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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Luxembourg SICAV sub-fundGlobal marketArticle 8
Share Class

LU2585801173

An active absolute return strategy focusing on merger arbitrage opportunities
  • An active merger arbitrage strategy that aims to provide positive absolute returns, with limited correlation to equity markets.
  • An alternative strategy focusing on officially announced M&A deals in the developed markets.
  • Strategy offering positive correlation with interest rates.
Key documents
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 13.2 %
-
-
+ 11.3 %
+ 2.3 %
From 14/04/2023
To 07/09/2026
Calendar Year Performance 2025
-
-
-
-
-
-
-
+ 3.1 %
+ 3.6 %
+ 4.5 %
Net Asset Value
€113.18
Asset Under Management
268 M €
Net Equity Exposure31/08/2026
84.4%
SFDR - Fund Classification

Article

8
Data as of:  7 Sep 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Alternative strategiesCarmignac Portfolio Merger Arbitrage Plus
Alternative strategiesCarmignac Portfolio Merger Arbitrage Plus
Share Class

LU2585801173

Overview

Characteristics & Risks

Performance

Portfolio

Documents

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
The advantage of Merger Arbitrage strategy is that it carries virtually no market risk. The only associated risk is that of a deal failure. That is why our approach is very cautious on two levels: we’re very selective in choosing the deals and we aim to maintain a highly diversified portfolio.

Stéphane DIEUDONNÉ

Fund Manager
Source and Copyright: Citywire. Stéphane DIEUDONNÉ is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 May 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

Carmignac Portfolio Merger Arbitrage Plus fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  31 Aug 2026.
Fund management team

Market environment

  • August was ultimately a relatively calm month for the Merger Arbitrage strategy, with no major developments regarding ongoing transactions.
  • Overall, spreads tightened. Around twenty transactions closed during the month, including some of the largest deals such as Electronic Arts, AvalonBay Communities and Webster Financial. Capital was therefore redeployed into ongoing transactions still offering attractive returns.
  • There was limited deal-specific news during the month. However, Warner Bros saw a return of more positive sentiment, as the market began to anticipate a negotiated settlement between the parties, leading to a rebound of nearly 10% in the share price over the month.
  • Also worth noting was the failure of the proposed merger in the US chemicals sector between Element Solutions and Solstice Advanced Materials, following pressure from shareholders.
  • M&A activity remained robust, at a pace similar to the previous month, with 24 new transactions announced for a total value of nearly €110bn.
  • For the first time in a long period, the five largest transactions of the month were European, mainly in the UK real estate sector and the Italian banking sector.

Performance commentary

  • The Fund posted a positive performance over the month.
  • The main positive contributors to performance were Warner Bros Discovery, Makino Milling Machine and Crinetics Pharmaceuticals.
  • The main negative contributors to performance were Allfunds and Element Solutions Inc.

Outlook strategy

  • The Fund’s investment rate stands at around 105%.
  • With 60 positions in the portfolio, diversification remains very strong.
  • Despite the volatility observed across capital markets, the first half of 2026 marked a solid recovery in the M&A cycle, with deal value up 30% compared to the same period last year, reaching a total of $2.6tn according to Bloomberg.
  • Companies continue to pursue external growth projects: a more flexible approach from regulators and the search for critical scale in the age of artificial intelligence are supporting M&A activity. Strong corporate earnings and cross-border transactions are also contributing to this momentum.

Performance Overview

Data as of:  7 Sep 2026.
View Performance in detail
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
​Morningstar Rating™ :  © YYYY Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Source: Carmignac at 08/09/2026

Carmignac Portfolio Merger Arbitrage Plus Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Aug 2026.
North America47.2%
Europe ex-EUR26.8%
Others5.5%
Europe EUR4.9%
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Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.

Exposure Data

Data as of:  31 Aug 2026.
Net Equity Exposure84.4%
Number of long strategies60
Merger arbitrage exposure104.7%
Cash and other23.3%
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Articles that may interest you

Strategies insights • 14 July 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q2 2026

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3 years of resilience: Capturing opportunities in a new M&A cycle

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Strategies insights • 13 April 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q1 2026

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All analysis
View characteristics and risks
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.