Carmignac Portfolio Merger Arbitrage Plus

Share Class

LU2601234326

Risk Indicator

3 / 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 14/04/2023 To 06/08/2026

+ 18.2 %

-

+ 17.7 %

+ 3.8 %

Calendar 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 2024Calendar Year Performance 2025

-

+ 3.9 %

+ 4.6 %

+ 6.2 %

Net Asset Value

£118.18

Asset Under Management

267 M €

Net Equity Exposure30/06/2026

84.8%

SFDR - Fund Classification

Article 8

Data as of: 6 Aug 2026.

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.

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 Aug 2026.

Calendar Year Performance (as %)

Data as of: 31 Jul 2026.

Carmignac Portfolio Merger Arbitrage Plus - I GBP Hdg Acc


Carmignac Portfolio Merger Arbitrage Plus I GBP Hdg Acc	+2.0%	−0.2%	+0.4%	+3.6%	+17.6%	-	-
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 31/07/2026.

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 Jul 2026.


Fund	+1.2	+1.7	+1.7

Calculation : Weekly basis

Ratio

Data as of: 31 Jul 2026.


Sharpe Ratio	+1.2	+1.4	+1.3
Beta	+0.0	+0.0	+0.0
Alpha	+0.0	+0.0	+0.0

Calculation : Weekly basis

Source: Carmignac at 31 Jul 2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Merger Arbitrage Plus Monthly comments

Data as of: 31 Jul 2026.

The Investment team

Fabienne CRETIN-FUMERON

Fund Manager

Stéphane DIEUDONNÉ

Fund Manager

Market Environment

Equity and credit markets remained under pressure in July, against a backdrop of geopolitical tensions.
In this environment, the Merger Arbitrage strategy remained resilient despite significant dispersion across spreads.
Allied Gold remained volatile as the 29 July deadline approached, amid persistent uncertainty around the receipt of the Chinese regulatory approvals required to complete its acquisition by Zijin Gold.
Anticipating the risk surrounding this deadline, we had sold 50% of our position during the month. Following the announcement on 29 July of the termination of the acquisition agreement, we sold the remaining position.
Warner Bros. Discovery also declined over the month, penalised by uncertainty around the antitrust litigation relating to its acquisition by Paramount Skydance.
A coalition of twelve US states initiated proceedings seeking to block the transaction, leading the parties to postpone completion until 1 June 2027, or until the litigation is resolved if that occurs earlier.
Conversely, other situations performed well, notably Kakaku.com, which is the subject of a bidding war between Bain Capital and EQT.
M&A activity confirmed its strong comeback in July, with 26 new transactions announced.
In addition to the structural simplification transactions announced by Brookfield, July also marked the return of European deals, notably Uber’s acquisition of Delivery Hero for a total value of €10bn.

Performance Commentary

The Fund posted a negative performance over the month.
The main contributors to performance were: International Personal Finance, Kakaku.com and Bio-Techne.
The main detractors from performance were: Allied Gold, International Money Express and Makino Milling.

Outlook and Investment Strategy

The Fund’s investment rate stands at around 110%.
With more than 60 positions in the portfolio, diversification remains very strong.
Despite the volatility observed 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.

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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.