
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 I EUR Acc
- Horizonte de investimento mínimo recomendado
- 3 anos
- Escala de Risco*
- 2/7
- Classificação SFDR**
- Artigo 8
*Escala de Risco do KID (documentos de informação fundamental). O risco 1 não significa um investimento isento de risco. Este indicador pode variar ao longo do tempo. **Regulamento SFDR (Sustainable Finance Disclosure Regulation) 2019/2088. A classificação SFDR dos Fundos pode evoluir ao longo do tempo.
Principais riscos do fundo
volumes de negociação de ações ou capitalização bolsista.
Comissões
- Custos de entrada
- Não cobramos uma comissão de subscrição.
- Custos de saída
- Não cobramos uma comissão de saída para este produto.
- Comissões de gestão e outros custos administrativos ou operacionais
- 1,12% O impacto dos custos que suportamos anualmente pela gestão dos seus investimentos e outras comissões administrativas. Esta é uma estimativa baseada nos custos efetivos ao longo do último ano.
- Comissões de rendimento
- 20,00% como máximo da performance superior, se a performance for positiva e o valor patrimonial líquido exceder a high-water mark. O montante real irá variar dependendo da performance do seu investimento. A estimativa de custo agregado acima inclui a média dos últimos 5 anos, ou desde a criação do produto, se for inferior a 5 anos.
- Custos de transação
- 0,23% O impacto dos custos inerentes às nossas operações de compra e de venda de investimentos subjacentes ao produto.
Desempenho
| Carmignac Portfolio Merger Arbitrage Plus | +2,0 | +4,6 | +3,7 | +3,2 |
| Carmignac Portfolio Merger Arbitrage Plus | +2,9% | +3,8% | +3,9% |
Fonte: Carmignac em 30 de set de 2026.
Data do primeiro VPL : 14/04/2023.
O desempenho passado não é necessariamente um indicador do desempenho futuro. Os desempenhos são líquidos de comissões (excluindo eventuais comissões de subscrição cobradas pelo distribuidor). O Fundo apresenta um risco de perda do capital.
O retorno pode aumentar ou diminuir em resultado de flutuações cambiais, para as acções que não estão cobertas por divisas.
Indicador de Referência: -
