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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:  6 Jun 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  29 May 2026.
Carmignac Portfolio Merger Arbitrage Plus - I GBP Hdg Acc
Carmignac Portfolio Merger Arbitrage Plus I GBP Hdg Acc+1.5%-+0.7%+5.0%+18.2%--
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). 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 29/05/2026.

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:  29 May 2026.
Fund+1.3+1.7+1.7
Calculation : Weekly basis

Ratio

Data as of:  29 May 2026.
Sharpe Ratio +2.4+1.7+1.3
Beta+0.0+0.0+0.0
Alpha+0.0+0.0+0.0
Calculation : Weekly basis
Source: Carmignac at 29 May 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  29 May 2026.
The Investment team

Market Environment

  • The month remained marked by some volatility across equity and credit markets, in a context dominated by geopolitical uncertainties in the Middle East and rising energy prices.
  • Against this backdrop, the Merger Arbitrage strategy remained broadly directionless, albeit with some turbulence beneath the surface.
  • Certain spreads remained under pressure. For example, although the transaction has received most antitrust approvals, Allied Gold remained highly volatile pending clearance from the Chinese authorities.
  • The approval process for the Norfolk Southern / Union Pacific merger faced further delays, leading to another widening of the spread.
  • Finally, other transactions such as ProAssurance, International Money Express and Webster Financial experienced profit-taking without any fundamental reason.
  • Conversely, other situations performed well, including Makino Milling Machine, supported by solid fundamentals, as well as Cantaloupe and American Woodmark, which had been under pressure in previous months.
  • M&A activity, measured by number of transactions, was broadly in line with April, with 19 deals announced, including 14 in North America. In value terms, activity was mainly driven by a few large transactions: Dominion Energy ($102bn), eBay (a $45bn hostile offer) and Caesars Entertainment ($27bn).

Performance Commentary

  • The Fund posted a slightly negative performance over the month.
  • The main positive contributors to performance were Makino Milling Machine, Subsea 7 and Cantaloupe.
  • The main negative contributors to performance were Allied Gold, Norfolk Southern and ProAssurance.

Outlook and Investment Strategy

  • The Fund’s investment rate stands at 100%.
  • With 50 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.

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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.