Comgest is an independent, international asset management group which, since its creation in 1985, has pursued a long-term ‘Quality Growth’ and responsible investment style.
Comgest serves investors who share its long-term investment horizon around the world
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Denis Callioni joined Comgest in 2015 and is a Paris-based Analyst and Portfolio Manager specialising in European equities.
Prior to Comgest, Denis worked as an Equity Analyst at Kempen & Co Merchant Bank in Amsterdam from 2010.
Denis holds a Master’s degree in Corporate Finance and Banking from the Duisenberg School of Finance and a Master’s degree in Business and Economics from the University of Amsterdam, both in the Netherlands. She is a CFA® charterholder.
Laure Négiar joined Comgest in 2010 and is a Paris-based Analyst and Portfolio Manager specialising in Global equities.
Prior to joining Comgest, Laure worked at BNP Paribas Equities & Derivatives in Paris and London. Before that, she held several roles within the US government.
Laure holds a Bachelor’s degree in Public Policy from Stanford University (Honours; Phi Beta Kappa) and an MSc in Management (Dean's List) from HEC business school (France). She is a CFA® charterholder.
Louis Citroën joined Comgest in 2019 and is a Paris-based Analyst and Portfolio Manager specialising in US equities.
Prior to joining Comgest, Louis spent five years at Arete Research in London as an Equity Analyst covering telecoms and media stocks.. From 2011, he worked as a Small Cap Equity Analyst at Financière de l’Echiquier. He began his career in 2009 as a management consultant at Oliver Wyman in Paris.
Louis holds a Master’s degree in Management from ESCP Business School (France, UK, Germany) and is a CFA® charterholder.
Richard Kaye joined Comgest in 2009 and is a Paris-based Analyst and Portfolio Manager specialising in Japanese equities. He is also a member of the Comgest Group's Investment Committee.
Richard brings deep, long-standing expertise in Japan, having lived in Tokyo for over 30 years before relocating to Paris in 2025. Prior to joining Comgest, Richard worked at Wellington Management Company in Boston from 2005 as a Portfolio Manager specialising in Japanese TMT stocks. Before that, he worked in Japan as an Analyst at Merrill Lynch from 1996. He began in 1994 as an Analyst with the Industrial Bank of Japan.
Richard holds a Bachelor’s degree in Oriental Studies from Oxford University (UK).
OUR PARTNERSHIP APPROACH DRIVES OUR INVESTMENT STYLE: DURABLE, UNCONSTRAINED & RESPONSIBLE
Investment STRATEGY
We are selective and disciplined, focused on sustainable, long-term growth.
Our ValueS
Comgest's foundations are built on our enduring partnership culture. We believe having skin in the game aligns our interests, responsibilities, risks and rewards with those of our clients.
ESG
Environmental, social and governance criteria are integrated into our bottom-up analysis and our investment process.
OUR THINKING
RESEARCH & ANALYSIS ARE the cornerstone of OUR INVESTMENT PROCESS
Artificial Intelligence: with great power comes great responsibility
Digitalisation, cloud computing, and AI are driving global data centre expansion. Big tech companies need more computing power for their AI services, increasing data centre infrastructure and environmental impact. In this investment letter, Comgest ESG Analyst Liudmila Strakondonskaya emphasises the need for effective governance and decision-making to balance AI growth with ESG considerations.
Equities: Why Valuation Alone Won’t Drive Long-Term Success
Is a stock at 12x earnings really a bargain? Not necessarily. In this thought-provoking piece, Comgest CIO and Portfolio Manager Franz Weis challenges the conventional wisdom around valuation metrics. He explains why long-term success comes from quality growth and earnings visibility — not chasing cheap-looking stocks. Discover how avoiding the “value trap” is central to Comgest’s Quality Growth investment philosophy.
GLOBAL EQUITIES: AI’s gold rush: Unearthing the nuggets of Quality Growth
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. In this investment letter, Comgest’s Global Equity team explains why we typically focus on AI infrastructure companies with high barriers to entry and strong pricing power, while avoiding early-stage AI models and software due to intense competition and potential commoditisation.
For the past 40 years, we have relentlessly focused on a single objective of delivering growth portfolios to our investors
Our comgest
Our Team
We think, act and invest globally
An independent group with a single focus on equities.
OUR FUNDS
QUALITY GROWTH, UNCONSTRAINED
We remain focused on a concentrated number of quality growth companies.
