Carmignac Portfolio Emergents

• Emerging markets rose in June, outperforming developed market indices (KOSPI +12.6%, Bovespa +2.9%, Hang Seng -0.2%).• On the trade front, China and the US resumed talks in Geneva and London, resulting in a reduction in tariffs to 30% and an agreement on rare earth exports to the US. • In South Korea, equity markets rose sharply in the wake of the election of the Democratic Party and President JM Lee, with his promises favorable to financial markets. President Lee announced a target of 5,000 points for the Kospi, nearly double the pre-election level. The focus is on corporate governance reforms, including the rapid adoption of the new Commercial Code, which offers better protection for minority shareholders. • The Brazilian central bank raised its key rate by 25 basis points to 15%. This had no impact on Brazilian equities, which rose, supported by higher commodity prices.

• The Fund posted a positive performance for the month, outperforming its reference indicator.• The main contributors to performance were our South Korean positions, notably SK Hynix, Hyundai Motor and LG Chem, which rose in the wake of the election of JM Lee. • Our investments in Taiwanese companies operating in the semiconductor value chain also made a significant contribution (TSMC, Elite Material, Lite-On). • However, our selection of Latin American stocks proved disappointing this month, particularly Vesta in Mexico and Eletrobras in Brazil.

• Despite the uncertainties surrounding Trump's policies, we remain constructive on emerging market equities, believing that current valuations reflect a pessimistic scenario. Furthermore, emerging markets are benefiting from the uncertainty in the US: Trump's policies seem to be having the opposite effect, benefiting emerging markets.• Our trip to China confirmed the emergence of two positive trends. First, the government is placing increasing emphasis on science and technology, and the breakthrough of DeepSeek is boosting confidence. Second, the Hong Kong equity market is experiencing a renaissance, thanks to concerted efforts and reforms aimed at attracting international capital through IPOs of innovative companies. In this context, we see opportunities in AI enablers, wellness, future mobility, education, and high-yield securities; We also see opportunities in high-quality, undervalued companies with shareholder-friendly policies and attractive dividends and redemptions. • During the month, we made adjustments to the portfolio. We took advantage of the rebound in South Korean markets to close our position in Samsung Electronics and instead strengthen our stake in SK Hynix, the global leader in innovative memory (HBM products). • We also took advantage of the weakness of Indonesian markets in recent months to initiate a position in Bank Central Asia (BCA), the leading private bank in Indonesia, where the rate of bank account penetration is very low compared with other Asian countries. With a loan-to-deposit ratio of 80% and a Tier 1 capital ratio of 27%, we believe the company is well positioned to benefit from the rapid growth of the Indonesian banking sector. • Finally, while we remain constructive on our Latin American portfolio, particularly Brazil, we have decided to reduce our exposure to take profits following the sharp appreciation of these markets since the beginning of the year.