Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2601234326

Risk Indicator

4 / 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 09/11/2025 To 09/11/2025

+ 14.4 %

-

+ 6.4 %

Calendar Year Performance 2015Calendar 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 2024

-

+ 3.9 %

+ 4.6 %

Net Asset Value

114.37 £

Asset Under Management

231 M €

Net Equity Exposure30/09/2025

91.7 %

SFDR - Fund Classification

Article 8

Data as of: 9 Nov 2025.

Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

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: 9 Nov 2025.

Calendar Year Performance (as %)

Data as of: 12 Sep 2025.

Carmignac Portfolio Merger Arbitrage Plus - F GBP Hdg Acc


Carmignac Portfolio Merger Arbitrage Plus F GBP Hdg Acc	+4.8 %	+0.2 %	+1.7 %	+6.2 %	-	-	-
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 12/09/2025.

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 Sep 2025.


Fund	0.0 %	-	0.0 %

Calculation : Weekly basis

Ratio

Data as of: 30 Sep 2025.


Sharpe Ratio	0.0 %	-	0.0 %
Beta	0.0 %	-	0.0 %
Alpha	0.0 %	-	0.0 %

Calculation : Weekly basis

Source: Carmignac at 30 Sep 2025.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of: 31 Oct 2025.

The Investment team

Fabienne Cretin-Fumeron

Fund Manager

Stéphane Dieudonné

Fund Manager

Market Environment

After a somewhat turbulent previous month, most spreads are regaining stability. In particular, Covestro, which had widened due to Europe’s delay in approving the transaction, is now stabilizing around its initial levels.
22 transactions reached maturity during the month, contributing to the tightening of most spreads.
A few pleasant surprises are worth noting, with two price improvements: one for Bavarian Nordic, rising from 233 to 250 DKK, and another for Grupo Catalana Occidente, increasing from 49 to 49.75 EUR.
Two deal failures occurred this month, both due to shareholder opposition: in Spain, the acquisition of Banco de Sabadell by BBVA, and in the United States, Blackstone’s LBO of TaskUS.
The highlight of the month is the continued rebound in M&A activity, with 31 new transactions announced, totalling over $100 billion.
The United States accounts for nearly 75% of the volume, with several large-scale deals: Hologic ($15B), Comerica and Qorvo ($9B each), and Avidity Biosciences ($8B). In Asia, a notable transaction is HSBC’s acquisition of minority shareholders in Hang Seng Bank, valued at $12B.

Performance Commentary

The fund posted a performance of 0.13% over the month.
The main positive contributors to the performance: Grupo Catalana Occidente, Andlauer Healthcare and Covestro.
The main negative contributors to the performance: TaskUS, BredBand2 and Tegna.

Outlook and Investment Strategy

The fund’s investment rate stands at 116%, up from the previous month, driven by strong M&A activity.
With 57 positions in the portfolio, diversification remains satisfactory. The increase in the investment rate is therefore accompanied by only a marginal rise in overall portfolio risk.
2025 marks a real rebound in M&A activity, thanks in particular to a more favorable antitrust environment, and this at a global level: change of administration in the US following the election of Trump, publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulator in the United Kingdom pushed by the political class to prioritize economic activity, Japanese market which continues to open up to foreign capital.
The decline in rates is also an important driver of the recovery in M&A transactions.
While the instability linked to the tariff war launched by the Trump administration and geopolitical tensions has slowed down the recovery of activity, which was less strong than hoped in the first half, the importance of announcements in Q3 and the multiplication of situations of bidding wars allow us to be very optimistic for the second half.

Articles that may interest you

Strategies insights • 27 August 2025 • English

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

3 minute(s) read

Strategies insights • 14 April 2025 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers

3 minute(s) read

Strategies insights • 17 January 2025 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers

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.