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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2585801330

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

LU2585801330

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:  15 Jan 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  31 Dec 2025.
Carmignac Portfolio Merger Arbitrage Plus - I EUR Acc
Carmignac Portfolio Merger Arbitrage Plus I EUR Acc+4.6 %+0.2 %+0.9 %+4.6 %---
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).
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 31/12/2025.

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:  31 Dec 2025.
Fund+1.7-+1.8
Calculation : Weekly basis

Ratio

Data as of:  31 Dec 2025.
Sharpe Ratio +1.4-+0.6
Beta0.0-0.0
Alpha0.0-0.0
Calculation : Weekly basis
Source: Carmignac at 31 Dec 2025.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  31 Dec 2025.
The Investment team

Market Environment

  • As usual, December was relatively quiet for the Merger Arbitrage strategy.
  • A large number of transactions, 28 in total reached completion, resulting in a natural compression of spreads.
  • The main event of the month was the new big-budget “Netflix series”: the stock-market battle for the acquisition of Warner Bros for nearly $100bn, featuring Netflix’s friendly offer on one side and, as a guest star, Paramount’s hostile bid on the other. A complex situation with multiple dimensions — political, competitive, and financial.
  • Including Paramount’s new bid for Warner, M&A activity remained very strong in December, with 20 new transactions announced for a total value of $129bn. Other announced deals were of more modest size, including Confluent ($9bn), Clearwater Analytics ($7bn), and Janus Henderson ($5bn). The bulk of the growth continued to be driven by the U.S.
  • It was also a very strong month for private equity groups, which accounted for nearly 30% of buyers.
  • Lastly, it is worth noting the failure of a small U.S. transaction, the acquisition of Cross Country Healthcare by Aya Healthcare for $600m, due to difficulties in securing antitrust approvals.

Performance Commentary

  • The fund delivered a positive performance over the month.
  • The main positive contributors to performance were Bredband2 Skandinavien, Frontier Communications, and Kenvue.
  • The main negative contributors to performance were CSG Systems, Norfolk Southern, and American Woodmark.

Outlook and Investment Strategy

  • Following the completion of a large number of transactions in December, the fund’s investment rate stands at 107%, down from the previous month.
  • With 60 positions in the portfolio, diversification remains satisfactory; the increase in the investment rate therefore results in only a marginal rise in the fund’s overall risk profile.
  • 2025 marked a genuine rebound in M&A activity, with deal value up 44% and the number of transactions up 12% compared with 2024.
  • The primary driver of this renewed cycle has been a more favorable antitrust environment globally: the change in U.S. administration following Trump’s election; the publication of the Draghi report in Europe, which advocates the emergence of national champions to compete globally; U.K. regulators being encouraged by policymakers to prioritize economic activity; and the continued opening of the Japanese market 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 total deal value in 2025 more than double that recorded in 2024.
  • Overall, 2025 was the strongest year for M&A activity since 2020.
  • We believe these favorable tailwinds should continue to support M&A activity over the coming quarters, making us highly optimistic about the outlook for our strategy in 2026.

Articles that may interest you

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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Strategies insights • 17 January 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.