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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:  10 Apr 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  31 Mar 2026.
Carmignac Portfolio Merger Arbitrage Plus - I GBP Hdg Acc
Carmignac Portfolio Merger Arbitrage Plus I GBP Hdg Acc+1.3 %+0.4 %+1.3 %+6.1 %---
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 31/03/2026.

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:  31 Mar 2026.
Fund+1.9-+1.7
Calculation : Weekly basis

Ratio

Data as of:  31 Mar 2026.
Sharpe Ratio +2.1-+1.4
Beta0.0-0.0
Alpha0.0-0.0
Calculation : Weekly basis
Source: Carmignac at 31 Mar 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of:  31 Mar 2026.
The Investment team

Market Environment

  • March was marked by a notable decline in both equity and credit markets. The main drivers were concerns around the private credit market and geopolitical tensions in the Middle East.
  • The Merger Arbitrage strategy, when implemented without directional equity or credit bias as we do at Carmignac, demonstrated its resilience in these particularly volatile market conditions.
  • More specifically, some merger arbitrage spreads (Norfolk Southern, Warner Bros Discovery and Webster Financial) widened slightly at the beginning of the month, mainly for technical liquidity reasons.
  • However, in the second half of the month, spreads tightened broadly as several significant transactions reached completion (Onestream, Exact Sciences, Tegna).
  • In this objectively more uncertain environment, M&A activity measured by the number of transactions declined in March compared to the previous month, with 18 new deals announced versus 29 in February.
  • That said, total deal value increased, reaching €145bn compared with €121bn in the previous month. Notably, several large transactions were announced in Europe, including Commerzbank (€27bn), Telecom Italia (€18bn) and Beazley (€9bn).
  • The takeover battle for Janus Henderson likely reached its conclusion with the improved offer from Trian ($52 vs $49 per share initially) and the withdrawal of Victory Capital.
  • Finally, it is worth noting the failure of a small U.S. transaction, the acquisition of Lensar by Alcon, due to antitrust pressure.

Performance Commentary

  • The fund delivered a positive performance over the month.
  • The main contributors to performance were Cantaloupe, Electronic Arts, and Exact Sciences.
  • The main negative contributors to performance were Norfolk Southern, Warner Bros. Discovery, and Chart Industries.

Outlook and Investment Strategy

  • The fund’s investment rate stands at 112%.
  • With 55 positions in the portfolio, diversification remains very strong.
  • 2025 marked a genuine rebound in M&A activity, with deal value up 44% and the number of transactions increasing by 12% compared with 2024.
  • The primary driver of this renewed cycle has been a more favourable antitrust environment globally: the change in U.S. administration following Trump’s election; the publication of the Draghi report in Europe recommending the emergence of national champions to compete globally; U.K. regulators being encouraged by policymakers to prioritise economic activity; and the Japanese market continuing to open up to foreign capital.
  • Lower interest rates have also been a key catalyst for 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 the most encouraging development has been the return of mega-deals (transactions exceeding $10bn). Their cumulative value in 2025 was twice that observed in 2024, and the momentum has remained strong this year.
  • 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 by a more favourable global antitrust backdrop and still attractive credit conditions for strategic growth transactions.

Articles that may interest you

Strategies insights • 20 January 2026 • English

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

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Strategies insights • 27 August 2025 • English

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

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Strategies insights • 14 April 2025 • English

Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers

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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.