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

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

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%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.03% 49,010 $2.2M Add +31.4%
SHW The Sherwin-Williams Co. 0.03% 5,814 $1.9M Reduce -16.5%
TME Tencent Music Entertainm-ADR 0.03% 105,310 $1.8M Add +5.1%
MMYT Makemytrip Ltd. 0.02% 21,993 $1.8M New
ADBE Adobe Inc. 0.02% 5,000 $1.7M New
ZM Zoom Communications Inc. 0.02% 20,000 $1.7M New
DVAX Dynavax Technologies Corp. 0.02% 111,974 $1.7M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 26,682 $1.5M New
BABA Alibaba Group Holding-SP ADR 0.02% 9,540 $1.4M New
QCOM Qualcomm Inc. 0.02% 8,000 $1.4M No change
GOTU Gaotu Techedu Inc. 0.01% 440,947 $1.0M No change
EH Ehang Holdings Ltd.-SPS ADR 0.01% 76,985 $1.0M Add +22.8%
QFIN Qfin Holdings Inc.-ADR 0.01% 39,081 $753K No change
IMXI International Money Express 0.01% 45,802 $704K No change
CIFR Cipher Digital Inc. 0.01% 47,312 $698K New
TSM Taiwan Semiconductor-SP ADR 0.01% 2,100 $638K Reduce -82.7%
URI United Rentals Inc. 0.01% 652 $528K New
AU Anglogold Ashanti PLC 0.01% 6,122 $522K New
WOW Wideopenwest Inc. 0.00% 40,038 $208K No change

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

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