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Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Luxembourg SICAV sub-fundGlobal marketArticle 8
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 focusing on officially announced M&A deals in the developed markets.
  • Strategy offering positive correlation with interest rates.
Key documents
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 12,1 %
-
-
+ 9,6 %
+ 2,2 %
From 14/04/2023
To 05/11/2026
Calendar Year Performance 2025
-
-
-
-
-
-
-
+ 2,8 %
+ 3,1 %
+ 4,0 %
Net Asset Value
€112.11
Asset Under Management
261 M €
Net Equity Exposure30/09/2026
87,8 %
SFDR - Fund Classification

Article

8
Data as of:  Nov 5, 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.

Stéphane DIEUDONNÉ

Fund Manager
Source and Copyright: Citywire. Stéphane DIEUDONNÉ is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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:  Oct 30, 2026.
Fund management team

Market environment

  • During October, merger arbitrage spreads widened slightly. Volatility increased modestly but remained at relatively low levels.
  • The overall widening of spreads was partly driven by movements in smaller, already higher-risk transactions, such as Peet in Australia, where the acquirer confirmed that it had itself received takeover interest, and International Money Express and Brighthouse Financial in the US, where increased regulatory scrutiny raised the risk of deal failure.
  • Conversely, spreads tightened on several larger transactions, including Delivery Hero, Subsea 7, Allfunds, following the filing of its antitrust application with the European Commission, and Norfolk Southern in the US.
  • The month also saw two failed transactions in the long-running consolidation of the Italian banking sector, involving Banco BPM and Mediobanca Banca di Credito Finanziario. On a more positive note, Synaptics benefited from improved offer terms, with the acquirer raising its bid by more than 13%.
  • Following a particularly subdued September, M&A activity returned to more normal levels, with 25 new transactions announced for a total value of $153bn.
  • October was marked by the return of mega-deals, notably Schneider Electric’s $24bn acquisition of PTC in the US, the $19bn combination of Canadian Utilities and Emera in Canada’s energy sector, and the $15bn leveraged buyout of ADT in the US.
  • Unlike the previous month, the vast majority of transactions were announced in the US.

Performance commentary

  • The Fund posted a positive performance over the month.
  • The main positive contributors to performance were LiveRamp, Subsea 7 and Allfunds.
  • The main negative contributors to performance were Mediobanca, Peet and Caesars Entertainment.

Outlook strategy

  • The Fund’s investment rate stands at around 95%.
  • With 56 positions in the portfolio, diversification remains very strong.
  • Despite volatility across capital markets, the first half of 2026 marked a strong recovery in the M&A cycle, with global deal value increasing by 30% compared to the same period last year, reaching a total of $2.6tn according to Bloomberg.
  • Companies continue to pursue inorganic growth opportunities, supported by a more flexible regulatory environment and the search for critical scale in the age of artificial intelligence. Strong corporate earnings and cross-border transactions are also contributing to this momentum.

Performance Overview

Data as of:  Nov 5, 2026.
View Performance in detail
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 07/11/2026

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 America45,5 %
Europe ex-EUR27,9 %
Others9,3 %
Europe EUR5,1 %
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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:  Sep 30, 2026.
Net Equity Exposure87,8 %
Number of long strategies62
Merger arbitrage exposure108,3 %
Cash and other19,6 %
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All analysis
View characteristics and risks
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.