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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2585801330

Carmignac Portfolio Merger Arbitrage Plus fund performance

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

Data as of:  12 Nov 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 Oct 2026.
Carmignac Portfolio Merger Arbitrage Plus - I EUR Acc
Carmignac Portfolio Merger Arbitrage Plus I EUR Acc+2.3%+0.2%+0.9%+3.0%+11.7%--
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 30/10/2026.

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:  30 Oct 2026.
Fund+1.2+1.6+1.7
Calculation : Weekly basis

Ratio

Data as of:  30 Oct 2026.
Sharpe Ratio +0.7+0.6+0.6
Beta+0.0+0.0+0.0
Alpha (annualised)---
Calculation : Weekly basis
Source: Carmignac at 30 Oct 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  30 Oct 2026.
The Investment team

Market Environment

  • During October, merger arbitrage spreads widened slightly. Volatility increased modestly but remained at relatively low levels.
  • The overall widening of spreads was partly driven by movements in smaller, already higher-risk transactions, such as Peet in Australia, where the acquirer confirmed that it had itself received takeover interest, and International Money Express and Brighthouse Financial in the US, where increased regulatory scrutiny raised the risk of deal failure.
  • Conversely, spreads tightened on several larger transactions, including Delivery Hero, Subsea 7, Allfunds, following the filing of its antitrust application with the European Commission, and Norfolk Southern in the US.
  • The month also saw two failed transactions in the long-running consolidation of the Italian banking sector, involving Banco BPM and Mediobanca Banca di Credito Finanziario. On a more positive note, Synaptics benefited from improved offer terms, with the acquirer raising its bid by more than 13%.
  • Following a particularly subdued September, M&A activity returned to more normal levels, with 25 new transactions announced for a total value of $153bn.
  • October was marked by the return of mega-deals, notably Schneider Electric’s $24bn acquisition of PTC in the US, the $19bn combination of Canadian Utilities and Emera in Canada’s energy sector, and the $15bn leveraged buyout of ADT in the US.
  • Unlike the previous month, the vast majority of transactions were announced in the US.

Performance Commentary

  • The Fund posted a positive performance over the month.
  • The main positive contributors to performance were LiveRamp, Subsea 7 and Allfunds.
  • The main negative contributors to performance were Mediobanca, Peet and Caesars Entertainment.

Outlook and Investment Strategy

  • The Fund’s investment rate stands at around 95%.
  • With 56 positions in the portfolio, diversification remains very strong.
  • Despite volatility across capital markets, the first half of 2026 marked a strong recovery in the M&A cycle, with global deal value increasing by 30% compared to the same period last year, reaching a total of $2.6tn according to Bloomberg.
  • Companies continue to pursue inorganic growth opportunities, supported by a more flexible regulatory environment and the search for critical scale in the age of artificial intelligence. Strong corporate earnings and cross-border transactions are also contributing to this momentum.

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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.