Carmignac Portfolio Merger Arbitrage Plus

• Following on from March, April was a challenging month to manage. Most asset classes ended slightly down in a highly volatile environment. Against this backdrop, the merger arbitrage strategy once again demonstrated its resilience. The HFRX Merger Arbitrage Index posted a positive monthly performance of +0.51% (in dollar terms).• However, some spreads proved slightly more volatile than average. This was particularly true of the acquisition of Spirent Communications by US company VIavi Solution, which is still awaiting approval from the Chinese antitrust authorities. • Although China has stated that it will continue its review process as planned, the market fears opposition due to recent political tensions. These same fears are affecting the Ansys/Synopsis deal. In addition, deals currently being challenged by the US authorities, such as Surmodics, have also been more volatile in the uncertain market environment. • Despite the uncertain economic and political environment, it is important to note that there has been some bidding wars. We benefited from the improved offer from private equity firm HIG Capital for Converge Technology following interest from a third party, as well as the improved price offered by Equinox Gold for Calibre Mining. • Around 20 transactions were completed, which contributed to the narrowing of all other spreads. • Uncertainties related to the trade war launched by the Trump administration slowed M&A activity in the United States in particular. Only 13 transactions were announced, including eight in Europe and one in Asia. • We also believe it is important to highlight possible regulatory changes in the United States with the proposed ‘One Agency Act’. This bill aims to consolidate the power to enforce federal antitrust laws within the Department of Justice (DOJ), which could potentially affect companies involved in mergers and acquisitions (M&A) or under investigation or litigation by the Federal Trade Commission (FTC). • Supporters of this bill argue that dual oversight by the FTC and the DOJ is redundant and inefficient. The One Agency Act would transfer antitrust enforcement authority solely to the DOJ, eliminating the FTC's ability to bring actions under Section 5 of the FTC Act, which deals with ‘unfair methods of competition’. • This could reduce the scope of anti-competitive behaviour that can be prosecuted by the federal government. This is a proposed bill, and there are significant obstacles to its implementation.

• The fund posted a positive performance during the month.• Main positive contributors to performance were: Calibre Mining, Converge Technology, Discover Financial and ChampionX. • Main detractors to performance were: Surmodics, Spirent and Ansys.

• The fund's investment ratio is 102%, up from the previous month.• With 45 positions in the portfolio, diversification remains satisfactory. • 2025 continues to look much more promising than 2024 thanks to a more favourable antitrust environment for M&A activity worldwide: the change of administration in the US following Trump's election, the publication of the Draghi report in Europe recommending the emergence of national champions to face global competition, regulators in the UK being pushed by politicians to prioritise economic activity, and the Japanese market continuing to open up to foreign capital. • Lower interest rates should also drive M&A activity in the coming quarters. • However, instability linked to the trade war launched by the Trump administration and geopolitical tensions are slowing the recovery, which is less robust than we had hoped.