Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2585801330

Risk Indicator

3 / 7

Recommended Minimum Investment Horizon

3 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 14/04/2023 To 21/10/2026

+ 14.3 %

-

+ 11.5 %

+ 2.9 %

Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025

-

+ 3.2 %

+ 3.7 %

+ 4.6 %

Net Asset Value

€114.27

Asset Under Management

259 M €

Net Equity Exposure30/09/2026

87.8%

SFDR - Fund Classification

Article 8

Data as of: 21 Oct 2026.

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.

The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Alternative strategiesCarmignac Portfolio Merger Arbitrage Plus

Carmignac Portfolio Merger Arbitrage Plus fund performance

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

Data as of: 23 Oct 2026.

Calendar Year Performance (as %)

Data as of: 30 Sep 2026.

Carmignac Portfolio Merger Arbitrage Plus - I EUR Acc


Carmignac Portfolio Merger Arbitrage Plus I EUR Acc	+2.0%	+0.4%	+0.4%	+2.9%	+11.8%	-	-
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 30/09/2026.

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 Sep 2026.


Fund	+0.9	+1.6	+1.7

Calculation : Weekly basis

Ratio

Data as of: 30 Sep 2026.


Sharpe Ratio	+0.9	+0.6	+0.6
Beta	+0.0	+0.0	+0.0
Alpha (annualised)	-	-	-

Calculation : Weekly basis

Source: Carmignac at 30 Sep 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of: 30 Sep 2026.

The Investment team

Fabienne CRETIN-FUMERON

Fund Manager

Stéphane DIEUDONNÉ

Fund Manager

Market Environment

Overall, spreads tightened over the month, with a notable move in larger transactions. The strategy’s volatility remained close to the previous month’s level.
The tightening in larger transactions was mainly driven by Warner Bros Discovery and Allfunds. The spread on Warner Bros Discovery narrowed significantly following the announcement of a settlement agreement between the acquirer, Paramount, and the US states that had initially opposed the transaction.
Allfunds also benefited from good progress in the antitrust review process.
Among the positive factors, we also note the 3% improvement in Poste Italiane’s offer terms for Telecom Italia. Conversely, Peet’s share price declined after its acquirer, Ingenia, received an offer from Warburg, creating uncertainty around the Peet acquisition.
M&A activity slowed in September, with only 16 deals announced, down 40% compared to the previous month, for a total value of $21bn.
It is not unusual to see some slowdown in deal flow during periods of rising rates. Acquirers need to adjust their financing terms to the new rate environment, while sellers need to revise their price expectations lower.

Performance Commentary

The Fund posted a positive performance over the month.
The main positive contributors to performance were Warner Bros Discovery, Allfunds and Telecom Italia.
The main negative contributors to performance were Peet, Norfolk Southern and Subsea.

Outlook and Investment Strategy

The Fund’s investment rate stands at around 108%.
With 62 positions in the portfolio, diversification remains very strong.
Despite the volatility observed across capital markets, the first half of 2026 marked a solid recovery in the M&A cycle, with deal value up 30% compared to the same period last year, reaching a total of $2.6tn according to Bloomberg.
Companies continue to pursue inorganic growth projects: a more flexible approach from regulators and the search for critical scale in the age of artificial intelligence are supporting M&A activity. Strong corporate earnings and cross-border transactions are also contributing to this momentum.

Articles that may interest you

Strategies insights • 14 October 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q3 2026

2 minute(s) read

Strategies insights • 14 July 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q2 2026

2 minute(s) read

Strategies insights • 16 April 2026 • English

3 years of resilience: Capturing opportunities in a new M&A cycle

2 minute(s) read

All analysis

Did you enjoy the fund page?

View characteristics and risks View portfolio

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.