Alternative strategies
Carmignac Portfolio Merger Arbitrage Plus
Luxembourg SICAV sub-fundGlobal marketArticle 8Share Class
LU2585801256
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
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 9.5 %
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+ 4.3 %
To 06/11/2025
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
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+ 2.8 %
+ 3.1 %
Net Asset Value
109.47 €
Asset Under Management
234 M €
Net Equity Exposure30/09/2025
91.7 %
SFDR - Fund Classification
Article
8
Data as of: 6 Nov 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
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 Oct 2025.Fund management team
Performance commentary
- The fund posted a performance of 0.13% over the month.
- The main positive contributors to the performance: Grupo Catalana Occidente, Andlauer Healthcare and Covestro.
- The main negative contributors to the performance: TaskUS, BredBand2 and Tegna.
Outlook strategy
- The fund’s investment rate stands at 116%, up from the previous month, driven by strong M&A activity.
- With 57 positions in the portfolio, diversification remains satisfactory. The increase in the investment rate is therefore accompanied by only a marginal rise in overall portfolio risk.
- 2025 marks a real rebound in M&A activity, thanks in particular to a more favorable antitrust environment, and this at a global level: change of administration in the US following the election of Trump, publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulator in the United Kingdom pushed by the political class to prioritize economic activity, Japanese market which continues to open up to foreign capital.
- The decline in rates is also an important driver of the recovery in M&A transactions.
- While the instability linked to the tariff war launched by the Trump administration and geopolitical tensions has slowed down the recovery of activity, which was less strong than hoped in the first half, the importance of announcements in Q3 and the multiplication of situations of bidding wars allow us to be very optimistic for the second half.
Performance Overview
Data as of: 6 Nov 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 08/11/2025
Carmignac Portfolio Merger Arbitrage Plus Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2025.| North America | 39.0 % |
| Europe ex-EUR | 23.3 % |
| Europe EUR | 17.1 % |
| Others | 12.3 % |
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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: 30 Sep 2025.Net Equity Exposure91.7 %
Number of long strategies63
Merger arbitrage exposure117.3 %
Cash and other11.7 %
To Access the weekly view
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.
Articles that may interest you
Strategies insights • 27 August 2025 • English
Bumps are back, terminations low: Stars align for Merger Arbitrage
3 minute(s) read
Strategies insights • 14 April 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
Strategies insights • 17 January 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
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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