Carmignac Portfolio Grandchildren

• June witnessed a renewed appetite for risk, driving US equity indices to fresh all-time highs.

• Investor sentiment was buoyed by the continued resilience of the US economy, easing political uncertainty, and signs of diminishing pressure on interest rates.

• Technology and AI-related stocks led the rally, with standout performances from Nvidia, Alphabet, and Amazon.

• While Wall Street outperformed other developed markets, it was surpassed by emerging markets, which benefited from a weaker US dollar.

• However, European value sectors, particularly banks and industrials, outperformed the European market.

• In June, the Fund delivered a negative return in both absolute and relative terms.• Nvidia was the biggest contributor as the company’s GPUs remains the backbone of AI infrastructure, used by major players like Amazon, Microsoft, Google, and Meta. • Oracle has been among our Top 3 contributors driven by a combination of exceptional earnings, rapid cloud growth, and major AI partnerships. • In the Industrials sector, Prysmian continued its strong momentum from May. The company is capitalizing on robust demand in electrification and digital infrastructure reinforcing its leadership in the power and telecom cable markets. • The underperformance relative to our benchmark was primarily driven by the Healthcare and Consumer sectors. • Procter & Gamble and Colgate were the biggest detractors as investors rotated out of defensive consumer staples in favour of cyclical and growth sectors which were benefiting from AI-driven optimism and infrastructure spending. • Despite its strong fundamentals and robust numbers, Hermès was not immune to a broader deceleration in the luxury sector and finished the month in negative territory.

• Our macroeconomic framework continues to advocate for a defensive approach to equity markets.• During the month, we made some adjustments to our portfolio. We initiated a new position in Alcon post recent underperformance and following a reaffirmation of the stock’s potential by our healthcare analyst. • To fund this, we exited smaller holdings including Analog Devices and Autodesk—both of which had delivered solid returns—as well as Synopsys and Amadeus. • We increased exposure to select Industrials, most notably Prysmian, which is well positioned to benefit from the Trump administration’s reported plans to expand electricity infrastructure to support AI growth. • In Healthcare, we trimmed our position in Novo Nordisk amid sector-wide pressure on GLP-1 developers following strong competitor trial results, reallocating capital to more defensive names such as McKesson and Cencora.