Carmignac Gestion's Portfolio Shuffle
Carmignac Gestion Reshuffles Equity Portfolio, Trimming Holdings While Initiating Astera Labs Stake
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Key Points
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Institutional investors own about 84.58% of Keysight Technologies stock.
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Thermo Fisher Scientific posted a Q2 earnings beat with adjusted EPS of $6.03 and revenue of $11.99 billion, with management citing broad-based momentum across pharmaceutical, biotechnological and life-sciences end markets.
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Astera Labs attracted notable institutional moves: Royal Bank of Canada increased its stake to 152,453 shares (worth about $9.1 million) and AQR Capital Management raised its stake to 11,391 shares (about $680,000), with roughly 60.47% of the stock owned by institutions.
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Block Inc. drew positive analyst attention in reaction to Carmignac Gestion’s moves, with Morgan Stanley lifting its price target to $98 and BTIG Research reiterating a Buy rating (alongside other upgrade activity).
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SLB has a high level of institutional ownership at about 81.99%, reflecting broad investor participation in the stock.
Paris-based Carmignac Gestion made sweeping cuts to its $6.51 billion U.S. equity portfolio in the first quarter, slashing stakes in Keysight Technologies and Thermo Fisher Scientific by roughly 95% and 89%, respectively, according to Watchlist News. At the same time, the fund opened a fresh position in AI connectivity company Astera Labs and kept Block Inc. as a top-10 holding worth nearly $195 million.
The moves signal a clear strategic shift: Carmignac is pulling back from mature industrial and life-sciences names and rotating capital toward AI infrastructure plays. The firm's top 10 holdings now make up about 51.73% of its total portfolio — a sign of growing high-conviction concentration.
Carmignac Slashes Keysight and Thermo Fisher to Near Zero
Carmignac cut its Keysight Technologies stake by 95%, leaving just 10,000 shares worth about $2.8 million. The move came even after Keysight posted a strong fiscal Q1 adjusted EPS of $2.87, beating estimates by 21%. Institutional investors still own about 84.58% of the company's stock, according to Watchlist News.
Thermo Fisher Scientific got similar treatment. Carmignac trimmed its position by nearly 89%, leaving 15,828 shares valued at roughly $7.74 million. That trim came despite a solid Q2 earnings beat — adjusted EPS of $6.03 on $11.99 billion in revenue. CEO Marc Casper said end markets continue to strengthen, "leading to continued share gain." Full-year EPS guidance was lifted to a range of $24.93 to $25.33.
New Astera Labs Bet Signals AI Infrastructure Push
Carmignac initiated a brand-new position in Astera Labs, buying 60,000 shares worth about $6.58 million. Astera Labs makes PCIe connectivity chips that solve bottlenecks in AI data centers. The stock has drawn broad institutional interest, with only about 60.47% of shares owned by institutions — leaving room for more buying.
Other big names moved in at the same time. Royal Bank of Canada raised its Astera Labs stake by 167% to 152,453 shares, worth about $9.1 million. AQR Capital Management boosted its position by over 213% to 11,391 shares, worth around $680,000. Carmignac's entry fits a pattern: institutions are racing to get exposure to AI hardware before valuations climb further.
Block Stays a Core Bet Despite Minor Trim
Carmignac cut its Block Inc. stake by just 5%, leaving 3,233,826 shares worth about $194.6 million. That keeps Block firmly in the fund's top 10. The minor trim did not shake analyst confidence. Morgan Stanley analyst James Faucette raised his price target on Block to $98, maintaining an Overweight rating. Goldman Sachs added Block to its US Conviction List, projecting 64% EPS growth in 2026.
BTIG Research analyst Andrew Harte reiterated a Buy rating with a $90 target, calling Block's lean cost structure and AI integration a competitive edge. About 70.44% of Block shares are owned by institutions, reflecting broad buy-side confidence in the payments company's long-term path.
SLB Cut by 80% as Energy Exposure Falls Sharply
Carmignac slashed its SLB position by nearly 80%, leaving 946,192 shares worth about $48.6 million. The move cuts the fund's exposure to traditional oil and gas cycles. SLB still reported a solid Q2 — adjusted EPS of $0.55 beat estimates by $0.04, on $8.97 billion in revenue. CEO Olivier Le Peuch said the firm's Data Center Solutions division is on track to reach a "$1 billion annualized run rate" by year-end.
Despite the sale, SLB remains widely held. About 81.99% of its stock is owned by institutional investors, according to Watchlist News. Carmignac's exit looks less like a verdict on SLB's fundamentals and more like a deliberate reallocation — freeing up capital to fund higher-growth bets like Astera Labs.
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