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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2585801173

Alternative strategiesCarmignac Portfolio Merger Arbitrage Plus
Alternative strategiesCarmignac Portfolio Merger Arbitrage Plus
Share Class

LU2585801173

Overview

Characteristics & Risks

Performance

Portfolio

Documents

Carmignac Portfolio Merger Arbitrage Plus fund performance

Fund performance vs. reference indicator (basis 100 - net of fees)

Data as of:  7 Mar 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  27 Feb 2026.
Carmignac Portfolio Merger Arbitrage Plus - F EUR Acc
Carmignac Portfolio Merger Arbitrage Plus F EUR Acc+0.6 %+0.3 %+0.9 %+4.0 %---
Category Average-------
Ranking (quartile)-------
?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™ :  © 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 27/02/2026.

Statistics (%)

These measures are used to assess a Fund's risk-adjusted performance. A well-performing Fund should ideally have a solid return (measured by the Sharpe ratio and alpha) relative to its risk (measured by volatility), while being well aligned with market expectations (measured by beta relative to the reference indicator).

Volatility

Data as of:  27 Feb 2026.
Fund+1.3-+1.7
Calculation : Weekly basis

Ratio

Data as of:  27 Feb 2026.
Sharpe Ratio +1.5-+0.6
Beta0.0-0.0
Alpha0.0-0.0
Calculation : Weekly basis
Source: Carmignac at 27 Feb 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  27 Feb 2026.
The Investment team

Market Environment

  • In equity and credit markets, February was marked by investor concerns about the impact of AI on certain sectors, particularly Technology. Software companies were especially affected, with sector indices declining by around 15% over the month.
  • The Merger Arbitrage strategy was indirectly impacted by this market downturn. Technical de-risking was observed across several ongoing transactions, notably Electronic Arts, Clearwater Analytics and Cantaloupe.
  • While these market moves do not call into question the completion of these transactions, they nevertheless increase downside risk in the event of deal failure, prompting market participants to reduce positions.
  • Around fifteen transactions reached completion during the month, including several sizeable deals such as CyberArk Software ($24bn), Dayforce ($11bn) and Comerica ($11bn).
  • The tightening of spreads, followed by capital redeployment, contributed positively to the strategy’s performance over the month.
  • M&A activity remained robust, with 29 new transactions announced for a total value of €121bn.
  • Finally, as we had anticipated, these market conditions proved favourable for the return of bidding wars.
  • Three notable examples stood out during the month: Paramount’s improved $31 offer for Warner Bros Discovery; the takeover battle for Janus Henderson between Trian and Victory; and the improved offer terms for International Personal Finance by Basepoint Capital.

Performance Commentary

  • The fund delivered a positive performance over the month.
  • The main positive contributors to performance were Janus Henderson, Tegna, and Toyota Industries.
  • The main detractors from performance were Cantaloupe, Norfolk Southern, and Clearwater Analytics.

Outlook and Investment Strategy

  • The fund’s investment rate stands at 118%.
  • With 55 positions in the portfolio, diversification remains very strong.
  • 2025 marked a genuine rebound in M&A activity, with deal value up 44% and the number of transactions increasing by 12% compared with 2024.
  • The primary driver of this renewed cycle has been a more favourable antitrust environment globally: the change in U.S. administration following Trump’s election; the publication of the Draghi report in Europe recommending the emergence of national champions to compete globally; U.K. regulators being encouraged by policymakers to prioritise economic activity; and the Japanese market continuing to open to foreign capital.
  • Lower interest rates have also been a key catalyst for the recovery in M&A activity, enabling the return of private equity funds, which accounted for around 26% of buyers in 2025.
  • Another notable and perhaps the most encouraging development has been the return of mega-deals (i.e. transactions exceeding $10bn), with cumulative deal value in 2025 twice that observed in 2024.
  • Overall, 2025 was the strongest year for M&A activity since 2020.
  • We believe these favourable tailwinds should continue to support M&A activity in the coming quarters, making us highly optimistic about our strategy in 2026.

Articles that may interest you

Strategies insights • 20 January 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q4 2025

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Strategies insights • 27 August 2025 • English

Bumps are back, terminations low: Stars align for Merger Arbitrage

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Strategies insights • 14 April 2025 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers

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All analysis
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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.