Carmignac Portfolio EM Debt

• In April, markets experienced significant volatility in the wake of the announcement of higher-than-expected tariffs by the United States, leading to a correction in developed and emerging equity markets.• Bond markets were not spared from the April storm. The Trump administration's announcement of tariffs reignited fears of a recession in the United States and disruptions to global production chains. • Despite Donald Trump's reversal on the main tariff measures (a 90-day pause, except for China), a confidence crisis took hold among investors, who deserted US assets (the dollar and Treasury bonds). • In the United States, the yield curve steepened, with the 2-year rate falling by 28 basis points compared with 5 basis points for the 10-year rate, as the market now anticipates four rate cuts by the Federal Reserve between now and the end of the year. • In emerging markets, external debt (in hard currencies) declined, with credit spreads widening, while local debt rose. • On the credit side, renewed risk aversion led to a widening of credit spreads of +100 bp on the Itraxx Xover index at the beginning of the month, before tightening just as sharply after the Trump administration's U-turn. As a result, the Itraxx Xover index recorded only a moderate spread of +22 bp over the month. • On the currency front, the dollar plunged, affected by doubts about US economic stability, to the benefit of the euro, which appreciated sharply over the month. The weakness of the dollar benefited certain emerging currencies.

• Over the month, the fund delivered a positive performance, outperforming its reference indicator, which ended the month down.• In an uncertain environment, the Fund showed resilience thanks to its fixed income investments, benefiting from the strong performance of its positions in Eastern European local debt (particularly Hungary and Poland), which had been reinforced in previous weeks. • However, amid renewed risk aversion, our credit exposure made a negative contribution, mainly impacted by the widening of credit spreads on our selection of emerging market external debt (in hard currencies), such as Ukraine and Côte d'Ivoire. This negative impact was only partially offset by the protections we put in place to reduce our exposure to this market. • On the currency front, although we maintained a cautious exposure throughout the month, the sharp rise in the euro had a negative impact on our exposure to certain emerging market currencies (Brazilian real, Kazakh tenge) and to the US dollar. However, we benefited from our allocation to the Hungarian forint and the South African rand.

• In an environment marked by uncertainty over tariffs and fears about global growth, we expect the major central banks in developed and emerging countries to gradually continue their monetary easing. • In this environment, we are maintaining a significant allocation to emerging market local debt, which is particularly attractive given lower oil prices and high real interest rates. We have strengthened our positions in local rates in Eastern Europe (Hungary, Poland, Czech Republic) and Latin America (Brazil, Mexico). • However, given the renewed risk aversion, we are maintaining a cautious stance on credit markets. While we see opportunities among high-yield securities, such as Egypt and Colombia, we are maintaining a high level of coverage on the iTraxx Xover to protect the portfolio from the risk of widening spreads. • Finally, in terms of currencies, we are maintaining a cautious exposure with a significant allocation to the euro. Nevertheless, we are retaining selective exposure to emerging market currencies with attractive carry. Our currency selection includes Latin American currencies (Brazilian real, Chilean peso) and Eastern European currencies (Hungarian forint).