Carmignac Portfolio Asia Discovery

• 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.• Asian markets fell sharply, led by Vietnam and Indonesia, which were penalised by the introduction of higher-than-expected customs duties. • China, Japan and South Korea met at the beginning of the period to discuss the establishment of a free trade zone in response to US trade offensives. • Xi Jinping also visited Malaysia, Cambodia and Vietnam, where he concluded 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 this context, the fund posted a negative performance, in line with its reference indicator.• In Vietnam, Asia Commercial Bank shares fell sharply over the month. CVC Capital Partners sold its remaining stake in the company for $220 million. This news was seen as a negative signal by investors. • Taiwanese giant TSMC continued to see its share price decline, in line with US tech giants, despite the publication of satisfactory results for Q1 2025. Chicony Electronics and Sinbon Technology also fell. • Our portfolio of South Korean technology stocks was also penalised, as were SK Hynix and Samsung Electronics. • Finally, despite the strong performance of Home First Finance and Kfin Technologies, our Indian stocks posted a negative contribution for the month.

• Emerging Asia is a vast and diverse universe offering fertile ground for stock selection and attractive growth prospects.• We remain positive on Asian small and mid-caps due to encouraging macroeconomic indicators, where we are mainly positioned. • India remains our main geographical allocation and an excellent local market for finding long-term growth stocks. • Our trip to India reinforced our positive outlook for the country, and the recent correction offers attractive entry points. Furthermore, India stands to be one of the main beneficiaries of trade tensions between the United States and the rest of the world. • Finally, we are maintaining significant exposure to artificial intelligence stocks through our small- and mid-cap companies operating in the semiconductor value chain in Taiwan and South Korea, which should perform well once markets refocus on fundamentals. • Nevertheless, we remain cautious in the short term, particularly in Southeast Asia, due to the Trump administration's introduction of customs barriers. This is why we reduced our positions in Asia Commercial Bank and TD Power during the month. • Finally, we have put in place hedges on cyclical currencies, which we believe are most affected in the current environment, such as the Vietnamese Dong.