# EDGAR Filing Document

**Accession Number:** 0001569758
**File Stem:** 0000945621-26-000299
**Filing Date:** 2026-2
**Character Count:** 15961
**Document Hash:** fc258e789644cd4a678011fbe91ea6cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945621-26-000299.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0000945621-26-000299

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 26629256

**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:** 12-31-2025

**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  02-13-2026<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:** 124

**Form 13F Information Table Value Total:** $7393778061

      (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 |  | 142746600 | 532041 | SH |  | SOLE |  | 532041 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 1749950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 45520670 | 268511 | SH |  | SOLE |  | 268511 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 8083281 | 125849 | SH |  | SOLE |  | 125849 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 63567176 | 468370 | SH |  | SOLE |  | 468370 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 12730165 | 329968 | SH |  | SOLE |  | 329968 | 0 | 0 |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 |  | 1398373 | 9540 | SH |  | SOLE |  | 9540 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 38449498 | 246101 | SH |  | SOLE |  | 246101 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 421653343 | 1347106 | SH |  | SOLE |  | 1347106 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 364199461 | 1577739 | SH |  | SOLE |  | 1577739 | 0 | 0 |
| AMERICAN WOODMARK CORP | COM | 030506109 |  | 6212245 | 115255 | SH |  | SOLE |  | 115255 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 2775191 | 194887 | SH |  | SOLE |  | 194887 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 161384188 | 1194200 | SH |  | SOLE |  | 1194200 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 522084 | 6122 | SH |  | SOLE |  | 6122 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4072191 | 14979 | SH |  | SOLE |  | 14979 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 143333384 | 1093784 | SH |  | SOLE |  | 1093784 | 0 | 0 |
| ATLASSIAN CORP | CL A | 049468101 |  | 195600507 | 1206368 | SH |  | SOLE |  | 1206368 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 4179068 | 57938 | SH |  | SOLE |  | 57938 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 1467510 | 26682 | SH |  | SOLE |  | 26682 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 13717725 | 144087 | SH |  | SOLE |  | 144087 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 222466294 | 3417826 | SH |  | SOLE |  | 3417826 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 48135588 | 139080 | SH |  | SOLE |  | 139080 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 0 | 6700 | PRN | Call | SOLE |  | 6700 | 0 | 0 |
| CADENCE BANK | COM | 12740C103 |  | 3036028 | 70869 | SH |  | SOLE |  | 70869 | 0 | 0 |
| CADENCE DESIGN SYSTEMS INC | COM | 127387108 |  | 3628068 | 11586 | SH |  | SOLE |  | 11586 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 10377418 | 977158 | SH |  | SOLE |  | 977158 | 0 | 0 |
| CASEY'S GENERAL STORES INC | COM | 147528103 |  | 2653008 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 295571442 | 875095 | SH |  | SOLE |  | 875095 | 0 | 0 |
| CHART INDUSTRIES INC | COM | 16115Q308 |  | 11516296 | 55842 | SH |  | SOLE |  | 55842 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 4173937 | 18896 | SH |  | SOLE |  | 18896 | 0 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 698325 | 47312 | SH |  | SOLE |  | 47312 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 4494315 | 58345 | SH |  | SOLE |  | 58345 | 0 | 0 |
| CITY OFFICE REIT INC | COM | 178587101 |  | 2622879 | 375233 | SH |  | SOLE |  | 375233 | 0 | 0 |
| CLEARWATER ANALYTICS HOLDINGS INC | CL A | 185123106 |  | 6949599 | 288126 | SH |  | SOLE |  | 288126 | 0 | 0 |
| CLOROX CO/THE | COM | 189054109 |  | 12399771 | 122977 | SH |  | SOLE |  | 122977 | 0 | 0 |
| COLGATE-PALMOLIVE CO | COM | 194162103 |  | 91177794 | 1153391 | SH |  | SOLE |  | 1153391 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 9377400 | 107873 | SH |  | SOLE |  | 107873 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 4140521 | 136922 | SH |  | SOLE |  | 136922 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 4012468 | 4653 | SH |  | SOLE |  | 4653 | 0 | 0 |
| CSG SYSTEMS INTERNATIONAL INC | COM | 126349109 |  | 7906509 | 103097 | SH |  | SOLE |  | 103097 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 5513988 | 79728 | SH |  | SOLE |  | 79728 | 0 | 0 |
| DENNY'S CORP | COM | 24869P104 |  | 7997073 | 1285703 | SH |  | SOLE |  | 1285703 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 83831191 | 1893026 | SH |  | SOLE |  | 1893026 | 0 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 1722160 | 111974 | SH |  | SOLE |  | 111974 | 0 | 0 |
| EHANG HOLDINGS LTD | ADS | 26853E102 |  | 1014662 | 76985 | SH |  | SOLE |  | 76985 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 5872444 | 28740 | SH |  | SOLE |  | 28740 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 2556664 | 2379 | SH |  | SOLE |  | 2379 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 162801302 | 750015 | SH |  | SOLE |  | 750015 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 8262312 | 81354 | SH |  | SOLE |  | 81354 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 0 | 447100 | PRN | Call | SOLE |  | 447100 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 46743920 | 225511 | SH |  | SOLE |  | 225511 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 19528958 | 384504 | SH |  | SOLE |  | 384504 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARENT INC | COM | 35909D109 |  | 11072012 | 290833 | SH |  | SOLE |  | 290833 | 0 | 0 |
| GAOTU TECHEDU INC | SPONSORED ADS | 36257Y109 |  | 1022997 | 440947 | SH |  | SOLE |  | 440947 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 49164300 | 1310000 | SH |  | SOLE |  | 1310000 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 37062900 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 22092205 | 469601 | SH |  | SOLE |  | 469601 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 2735025 | 86224 | SH |  | SOLE |  | 86224 | 0 | 0 |
| HILTON WORLDWIDE HOLDINGS INC | COM | 43300A203 |  | 3172676 | 11045 | SH |  | SOLE |  | 11045 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 4200268 | 56387 | SH |  | SOLE |  | 56387 | 0 | 0 |
| HOME DEPOT INC/THE | COM | 437076102 |  | 14483449 | 42046 | SH |  | SOLE |  | 42046 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | COM | 45866F104 |  | 222813335 | 1375560 | SH |  | SOLE |  | 1375560 | 0 | 0 |
| INTERNATIONAL MONEY EXPRESS INC | COM | 46005L101 |  | 703519 | 45802 | SH |  | SOLE |  | 45802 | 0 | 0 |
| INTUIT INC | COM | 461202103 |  | 6088153 | 9179 | SH |  | SOLE |  | 9179 | 0 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 51212509 | 7152585 | SH |  | SOLE |  | 7152585 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 4152813 | 87299 | SH |  | SOLE |  | 87299 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3673308 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| KASPI.KZ JSC | SPONSORED ADS | 48581R205 |  | 17901176 | 228970 | SH |  | SOLE |  | 228970 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 2718152 | 157574 | SH |  | SOLE |  | 157574 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 43279470 | 213000 | SH |  | SOLE |  | 213000 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 20487531 | 203068 | SH |  | SOLE |  | 203068 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 4860320 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| LANTHEUS HOLDINGS INC | COM | 516544103 |  | 74669100 | 1122000 | SH |  | SOLE |  | 1122000 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 15440283 | 74300 | SH |  | SOLE |  | 74300 | 0 | 0 |
| MAKEMYTRIP LTD | SHS | V5633W109 |  | 1806065 | 21993 | SH |  | SOLE |  | 21993 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC/MD | CL A | 571903202 |  | 3251936 | 10482 | SH |  | SOLE |  | 10482 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 171083591 | 299595 | SH |  | SOLE |  | 299595 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 294112707 | 358535 | SH |  | SOLE |  | 358535 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 284771222 | 141373 | SH |  | SOLE |  | 141373 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 29262450 | 44331 | SH |  | SOLE |  | 44331 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 0 | 4500 | PRN | Call | SOLE |  | 4500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 513277541 | 1061153 | SH |  | SOLE |  | 1061153 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 37350421 | 398362 | SH |  | SOLE |  | 398362 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 9020388 | 63600 | SH |  | SOLE |  | 63600 | 0 | 0 |
| NEW GOLD INC | COM | 644535106 |  | 3305767 | 379537 | SH |  | SOLE |  | 379537 | 0 | 0 |
| NEW ORIENTAL EDUCATION  TECHNOLOGY GROUP INC | SPON ADR | 647581206 |  | 20333307 | 369289 | SH |  | SOLE |  | 369289 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 26773180 | 268134 | SH |  | SOLE |  | 268134 | 0 | 0 |
| NOVO NORDISK A/S | ADR | 670100205 |  | 51047904 | 1003300 | SH |  | SOLE |  | 1003300 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 677986269 | 3635106 | SH |  | SOLE |  | 3635106 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 0 | 10000 | PRN | Call | SOLE |  | 10000 | 0 | 0 |
| OWENS CORNING | COM | 690742101 |  | 11840078 | 105800 | SH |  | SOLE |  | 105800 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 2257264 | 366439 | SH |  | SOLE |  | 366439 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 0 | 4064500 | PRN | Call | SOLE |  | 4064500 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 5249074 | 217263 | SH |  | SOLE |  | 217263 | 0 | 0 |
| PROCTER  GAMBLE CO/THE | COM | 742718109 |  | 49684353 | 346492 | SH |  | SOLE |  | 346492 | 0 | 0 |
| QFIN HOLDINGS INC | AMERICAN DEP | 88557W101 |  | 753091 | 39081 | SH |  | SOLE |  | 39081 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1368400 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| REGENERON PHARMACEUTICALS INC | COM | 75886F107 |  | 38575146 | 49971 | SH |  | SOLE |  | 49971 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 452004063 | 864840 | SH |  | SOLE |  | 864840 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 267071874 | 1008151 | SH |  | SOLE |  | 1008151 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 65901219 | 516426 | SH |  | SOLE |  | 516426 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 265792872 | 1734925 | SH |  | SOLE |  | 1734925 | 0 | 0 |
| SHERWIN-WILLIAMS CO/THE | COM | 824348106 |  | 1883910 | 5814 | SH |  | SOLE |  | 5814 | 0 | 0 |
| SLB LTD | COM STK | 806857108 |  | 179213721 | 4669456 | SH |  | SOLE |  | 4669456 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 6645829 | 741722 | SH |  | SOLE |  | 741722 | 0 | 0 |
| SPROUTS FARMERS MARKET INC | COM | 85208M102 |  | 42225100 | 530000 | SH |  | SOLE |  | 530000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | SPONSORED ADS | 874039100 |  | 638169 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 2401328 | 123716 | SH |  | SOLE |  | 123716 | 0 | 0 |
| TENCENT MUSIC ENTERTAINMENT GROUP | SPON ADS | 88034P109 |  | 1846084 | 105310 | SH |  | SOLE |  | 105310 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 81155539 | 140037 | SH |  | SOLE |  | 140037 | 0 | 0 |
| TRADEWEB MARKETS INC | CL A | 892672106 |  | 238136576 | 2214400 | SH |  | SOLE |  | 2214400 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 7112000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 |  | 2767360 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 527677 | 652 | SH |  | SOLE |  | 652 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 86854198 | 191571 | SH |  | SOLE |  | 191571 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 6480400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| VESTA REAL ESTATE CORP | ADS | 92540K109 |  | 24284242 | 796215 | SH |  | SOLE |  | 796215 | 0 | 0 |
| VIPSHOP HOLDINGS LTD | SPONSORED ADS A | 92763W103 |  | 73678165 | 4161154 | SH |  | SOLE |  | 4161154 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 3700692 | 10552 | SH |  | SOLE |  | 10552 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 3338451 | 394616 | SH |  | SOLE |  | 394616 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 5359223 | 185955 | SH |  | SOLE |  | 185955 | 0 | 0 |
| WIDEOPENWEST INC | COM | 96758W101 |  | 208198 | 40038 | SH |  | SOLE |  | 40038 | 0 | 0 |
| YETI HOLDINGS INC | COM | 98585X104 |  | 2164772 | 49010 | SH |  | SOLE |  | 49010 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 1725800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |

---