Carmignac Patrimoine

• 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 higher, outperforming its reference indicator.• Stock selection was the main contributor to performance. • Our US technology holdings—such as Broadcom, Nvidia, Amphenol, and Arista Networks—fully benefited from a favorable sector environment. • Likewise, our emerging market technology positions were among the top contributors, particularly our biggest holding TSMC, as well as South Korea’s SK Hynix. • Our decision to neutralize dollar exposure was the second main performance driver, enabling us to capitalize on the outperformance of the euro and emerging market currencies (BRL, MXN). • However, our cautious stance on interest rates, especially in the US, and our put options on equity indices slightly detracted performance over the month.

• We remain broadly optimistic about US growth, despite recent signs of weakness in the labor market.• A more stable environment in the Middle East and solid corporate fundamentals support our decision to maintain significant exposure to equity markets. • However, with risky assets offering limited risk premiums, we believe it is essential to remain vigilant and implement hedging measures via options. • The fund maintains a 40% allocation to equities, focusing on high-quality growth companies in the US, as well as select opportunities in emerging markets and Europe. • On the fixed income side, we remain cautious given the recent tightening of credit spreads and have increased our protection in the high-yield segment. • We continue to hold a bearish view on US, European, and Japanese sovereign rates. • In currencies, we maintain a preference for the euro and emerging market currencies over the US dollar, which is likely to face headwinds from unfavorable investor capital flows.