Carmignac Portfolio Patrimoine

• May 2025 saw a strong rebound in global stock markets, erasing the lows from April. This recovery was helped by easing trade tensions (especially between the US and China) and better consumer confidence.• Growth stocks performed better than others, supported by a positive earnings season. In the US, earnings growth reached 12.4%, which increased investor confidence. • In Europe, optimism was also strong, even though there were some trade tensions between the US and the European Union. Expectations of government support and higher earnings forecasts continued to help regional sentiment, reducing fears of a recession. • For bonds, the situation was more mixed: sovereign markets suffered from worries about US government finances and weak demand at auctions in both the US and Japan. However, there was a rebound at the end of the month, thanks to the easing of trade tensions. • On the currency market, the US dollar was very volatile: it fell at first, then recovered a bit at the end of the month, reflecting ongoing economic and political uncertainties.

• The fund finished the month higher, beating its reference indicator.• Stock selection was especially successful in a more positive environment for risky assets. • The shift towards technology and artificial intelligence stocks, decided in April, paid off in May. Top contributors this month included Nvidia, TSMC, and Broadcom. • In Fixed income, credit also performed well. Active management of duration helped completely offset the impact of rising rates. • On the other hand, managing stock exposure slightly hurt performance, mainly because of the cost of hedges, especially index options. • Finally, our position favoring the euro over the dollar had a neutral effect on performance for the month.

• Trump is making more concessions in his trade war, but there is still a big gap between weak leading indicators and strong real data. Also, large fiscal stimulus measures are being discussed in the House of Representatives, which reduces the risk of a recession before the midterm elections.• In this positive environment, we are keeping a significant exposure to risky assets in the portfolio, with a decent allocation to stocks and targeted investments in credit and emerging market currencies. • Optimism does not mean we are not careful: because of ongoing uncertainties around the trade war and Trump’s plans, we have put in place strong hedging strategies using index options. • For government bonds, we remain cautious about the US and Europe. In the US, we worry that markets may be underestimating inflation, while in Europe, growth expectations may be too optimistic. • There are ongoing discussions about new tax cuts and stimulus measures, even though the DOGE has not managed to reduce public spending. This could raise questions about the credibility of the US Treasury. We think yield curves should reflect this risk with higher rates, so we have a negative duration. • In both regions, high debt levels mean we must be careful, so we prefer inflation-linked strategies.