Alternative strategies
Carmignac Portfolio Merger Arbitrage Plus
Luxembourg SICAV sub-fundGlobal marketArticle 8Share 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
Risk Indicator
1
2
3
4
5
6
7
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
+ 11.7 %
-
-
+ 12.5 %
+ 2.6 %
To 09/07/2026
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
-
-
-
-
-
-
-
+ 2.8 %
+ 3.1 %
+ 4.0 %
Net Asset Value
€111.67
Asset Under Management
260 M €
Net Equity Exposure30/06/2026
84.8%
SFDR - Fund Classification
Article
8
Data as of: Jul 9, 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: Jun 30, 2026.Fund management team
Performance commentary
- The Fund posted a positive performance over the month.
- The main positive contributors to performance were Makino Milling Machine, Webster Financial and Intertek.
- The main negative contributors to performance were Allied Gold, TXNM Energy and Warner Bros.
Outlook strategy
- The Fund’s investment rate stands at around 104%.
- With 54 positions in the portfolio, diversification remains very strong.
- 2025 marked a strong rebound in M&A activity, with deal value up 44% and the number of transactions up 12% compared to 2024.
- The main driver of this cycle recovery has been a more favourable antitrust environment globally: the change in US administration following Trump’s election, the publication of the Draghi report in Europe recommending the emergence of national champions to compete globally, a UK regulator increasingly encouraged by policymakers to prioritise economic activity, and the continued opening of the Japanese market to foreign capital.
- Lower interest rates have also been an important driver of the recovery in M&A activity, enabling the return of private equity funds, which accounted for around 26% of buyers in 2025.
- Another notable and perhaps most encouraging development has been the return of mega-deals, i.e. transactions above $10bn, whose cumulative value in 2025 was twice the level observed in 2024. Overall, 2025 was the strongest year for M&A since 2020.
- Despite volatility 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.
Performance Overview
Data as of: Jul 9, 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 10/07/2026
Carmignac Portfolio Merger Arbitrage Plus Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| North America | 59.5% |
| Europe ex-EUR | 18.5% |
| Others | 6.0% |
| Europe EUR | 0.9% |
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: Jun 30, 2026.Net Equity Exposure84.8%
Number of long strategies54
Merger arbitrage exposure104.4%
Cash and other19.5%
To Access the weekly view
Articles that may interest you
Strategies insights • April 16, 2026 • English
3 years of resilience: Capturing opportunities in a new M&A cycle
2 minute(s) read
Strategies insights • April 13, 2026 • English
Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q1 2026
2 minute(s) read
Strategies insights • January 20, 2026 • English
Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q4 2025
2 minute(s) read
Did you enjoy the fund page?
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