Carmignac Portfolio Grandchildren

• April 2025 was characterized by notable volatility in the financial markets, marked by a sharp correction followed by an equivalent rebound, resulting in relatively minor final variations.- The month commenced with an announcement from Donald Trump concerning higher tariffs than the markets had anticipated. This "Liberation Day," as the US president termed it, created recession fears among investors, triggering a crisis of confidence and causing a flight from risky assets and US assets, including the dollar and Treasury bonds.
• In response to the sharp market downturn, Trump suspended most of the tariff measures for 90 days, excluding China, which allowed equities to rebound.
• European and emerging market equities continued to outperform their US counterparts. Gold was the standout winner of the month, in stark contrast to oil, which experienced a significant decline.
• On the macroeconomic front, uncertainty surrounding trade barriers began to negatively impact leading US activity indicators, such as consumer sentiment.
• The earnings season started robustly, yet companies expressed caution about the future due to ongoing tariff-related uncertainties.

• In April, the Fund experienced a negative absolute performance, although it outperformed its benchmark.• This outperformance was primarily driven by our active management and strategic stock selection in the Consumer sector. • The main detractors for the month were stocks in the Healthcare and Consumer Discretionary sectors. • Thermo Fisher was the most significant detractor, as the newly imposed tariffs increased the costs of parts and subassemblies sourced from China, thereby affecting the company's margins. • Similar to Thermo Fisher, Amazon also felt the impact of tariffs, particularly those related to U.S.-China trade, which increased its operational costs and affected profitability. • Our exposure to the Industrials and Technology sectors contributed positively to our relative performance. • ServiceNow surged over 10% after reporting impressive financial results for the first quarter of 2025, with subscription revenues rising by nearly 20%. • In the Industrials sector, Comfort Systems demonstrated strong performance following their report of an increased backlog, indicating robust future demand and a healthy pipeline of projects.

• 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 new position in the Fund. • We started positions in Unilever, a British multinational consumer goods company known for its wide range of food, personal care, and household products which is expected to perform well in uncertain market conditions. • Amid the market downturn in the beginning of April, we reinforced positions that suffered the most, such as Nvidia as their valuations appear highly attractive and they continue to have massive demand from tech giants. • Additionally, we increased our position in Servicenow prior to their earnings. • We continued to build our positions in the two US drug distributors, Cencora and McKesson, which we initiated last month and have shown consistent growth.