Lettres d'investissement
Plongez à la découverte de nos stratégies d’investissement avec nos experts
Is AI a threat to digital business models? Not quite
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.
Why attention matters in the age of distraction
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.
GLOBAL EQUITIES: CULTIVATING A BALANCED GARDEN OF GROWTH
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.
QUALITY GROWTH: OUR COMPASS THROUGH UNCERTAINTY
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.
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.
