Carmignac Portfolio Grandchildren

• May 2025 saw a strong rebound in equity markets after a tumultuous April dominated by trade tensions and a sharp market correction.• The recovery was fueled in particular by easing trade tensions and a solid earnings season. • The US rebound was mainly driven by large technology companies. More specifically, more than two-thirds of the gains came from just seven equities: Nvidia, Microsoft, Meta, Broadcom, Amazon, Tesla and Alphabet. • Taiwan (+12.5%) and Korea (+7.8%) stood out with particularly strong gains.

• In May, the Fund delivered a positive absolute return but underperformed its benchmark.• Our stock selection in the Technology sector contributed positively to our relative performance. • Microsoft, our largest position, was the top contributor to performance, following the release of strong quarterly results and continued momentum in its cloud and AI businesses. • Nvidia and Amazon, two positions we strongly reinforced in March and April also performed well due to robust earnings reports and strong investor confidence in the ongoing AI boom. • In the Industrials sector, Comfort Systems continued its April rally, while Prysmian, performed strongly after reporting robust Q1 results, especially in the transmission segment that delivered over 50% organic growth compared to the last year. • The underperformance relative to our benchmark was primarily driven by the Healthcare sector that has been affected by Trump’s executive order aimed at reducing high prescription drug prices. • Eli Lilly was among the most significant detractors, falling 19%. The stock was negatively impacted by the removal of its blockbuster weight-loss drug, Zepbound, from CVS Health’s preferred formulary list, in favour of Novo Nordisk’s Wegovy.

• Our macroeconomic framework continues to advocate for a defensive approach to equity markets.• During the month, we made some adjustments to our portfolio by initiating a position in UBS, one of the few banks that aligns with our quality and sustainability criteria. • We fully exited our position in Veeva Systems following a strong performance in May. The stock surged nearly 19% after delivering earnings beat and showcasing progress in the expansion of its AI-driven tools. • We also took profits in some of our Technology holdings, particularly those we had reinforced during the April market dislocation including Nvidia and ServiceNow, both of which rallied significantly through May. • In the Healthcare sector, we trimmed exposure to higher-valuation medical device names such as Intuitive Surgical and Stryker, while increasing our allocation to more defensive positions like McKesson and Cencora.