Carmignac Portfolio Emerging Patrimoine

• In April, markets experienced high volatility in the wake of the announcement of higher-than-expected US tariffs, triggering a correction in developed and emerging equity markets.• Asian equity markets fell sharply, while Latin America showed resilience, posting gains. • Bond markets were not spared by April's turmoil. The Trump administration's announcement of tariffs reignited fears of a recession in the United States and disruptions to global supply chains. • Despite Donald Trump's reversal on the main tariff measures (a 90-day pause apart from China), a crisis of confidence has taken hold among investors, who have deserted US assets (the dollar and Treasury bonds). • In the United States, the yield curve steepened, with the 2-year rate falling 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 market currencies.

• During the month, the fund posted a very slightly negative performance, outperforming its reference indicator, which ended the month sharply lower.• In an uncertain environment, the Fund showed resilience thanks to its investments in equities and fixed income, benefiting from the strong performance of its Latin American equities (Banorte, Mercadolibre, Eletrobras) and its positions in local debt in Eastern European countries (particularly Hungary and Poland). • 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 currencies (South African rand, Kazakh tenge). Nevertheless, we benefited from our allocation to the Indian rupee and our short positions on the Chinese yuan.

• Despite the uncertainties surrounding Donald Trump's policies, we remain constructive on emerging market assets, believing that current valuations reflect a pessimistic scenario. Furthermore, Trump's policies appear to be having the opposite effect, benefiting emerging markets.• 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. We are therefore maintaining a moderate level of modified duration (around 460 basis points). • We are maintaining a significant allocation to emerging market local debt, which is particularly attractive given the fall in 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 resurgence of risk aversion, we are maintaining a cautious stance on credit markets, with significant hedging 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. • We also remain constructive on China, given that technological advances, particularly in AI and productivity, should provide further stimulus to the economy. During the month, we initiated a new position in Prosus, Tencent's parent company. • 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).