Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment
• Thirty-three new transactions were announced in August, up 27% from last year, for a total of $92 billion.
• With $30 billion, Europe is proving to be one of the main drivers of the recovery in M&A activity. One example is the $23 billion acquisition of Dutch coffee and tea producer JDE Peet's by US company Keurig Dr Pepper.
• Against a backdrop of continuing low interest rates, private equity funds are continuing to grow in strength, with 30% of announced transactions being LBOs. An example is Thoma Bravo's $11 billion acquisition of Dayforce in the United States.
• During the month, there was a general tightening of merger arbitrage spreads, supported by the redeployment of capital after a month of July marked by the completion of 34 transactions totalling approximately $190 billion.