Carmignac Portfolio Merger Arbitrage Plus: Letter from the Fund Managers - Q3 2026
Dear investors,
During the third quarter of 2026, the fund navigated an active but differentiated M&A environment, marked by significant dispersion across individual transactions. In this context, Carmignac Portfolio Merger Arbitrage Plus (I EUR Acc share class) delivered a positive performance of +0.41%.
Market environment
During the third quarter of 2026, equity and credit markets remained volatile amid persistent geopolitical uncertainty and uneven macroeconomic visibility. In this environment, merger arbitrage continued to demonstrate resilience, supported by its limited directional exposure to broader markets. However, deal spreads showed significant dispersion, reflecting higher sensitivity to idiosyncratic factors such as regulatory risk, financing conditions and shareholder approvals.
For merger arbitrage investors, this environment remains constructive: deal flow continues to replenish the opportunity set, while spread dispersion increases the importance of disciplined transaction selection and risk management.
Performance review
Carmignac Portfolio Merger Arbitrage Plus navigated the quarter against a backdrop of significant dispersion across individual transactions. Performance was driven primarily by deal-specific developments rather than directional moves in equity and credit markets.
The main developments during the quarter included:
- Competitive bidding provided additional upside: Kakaku.com benefited from a bidding war between Bain Capital and EQT, while Poste Italiane increased its offer for Telecom Italia by 3%. These developments highlight continued competition for attractive assets and the potential for improved deal terms to generate additional upside.
- Deal failures remained idiosyncratic: the acquisitions involving Allied Gold and Element Solutions were terminated due to transaction-specific regulatory and shareholder-related issues. Against an otherwise active M&A backdrop, these isolated setbacks reinforce the importance of diversification, disciplined deal selection and active risk management.
- Regulatory developments provided positive catalysts: Warner Bros Discovery recovered strongly as expectations of a negotiated resolution improved. The spread tightened materially following the September settlement announcement and subsequent court approval, which removed a key remaining obstacle to closing. Allfunds also contributed positively, supported by progress in the antitrust review process.
Overall, the quarter demonstrated the benefits of maintaining a highly diversified portfolio, with around 60 to 62 positions throughout the period, helping the Fund navigate transaction-specific volatility while retaining exposure to positive deal catalysts.
Outlook
The outlook for merger arbitrage remains constructive. Companies continue to pursue growth opportunities. A more flexible approach from regulators and the search for critical scale in the age of artificial intelligence are supporting M&A activity, while strong corporate earnings and cross-border transactions provide further momentum.
Importantly, the competitive dynamics observed during the quarter are encouraging. Improved bids demonstrate that buyers remain willing to deploy capital for attractive assets, creating the potential for additional value creation beyond initial transaction terms.
Against this backdrop, merger arbitrage continues to offer an attractive and diversified opportunity set driven primarily by idiosyncratic corporate events. The Fund remains well positioned to capture opportunities arising from continued M&A activity and deal-specific catalysts.
The Merger Arbitrage Team
Carmignac Portfolio Merger Arbitrage Plus
Carmignac Portfolio Merger Arbitrage Plus I EUR Acc
- Duración mínima recomendada de la inversión
- 3 años
- Escala de riesgo*
- 2/7
- Clasificación SFDR**
- Artículo 8
*Escala de riesgo del KID (Documento de datos fundamentales). El riesgo 1 no implica una inversión sin riesgo. Este indicador podría evolucionar con el tiempo. **Reglamento SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, por sus siglas en inglés) 2019/2088. La clasificación SFDR de los Fondos puede evolucionar con el tiempo.
Principales riesgos del Fondo
Gastos
- Costes de entrada
- No cobramos comisión de entrada.
- Costes de salida
- No cobramos una comisión de salida por este producto.
- Comisiones de gestión y otros costes administrativos o de funcionamiento
- 1.12% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año.
- Comisiones de rendimiento
- 20.00% max. del exceso de rentabilidad cuando la rentabilidad sea positiva y el valor liquidativo supere la cota máxima o «High-Water Mark». El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años, o desde la creación del producto si se produjo hace menos de 5 años.
- Costes de operación
- 0.23% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos.
Rentabilidades
| Carmignac Portfolio Merger Arbitrage Plus | +2.0 | +4.6 | +3.7 | +3.2 |
| Carmignac Portfolio Merger Arbitrage Plus | +2.9% | +3.8% | +3.9% |
Fuente: Carmignac a 30 de sep. de 2026.
Fecha del primer VL : 14/04/2023.
Las rentabilidades históricas no garantizan rentabilidades futuras. La rentabilidad es neta de comisiones (excluyendo las eventuales comisiones de entrada aplicadas por el distribuidor) El fondo no garantiza la preservación del capital.
La rentabilidad puede aumentar o disminuir como consecuencia de las fluctuaciones de las divisas, en el caso de las acciones que no estén cubiertas por divisas.
Indicador de referencia: -