Xavier David Hovasse Young Park

HOLDINGS 31/03/2020 - First quarter

HOLDINGS CARMIGNAC PORTFOLIO EMERGENTS AT 31/03/2020 Price in currencies Total value (€) % of net assets

Cash, Cash Equivalents and Derivatives Operations 7 671 382.19 7.43 Cash (including collateral cash from derivative positions) 7 671 382.19 7.43

Mutual Fund 5 899 040.00 5.71 7 328 Carmignac Emergents Mutual Fund 805.00 5 899 040.00 5.71

Equities 89 656 119.26 86.85

Latin America 8 745 187.76 8.47

603 850 CIA DE ENER. ELEC. PAULISTA (Brazil) Utilities 18.97 2 012 833.33 1.95

1 143 871 CIELO (Brazil) Information Technology 4.44 892 424.40 0.86

853 942 GRUPO BANORTE (Mexico) Financials 65.00 2 156 364.74 2.09

2 150 MERCADOLIBRE INC (Argentina) Consumer Discretionary 488.58 957 345.18 0.93

600 655 TRANSMISSORA ALIANCA (Brazil) Utilities 25.83 2 726 220.11 2.64

Asia 76 800 806.28 74.40

143 354 58.COM (China) Communication Services 48.72 6 365 191.96 6.17

41 483 AVENUE SUPERMARTS LTD (India) Consumer Staples 2 187.50 1 093 191.98 1.06

143 477 AXIS BANK LTD (India) Financials 379.00 655 088.11 0.63

2 764 769 CHINA EAST EDUCATION HOLDING (China) Consumer Discretionary 12.56 4 083 095.07 3.96

247 365 CHONGQING ZHIFEI BIOLOGICA-A (China) Healthcare 67.39 2 141 865.80 2.07

360 849 DABUR INDIA (India) Consumer Staples 450.05 1 956 430.80 1.90

2 015 451 DALI FOODS GROUP CO LTD (China) Consumer Staples 5.40 1 279 696.57 1.24

366 609 ENN ENERGY HOLDINGS (China) Utilities 75.05 3 235 152.97 3.13

54 251 GDS HOLDINGS LTD - ADR (China) Information Technology 57.97 2 866 193.18 2.78

180 477 HDFC BANK LIMITED (India) Financials 861.90 1 873 945.53 1.82

94 119 HOUSING DEVELOPMENT FINANCE (India) Financials 1 633.10 1 851 690.09 1.79

48 323 HYUNDAI MOTOR () Consumer Discretionary 88 700.00 3 208 902.00 3.11

105 976 ICICI LOMBARD GENERAL INSURA (India) Financials 1 081.65 1 380 932.65 1.34

1 179 975 IHH HEALTHCARE (Malaysia) Healthcare 5.16 1 284 489.10 1.24

178 523 JD.COM INC (China) Consumer Discretionary 40.50 6 589 365.69 6.38

13 920 CORP (South Korea) Communication Services 155 500.00 1 620 498.28 1.57

180 566 KANGWON LAND (South Korea) Consumer Discretionary 19 750.00 2 669 820.26 2.59

26 481 MARUTI SUZUKI INDIA (India) Consumer Discretionary 4 288.30 1 368 036.74 1.33

1 HOLDINGS CARMIGNAC PORTFOLIO EMERGENTS AT 31/03/2020 Price in currencies Total value (€) % of net assets

5 469 NHN (South Korea) Communication Services 170 000.00 696 042.55 0.67

451 863 PING AN HEALTHCARE AND TECHN (China) Healthcare 72.30 3 841 369.47 3.72

224 283 PING AN INSURANCE CO LTD (China) Financials 76.15 2 008 201.40 1.95

529 539 QINGDAO HAIER CO LTD-A (China) Consumer Discretionary 14.40 979 758.39 0.95

230 282 ELECTRONICS (South Korea) Information Technology 40 100.00 6 913 266.70 6.70

10 661 SAMSUNG SDI CO (South Korea) Information Technology 240 500.00 1 919 517.03 1.86

80 563 SEA LTD (Singapur) Communication Services 44.31 3 253 357.51 3.15

91 372 TAIWAN SEMICONDUCTOR (Taiwan) Information Technology 47.79 3 979 647.19 3.86

138 846 TENCENT HOLDINGS (China) Communication Services 380.20 6 207 067.76 6.01

125 158 WUXI BIOLOGICS CAYMAN INC (China) Healthcare 100.50 1 478 991.50 1.43

Eastern Europe 4 093 763.58 3.97

1 516 615 MOSCOW EXCHANGE (Russia) Financials 97.25 1 720 364.54 1.67

76 482 YANDEX (Russia) Communication Services 34.05 2 373 399.04 2.30

Middle East 16 361.64 0.02

29 704 EMAAR PROPERTIES PJSC (United Arab Emirates) Real Estate 2.22 16 361.58 0.02

0 ENKA INSAAT VE SANAYI (Turkey) Industrials 6.22 0.06 0.00

Portfolio value 95 555 159.26 92.57

Net assets 103 226 541.45 100.00

*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. Source: Carmignac at 31/03/2020. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. ​The information presented above is not contractually binding and does not constitute investment advice. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

CARMIGNAC GESTION, 24, place Vendôme - F - 75001 Paris - Tél : (+33) 01 42 86 53 35. Investment management company approved by the AMF Public limited company with share capital of € 15,000,000 - RCS Paris B 349 501 676. CARMIGNAC GESTION Luxembourg, City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tél : (+352) 46 70 60 1. Subsidiary of Carmignac Gestion. Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RC Luxembourg B 67 549. 2