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
+ 16.5 %
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-
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+ 6.1 %
To 08/01/2026
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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+ 4.2 %
+ 4.8 %
+ 6.5 %
Net Asset Value
116.47 $
Asset Under Management
236 M €
Net Equity Exposure28/11/2025
100.8 %
SFDR - Fund Classification
Article
8
Data as of: Jan 8, 2026.
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: Dec 31, 2025.Fund management team
Performance commentary
- The fund delivered a positive performance over the month.
- The main positive contributors to performance were Bredband2 Skandinavien, Frontier Communications, and Kenvue.
- The main negative contributors to performance were CSG Systems, Norfolk Southern, and American Woodmark.
Outlook strategy
- Following the completion of a large number of transactions in December, the fund’s investment rate stands at 107%, down from the previous month.
- With 60 positions in the portfolio, diversification remains satisfactory; the increase in the investment rate therefore results in only a marginal rise in the fund’s overall risk profile.
- 2025 marked a genuine rebound in M&A activity, with deal value up 44% and the number of transactions up 12% compared with 2024.
- The primary driver of this renewed cycle has been a more favorable antitrust environment globally: the change in U.S. administration following Trump’s election; the publication of the Draghi report in Europe, which advocates the emergence of national champions to compete globally; U.K. regulators being encouraged by policymakers to prioritize economic activity; and the continued opening of the Japanese market to foreign capital.
- Lower interest rates have also been a key catalyst for 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 the most encouraging development has been the return of mega-deals (i.e. transactions exceeding $10bn), with total deal value in 2025 more than double that recorded in 2024.
- Overall, 2025 was the strongest year for M&A activity since 2020.
- We believe these favorable tailwinds should continue to support M&A activity over the coming quarters, making us highly optimistic about the outlook for our strategy in 2026.
Performance Overview
Data as of: Jan 8, 2026.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 09/01/2026
Carmignac Portfolio Merger Arbitrage Plus Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 2025.| North America | 55.9 % |
| Others | 20.5 % |
| Europe ex-EUR | 12.6 % |
| Europe EUR | 11.8 % |
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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: Nov 28, 2025.Net Equity Exposure100.8 %
Number of long strategies66
Merger arbitrage exposure129.9 %
Cash and other11.0 %
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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
Strategies insights • August 27, 2025 • English
Bumps are back, terminations low: Stars align for Merger Arbitrage
3 minute(s) read
Strategies insights • April 14, 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
Strategies insights • January 17, 2025 • English
Carmignac Merger Arbitrage: Letter from the Portfolio Managers
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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