This summer, the yen fell to a four-decade low against the dollar and prompted the first direct US intervention since 1998. But what if the weak yen is not the real story? In our latest investment letter, Japan Equity Portfolio Manager Richard Kaye looks beyond currency swings to the structural shifts reshaping corporate Japan, from innovation and governance reform to the return of domestic investors.

The emerging markets rally looks broad, but three chipmakers now make up close to 30% of the index. GEM Portfolio Manager Nick Payne discusses why owning the index isn't the same as owning the opportunity.

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.

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.