Carmignac Portfolio Credit

• In the United States, GDP growth was revised down to -0.5% in the first quarter, while leading indicators sent mixed signals. While PMI indices surprised on the upside, consumer confidence and household income declined, and core inflation came in higher than expected at +2.7%. • The Federal Reserve kept its key interest rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by raising its inflation forecasts. • In the eurozone, the European Central Bank (ECB) lowered its key interest rate as expected by 25 basis points to 2.0%. Although this was widely anticipated, Christine Lagarde nevertheless adopted a more restrictive tone than expected regarding the outlook for inflation. • Tensions in the Middle East initially pushed oil prices above $80 per barrel, but they fell by more than 10% after the ceasefire was announced, which also contributed to a tightening of credit spreads by 18 basis points on the Markit iTraxx Crossover index. • In June, rates moved in different directions, with the 10-year rate in the US easing by 17 bp on the back of weaker economic data, while its German counterpart rose by 11 bp.

• The Fund outperformed its benchmark in June, benefiting fully from the tightening of credit spreads.• Given the sharp tightening of credit spreads, we strengthened our credit overlay at the end of the month to protect against a possible upturn in volatility as valuations returned to pre-Liberation Day levels. • During June, we took advantage of the strength of the primary market to redeploy proceeds coming from inflows into new opportunities. • Finally, we are maintaining exposure of around 9% of the fund's net assets to collateralized loan obligations (CLOs), which are performing steadily.

• We remain focused on our core investment themes through a selection of high-yield bonds, energy, financials and our CLO selection.• Given the current valuation levels in credit markets, we are maintaining a high level of market coverage, which now accounts for 18.6% of the Fund's net assets. • After years of weakness due to abundant liquidity and low capital costs, default rates are expected to return to more normal levels, which we see as a catalyst for creating real idiosyncratic opportunities. • Finally, the portfolio's high carry (around 6.2%) and attractive credit valuations should mitigate short-term volatility and help generate medium- to long-term performance.