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Investment letters

GLOBAL EQUITIES: AI’s gold rush: Unearthing the nuggets of Quality Growth

12-Mar-2025

Alexandre Narboni

Analyst / Portfolio Manager

Laure Négiar

Analyst / Portfolio Manager

Zak Smerczak

Analyst / Portfolio Manager

• Just as the Gold Rush miners needed tools, artificial intelligence (AI) applications and models need infrastructure. Our Comgest Global Equity strategy seeks these essential companies, favouring those with high barriers to entry and strong pricing power.
• Over the past two years, the AI “Gold Rush” has led to the MSCI World Index becoming concentrated in just a handful of AI-related stocks.
• We tend to avoid investing in early-stage foundational AI models and software due to concerns associated with intense competition or potential commoditisation.

In 1848, Swiss-German settler John Sutter struck gold in Sacramento, California, sparking a frenzy of fortune hunters and the start of the California Gold Rush. By 1852, approximately 300,000 people, including industrialists, engineers and explorers, had migrated to California to cash in.

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