So does the Rf transmitting antenna if using a tracker. I've heard of copper foil being embedded on the surface of a CF airframe for a tracker transmission antenna. I suspect there are small GPS receiver antennas but I don't know if they would mount on the surface of an airframe. The GPS receive antenna is embedded many times on the square chipsets/boards. Actually it might have to be mounted outside on a totally CF airframe but that would be impractical.
I believe the only workaround (sans embedding a GPS receive antenna on the outside of a CF tube) is using a radio-lucent nosecone for nosecone mounting or putting the GPS tracker with a robust antenna on the sustainer/apogee shockcord. The shockcord treatment might not give an accurate apogee deployment altitude though, would depend how quick it achieves a lock after deployment.
I had the experience with a metallic painted rocket that shielded the Rf GPS tracker at altitude but the GPS had a lock on 6 to 8 satellites and stored the positions to onboard memory (BeelineGPS). The rocket fortunately came down within eyeshot and the valid positions were downloaded and recorded the flight perfectly. It was radio opaque for the 70cm transmitter but radio-lucent to the incoming GPS signals. I don't know, does CF block everything? If so, makes GPS reception tricky. Kurt