Carmignac Portfolio Patrimoine Europe

• In June, risky assets rebounded—particularly in the US—despite mixed economic indicators and persistent geopolitical tensions.• Tensions with Iran briefly pushed oil prices higher, but equity markets remained resilient, focusing instead on US budgetary and trade deals. • Wall Street outperformed other developed markets, driven by the technology sector, but was ultimately outpaced by emerging markets, which benefited from a weaker dollar. • Ongoing concerns over the US deficit, declining consumption, repatriation flows from foreign investors, and increased currency hedging continued to weigh on the dollar. • On the interest rate front, US Treasury yields declined across the curve, while German yields rose following the adoption of a record investment plan aimed at revitalizing Europe’s largest economy. • The Fed kept rates unchanged but revised its inflation forecasts upward, while the ECB eased monetary policy by 25 basis points but remained vigilant regarding inflationary risks.

• The fund ended the month lower, in line with its reference indicator.• Performance was impacted by the decline in European equity markets, with growth sectors continuing to underperform across the continent. • In the bond segment, our cautious positioning had a broadly neutral effect on performance. • Credit exposures delivered positive returns, although some of these gains were offset by our CDS hedges. • Conversely, our diversification assets—such as silver, palladium, and our short position on the dollar—stood out and made positive contributions to the fund’s overall performance.

• We remain broadly positive; the stabilization of the situation in the Middle East encourages us to maintain significant exposure to equity markets.• We are optimistic about global growth prospects, both in the US and Europe. • Recent investment announcements in Germany are expected to provide an additional boost to European growth over the next two years. • As a result, we are favoring equities to capitalize on this favorable environment, while maintaining caution regarding interest rates given the potential risks of fiscal slippage. • We have also implemented inflation hedges, as the situation in the Middle East has demonstrated that the European economy remains particularly sensitive to fluctuations in commodity prices. • Diversification strategies across commodities and currencies further enhance our ability to manage risks within the portfolio.