# EDGAR Filing Document

**Accession Number:** 0001569758
**File Stem:** 0000945621-25-000748
**Filing Date:** 2025-8
**Character Count:** 16433
**Document Hash:** 0d107d826a353654f0a1ee52d33e975e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945621-25-000748.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000945621-25-000748

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carmignac Gestion
- **CENTRAL INDEX KEY:** 0001569758

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15450
- **FILM NUMBER:** 251209864

**BUSINESS ADDRESS:**
- **STREET 1:** 24 PLACE VENDOME
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75001
- **BUSINESS PHONE:** 0033142865335

**MAIL ADDRESS:**
- **STREET 1:** 24 PLACE VENDOME
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75001

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Carmignac Gestion<br>**Address:** 24 PLACE VENDOME<br>PARIS, I0 75001

**Form 13F File Number:** 028-15450

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Olivia Vayssette<br>**Title:** Head of Legal Affairs<br>**Phone:** 33-0-70-92-33-27

**Signature, Place, and Date of Signing:**

/s/ Olivia Vayssette  Paris, I0  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 129

**Form 13F Information Table Value Total:** $6498187105

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACCENTURE PLC | SHS CLASS A | G1151C101 |  | 9062462 | 30366 | SH |  | SOLE |  | 30366 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 7758236 | 20062 | SH |  | SOLE |  | 20062 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 30650402 | 257718 | SH |  | SOLE |  | 257718 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 51740970 | 390970 | SH |  | SOLE |  | 390970 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 4184342 | 157543 | SH |  | SOLE |  | 157543 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 9923840 | 52453 | SH |  | SOLE |  | 52453 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 462763219 | 2625815 | SH |  | SOLE |  | 2625815 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2009 | 11400 | PRN | Call | SOLE |  | 11400 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 475178011 | 2165476 | SH |  | SOLE |  | 2165476 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 192216875 | 1946500 | SH |  | SOLE |  | 1946500 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 11497009 | 32796 | SH |  | SOLE |  | 32796 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 5783742 | 28190 | SH |  | SOLE |  | 28190 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 1032 | 95100 | PRN | Call | SOLE |  | 95100 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 103281945 | 1009500 | SH |  | SOLE |  | 1009500 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 2350920 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 2103068 | 214818 | SH |  | SOLE |  | 214818 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 18782605 | 176351 | SH |  | SOLE |  | 176351 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 139529986 | 2054026 | SH |  | SOLE |  | 2054026 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 7008370 | 54676 | SH |  | SOLE |  | 54676 | 0 | 0 |
| BRIDGE INVESTMENT GROUP HOLDINGS INC | COM CL A | 10806B100 |  | 888938 | 88805 | SH |  | SOLE |  | 88805 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 229650631 | 833124 | SH |  | SOLE |  | 833124 | 0 | 0 |
| CADENCE DESIGN SYSTEMS INC | COM | 127387108 |  | 109081266 | 354026 | SH |  | SOLE |  | 354026 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 3587861 | 326466 | SH |  | SOLE |  | 326466 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 17577768 | 63600 | SH |  | SOLE |  | 63600 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 50813805 | 325500 | SH |  | SOLE |  | 325500 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 276607215 | 922491 | SH |  | SOLE |  | 922491 | 0 | 0 |
| CENTENE CORP | COM | 15135B101 |  | 116725232 | 2150428 | SH |  | SOLE |  | 2150428 | 0 | 0 |
| CHAMPIONX CORP | COM | 15872M104 |  | 9411379 | 378880 | SH |  | SOLE |  | 378880 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 5645312 | 81368 | SH |  | SOLE |  | 81368 | 0 | 0 |
| CLEARSIDE BIOMEDICAL INC | COM | 185063104 |  | 1206674 | 1508342 | SH |  | SOLE |  | 1508342 | 0 | 0 |
| COMFORT SYSTEMS USA INC | COM | 199908104 |  | 70078191 | 130699 | SH |  | SOLE |  | 130699 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 4949700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CUREVAC NV | COM | N2451R105 |  | 470303 | 86612 | SH |  | SOLE |  | 86612 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 15038490 | 76055 | SH |  | SOLE |  | 76055 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 513409 | 3822 | SH |  | SOLE |  | 3822 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 415001 | 3385 | SH |  | SOLE |  | 3385 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 25470086 | 415228 | SH |  | SOLE |  | 415228 | 0 | 0 |
| DUN  BRADSTREET HOLDINGS INC | COM | 26484T106 |  | 10960577 | 1205784 | SH |  | SOLE |  | 1205784 | 0 | 0 |
| E2OPEN PARENT HOLDINGS INC | COM CL A | 29788T103 |  | 4656646 | 1441686 | SH |  | SOLE |  | 1441686 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 136013190 | 381000 | SH |  | SOLE |  | 381000 | 0 | 0 |
| EHANG HOLDINGS LTD | ADS | 26853E102 |  | 1848475 | 106479 | SH |  | SOLE |  | 106479 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 78973833 | 101326 | SH |  | SOLE |  | 101326 | 0 | 0 |
| ENSTAR GROUP LTD | SHS | G3075P101 |  | 9616196 | 28589 | SH |  | SOLE |  | 28589 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 150693664 | 581098 | SH |  | SOLE |  | 581098 | 0 | 0 |
| FARO TECHNOLOGIES INC | COM | 311642AB8 |  | 7522925 | 171287 | SH |  | SOLE |  | 171287 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 3204636 | 19550 | SH |  | SOLE |  | 19550 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARENT INC | COM | 35909D109 |  | 10586321 | 290833 | SH |  | SOLE |  | 290833 | 0 | 0 |
| GAOTU TECHEDU INC | SPONSORED ADS | 36257Y109 |  | 754735 | 209068 | SH |  | SOLE |  | 209068 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 166976 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 52977297 | 205825 | SH |  | SOLE |  | 205825 | 0 | 0 |
| GLOBAL BLUE GROUP HOLDING AG | ORD SHS | H33700107 |  | 4507936 | 603472 | SH |  | SOLE |  | 603472 | 0 | 0 |
| GLOBANT SA | COM | L44385109 |  | 363360 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 9197460 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| GRUPO FINANCIERO GALICIA SA | SPONSORED ADR | 399909100 |  | 3888816 | 77070 | SH |  | SOLE |  | 77070 | 0 | 0 |
| GUILD HOLDINGS CO | CL A | 40172N107 |  | 2364611 | 119606 | SH |  | SOLE |  | 119606 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 19578459 | 576907 | SH |  | SOLE |  | 576907 | 0 | 0 |
| HILTON WORLDWIDE HOLDINGS INC | COM | 43300A203 |  | 3012572 | 11311 | SH |  | SOLE |  | 11311 | 0 | 0 |
| HOME DEPOT INC/THE | COM | 437076102 |  | 16629526 | 45328 | SH |  | SOLE |  | 45328 | 0 | 0 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 4740263 | 194672 | SH |  | SOLE |  | 194672 | 0 | 0 |
| INTERACTIVE BROKERS GROUP INC | COM CL A | 45841N107 |  | 250234 | 4514 | SH |  | SOLE |  | 4514 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | COM | 45866F104 |  | 195996579 | 1068406 | SH |  | SOLE |  | 1068406 | 0 | 0 |
| INTERPUBLIC GROUP OF COS INC/THE | COM | 460690100 |  | 3470432 | 141766 | SH |  | SOLE |  | 141766 | 0 | 0 |
| INTUIT INC | COM | 461202103 |  | 10255684 | 13042 | SH |  | SOLE |  | 13042 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 6555890 | 12103 | SH |  | SOLE |  | 12103 | 0 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 95373087 | 14046110 | SH |  | SOLE |  | 14046110 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3205535 | 11057 | SH |  | SOLE |  | 11057 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 3332318 | 83454 | SH |  | SOLE |  | 83454 | 0 | 0 |
| KASPI.KZ JSC | SPONSORED ADS | 48581R205 |  | 15633388 | 184030 | SH |  | SOLE |  | 184030 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 35885340 | 219000 | SH |  | SOLE |  | 219000 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 39502134 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 623400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LANTHEUS HOLDINGS INC | COM | 516544103 |  | 24312420 | 297000 | SH |  | SOLE |  | 297000 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 935200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 49354921 | 105194 | SH |  | SOLE |  | 105194 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 16393020 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC/MD | CL A | 571903202 |  | 3066782 | 11225 | SH |  | SOLE |  | 11225 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 3765 | 6700 | PRN | Call | SOLE |  | 6700 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 285854607 | 390112 | SH |  | SOLE |  | 390112 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 356533802 | 136441 | SH |  | SOLE |  | 136441 | 0 | 0 |
| MERUS NV | COM | N5749R100 |  | 11304092 | 214722 | SH |  | SOLE |  | 214722 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 152408204 | 206490 | SH |  | SOLE |  | 206490 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 243016444 | 488624 | SH |  | SOLE |  | 488624 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 28805910 | 599000 | SH |  | SOLE |  | 599000 | 0 | 0 |
| MRC GLOBAL INC | COM | 55345K103 |  | 1143524 | 83408 | SH |  | SOLE |  | 83408 | 0 | 0 |
| NEW ORIENTAL EDUCATION  TECHNOLOGY GROUP INC | SPON ADR | 647581206 |  | 14316913 | 265333 | SH |  | SOLE |  | 265333 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 36159127 | 620651 | SH |  | SOLE |  | 620651 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 44911 | 632200 | PRN | Call | SOLE |  | 632200 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 589924948 | 3733985 | SH |  | SOLE |  | 3733985 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 3255 | 20600 | PRN | Call | SOLE |  | 20600 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 12146778 | 55808 | SH |  | SOLE |  | 55808 | 0 | 0 |
| O'REILLY AUTOMOTIVE INC | COM | 67103H107 |  | 57353324 | 636340 | SH |  | SOLE |  | 636340 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 31437436 | 45009 | SH |  | SOLE |  | 45009 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 2277498 | 99759 | SH |  | SOLE |  | 99759 | 0 | 0 |
| PROCTER  GAMBLE CO/THE | COM | 742718109 |  | 27869837 | 174852 | SH |  | SOLE |  | 174852 | 0 | 0 |
| RADIUS RECYCLING INC | CL A | 806882106 |  | 4654115 | 156757 | SH |  | SOLE |  | 156757 | 0 | 0 |
| REDFIN CORP | COM | 75737F108 |  | 300093 | 26818 | SH |  | SOLE |  | 26818 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 345500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 5896 | 18900 | PRN | Call | SOLE |  | 18900 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 246242988 | 467109 | SH |  | SOLE |  | 467109 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 64913854 | 238050 | SH |  | SOLE |  | 238050 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 45323945 | 283455 | SH |  | SOLE |  | 283455 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 126871562 | 123415 | SH |  | SOLE |  | 123415 | 0 | 0 |
| SHERWIN-WILLIAMS CO/THE | COM | 824348106 |  | 2620524 | 7632 | SH |  | SOLE |  | 7632 | 0 | 0 |
| SKECHERS USA INC | CL A | 830566105 |  | 2131897 | 33786 | SH |  | SOLE |  | 33786 | 0 | 0 |
| SPOTIFY TECHNOLOGY SA | SHS | L8681T102 |  | 466543 | 608 | SH |  | SOLE |  | 608 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | COM | 85205L107 |  | 6992394 | 148806 | SH |  | SOLE |  | 148806 | 0 | 0 |
| STRYKER CORP | COM | 863667101 |  | 7729359 | 19556 | SH |  | SOLE |  | 19556 | 0 | 0 |
| SURMODICS INC | COM | 868873100 |  | 820650 | 27622 | SH |  | SOLE |  | 27622 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 88711071 | 173034 | SH |  | SOLE |  | 173034 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | SPONSORED ADS | 874039100 |  | 2893410 | 12775 | SH |  | SOLE |  | 12775 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 2874457 | 171507 | SH |  | SOLE |  | 171507 | 0 | 0 |
| TENCENT MUSIC ENTERTAINMENT GROUP | SPON ADS | 88034P109 |  | 2675373 | 137269 | SH |  | SOLE |  | 137269 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 158830 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 158667099 | 391279 | SH |  | SOLE |  | 391279 | 0 | 0 |
| TRADEWEB MARKETS INC | CL A | 892672106 |  | 83872560 | 572900 | SH |  | SOLE |  | 572900 | 0 | 0 |
| TRIUMPH GROUP INC | COM | 896818101 |  | 2312814 | 89818 | SH |  | SOLE |  | 89818 | 0 | 0 |
| TUYA INC | SPONSERED ADS | 90114C107 |  | 5038526 | 2180501 | SH |  | SOLE |  | 2180501 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 686 | 2200 | PRN | Call | SOLE |  | 2200 | 0 | 0 |
| VEEVA SYSTEMS INC | CL A COM | 922475108 |  | 374374 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 101156475 | 227296 | SH |  | SOLE |  | 227296 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 1284100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VESTA REAL ESTATE CORP | ADS | 92540K109 |  | 21043369 | 768515 | SH |  | SOLE |  | 768515 | 0 | 0 |
| VIGIL NEUROSCIENCE INC | COM | 92673K108 |  | 1921952 | 241755 | SH |  | SOLE |  | 241755 | 0 | 0 |
| VIPSHOP HOLDINGS LTD | SPONSORED ADS A | 92763W103 |  | 143170984 | 9510664 | SH |  | SOLE |  | 9510664 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4412916 | 12429 | SH |  | SOLE |  | 12429 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 2011019 | 291452 | SH |  | SOLE |  | 291452 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 4760538 | 414681 | SH |  | SOLE |  | 414681 | 0 | 0 |
| WNS HOLDINGS LTD | COM SHS | G98196101 |  | 632400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| YETI HOLDINGS INC | COM | 98585X104 |  | 1835315 | 58227 | SH |  | SOLE |  | 58227 | 0 | 0 |

---