Share Class
LU2585801256
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 with a socially responsible investment approach, 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
+ 9.5 %
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-
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+ 4.0 %
To 07/10/2025
Calendar Year Performance 2015Calendar 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 2024
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+ 2.8 %
+ 3.1 %
Net Asset Value
109.51 €
Asset Under Management
231 M €
Net Equity Exposure29/08/2025
90.9 %
SFDR - Fund Classification
Article
8
Data as of: Oct 7, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
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, 2025.Fund management team
Performance commentary
- The fund posted a slightly negative performance for the month
- Main positive contributors to performance: Kellanova, Norfolk Southern and Verona Pharma
- Main negative contributors to performance: Santos, Cantaloupe and Covestro
Outlook strategy
- Thanks to sustained M&A activity, the fund's investment rate is 117%, up on the previous month.
- With 63 positions in the portfolio, diversification remains satisfactory: the increase in the investment rate is therefore achieved with a marginal increase in overall portfolio risk.
- 2025 continues to look much brighter than 2024 thanks to a more favorable antitrust environment for M&A activity worldwide: change of administration in the US following Trump's election, publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulator in the UK pushed by the political class to prioritize economic activity, Japanese market continuing to open up to foreign capital. Lower interest rates are also likely to drive M&A activity in the quarters ahead.
- While the instability linked to the tariff war launched by the Trump administration and geopolitical tensions have slowed the recovery in activity, which was less sustained than expected in the first half, the scale of the announcements in Q3 and the multiplication of outbidding situations mean that we are very optimistic for the second half of the year.
Performance Overview
Data as of: Oct 7, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 08/10/2025
Carmignac Portfolio Merger Arbitrage Plus Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 29, 2025.| North America | 38.1 % |
| Europe ex-EUR | 23.1 % |
| Others | 16.6 % |
| Europe EUR | 13.1 % |
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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: Aug 29, 2025.Net Equity Exposure90.9 %
Number of long strategies65
Merger arbitrage exposure108.8 %
Cash and other23.7 %
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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.
Articles that may interest you
Alternative Strategy • August 27, 2025 • English
Bumps are back, terminations low: Stars align for Merger Arbitrage
3 minute(s) read
Alternative Strategy • April 14, 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
Alternative Strategy • January 17, 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
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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