Carmignac Portfolio Emergents

• In April, markets experienced significant volatility in the wake of the announcement of higher-than-expected US tariffs, leading to a correction in developed and emerging equity markets.• However, emerging markets held up better than their developed counterparts, helped in particular by the resilience of Latin American markets. • Tensions between China and the United States intensified (145% tariffs on Chinese products and 125% tariffs on US products) before easing at the end of the period, with talks between the two countries getting underway. • Xi Jinping visited Malaysia, Cambodia and Vietnam, where he signed a number of trade agreements aimed at strengthening cooperation in the region. • On the macroeconomic front, Chinese GDP growth reached 5.4%, above economists' average forecast of 5.2%, thanks to a surge in exports ahead of the announcement of tariffs. At the end of the period, the Chinese authorities announced further measures to support the Chinese economy (particularly consumers), but these were not enough to revive the Chinese markets, which ended the month in negative territory. • With 26% tariffs, India seems to be coming out on top. Indian markets showed resilience, buoyed by hopes of a bilateral agreement between India and the United States following JD Vance's visit to India.

• In April, the fund posted a negative performance but still outperformed its reference indicator.• Against a backdrop of higher-than-expected tariffs, we suffered from the decline in our Asian investments, particularly in China, South Korea and Taiwan. • In China, we suffered from the weakness of our consumer and internet stocks VIPSHOP, JD.Com and Didi. Despite their solid fundamentals, these stocks were penalised by heightened geopolitical tensions between China and the United States, leading to a correction in Chinese equities listed in the United States. • We also suffered from the weakness of our Taiwanese stocks (TSMC, Elite Material), which were impacted by the sharp correction in US technology stocks. • On the other hand, the Fund showed resilience, benefiting from its significant exposure to Latin America and the excellent performance of its Mexican stocks (Banorte, Vesta) and Brazilian stocks (Eletrobras, Mercadolibre, Equitorial).

• Despite the uncertainties surrounding Donald Trump's policies, we remain constructive on emerging market equities, as we believe that current valuations reflect a pessimistic scenario. • Furthermore, emerging markets are benefiting from uncertainty in the United States, as Trump's policies seem to be having the opposite effect, benefiting emerging markets. • We remain constructive on China, given the change in perception. Markets are realising that geopolitical tensions are hurting China but not destroying it. • Moreover, technological progress, particularly in AI and productivity, should provide further stimulus to the economy. This is why we want to maintain decent exposure to China, with a slight underweight. Our Chinese portfolio is mainly composed of technology/innovative companies. • During the month, we initiated a new position in Prosus, Tencent's parent company. 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. • We are maintaining a significant allocation to India, where the long-term outlook remains promising (strong growth, political stability, solid current account balance). • The recent correction offers attractive entry points for the stocks we are tracking. We took advantage of the correction at the beginning of the year to increase our exposure to India by strengthening our positions in the e-commerce, tech and insurance sectors, which have fallen sharply. • Finally, we remain very constructive on our Latin American portfolio, which appears to be benefiting from the new global economic order, as it is less affected by customs tariffs than Asia. • Mexico seems to have been relatively spared by Trump's initial announcements, which reinforces our view that this country should gain significant market share in US imports.