At first glance, Japan looks like a difficult place to invest right now. However, Portfolio Manager Richard Kaye looks beyond the headlines to dive into another side of Japan: quietly resilient companies that we believe are well placed to grow regardless of the macro environment.

AI is reshaping the future of software services, but does it spell the end for data providers and digital business models? In this investment letter, Zak Smerczak, Analyst and Portfolio Manager, Global Equities, explains why Comgest believes software companies built on proprietary data and continuous innovation are difficult to replace.

Attention scarcity has reshaped both society and markets, eroding deep thinking and pushing investors toward shorter horizons, herd behaviour and concentration risk. In this investment letter, Franz Weis, Comgest’s Chief Investment Officer, argues for grounding long-term investments in company fundamentals, historical earnings and resilient moats.

The sharp depreciation of the Japanese yen has fuelled a rally in Japanese value stocks. Comgest has consistently warned that this value rally is underpinned by fragile, cyclical drivers that could quickly reverse. In this investment letter, we explain why we believe quality growth companies, supported by strong balance sheets and consistent earnings growth are better positioned to deliver sustainable outperformance.

The AI boom has concentrated global equity markets in a few US tech giants, but as long-term investors Comgest focuses on building resilient, diversified portfolios through an unconstrained approach that targets quality growth across sectors and geographies.

As the US equity market continues to evolve, Comgest remains focused on companies with enduring quality and discipline—like Oracle and Netflix—that support long-term growth. In this investment letter, our US Equities investment team explains how our collaborative, bottom-up approach targets resilient businesses with competitive advantages that compound value over time.