Alternative strategies

Carmignac Portfolio Merger Arbitrage Plus

Global marketArticle 8
Share Class

LU2585801173

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.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 9.8 %
-
-
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+ 5.0 %
From 14/04/2023
To 07/07/2025
Calendar Year Performance 2024
-
-
-
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-
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+ 3.1 %
+ 3.6 %
Net Asset Value
109.81 €
Asset Under Management
209 M €
Net Equity Exposure30/05/2025
82.7 %
SFDR - Fund Classification

Article

8
Data as of:  Jul 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:  Jun 30, 2025.
Fund management team

Market environment

• Amid a backdrop of calmer markets, the Merger Arbitrage strategy performed well in June. The HFRX Merger Arbitrage Index rose 1.46% (in US dollars) over the month.• The tightening of spreads in June was fuelled by a steady flow of positive news. Notably, Faro Technologies and Interpublic Group received U.S. antitrust clearance ahead of schedule. Meanwhile, two high-profile takeover battles in the UK—Assura and Warehouse REIT—also contributed to the upbeat sentiment. • Finally, against all expectations, the US Department of Justice and HPE reached an agreement on the acquisition of Juniper Networks. In addition, around ten transactions were completed, which also contributed to the narrowing of spreads. • The only negative surprise of the month was the announcement by the European Union of an in-depth investigation into the acquisition of Kellanova by Mars, which had nevertheless obtained approval from the US FTC at the same time. • As in the previous month, M&A activity remained robust, driven mainly by Europe and Asia, which accounted for almost half of the number of deals announced worldwide. A total of 25 new deals were announced during the month. • Japan was once again particularly active, notably with the $29 billion acquisition of Toyota Industries by its parent company. • The return of private equity groups has now been confirmed, accounting for more than a third of buyers during the month.

Performance commentary

• The fund showed a positive performance during the month.• The main contributors to performance were : Juniper Networks, Fortnox and Assura. • The main detractors to performance were: Kellanova, H&E Equipment Services and Andlauer Healthcare.

Outlook strategy

• The fund's investment ratio is 106%, up from the previous month.• With 53 positions in the portfolio, diversification remains satisfactory. • 2025 continues to look much more promising than 2024 thanks to a more favourable antitrust environment for M&A activity worldwide: the change of administration in the US following Trump's election, the publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulators in the UK being pushed by politicians to prioritise economic activity, and the Japanese market continuing to open up to foreign capital. • Lower interest rates should also drive M&A activity in the coming quarters. • However, instability linked to the trade war launched by the Trump administration and geopolitical tensions are slowing the recovery, which is less robust than we had hoped.

Performance Overview

Data as of:  Jul 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 08/07/2025

Carmignac Portfolio Merger Arbitrage Plus Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
North America41.9 %
Others13.7 %
Europe EUR13.6 %
Europe ex-EUR13.4 %
Not Integrated-
View details

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:  May 30, 2025.
Net Equity Exposure82.7 %
Number of long strategies53
Merger arbitrage exposure105.4 %
Cash and other24.2 %

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.
View Fund's characteristics

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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.