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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2601234326

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

LU2601234326

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:  16 May 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 Apr 2026.
Carmignac Portfolio Merger Arbitrage Plus - I GBP Hdg Acc
Carmignac Portfolio Merger Arbitrage Plus I GBP Hdg Acc+1.6 %+0.3 %+1.1 %+5.6 %+17.5 %--
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 30/04/2026.

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 Apr 2026.
Fund+1.1+1.7+1.7
Calculation : Weekly basis

Ratio

Data as of:  30 Apr 2026.
Sharpe Ratio +3.3+1.4+1.4
Beta0.00.00.0
Alpha0.00.00.0
Calculation : Weekly basis
Source: Carmignac at 30 Apr 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  30 Apr 2026.
The Investment team

Market Environment

  • April remained marked by elevated volatility across equity and credit markets, in a context dominated by geopolitical uncertainties in the Middle East, rising energy prices and ongoing concerns around certain segments of the Private Credit market.
  • These factors continued to weigh on risk appetite and contributed to increased dispersion across asset classes.
  • In this environment, Carmignac’s Merger Arbitrage strategy continued to demonstrate resilience, supported by its implementation without directional bias to equity or credit markets.
  • During April, the strategy was impacted by specific positions, notably Allied Gold, affected by tensions in Mali, and Subsea, which came under pressure due to regulatory concerns.
  • Conversely, several spreads tightened over the month, particularly Webster and Silicon Laboratories Inc., contributing positively to performance.
  • Makino was a significant source of volatility during the month. The situation was initially affected by the blocking of MBK Partners’ offer by the Japanese government under the Foreign Exchange and Foreign Trade Act, with authorities citing risks related to the leakage of machine tool technologies.
  • Subsequently, Makino announced it was in discussions with Nippon Sangyo Suishin Kiko regarding a potential new offer, the price of which has not yet been disclosed.
  • At the same time, the company reported strong results, providing fundamental support, although uncertainty around the outcome of the transaction continued to drive volatility.
  • In this still uncertain environment, M&A activity, measured by number of deals, was broadly in line with March, with 18 transactions announced, including 14 in North America and 3 above $10bn.

Performance Commentary

  • The Fund delivered a positive performance over the month.
  • The main positive contributors to performance were Makino, Silicon Laboratories and Hologic.
  • The main negative contributors to performance were Allied Gold, Subsea 7 and Skywater Technology.

Outlook and Investment Strategy

  • The Fund’s investment rate stands at around 100%.
  • With 51 positions in the portfolio, diversification remains very strong.
  • 2025 marked a strong rebound in M&A activity, with deal value up 44% and volumes up 12% compared to 2024.
  • The main driver of this recovery has been a more supportive antitrust environment globally: the change in US administration following Trump’s election, the Draghi report in Europe advocating the emergence of national champions to compete globally, a UK regulator increasingly encouraged by policymakers to prioritise economic activity, and the continued opening of the Japanese market to foreign capital.
  • Lower interest rates have also been a key catalyst, enabling the return of private equity funds, which accounted for around 26% of buyers in 2025.
  • Another notable and perhaps most encouraging development has been the return of mega-deals (i.e. above $10bn), with total value in 2025 twice that of 2024. Overall, 2025 was the strongest year for M&A since 2020.
  • Despite a more uncertain environment than at the start of the year, we believe M&A activity should remain robust in the coming quarters, supported in particular by a broadly more favourable antitrust backdrop and still attractive credit conditions for strategic external growth projects.

Articles that may interest you

Strategies insights • 16 April 2026 • English

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

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Strategies insights • 13 April 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q1 2026

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Strategies insights • 20 January 2026 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q4 2025

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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.