Share Class
LU2601234086
An active absolute return strategy focusing on merger arbitrage opportunities
- An active merger arbitrage strategy that aims to provide positive absolute returns, with limited correlation to equity markets.
- An alternative strategy focusing on officially announced M&A deals in the developed markets.
- Strategy offering positive correlation with interest rates.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 20,0 %
-
-
+ 16,3 %
+ 4,3 %
To 22/10/2026
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
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-
-
-
-
-
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+ 4,2 %
+ 4,8 %
+ 6,5 %
Net Asset Value
120,02 $US
Asset Under Management
259 M €
Net Equity Exposure30/09/2026
87,8%
SFDR - Fund Classification
Article
8
Data as of: Oct 22, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
The advantage of Merger Arbitrage strategy is that it carries virtually no market risk. The only associated risk is that of a deal failure. That is why our approach is very cautious on two levels: we’re very selective in choosing the deals and we aim to maintain a highly diversified portfolio.
Carmignac Portfolio Merger Arbitrage Plus fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: Sep 30, 2026.Fund management team
Performance commentary
- The Fund posted a positive performance over the month.
- The main positive contributors to performance were Warner Bros Discovery, Allfunds and Telecom Italia.
- The main negative contributors to performance were Peet, Norfolk Southern and Subsea.
Outlook strategy
- The Fund’s investment rate stands at around 108%.
- With 62 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 inorganic 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.
Performance Overview
Data as of: Oct 22, 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.
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 23/10/2026
Carmignac Portfolio Merger Arbitrage Plus Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2026.| North America | 45,5% |
| Europe ex-EUR | 27,9% |
| Others | 9,3% |
| Europe EUR | 5,1% |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: Sep 30, 2026.Net Equity Exposure87,8%
Number of long strategies62
Merger arbitrage exposure108,3%
Cash and other19,6%
To Access the weekly view
Articles that may interest you
Strategies insights • October 14, 2026 • English
Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q3 2026
2 minute(s) read
Strategies insights • July 14, 2026 • English
Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q2 2026
2 minute(s) read
Strategies insights • April 16, 2026 • English
3 years of resilience: Capturing opportunities in a new M&A cycle
2 minute(s) read
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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.
Market environment