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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:  11 Jul 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 Jun 2026.
Carmignac Portfolio Merger Arbitrage Plus - I GBP Hdg Acc
Carmignac Portfolio Merger Arbitrage Plus I GBP Hdg Acc+2.2%+0.6%+0.9%+4.9%+18.4%--
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 30/06/2026.

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 Jun 2026.
Fund+1.2+1.7+1.7
Calculation : Weekly basis

Ratio

Data as of:  30 Jun 2026.
Sharpe Ratio +2.5+1.7+1.3
Beta+0.0+0.0+0.0
Alpha+0.0+0.0+0.0
Calculation : Weekly basis
Source: Carmignac at 30 Jun 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  30 Jun 2026.
The Investment team

Market Environment

  • Equity and credit markets remained under pressure this month, against a backdrop of heightened geopolitical tensions.
  • In this environment, the Merger Arbitrage strategy managed to deliver a slightly positive performance despite significant dispersion across spreads.
  • Certain spreads remained under pressure. For example, Allied Gold remained volatile pending approval from the Chinese authorities.
  • Warner Bros can also be mentioned, as its antitrust review appears to be progressing in Europe, while the deal remains exposed to potential litigation from the states of California and New York.
  • Conversely, other situations performed well. Makino Milling Machine received a new offer from a Japanese company at a price significantly above the initial bid. The antitrust process for the acquisition of Subsea 7 is progressing in line with expectations.
  • M&A activity, which had appeared to slow somewhat in recent months, picked up again with 25 new transactions announced for a total value of $138bn. Notable US transactions included Roku/Fox for $19bn in the communication sector and Bio-Techne/Merck for $10bn in the healthcare sector.

Performance Commentary

  • The Fund posted a positive performance over the month.
  • The main positive contributors to performance were Makino Milling Machine, Webster Financial and Intertek.
  • The main negative contributors to performance were Allied Gold, TXNM Energy and Warner Bros.

Outlook and Investment Strategy

  • The Fund’s investment rate stands at around 104%.
  • With 54 positions in the portfolio, diversification remains very strong.
  • 2025 marked a strong rebound in M&A activity, with deal value up 44% and the number of transactions up 12% compared to 2024.
  • The main driver of this cycle recovery has been a more favourable antitrust environment globally: the change in US administration following Trump’s election, the publication of the Draghi report in Europe recommending 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 an important driver of the recovery in M&A activity, 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. transactions above $10bn, whose cumulative value in 2025 was twice the level observed in 2024. Overall, 2025 was the strongest year for M&A since 2020.
  • Despite volatility 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 external 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 • 16 April 2026 • English

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

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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.