As a long-term investor, we engage in regular dialogue with the companies in which we invest to encourage them to improve their practices for taking environmental, social and governance (ESG) criteria into account. Find out how our active approach to stewardship was borne out in Q3 2025.
*This data refers to the number of meetings where Carmignac took a vote position against the recommendation of the board. In practice, this refers to votes cast against management-led resolutions and, in most cases, votes cast for shareholder-led resolutions (unless the shareholder-led resolution is supported by management).
Carmignac is committed to aligning its dialogue strategy with five types of engagement: engagement on ESG ratings, thematic engagement, general information engagement, engagement on controversial behaviour, and engagement on proxy voting decisions.
Q3 2025 Engagement activity
In Q3 2025, we initiated dialogue with investee companies 21 times and across four types of engagement. No ESG rating engagement was undertaken in Q3 2025.
Our engagements cover a full spectrum of environmental, social and governance topics. Engagements may be relevant to more than one category at the same time. The proportion of our engagements which had environmental, social and governance relevance in Q3 2025 was as follows.
Q3 2025 Engagement Topics
We engaged with our investee companies in a variety of ways, including direct engagement and as part of a group.
Q3 2025 Engagement Method
In Q3 2025, Carmignac voted against the management of our investee companies at least once at 34% of meetings voted.
Meetings voted for/against management
Find out how we specifically engaged with one of our investee companies in Q3 2025.
LVMH
Sector: Consumer Discretionary
Region: France
The company is an equity and fixed income holding in our funds1.
1As of 30th September 2025: Carmignac Absolute Return Europe, Carmignac Portfolio Evolution, Carmignac Patrimoine, Carmignac Multi Expertise, Carmignac Sécurité, Carmignac Portfolio Absolute Return Europe, Carmignac Portfolio Patrimoine, Carmignac Portfolio Sécurité.
2Italy: LVMH-owned Loro Piana under judicial administration for subcontracting production to suppliers allegedly exploiting workers - Business & Human Rights Resource Centre.
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CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.
CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549.