRTX Vertex Pharmaceuticals Inc. | 1.17% | 191,571 | $86.9M | Add +2.1% |
| DOCS Doximity Inc. Class A | 1.13% | 1,893,026 | $83.8M | Add +355.9% |
| TMO Thermo Fisher Scientific Inc. | 1.10% | 140,037 | $81.2M | Reduce -43.2% |
| LNTH Lantheus Holdings Inc. | 1.01% | 1,122,000 | $74.7M | Add +39.0% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.00% | 4,161,154 | $73.7M | Reduce -36.2% |
| SE Sea Ltd.-ADR | 0.89% | 516,426 | $65.9M | Add +82.2% |
| ABNB Airbnb Inc. Class A | 0.86% | 468,370 | $63.6M | No change |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.69% | 7,152,585 | $51.2M | Reduce -36.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.69% | 1,003,300 | $51.0M | New |
| PG The Procter & Gamble Co. | 0.67% | 346,492 | $49.7M | Add +72.5% |
| GTLB Gitlab Inc. Class A | 0.66% | 1,310,000 | $49.2M | Add +95.5% |
| AVGO Broadcom Inc. | 0.65% | 139,080 | $48.1M | Reduce -30.4% |
| FNV Franco-Nevada Corp. | 0.63% | 225,511 | $46.7M | Add +797.2% |
| AEM Agnico Eagle Mines Ltd. | 0.62% | 268,511 | $45.5M | Add +31.6% |
| KEYS Keysight Technologies Inc. | 0.59% | 213,000 | $43.3M | Reduce -9.4% |
| SFM Sprouts Farmers Market Inc. | 0.57% | 530,000 | $42.2M | New |
| REGN Regeneron Pharmaceuticals | 0.52% | 49,971 | $38.6M | New |
| ALGN Align Technology Inc. | 0.52% | 246,101 | $38.4M | Add +1.3% |
| NFLX Netflix Inc. | 0.51% | 398,362 | $37.4M | New |
| GL Globe Life Inc. | 0.50% | 265,000 | $37.1M | Add +66.7% |
| META Meta Platforms Inc. Class A | 0.40% | 44,331 | $29.3M | Reduce -83.5% |
| NEM Newmont Corp. | 0.36% | 268,134 | $26.8M | Reduce -23.5% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.33% | 796,215 | $24.3M | Add +3.6% |
| HTHT H World Group Ltd.-ADR | 0.30% | 469,601 | $22.1M | Reduce -18.6% |
| KMB Kimberly-Clark Corp. | 0.28% | 203,068 | $20.5M | New |
| EDU New Oriental Educatio-SP ADR | 0.28% | 369,289 | $20.3M | Add +1.6% |
| FCX Freeport-McMoran Inc. | 0.26% | 384,504 | $19.5M | Reduce -19.0% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.24% | 228,970 | $17.9M | Reduce -8.6% |
| LULU Lululemon Athletica Inc. | 0.21% | 74,300 | $15.4M | Reduce -29.9% |
| HD Home Depot Inc. | 0.20% | 42,046 | $14.5M | Add +6.0% |
| BNTX Biontech SE-ADR | 0.19% | 144,087 | $13.7M | Add +35.2% |
| AGI Alamos Gold Inc. Class A | 0.17% | 329,968 | $12.7M | Add +52.4% |
| CLX Clorox Company | 0.17% | 122,977 | $12.4M | New |
| OC Owens Corning | 0.16% | 105,800 | $11.8M | Add +24.5% |
| GTLS Chart Industries Inc. | 0.16% | 55,842 | $11.5M | Add +20.7% |
| FYBR Frontier Communications Pare | 0.15% | 290,833 | $11.1M | No change |
| CTLP Cantaloupe Inc. | 0.14% | 977,158 | $10.4M | No change |
| CMA Comerica Inc. | 0.13% | 107,873 | $9.4M | New |
| NBIX Neurocrine Biosciences Inc. | 0.12% | 63,600 | $9.0M | New |
| EXAS Exact Sciences Corp. | 0.11% | 81,354 | $8.3M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.11% | 125,849 | $8.1M | New |
| DENN Denny's Corp. | 0.11% | 1,285,703 | $8.0M | New |
| CSGS CSG Systems Intl Inc. | 0.11% | 103,097 | $7.9M | New |
| TWLO Twilio Inc. Class A | 0.10% | 50,000 | $7.1M | New |
| CWAN Clearwater Analytics HDS-A | 0.09% | 288,126 | $6.9M | New |
| SHCO Soho House & Co. Inc. | 0.09% | 741,722 | $6.6M | No change |
| VRT Vertiv Holdings Co. Class A | 0.09% | 40,000 | $6.5M | New |
| AMWD American Woodmark Corp. | 0.08% | 115,255 | $6.2M | No change |
| INTU Intuit Inc. | 0.08% | 9,179 | $6.1M | Reduce -32.0% |
| EA Electronic Arts Inc. | 0.08% | 28,740 | $5.9M | Add +7.1% |
| DAY Dayforce Inc. | 0.07% | 79,728 | $5.5M | New |
| WBD Warner Bros Discovery Inc. | 0.07% | 185,955 | $5.4M | New |
| PRA Proassurance Corp. | 0.07% | 217,263 | $5.2M | No change |
| KLAC KLA Corp. | 0.07% | 4,000 | $4.9M | Reduce -20.0% |
| CSCO Cisco Systems Inc. | 0.06% | 58,345 | $4.5M | Add +17.6% |
| HOLX Hologic Inc. | 0.06% | 56,387 | $4.2M | New |
| RNAM Avidity Biosciences Inc. | 0.06% | 57,938 | $4.2M | New |
| CDTX Cidara Therapeutics Inc. | 0.06% | 18,896 | $4.2M | New |
| JHG Janus Henderson Group PLC | 0.06% | 87,299 | $4.2M | New |
| CFLT Confluent Inc. Class A | 0.06% | 136,922 | $4.1M | New |
| AAPL Apple Inc. | 0.06% | 14,979 | $4.1M | Reduce -33.1% |
| COST Costco Wholesale Corp. | 0.05% | 4,653 | $4.0M | Add +9.6% |
| V Visa Inc. Class A | 0.05% | 10,552 | $3.7M | No change |
| JPM JPMorgan Chase & Co. | 0.05% | 11,400 | $3.7M | Add +21.6% |
| CDNS Cadence Design SYS Inc. | 0.05% | 11,586 | $3.6M | Reduce -94.7% |
| VNET Vnet Group Inc.-ADR | 0.05% | 394,616 | $3.3M | Reduce -0.2% |
| NGD New Gold Inc. | 0.04% | 379,537 | $3.3M | New |
| MAR Marriott International Class A | 0.04% | 10,482 | $3.3M | Add +10.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.04% | 11,045 | $3.2M | Add +15.0% |
| CADE Cadence Bank | 0.04% | 70,869 | $3.0M | New |
| FOLD Amicus Therapeutics Inc. | 0.04% | 194,887 | $2.8M | New |
| TXNM TXNM Energy Inc. | 0.04% | 47,000 | $2.8M | New |
| HI Hillenbrand Inc. | 0.04% | 86,224 | $2.7M | New |
| KVUE Kenvue Inc. | 0.04% | 157,574 | $2.7M | New |
| CASY Casey's General Stores Inc. | 0.04% | 4,800 | $2.7M | New |
| CIO City Office REIT Inc. | 0.04% | 375,233 | $2.6M | No change |
| LLY Eli Lilly & Co. | 0.03% | 2,379 | $2.6M | Reduce -97.5% |
| TGNA Tegna Inc. | 0.03% | 123,716 | $2.4M | No change |
| PTON Peloton Interactive Inc. Class A | 0.03% | 366,439 | $2.3M | Add +828.1% |
Options reported separately and not counted above: AVGO calls ($0), META calls ($0), FE calls ($0), NVDA calls ($0), PTON calls ($0).
Portfolio Sells Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Reduce -42.3% | 5.70% | −2.75 |
| META Meta Platforms Inc. Class A | Reduce -83.5% | 0.40% | −2.55 |
| AMZN Amazon.com Inc. | Reduce -23.4% | 4.93% | −1.81 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −1.21 |
| CDNS Cadence Design SYS Inc. | Reduce -94.7% | 0.05% | −1.09 |
| LLY Eli Lilly & Co. | Reduce -97.5% | 0.03% | −1.07 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -36.2% | 1.00% | −0.91 |
| TMO Thermo Fisher Scientific Inc. | Reduce -43.2% | 1.10% | −0.68 |
| LIN Linde PLC | Sold out | 0.00% | −0.66 |
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −0.60 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.58 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -36.6% | 0.69% | −0.54 |
| SLB SLB Ltd. | Reduce -18.7% | 2.42% | −0.52 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.51 |
| CNC Centene Corp. | Sold out | 0.00% | −0.45 |
| AVGO Broadcom Inc. | Reduce -30.4% | 0.65% | −0.33 |
| APH Amphenol Corp. Class A | Reduce -15.1% | 2.18% | −0.30 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.30 |
| CRS Carpenter Technology | Sold out | 0.00% | −0.25 |
| MRUS Merus NV | Sold out | 0.00% | −0.23 |
| TGI Triumph Group Inc. | Sold out | 0.00% | −0.22 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.18 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.18 |
| SAP Sap SE-Sponsored ADR | Sold out | 0.00% | −0.15 |
| K Kellanova | Sold out | 0.00% | −0.14 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.14 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.14 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.13 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.12 |
| COR Cencora Inc. | Reduce -0.1% | 4.00% | −0.08 |
| LBTYA Liberty Global Ltd. Class A | Sold out | 0.00% | −0.08 |
| NEM Newmont Corp. | Reduce -23.5% | 0.36% | −0.08 |
| LULU Lululemon Athletica Inc. | Reduce -29.9% | 0.21% | −0.07 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.07 |
| KSPI JSC Kaspi.kz ADR | Reduce -8.6% | 0.24% | −0.06 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −0.06 |
| INTU Intuit Inc. | Reduce -32.0% | 0.08% | −0.06 |
| GHLD Guild Holdings Co. Class A | Sold out | 0.00% | −0.05 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −0.05 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -82.7% | 0.01% | −0.04 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.04 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −0.04 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −0.04 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −0.04 |
| MAC COPPER LTD | Sold out | 0.00% | −0.04 |
| HTHT H World Group Ltd.-ADR | Reduce -18.6% | 0.30% | −0.04 |
| TASK Taskus Inc. Class A | Sold out | 0.00% | −0.03 |
| AAPL Apple Inc. | Reduce -33.1% | 0.06% | −0.03 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Add +142.6% | 6.94% | +3.57 |
| TEAM Atlassian Corp. Class A | Add +6602.0% | 2.65% | +2.60 |
| CRM Salesforce Inc. | Add +103.9% | 3.61% | +1.87 |
| ACN Accenture PLC Class A | Add +265.5% | 1.93% | +1.40 |
| TW Tradeweb Markets Inc. Class A | Add +75.8% | 3.22% | +1.14 |
| XYZ Block Inc. | Add +78.3% | 3.01% | +0.94 |
| NOW ServiceNow Inc. | Add +78.4% | 3.59% | +0.93 |
| SPGI S&P Global Inc. | Add +20.1% | 6.11% | +0.89 |
| CL Colgate-Palmolive Co. | Add +195.3% | 1.23% | +0.77 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.69% | +0.69 |
| DOCS Doximity Inc. Class A | Add +355.9% | 1.13% | +0.68 |
| SFM Sprouts Farmers Market Inc. | New | 0.57% | +0.57 |
| FNV Franco-Nevada Corp. | Add +797.2% | 0.63% | +0.55 |
| REGN Regeneron Pharmaceuticals | New | 0.52% | +0.52 |
| NFLX Netflix Inc. | New | 0.51% | +0.51 |
| LNTH Lantheus Holdings Inc. | Add +39.0% | 1.01% | +0.39 |
| MCK McKesson Corp. | Add +14.1% | 3.98% | +0.36 |
| KMB Kimberly-Clark Corp. | New | 0.28% | +0.28 |
| GTLB Gitlab Inc. Class A | Add +95.5% | 0.66% | +0.21 |
| PG The Procter & Gamble Co. | Add +72.5% | 0.67% | +0.21 |
| CLX Clorox Company | New | 0.17% | +0.17 |
| GL Globe Life Inc. | Add +66.7% | 0.50% | +0.16 |
| SE Sea Ltd.-ADR | Add +82.2% | 0.89% | +0.14 |
| CMA Comerica Inc. | New | 0.13% | +0.13 |
| NBIX Neurocrine Biosciences Inc. | New | 0.12% | +0.12 |
| ICE Intercontinental Exchange Inc. | Add +19.2% | 3.01% | +0.12 |
| EXAS Exact Sciences Corp. | New | 0.11% | +0.11 |
| AL Sumisho Air Lease Corp. | New | 0.11% | +0.11 |
| DENN Denny's Corp. | New | 0.11% | +0.11 |
| CSGS CSG Systems Intl Inc. | New | 0.11% | +0.11 |
| AEM Agnico Eagle Mines Ltd. | Add +31.6% | 0.62% | +0.10 |
| TWLO Twilio Inc. Class A | New | 0.10% | +0.10 |
| CWAN Clearwater Analytics HDS-A | New | 0.09% | +0.09 |
| VRT Vertiv Holdings Co. Class A | New | 0.09% | +0.09 |
| VRTX Vertex Pharmaceuticals Inc. | Add +2.1% | 1.17% | +0.08 |
| DAY Dayforce Inc. | New | 0.07% | +0.07 |
| WBD Warner Bros Discovery Inc. | New | 0.07% | +0.07 |
| ALGN Align Technology Inc. | Add +1.3% | 0.52% | +0.07 |
| AGI Alamos Gold Inc. Class A | Add +52.4% | 0.17% | +0.06 |
| HOLX Hologic Inc. | New | 0.06% | +0.06 |
| RNAM Avidity Biosciences Inc. | New | 0.06% | +0.06 |
| CDTX Cidara Therapeutics Inc. | New | 0.06% | +0.06 |
| JHG Janus Henderson Group PLC | New | 0.06% | +0.06 |
| CFLT Confluent Inc. Class A | New | 0.06% | +0.06 |
| NGD New Gold Inc. | New | 0.04% | +0.04 |
| CADE Cadence Bank | New | 0.04% | +0.04 |
| FOLD Amicus Therapeutics Inc. | New | 0.04% | +0.04 |
| TXNM TXNM Energy Inc. | New | 0.04% | +0.04 |
| HI Hillenbrand Inc. | New | 0.04% | +0.04 |
| KVUE Kenvue Inc. | New | 0.04% | +0.04 |
Options Activity Q3 2025 → Q4 2025
| UNH Unitedhealth Group Inc. | call | Sold out | 209,900 | $72Kbefore exit |
| UPS United Parcel Service Class B | call | Sold out | 369,200 | $31Kbefore exit |
| AMZN Amazon.com Inc. | call | Sold out | 12,000 | $3Kbefore exit |
| NKE Nike Inc. Class B | call | Sold out | 19,900 | $1Kbefore exit |
| RKLB Rocket Lab Corp. | call | Sold out | 24,100 | $1Kbefore exit |
| PTON Peloton Interactive Inc. Class A | call | Add +130.2% | 4,064,500 | $0 |
| AVGO Broadcom Inc. | call | New | 6,700 | $0 |
| META Meta Platforms Inc. Class A | call | New | 4,500 | $0 |
| FE Firstenergy Corp. | call | New | 447,100 | $0 |
| NVDA Nvidia Corp. | call | New | 10,000 | $0 |
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 |