Carmignac Portfolio Emerging Patrimoine

• The announcement of a moratorium on tariffs between the US and China reignited risk appetite, resulting in a 50bp tightening of credit spreads on the Itraxx Xover index in May.• Against this backdrop, emerging market equities rose, as did their developed market counterparts. • The Federal Reserve kept its key rates in the 4.25% to 4.50% range, as the US job market continued to show resilience with better-than-expected job creation and stable unemployment. • In the eurozone, faced with fragile economic growth, the ECB lowered its rates by 0.25%, as anticipated by the market. • Rates rose in May, particularly in the US, where the 10-year rate increased by +24bp, while its German counterpart appreciated by +6bp. • On the currency front, the dollar continued to weaken against the euro due to US budget uncertainties. The renewed appetite for risk benefited certain emerging currencies, such as the Mexican peso, the Chilean peso and the South African rand.

• The fund posted a positive performance during the month, albeit below its reference indicator.• Against a backdrop of rising core European interest rates, the portfolio suffered mainly from its long positions in Eastern European rates (Hungary, Poland), while our positions in South African rates had a positive effect. • Our exposure to corporate credit and our selection of emerging market debt denominated in hard currencies (Egypt, Mexico) had a positive impact in a context of tightening credit spreads, but this was partly offset by the protections we put in place to reduce our exposure to this market. • In equities, we benefited from the rebound in our Taiwanese (Taiwan Semiconductor, Elite Material) and South Korean (SK Hynix) technology stocks. However, our moderate exposure to equities weighed on the Fund's relative performance. • Finally, on the currency front, although the sharp rise in the euro had a negative impact on our exposure to the US dollar, we benefited from our positions in the South African rand, Indonesian rupiah and Malaysian ringgit.

• In a context marked by uncertainty caused by the introduction of US tariffs, geopolitical conflicts and fiscal slippage, we expect the major central banks in developed and emerging countries to maintain an accommodative bias. We are therefore maintaining a moderate level of modified duration.• In terms of rates, we favor real rates in countries or central banks that are behind the cycle, such as Brazil, and an allocation to certain countries such as South Africa and Indonesia. • On credit, although this asset class offers attractive carry, we are cautious due to relatively high valuations and are maintaining a significant level of coverage on the iTraxx Xover to protect the portfolio from the risk of widening spreads. • In equities, we are maintaining a significant allocation to India, where the long-term outlook remains promising (political stability, solid growth), and to Latin America (Mexico and Brazil), which appears to be benefiting from the new global economic order. • Our trip to China confirmed the emergence of two positive trends. First, the government is placing increasing importance on science and technology, and the breakthrough of DeepSeek is boosting confidence. Second, the Hong Kong equity market is experiencing a renaissance, thanks to reforms aimed at attracting international capital through IPOs. • Over the month, we increased our stake in Prosus, the parent company of Tencent. We believe Tencent is well positioned to benefit from China's catch-up in AI and could potentially launch the world's first AI agents or assistants. • Finally, in currencies, we are maintaining a cautious exposure with a significant allocation to the euro. However, we are retaining selective exposure to emerging market currencies with attractive carry. Our currency selection includes Latin American currencies (BRL, CLP), Asian currencies (KRW, MYR) and the South African rand (ZAR).