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Livermore
Livermore
ZHEN

Carmignac Gestion

SEC CIK
0001569758
Latest filing
Aug 13, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 13, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
119
−7 vs. Q3 2025
Portfolio value
$7.39B
+$684.1M (+10.2%) vs. Q3 2025
Filed
Feb 13, 2026
SEC
Holdings of Carmignac Gestion in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
NVDANVIDIA CorpStock3,635,106$678.0M9.2%+186,852+5.4%AddedHistory
MSFTMicrosoft CorpStock1,061,153$513.3M6.9%+623,662+142.6%AddedHistory
SPGIS&P Global Inc.Stock864,840$452.0M6.1%+144,428+20.0%AddedHistory
GOOGLAlphabet Inc.Stock1,347,106$421.7M5.7%−986,120−42.3%ReducedHistory
AMZNAmazon Com IncStock1,577,739$364.2M4.9%−481,018−23.4%ReducedHistory
CORCencora, Inc.Stock875,095$295.6M4.0%−751−0.1%ReducedHistory
MCKMcKesson CorpStock358,535$294.1M4.0%+44,362+14.1%AddedHistory
MELIMercadolibre IncCOM141,373$284.8M3.9%+8,677+6.5%AddedHistory
CRMSalesforce, Inc.Stock1,008,151$267.1M3.6%+513,704+103.9%AddedHistory
NOWServiceNow, Inc.Stock1,734,925$265.8M3.6%+762,350+78.4%AddedConverted for a 5-for-1 splitHistory
TWTradeweb Markets Inc.Stock2,214,400$238.1M3.2%+954,600+75.8%AddedHistory
ICEIntercontinental Exchange, Inc.Stock1,375,560$222.8M3.0%+221,400+19.2%AddedHistory
XYZBlock, Inc.CL A3,417,826$222.5M3.0%+1,501,200+78.3%AddedHistory
TEAMAtlassian CorpCL A1,206,368$195.6M2.6%+1,188,368+6,602.0%AddedHistory
SLBSLB LimitedStock4,669,456$179.2M2.4%−1,076,644−18.7%ReducedHistory
MAMastercard IncStock299,595$171.1M2.3%+21,183+7.6%AddedHistory
EFXEquifax IncCOM750,015$162.8M2.2%+126,698+20.3%AddedHistory
APHAmphenol CorpCL A1,194,200$161.4M2.2%−213,049−15.1%ReducedHistory
ANETArista Networks, Inc.Stock1,093,784$143.3M1.9%+91,084+9.1%AddedHistory
ACNAccenture plcStock532,041$142.7M1.9%+386,487+265.5%AddedHistory
CLColgate Palmolive CoStock1,153,391$91.2M1.2%+762,863+195.3%AddedHistory
VRTXVertex Pharmaceuticals IncStock191,571$86.9M1.2%+4,032+2.1%AddedHistory
DOCSDoximity, Inc.CL A1,893,026$83.8M1.1%+1,477,798+355.9%AddedHistory
TMOThermo Fisher Scientific Inc.Stock140,037$81.2M1.1%−106,555−43.2%ReducedHistory
LNTHLantheus Holdings, Inc.Stock1,122,000$74.7M1.0%+314,591+39.0%AddedHistory
VIPSVipshop Holdings LtdSPONSORED ADS A4,161,154$73.7M1.0%−2,357,244−36.2%ReducedHistory
SESea LtdSPONSORD ADS516,426$65.9M0.9%+232,971+82.2%AddedHistory
ABNBAirbnb, Inc.Stock468,370$63.6M0.9%00.0%UnchangedHistory
ITUBItau Unibanco Holding S.A.SPON ADR REP PFD7,152,585$51.2M0.7%−4,130,600−36.6%ReducedHistory
NVONovo Nordisk A SADR1,003,300$51.0M0.7%+1,003,300NewHistory
PGProcter & Gamble CoStock346,492$49.7M0.7%+145,621+72.5%AddedHistory
GTLBGitlab Inc.CLASS A COM1,310,000$49.2M0.7%+640,000+95.5%AddedHistory
AVGOBroadcom Inc.Stock139,080$48.1M0.7%−60,744−30.4%ReducedHistory
FNVFranco Nevada CorpStock225,511$46.7M0.6%+200,376+797.2%AddedHistory
AEMAgnico Eagle Mines LtdStock268,511$45.5M0.6%+64,485+31.6%AddedHistory
KEYSKeysight Technologies, Inc.Stock213,000$43.3M0.6%−22,100−9.4%ReducedHistory
SFMSprouts Farmers Market, Inc.COM530,000$42.2M0.6%+530,000NewHistory
REGNRegeneron Pharmaceuticals, Inc.COM49,971$38.6M0.5%+49,971NewHistory
ALGNAlign Technology IncCOM246,101$38.4M0.5%+3,193+1.3%AddedHistory
NFLXNetflix IncStock398,362$37.4M0.5%+398,362NewHistory
GLGlobe Life Inc.COM265,000$37.1M0.5%+106,000+66.7%AddedHistory
METAMeta Platforms, Inc.Stock44,331$29.3M0.4%−225,168−83.6%ReducedHistory
NEMNEWMONT CorpStock268,134$26.8M0.4%−82,505−23.5%ReducedHistory
VTMXVesta Real Estate Corporation, S.A.B. de C.V.ADS796,215$24.3M0.3%+27,700+3.6%AddedHistory
HTHTH World Group LtdSPONSORED ADS469,601$22.1M0.3%−107,306−18.6%ReducedHistory
KMBKimberly Clark CorpStock203,068$20.5M0.3%+203,068NewHistory
EDUNew Oriental Education & Technology Group Inc.SPON ADR369,289$20.3M0.3%+6,000+1.7%AddedHistory
FCXFreeport-McMoran IncStock384,504$19.5M0.3%−90,158−19.0%ReducedHistory
KSPIJoint Stock Co Kaspi.kzSPONSORED ADS228,970$17.9M0.2%−21,617−8.6%ReducedHistory
LULUlululemon athletica inc.Stock74,300$15.4M0.2%−31,700−29.9%ReducedHistory
HDHome Depot, Inc.Stock42,046$14.5M0.2%+2,375+6.0%AddedHistory
BNTXBioNTech SESPONSORED ADS144,087$13.7M0.2%+37,538+35.2%AddedHistory
AGIAlamos Gold IncStock329,968$12.7M0.2%+113,390+52.4%AddedHistory
CLXClorox CoStock122,977$12.4M0.2%+122,977NewHistory
OCOwens CorningStock105,800$11.8M0.2%+20,800+24.5%AddedHistory
GTLSChart Industries IncCOM55,842$11.5M0.2%+9,568+20.7%AddedHistory
FYBRFrontier Communications Parent, Inc.COM290,833$11.1M0.1%00.0%UnchangedHistory
CTLPCantaloupe, Inc.COM977,158$10.4M0.1%00.0%UnchangedHistory
CMAComerica IncCOM107,873$9.38M0.1%+107,873NewHistory
NBIXNeurocrine Biosciences IncStock63,600$9.02M0.1%+63,600NewHistory
EXASExact Sciences CorpCOM81,354$8.26M0.1%+81,354NewHistory
ALSumisho Air Lease CorpCL A125,849$8.08M0.1%+125,849NewHistory
DENNDENNY'S CorpCOM1,285,703$8.00M0.1%+1,285,703NewHistory
CSGSCSG Systems International IncCOM103,097$7.91M0.1%+103,097NewHistory
TWLOTwilio IncCL A50,000$7.11M0.1%+50,000NewHistory
CWANClearwater Analytics Holdings, Inc.CL A288,126$6.95M0.1%+288,126NewHistory
SHCOSoho House & Co Inc.COM CL A741,722$6.65M0.1%00.0%UnchangedHistory
VRTVertiv Holdings CoCOM CL A40,000$6.48M0.1%+40,000NewHistory
AMWDAmerican Woodmark CorpCOM115,255$6.21M0.1%00.0%UnchangedHistory
INTUIntuit Inc.Stock9,179$6.09M0.1%−4,323−32.0%ReducedHistory
EAElectronic Arts Inc.COM28,740$5.87M0.1%+1,897+7.1%AddedHistory
DAYDayforce, Inc.COM79,728$5.51M0.1%+79,728NewHistory
WBDWarner Bros. Discovery, Inc.Stock185,955$5.36M0.1%+185,955NewHistory
PRAProassurance CorpCOM217,263$5.25M0.1%00.0%UnchangedHistory
KLACKLA CorpCOM NEW4,000$4.86M0.1%−1,000−20.0%ReducedHistory
CSCOCisco Systems, Inc.Stock58,345$4.49M0.1%+8,731+17.6%AddedHistory
HOLXHologic IncCOM56,387$4.20M0.1%+56,387NewHistory
Avidity Biosciences, Inc.05370A108COM57,938$4.18M0.1%+57,938New–
CDTXCidara Therapeutics, Inc.COM NEW18,896$4.17M0.1%+18,896NewHistory
JHGJanus Henderson Group Ltd.ORD SHS87,299$4.15M0.1%+87,299NewHistory
CFLTConfluent, Inc.CLASS A COM136,922$4.14M0.1%+136,922NewHistory
AAPLApple Inc.Stock14,979$4.07M0.1%−7,415−33.1%ReducedHistory
COSTCostco Wholesale CorpStock4,653$4.01M0.1%+408+9.6%AddedHistory
VVisa Inc.Stock10,552$3.70M0.1%00.0%UnchangedHistory
JPMJPMorgan Chase & CoStock11,400$3.67M<0.1%+2,029+21.7%AddedHistory
CDNSCadence Design Systems IncStock11,586$3.63M<0.1%−206,602−94.7%ReducedHistory
VNETVNET Group, Inc.SPONSORED ADS A394,616$3.34M<0.1%−833−0.2%ReducedHistory
New Gold Inc Cda644535106COM379,537$3.31M<0.1%+379,537New–
MARMarriott International IncStock10,482$3.25M<0.1%+952+10.0%AddedHistory
HLTHilton Worldwide Holdings Inc.COM11,045$3.17M<0.1%+1,442+15.0%AddedHistory
CADECadence BancorporationEQUITY US CM70,869$3.04M<0.1%+70,869NewHistory
FOLDAmicus Therapeutics, Inc.COM194,887$2.78M<0.1%+194,887NewHistory
TXNMTXNM Energy IncCOM47,000$2.77M<0.1%+47,000NewHistory
HIHillenbrand, Inc.COM86,224$2.74M<0.1%+86,224NewHistory
KVUEKenvue Inc.Stock157,574$2.72M<0.1%+157,574NewHistory
CASYCaseys General Stores IncCOM4,800$2.65M<0.1%+4,800NewHistory
CIOCity Office REIT, Inc.COM375,233$2.62M<0.1%00.0%UnchangedHistory
LLYEli Lilly & CoStock2,379$2.56M<0.1%−94,468−97.5%ReducedHistory
TGNATegna IncCOM123,716$2.40M<0.1%00.0%UnchangedHistory
PTONPeloton Interactive, Inc.CL A COM366,439$2.26M<0.1%+326,955+828.1%AddedHistory

Sold out since Q3 2025 (45)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Carmignac Gestion sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
ETNEaton Corp plcStock216,700$81.1M1.2%History
LINLinde PLCStock93,794$44.6M0.7%History
FIXComfort Systems USA IncCOM48,400$39.9M0.6%History
CLSCelestica IncStock158,000$38.9M0.6%History
ORLYO Reilly Automotive IncStock316,540$34.1M0.5%History
CNCCentene CorpStock848,000$30.3M0.5%History
SNPSSynopsys IncCOM40,964$20.2M0.3%History
CRSCarpenter Technology CorpCOM69,000$16.9M0.3%History
MRUSMerus N.V.COM167,532$15.8M0.2%History
TGITriumph Group IncCOM139,896$14.9M0.2%History
TAPMolson Coors Beverage CoCL B265,000$12.0M0.2%History
WNSWNS (Holdings) LtdCOM SHS155,639$11.9M0.2%History
SAPSAP SEADR37,500$10.0M0.1%History
KKellanovaStock117,086$9.60M0.1%History
HBIHanesbrands Inc.COM1,452,361$9.57M0.1%History
INFAInformatica Inc.COM CL A368,908$9.16M0.1%History
DHRDanaher CorpStock44,359$8.72M0.1%History
MRCMRC Global Inc.COM551,126$7.95M0.1%History
LBTYALiberty Global Ltd.COM CL A158,207$5.30M0.1%History
VMEOVimeo, Inc.COMMON STOCK607,609$4.71M0.1%History
AVDXAvidXchange Holdings, Inc.COM375,768$3.74M0.1%History
GHLDGuild Holdings CoCL A182,235$3.63M0.1%History
ESGREnstar Group LTDSHS35,000$3.50M0.1%History
Sandstorm Gold Ltd Com New80013R206Stock270,957$3.39M0.1%–
SPOTSpotify Technology S.A.Stock3,890$2.72M<0.1%History
IASIntegral Ad Science Holding Corp.COM266,001$2.71M<0.1%History
TRMLTourmaline Bio, Inc.COM55,412$2.65M<0.1%History
PROPROS Holdings, Inc.COM115,061$2.64M<0.1%History
Metals Acquisition CorpG60409110ORD SHS212,545$2.60M<0.1%–
TASKTaskUs, Inc.CLASS A COM121,507$2.17M<0.1%History
Orla MNG Ltd New68634K106COM179,881$1.94M<0.1%–
Curevac N VN2451R105COM235,180$1.27M<0.1%–
LAURLaureate Education, Inc.COMMON STOCK40,000$1.26M<0.1%History
ALABAstera Labs, Inc.Stock6,000$1.17M<0.1%History
ORCLOracle CorpStock4,000$1.12M<0.1%History
Sapiens Intl Corp N VG7T16G103SHS20,027$861.2K<0.1%–
SRDXSurmodics IncCOM27,622$825.6K<0.1%History
DELLDell Technologies Inc.Stock4,193$594.4K<0.1%History
FSLRFirst Solar, Inc.Stock2,180$480.8K<0.1%History
CLSDClearside Biomedical, Inc.COM100,556$399.2K<0.1%History
GLOBGlobant S.A.COM4,000$229.5K<0.1%History
TSLATesla, Inc.Stock500$222.4K<0.1%History
GRMNGarmin LtdSHS800$197.0K<0.1%History
COINCoinbase Global, Inc.COM CL A559$188.7K<0.1%History
MLNKMeridianLink, Inc.COMMON STOCK107$2.13K<0.1%History