Michel Wiskirski

HOLDINGS 31/03/2020 - First quarter

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

Cash, Cash Equivalents and Derivatives Operations 11 897 410.45 5.97 Cash (including collateral cash from derivative positions) 11 897 410.45 5.97

Equities 187 449 943.12 94.03

Energy 42 568 034.51 21.35 278 504 AFRICA OIL CORP (Canada) North America 6.10 156 272.22 0.08

232 142 CALLON PETROLEUM CO (USA) North America 0.55 115 917.61 0.06

76 413 CANADIAN NATURAL RESOURCES LTD (Canada) North America 19.25 941 860.25 0.47

24 404 CHEVRON CORP (USA) North America 72.46 1 611 587.00 0.81

3 947 CIMAREX ENERGY (USA) North America 16.83 60 540.45 0.03

173 734 ENBRIDGE (Canada) North America 40.98 4 558 744.56 2.29

30 583 EOG RESOURCES (USA) North America 35.92 1 001 176.91 0.50

36 704 EXXON MOBIL (USA) North America 37.97 1 270 130.67 0.64

323 894 GEOPARK LTD (Chile) Latin America 7.07 2 086 972.50 1.05

163 334 GRAFTECH INTERNATIONAL LTD (USA) North America 8.12 1 208 723.70 0.61

296 893 HALLIBURTON (USA) North America 6.85 1 853 467.35 0.93

84 500 MARATHON PETROLEUM (USA) North America 23.62 1 818 992.94 0.91

25 000 NATIONAL OILWELL VARCO (USA) North America 9.83 223 969.01 0.11

263 005 ON SEMICONDUCTOR CORP (USA) North America 12.44 2 981 801.96 1.50

81 585 PARSLEY ENERGY INC-CLASS A (USA) North America 5.73 426 048.80 0.21

87 472 PDC ENERGY INC (USA) North America 6.21 495 056.84 0.25

965 955 PETROFAC LTD (United Kingdom) Europe 1.96 2 135 165.53 1.07

18 177 PHILLIPS 66 (USA) North America 53.65 888 763.77 0.45

6 940 PIONEER NAT. RESOURCES (USA) North America 70.15 443 691.96 0.22

299 283 PROPETRO HOLDING CORP (USA) North America 2.50 681 893.37 0.34

107 820 RPC (USA) North America 2.06 202 423.51 0.10

105 432 RWE AG (Germany) Europe 23.96 2 526 150.72 1.27

35 613 S.O.I.T.E.C. (France) Europe 65.80 2 343 335.40 1.18

38 997 SM ENERGY CO (USA) North America 1.22 43 359.62 0.02

155 408 STMICROELECTRONICS (France) Europe 19.88 3 088 734.00 1.55

70 161 SUNCOR ENERGY (Canada) North America 22.46 1 009 006.60 0.51

223 827 TPI COMPOSITES INC (USA) North America 14.78 3 014 958.36 1.51

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

900 000 VALEURA ENERGY INC (Canada) North America 0.23 132 543.62 0.07

70 851 VESTAS WIND SYSTEMS A/S (Denmark) Europe 552.60 5 246 745.28 2.63

Industrial Materials 41 939 059.16 21.04

147 176 ALCOA CORP (USA) North America 6.16 826 251.23 0.41

3 193 128 GLENCORE XSTRATA PLC (United Kingdom) Europe 1.24 4 467 275.92 2.24

1 428 500 GRUPO MEXICO SA DE CV (Mexico) Latin America 43.74 2 427 389.75 1.22

139 865 INGERSOLL-RAND INC (USA) North America 24.80 3 161 223.06 1.59

97 885 KINGSPAN GROUP (Ireland) Europe 48.70 4 766 999.50 2.39

82 307 MMC NORILSK NICKEL PJSC (Russia) Eastern Europe 24.92 1 869 300.93 0.94

93 035 MUELLER INDUSTRIES INC (USA) North America 23.94 2 029 854.55 1.02

274 533 NIBE INDUSTRIER AB-B SHS (Sweden) Europe 144.60 3 651 601.41 1.83

370 000 NIPPON STEEL CORP (Japan) Asia-Pacific 925.40 2 890 565.21 1.45

151 313 RIO TINTO PLC (United Kingdom) Europe 37.19 6 358 429.10 3.19

642 206 ROTORK PLC (United Kingdom) Europe 2.15 1 561 063.52 0.78

160 300 STEEL DYNAMICS INC (USA) North America 22.54 3 292 925.04 1.65

50 674 TECK RESOURCES LTD (Canada) North America 7.56 349 141.44 0.18

553 579 VALE SA (Brazil) Latin America 8.29 4 182 428.72 2.10

12 839 WEIR GROUP PLC (United Kingdom) Europe 7.21 104 609.78 0.05

Precious Metals 54 113 066.20 27.15

180 040 AGNICO EAGLE MINES (Canada) North America 39.79 6 528 859.97 3.28

598 685 BARRICK GOLD (Canada) North America 18.32 9 995 816.09 5.01

223 500 ERO COPPER CORP (Canada) North America 10.57 1 512 658.88 0.76

873 109 FIRST QUANTUM MINERALS LTD (Canada) North America 7.19 4 019 627.80 2.02

1 600 000 HOCHSCHILD MINING PLC (Peru) Latin America 1.06 1 923 833.20 0.97

401 482 NEWMONT MINING (USA) North America 45.28 16 567 878.75 8.31

411 300 PRETIUM RESOURCES (Canada) North America 8.03 2 114 768.05 1.06

460 619 WHEATON PRECIOUS METALS CORP (Canada) North America 38.73 11 449 623.46 5.74

Agricultural resources 8 103 656.25 4.07

387 699 DARLING INGREDIENTS (USA) North America 19.17 6 773 469.88 3.40

331 856 INTERFOR CORP (Canada) North America 6.26 1 330 186.37 0.67

Chemicals 16 812 060.89 8.43

65 511 ALBEMARLE CORP (USA) North America 56.37 3 365 554.86 1.69

153 321 NUTRIEN LTD (Canada) North America 33.94 4 742 506.03 2.38

340 000 TESSENDERLO CHEMIE (Belgium) Europe 25.60 8 704 000.00 4.37

Other Commodities Related 23 914 066.11 12.00

220 781 ASHTEAD GRP PLC (United Kingdom) Europe 17.66 4 404 891.58 2.21

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

41 480 MASTEC INC (USA) North America 32.73 1 237 311.83 0.62

132 372 ORSTED A/S (Denmark) Europe 666.40 11 821 272.65 5.93

687 SILTRONIC AG (Germany) Europe 68.26 46 894.62 0.02

887 965 STERLING & WILSON SOLAR LTD (India) Asia 77.00 823 691.89 0.41

66 148 WASTE MANAGEMENT INC (USA) North America 92.56 5 580 003.54 2.80

Portfolio value 187 449 943.12 94.03

Net assets 199 347 353.57 100.00

NET EQUITY EXPOSURE CARMIGNAC PORTFOLIO COMMODITIES AT 31/03/2020 Exposure (€) % Exposure

Long derivative positions 22 897 021.00 11.49 Regional Indexes (2 Positions) Europe 18 020 580.00 9.04

Regional Indexes (1 Position) Eastern Europe 4 876 441.00 2.45

Short derivative positions -32 128 570.00 -16.12 Energy (1 Position) Europe -75 296.00 -0.04

Regional Indexes (1 Position) Europe -5 246 770.00 -2.63

Energy (4 Positions) North America -1 128 116.00 -0.57

Energy (3 Positions) Europe -1 822 681.00 -0.91

Industrial Materials (1 Position) Africa -2 072 200.00 -1.04

Precious Metals (1 Position) Europe -2 836 139.00 -1.42

Regional Indexes (2 Positions) North America -18 947 368.00 -9.50

Equity Investment 187 449 943.12 94.03

Net equity exposure 178 218 394.12 89.40

*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. 3