Carmignac Investissement Latitude

• April 2025 was characterized by notable volatility in the financial markets, marked by a sharp correction followed by an equivalent rebound, resulting in relatively minor final variations.- The month commenced with an announcement from Donald Trump concerning higher tariffs than the markets had anticipated. This "Liberation Day," as the US president termed it, created recession fears among investors, triggering a crisis of confidence and causing a flight from risky assets and US assets, including the dollar and Treasury bonds.
• In response to the sharp market downturn, Trump suspended most of the tariff measures for 90 days, excluding China, which allowed equities to rebound.
• European and emerging market equities continued to outperform their US counterparts. Gold was the standout winner of the month, in stark contrast to oil, which experienced a significant decline.
• On the macroeconomic front, uncertainty surrounding trade barriers began to negatively impact leading US activity indicators, such as consumer sentiment.
• The earnings season started robustly, yet companies expressed caution about the future due to ongoing tariff-related uncertainties.

· The fund posted a strong positive performance, outperforming its reference indicator, which ended the month in negative territory.· Active management of equity exposure limited the impact of downward pressure at the beginning of the month, with hedges put in place on US equity markets and the US dollar. · Subsequently, the Fund's re-exposure enabled us to capture the rebound in equities.

• During this period, the key contributors to our performance were Mercadolibre, Broadcom, and ServiceNow. Additionally, our recent acquisitions such as Comfort Systems and Celestica emerged as top performers.
• Furthermore, our put options on indices and securities provided substantial contributions, particularly during the sharp market downturn. These options, which were purchased several months prior, are designed to safeguard the portfolio against extreme events like those witnessed in April.

• Given the ongoing uncertainty in equity markets, we are maintaining a highly active approach to managing our exposure.- In a highly volatile market environment, our strategy focuses on the long-term potential of equities, identifying companies capable of weathering disruptions such as Trump 2.0 and the increasing risk of recession.
• TSMC, the fund's largest holding, reported satisfactory quarterly results while maintaining its outlook its 2025 and 5-year outlook, The company has not seen any change of plans from customers yet due to tariff concerns and remains bolstered by demand for chips to support computational power and connectivity.
• During the month, we leveraged the sharp market downturn to reinforce certain convictions at attractive valuation levels, particularly within the technology sector, such as Nvidia, Amazon, and Alphabet. We also increased our holdings in Novo Nordisk, as growth potential for obesity drugs outside the United States seems underestimated.
• Simultaneously, we took profits on stocks that had held up best during this period of volatility, including Centene and Cencora.
• Additionally, we increased our exposure to small and mid-cap companies, which now constitute 8% of the fund.