Carmignac Gestion

Carmignac Gestion declares $2.8B in 17 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 36.3% of its $7.7B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Broadcom (0.03% of the company). Over time: $2.8B in 17 of these companies for Q2 2026, against $1.5B in 15 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $692.4M and sold $684.9M of these stocks, at the quarter's prices: a net purchase of $7.5M; 3 new positions and 10 sold out.

Performance of its AI picks

The AI-stock portfolio Carmignac Gestion declared for Q2 2026 (Form 13F), held unchanged, returned +7.7% in Q3 2026 (SMH -7.1%), ranked 260 of 1,783 active managers. Over the last 12 months, quarter after quarter: +13.8% (SMH +87.2%), ranked 1282 of 1,359 active managers. Over three years, quarter after quarter: +173.6% (SMH +325.8%), ranked 167 of 783 active managers. Over five years, quarter after quarter: +158.2% (SMH +389.8%), ranked 274 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA) — $959.4M: 4.8M shares, 0.02% of the company, 12.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Broadcom (AVGO) — $511.5M: 1.4M shares, 0.03% of the company, 6.6% of its portfolio (added this quarter); held since Q2 2024
3. Alphabet (GOOGL) — $412.5M: 1.2M shares, 0.01% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT) — $231.9M: 621,773 shares, 0.01% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $200.5M: 841,266 shares, 0.01% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Amphenol (APH) — $171.0M: 1.9M shares, 0.08% of the company, 2.2% of its portfolio (added this quarter); held since Q3 2024
7. Celestica (CLS) — $70.5M: 193,200 shares, 0.17% of the company, 0.91% of its portfolio (new position this quarter)
8. Meta Platforms (META) — $58.3M: 103,560 shares, 0.00% of the company, 0.76% of its portfolio (trimmed this quarter); held since Q2 2022
9. GitLab (GTLB) — $45.1M: 1.5M shares, 0.89% of the company, 0.58% of its portfolio (added this quarter); held since Q3 2025
10. VNET Group (VNET) — $38.1M: 4.8M shares, 1.8% of the company, 0.49% of its portfolio (added this quarter); held since Q1 2025
11. ServiceNow (NOW) — $36.9M: 371,803 shares, 0.04% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q2 2022
12. SpaceX (SPCX) — $28.8M: 168,723 shares, 0.00% of the company, 0.37% of its portfolio
13. Arista Networks (ANET) — $12.3M: 72,457 shares, 0.01% of the company, 0.16% of its portfolio (trimmed this quarter); held since Q2 2024
14. TSMC (TSM) — $10.0M: 20,956 shares, 0.00% of the company, 0.13% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Silicon Labs (SLAB) — $8.8M: 40,340 shares, 0.12% of the company, 0.11% of its portfolio (added this quarter); held since Q1 2026

By sector

• Chips & compute — $1.5B, 53% of its AI holdings, 5 companies
• Cloud & AI giants — $932.1M, 33% of its AI holdings, 5 companies
• Interconnect — $183.3M, 7% of its AI holdings, 2 companies
• AI software — $82.0M, 3% of its AI holdings, 2 companies
• Servers & systems — $70.5M, 3% of its AI holdings, 1 company
• Neoclouds & data centers — $38.1M, 1% of its AI holdings, 1 company
• Equipment & test — $167,736.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• added to Broadcom (AVGO): +$306.9M at the quarter's price
• sold out of Salesforce (CRM): -$181.8M at the quarter's price
• added to Microsoft (MSFT): +$151.7M at the quarter's price
• trimmed Amazon (AMZN): -$135.5M at the quarter's price
• trimmed Arista Networks (ANET): -$114.3M at the quarter's price
• trimmed ServiceNow (NOW): -$113.4M at the quarter's price
• opened a position in Celestica (CLS): +$70.5M at the quarter's price
• trimmed Alphabet (GOOGL): -$68.3M at the quarter's price
• added to Amphenol (APH): +$53.0M at the quarter's price
• added to NVIDIA (NVDA): +$45.9M at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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