Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2585801330

Carmignac Portfolio Merger Arbitrage Plus fund performance

Performance Overview

Data as of:  21 Jun 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 May 2025.
Carmignac Portfolio Merger Arbitrage Plus - I EUR Acc
Carmignac Portfolio Merger Arbitrage Plus I EUR Acc+2.1 %+0.4 %+1.0 %+5.3 %---
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 30/05/2025.

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:  30 May 2025.
Fund+1.9 %-+1.9 %

Calculation : Weekly basis

Ratio

Data as of:  30 May 2025.
Sharpe Ratio +1.2 %-+0.4 %
Beta0.0 %-0.0 %
Alpha0.0 %-0.0 %

Calculation : Weekly basis

Source: Carmignac at 30 May 2025.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  30 May 2025.
The Investment team

Market Environment

• After two turbulent months, May saw a return to calm for the markets and also for merger arbitrage, with most asset classes ending the month in positive territory and the HFRX Merger Arbitrage Index posting a 1.42% gain (in US dollars) over the month.• Overall, merger arbitrage spreads tightened somewhat. Notable examples include the narrowing of Hess ahead of the arbitration between Chevron and Exxon over the Stabroek oil field off the coast of Guyana, and the rise in Covestro, which is making good progress with the various competition authorities. Ansys, still awaiting approval from the Chinese authorities, benefited from the easing of tensions between the US and China. • In addition, just over a dozen transactions were completed, which also contributed to the tightening of spreads. • The notable event of the month was the resumption of M&A activity after a period of uncertainty linked to the trade war launched by the Trump administration. Thirty-two new transactions were announced during the month, compared with only 13 in the previous month. • While activity remains modest in the US, Europe and especially Asia have taken over, accounting for 47% of total new transactions. Japan was particularly active, with not only one significant transaction (the purchase of NTT Data Group by its parent company for $14 billion) but also a large number of smaller deals. • As expected, the fall in interest rates is enabling financial buyers to continue deploying their capital. Private equity groups accounted for nearly 25% of new transactions.

Performance Commentary

• The fund posted a positive performance during the month.• The main contributors to performance were: Spartan Resources, Covestro, Ansys. • The main detractors to performance were: Fortnox, Interpublic Group, Juniper Network.

Outlook and Investment Strategy

• The fund's investment ratio is 105%, up from the previous month.• With 53 positions in the portfolio, diversification remains satisfactory. • 2025 continues to look much more promising than 2024 thanks to a more favourable antitrust environment for M&A activity worldwide: the change of administration in the US following Trump's election, the publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulators in the UK being pushed by politicians to prioritise economic activity, and the Japanese market continuing to open up to foreign capital. • Lower interest rates should also drive M&A activity in the coming quarters. • However, instability linked to the trade war launched by the Trump administration and geopolitical tensions are slowing the recovery, which is less robust than we had hoped.

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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.