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INVESTOR PROFILE

Investment Strategy

OUR INVESTMENT PROCESS

As bottom-up stock-pickers, we build our portfolios on a company-by-company basis, irrespective of benchmarks, geography or sector allocations. Our on-the-ground investment teams conduct financial and extra-financial research. Our philosophy is that fundamentals prevail, with share price converging towards earnings per share (EPS) growth. To that end, we aim to construct portfolios that deliver double-digit aggregated EPS growth over a three- to five-year investment horizon.

FOCUS

Our process begins with an overall review of the market to create a select “watchlist” of companies that meet our quality and growth criteria.




ANALYSE

We often conduct years of fundamental research to build an in-depth understanding of a company’s business model including analysis of fundamentals, identification of any controversial activities and engagement with management, competitors, suppliers, customers and sector experts.

WAIT

Our investment team creates a shortlisted “Universe” of investible companies that best fit our quality growth investment criteria. We monitor our opportunity set and invest only when valuation is deemed attractive – which can sometimes take years. Valuation is typically based on conservative, proprietary 5-year forecasts of earnings and dividends.

INVEST

We invest with a three-to-five year investment horizon, after building high-conviction, comprehensive views of select candidate companies and consensus through team-based discussions. Our focus is on quality and we build our concentrated portfolios of 25-50 stocks around this principle.

RISk MANAGEMENT 

At Comgest, risk is viewed in an absolute sense, not relative to a benchmark. Our quality growth portfolios typically show high active share and lower long-term volatility than comparative indices. On an ongoing basis we monitor, amongst other aspects: fundamental risks and factors that may impact our EPS and valuation assessments; adherence to investment guidelines; regulatory restrictions; liquidity and performance. As all members of the investment team having been with Comgest for more than two years are also shareholders, they view risk from the perspective of a business owner.

Investment Strategy

PHILOSOPHY

We believe sustainable EPS growth leads to above-average investment returns.

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Stewardship

As stewards of capital, we seek to preserve our clients’ long-term interests by investing in companies that, in our view, can deliver sustainable financial returns.

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Comgest

IMPORTANT INFORMATION – PRIVATE INVESTORS – GERMANY

The following section of the website is for private investors (retail investor as defined by the Markets in Financial Instruments Directive 2014/65/EU or as defined in your jurisdiction). Access to this site requires you to read and accept the Terms of Use for this website (including the Privacy & Cookie policies). The following pages of the website may include information on Comgest funds. Please note that the information and documents available do not take into account your particular investment objectives, strategy, tax status, risk appetite or investment horizon. Refer to your professional advisors for advice on your investments.

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