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Transcript of Article quality growth and sustainability
1
Investors who select asset
managers applying a Quality
Growth at a Reasonable Price
(Quality GARP) strategy generally
tend to avoid holding companies that
are among the worst ESG offenders.
Investors can be confident that the
companies in a portfolio following
this strategy are, at the aggregate
level, less likely to be laggards in
their management of material
environmental, social and governance
matters, and thus demonstrate lower
associated risks to the portfolio.
Comgest has consistently applied its
‘quality growth’ investment approach
for over 25 years and its long-term
‘buy and hold’ investment philosophy
naturally favours companies with
sound business practices and an
ability to deliver strong long-term
earnings growth. Our unconstrained
investment approach provides us with
the freedom to find companies that, in
our judgement, have superior earnings
potential and visibility.
We typically find such businesses in
consumer goods and services, informa-
tion technology, telecommunications
and media, healthcare, business serv-
ices, and other less cyclical sectors of
the global economy. This means
we generally avoid deep cyclicals,
companies with poor earnings visibility
and those that tend to fluctuate in and
out of favour depending on general
economic conditions such as
commercial banks and commodity-
based activities.
We believe sustainability concerns are
increasingly interwoven into funda-
mental business issues and thus it is
increasingly natural to look at both
financial and non-financial criteria to
support the investment thesis in a
given company. For example, to help
determine how long a company can
remain a low cost producer, assessing
the quality of relations with employees
as well as suppliers can indicate if
labour disruptions or raw material price
increases are likely or not. Alternatively,
questions on the level of independence
of the board of directors vis-à-vis
management and its track record of
minority shareholder-friendly decisions
are also material in this company
analysis. The difference between a
growth and a quality growth company is
increasingly defined by how manage-
ment addresses both financial and
extra-financial matters in their business.
‘Quality growth
portfolios often have
a structural bias away
from resource and
pollution intensive
industries.’In addition to the attractive funda-
mental characteristics we can expect
from a quality growth portfolio, such
as superior returns on assets and
equity and high free cash flows, we
often observe certain ESG related
characteristics on a portfolio level:
� ‘E’: a structural bias in the port-
folio away from capital intensive
and often resource and pollution
intensive industries, such as car
manufacturing, oil and gas explo-
ration/production/distribution and
chemical and steel production;
� ‘S’: fewer negative corporate
developments related to how the
company manages social issues,
such as relations with workers,
unions, suppliers and local
communities, and obligations to
defined benefit pensioners and
former employees;
� ‘G’: less negative corporate gover-
nance developments related to
treatment of minority shareholders,
such as dilutive corporate actions,
and general governance practices
that can affect the stability of
senior management and raise the
risk of litigation, regulatory failures
and other avoidable mistakes that
can reduce investor confidence
and put significant selling pressure
on a stock.
Given the low level of reporting and
transparency on these issues for
companies in emerging markets, it
would be hard to support these
observations with a conclusive study.
However, this environment character-
istic can be observed when comparing
sector allocations with an overlay of
the estimated external environmental
costs of a quality growth portfolio
compared to a reference index or peer
funds. These social and governance
characteristics are measured by
comparing news flows on these issues
for holdings in a quality growth portfolio
compared to a reference index or
peers, and then estimating the mate-
rial impact of those developments on
the prospects for a given company.
Observing these characteristics, while
not easily measured and isolated,
does support the case that this
investment approach naturally tends
to avoid companies that are among
the worst ESG offenders.
The approach applied inemerging marketsThe centre of gravity in the investment
world has shifted towards emerging
markets in recent years, reflecting the
strong economic activity throughout
Latin America, Africa, Asia and Eastern
Europe. Since 1995, an astounding
80% of world market growth has taken
place in these economies and half of
Why it has a natural
tendency to address
sustainability
considerations…
Quality GARP investing
PROFILE
Public Service Review: Local Government and the Regions: issue 18
that in low income countries.1 As
capital continues to flow from Sidney
and San Francisco into Sao Paulo and
Shanghai, the market capitalisation of
companies in these regions become
increasingly significant; it reflected less
than 5% of the MSCI All Country world
index in 1990 and comprised nearly
13% in 2010 with strong potential to
approach 20% by the end of the next
decade. Among the consequences of
this long-term trend is the increasing
exposure of institutions, such as
pension funds, to emerging markets
equities from a traditionally low direct
exposure (typically less than 5%) to
higher levels more in line with the
weighting in the global equity indices.
‘As allocations by
pension funds
and other large
institutional investors
to emerging markets
increase, so will
their attention to
sustainability issues
that can affect
the prospects of
companies in their
portfolios.’The companies that comprised the
investment universe in the last 10-15
years are remarkably different than
those we see today. The more mature,
established franchises Comgest has
invested in have transformed in many
cases from local entrepreneurial busi-
nesses to regional and, in some cases,
global enterprises with business prac-
tices, strategy, governance structures
and strategies increasingly comparable
to established western businesses.
This has also meant generally lower
business risk exposures as increased
professionalism of management and
the ability to meet the transparency
requirements of sophisticated western
investors, strengthening local
regulations and stiffer local listing
registrations has made information on
both financial and extra-financial
criteria increasing in line with
developed market standards. However,
there is still much progress to make.
How to make progress onsustainability issues inemerging marketsThe progress on sustainability issues by
companies, both headquartered or
active in emerging markets, have been
supported by both bottom-up and
top-down initiatives. The former mainly
involves dialogue between investors
and companies, and the latter primarily
involves the various initiatives that
today enjoy wide support, such as the
Global Reporting Initiative (GRI) and
the United Nations Global Compact
(UNGC). These are two among other
broadly supported initiatives available
to both asset managers and owners
addressing these issues.
As bottom-up investors, Comgest feels
the most effective way in which we can
play a meaningful part in improving
sustainability issues in emerging
markets is to encourage and challenge
company managers and boards of
directors through both passive and
active engagement. Passive engage-
ment is the general dialogue investors
have with companies to gather infor-
mation to support or challenge their
initial investment thesis. In the case of
extra-financial issues, these should be
addressed in parallel with classic
fundamental questions. Active engage-
ment is the specific dialogue often
involving a group of investors that
seeks to gather information and poten-
tially influence the behaviour of the
company. A leading example of active
engagement is supported through the
Emerging Markets Disclosure Project
(EMDP), an international initiative
under the support of the United
National Principals for Responsible
Investment, which seeks to improve
transparency and accountability of
corporate environmental, social and
governance issues.
The asset managers that lead a
specific engagement project in a given
country will have diverse objectives
that they will adjust to the situations
and particularities of each company.
They focus on customising the agenda
to the unique situation and issues
affecting companies, avoiding an
ineffective ‘one size fits all’ approach
to sustainability issues, ensuring
topics relevant for a South African
mining company are not then applied
to a Brazilian clothing retailer. This
active engagement allows for the
relevant issues that are specific to
certain companies are addressed in a
constructive, non-threatening manner,
which tends to make companies more
willing to increasingly take ‘foreign’
business practices, values, rules and
regulations into account. Progress will
be gradual and milestones rather than
clear end goals will be the best
measure of company progress on the
sustainability front.
Quality growth asset managers active
in emerging markets will apply the
approach (top-down, bottom-up, or
both) to advancing the sustainability
agenda that best fits with their convic-
tions, resources and existing investment
approach. Leveraging existing global
initiatives and starting new ones,
however small, will collectively support
gaining more visibility on the ESG char-
acteristics of companies and thus allow
better decision-making when allocating
capital to emerging markets.
1 Financial Times, Jonathan Doh and Guy
Pfeffermann, 6th March 2011
William Holmberg
Investment Specialist
Comgest SA
17 Square Edouard VII
75009 Paris
France
Tel: +33 1 44 94 19 00
www.comgest.com
PROFILE
2Public Service Review: Local Government and the Regions: issue 18
Consistent Comgest in times of turmoil
A strict stock selection process need not be rigid. In today’s difficult markets, the Comgest European equities team seeks extra reassurance that firms can deliver on their above-trend growth promises.
The Comgest approach to stock picking is strictly adhered to by all the firm’s fund managers. Arnaud Cosserat, Franz Weis and Laurent Dobler are lead managers on the Comgest Growth Europe, Comgest Europe and Renaissance Europe funds respectively. As a team they seek out quality growth companies that can provide a solid increase in earnings per share over five years or more. They look for pricing power, recurring sales, strong balance sheets and high barriers to entry.
Visibility is all important, particularly in volatile markets and weak economic conditions. Comgest’s requirement that the firms in which it invests are not heavily indebted has worked in its favour since the liquidity crisis. ‘We have not changed the way we apply the strict list of quality criteria and monitor stocks, before and after they have been selected for inclusion in the portfolio. We always look at the cash generation capabilities and leverage of companies. Half of our European equities portfolio had net cash at the time of the 2008 crisis,’ says Franz Weis.
Not surprisingly, the ongoing sovereign crisis and its potential impact on European banks is a good reason to reassess actual and potential holdings. Weis says the equities team is looking harder at corporate debt repayment schedules.
Pricing power is also under review. With raw material prices rising, Weis and his colleagues have probed companies in greater detail about their ability to pass on rising costs to their customers. Weis points to Danone, the dairy product firm, as a good example of a company that can push through price increases when necessary. He says that Danone expects to see input prices rise 8% to 9% in 2011 and is
set to once again increase its operating margin, this time by 20 basis points.
The Comgest team changes focus as volatile markets, trading conditions and political issues dictate. They redeploy resources and stress stock criteria to suit. In 2008, that meant looking deeper into the portfolio, stress testing stocks in the credit crunch and evaluating each for a deeper recession than market watchers expected.
In 2011, the team is again looking at the impact a financial blow-up might have. Arnaud Cosserat says a lot of analysis has gone into assessing how the portfolio might cope with a ‘nightmare scenario’ breakdown of the euro system. ‘It could lead to competitive devaluation. We were relieved to find that Southern Europe only accounts for 9% of the aggregate sales of the 30 or so stocks we hold,’ he says.
Company visits have doubled recently as economic growth has weakened. The Comgest managers want to find out the true impact on their holdings and their end consumers, and to gauge the potential disruption to growth. The economic situation may be deteriorating, yet trading and financial performance of the portfolio is not. Cosserat says companies have learned lessons over the last few years, inventory levels are low and management are now used to a ‘crisis as usual’ situation.
The biggest concern is credit. Cosserat calculates that over 80% of European companies rely on the financial system to
Outperformance of European funds based on selective stock picking
keep their businesses running. Any deterioration or break down in credit could be disastrous. Whilst no final political solution has been agreed, he is encouraged that politicians do not want to repeat the collapse of big banking names as seen in 2008.
The sectors that are more reliant on financing and cyclical factors suffer most in a downturn. Cosserat points to construction and automobiles that tend to be harder hit. The 50 or more companies the Comgest team has seen recently are not ‘hard cyclical’, yet they too have been affected by investor pessimism. ‘Market P/E levels are at 9 times as investors anticipate that earnings will suffer a 20% downgrade. Our companies tell us it is not that bad,’ he says.
Corporate optimism has dimmed but not been wiped out. After a positive year in 2010, markets had hoped for more of the same. When it became clear that growth would not continue as expected, pessimistic analyst
arnaud cOssEratcomgest Growth Europe
‘The current portfolio represents the best of Europe’s dynamic earnings growth’
forecasts and weaker corporate results naturally followed. Franz Weis believes many sectors, including financials and chemicals, have seen earnings per share growth rates halved from 15%. Yet on current price earnings, the market does not believe that corporate Europe will even achieve EPS growth of 7%. ‘The Q2 season delivered more disappointments in terms of expectations. The ratio between positive and negative was the worst it has been for a long time. When companies report next year, they will be even more cautious,’ warns Weis.
There are exceptions to the rule, however. Laurent Dobler is pleased to see Essilor using innovation to stimulate sales growth. It recently launched a new anti-fogging lens for spectacle wearers that should lead to increased sales in 2012.
A number of Comgest’s stocks can generate autonomous growth irrespective of market and economic conditions. Clothing
giants Inditex and H&M are pushing into new global territories to beat slower markets on traditional home territory. Others are picking up on megatrends such as the consumer shift to low-cost products and services and businesses making more use of outsourcing.
Jerónimo Martins, the Portuguese supermarket group, has shifted its business focus to Poland where its hard discount Biedronka stores even manage to undercut Aldi and Lidl. The €8 billion mid-cap stock is generating mid-teens growth in a sector where others struggle to stand still. It is highly cash generative and plans to increase its number of stores from 1,700 to 3,000 by 2015 as it moves into larger cities.
The Comgest European equities team has made a few changes to its portfolio line-up this year. Six stocks have been replaced by newcomers and old favourites. Technology firm Amadeus and fashion group Inditex recently made reappearances. German gas group Linde AG is a new holding. It has a stronger market position than rival Air Liquide
in fast growing markets in Africa, Asia and Eastern Europe. It should benefit from new applications for industrial gases such as demand for hydrogen-powered cars and the race to develop carbon-capture technology.
Portfolio returns were hit by the sharp rotations foisted on the market early this year and by subsequent volatility. Dobler says Comgest’s European portfolios lagged benchmarks by 6% but are now 10%* ahead
year to date. Short-term irrationality does not help, the focus remains on long-term growth. ‘Positive earnings per share are much cheaper to buy now. They should be cheap enough to deliver positive growth. We need to see what happens this quarter to be more confident about visibility,’ he says.
Franz Weis also points out that the current portfolio represents the best of Europe’s dynamic earnings growth. Markets may not be in a positive mood right now, but he believes that the current line-up has the greatest potential for upward re-ratings. In the meantime, investors can count on exceptional dividend yields. At close to 3% for 2012, the Comgest portfolio is delivering far more than German bunds. Investors will have to look beyond quality sovereigns and gold if they want to boost their returns. When they do, the Comgest portfolios should experience healthy returns.
*Figures expressed in euros as at 30/09/2011
‘The economic situation may be deteriorating, yet the performance of the portfolio is not’
franz wEiscomgest Europe
laurEnt dOblErrenaissance Europe
Source: Comgest/FactSet, unless otherwise stated COMGEST GROWTH EUROPE | 29.02.2012 | page 1 of 2
COMGEST GROWTH EUROPE29 February 2012
ISIN IE0004766675Domicile IrelandFund Currency EURTotal Net Asset Value (m) 434.79Net Asset Value per Share 12.15
Portfolio Managers Arnaud CosseratLaurent DoblerFranz Weis
Contact [email protected]
Portfolio profileAsset Class European equityNumber of holdings 32Average weighted market cap (m) €28,946Weight of top 10 stocks 49.53%
Index* MSCI Europe - Net Return*used for comparative purposes only
Standard and Poor’s AA rating (as at April 2011). Morningstar Gold rating (as at Nov 2011). Ratings and awardsmentioned in this document can change at any time and do not constitute a buy recommendation.
CommentaryIn February, Greece made considerable progress in addressing itssovereign debt problem: it approved a new austerity budget, wonEuropean Community approval for a second rescue loan packageand initiated a major debt restructuring plan. At the same time, theEuropean Central Bank and the Bank of England continued tosupport the European banking systems with large amounts ofliquidity. The European economy seems to be stabilizing: whilstItaly's economy shrank more than expected in the last quarter of2011, the French and German economies proved more solid thanexpected. French consumer and business confidence were stable inFebruary, albeit still at a low level, while the German IFO survey ofbusiness confidence slightly improved. Against a background ofdiminishing risks with regard to the stability of the euro and theeconomy, the European stock market rallied in February, up 4.1%,with investors showing a preference for cyclical industries andfinancial stocks. The corporate results season continued with morenegative than positive surprises, leading to further downwardsrevisions of earnings forecasts. However, among the portfoliocompanies, Dassault Systèmes exceeded expectations, increasingsales by 14% in constant currencies, driven by 20% licence growthas the company starts addressing new industries and benefitingfrom an upgrade cycle; the operating margin improved by 1.8% androse above 30% for the first time. Despite uncertain demand,management committed itself to 5-7% sales growth in 2012. L'Oréalalso reported good results, with 5.1% organic sales growth and a0.5% improvement in operating margin to 16.2%. The key growthdrivers were its luxury division and the emerging markets, morethan offsetting weaker trends in Eastern and Southern Europe. Forthe current year, management aims for unchanged growth at 5%,again outperforming the cosmetics market. Danone also managedto surprise positively with 7.8% organic sales growth, helped byvolume growth as well as price and mix improvements. Thecompany's profit margin expanded on a comparable basis.
The views expressed in this fact sheet are those of the portfolio manager at the time of preparation. Theymay be subject to change and should not be interpreted as investment advice.
Portfolio Data Top 5 Holdings
% weight Essilor International S.A. 6.2 France Health CareSAP AG 5.8 Germany Information TechnologyIndustria de Diseno Textil S.A. 5.3 Spain Consumer DiscretionaryColoplast A/S 5.0 Denmark Health CareLinde AG 5.0 Germany Materials
Holdings are provided for information purposes only, are subject to change and should not be deemed as a recommendation tobuy or sell the securities shown. Holdings exclude cash and cash equivalents.
Sector breakdown% weight relative to index
Health Care-- +9.5
Consumer Discretionary-- +10.4
Consumer Staples-- +3.1
Industrials-- +5.5
Information Technology-- +9.0
Materials-- -4.1
[Cash]-- +4.8
Telecommunication Services-- -3.8
Others-- +1.6
20.719
16.716.4
126.1
4.82.6
1.6
Breakdown based on MSCI sector classification.
Country breakdown% weight relative to index
France-- +15.6
Germany-- +0.4
Switzerland-- -1.4
Denmark-- +8.5
United Kingdom-- -24.4
Spain-- +2.0
[Cash]-- +4.8
Sweden-- -0.5
Netherlands-- -0.2
Portugal-- +1.5
Others-- +1.6
Ireland-- +0.6
Italy-- -2.8
29.913.4
11.610.39.9
6.74.84.5
3.51.81.6
10.8
Performance Data* Cumulative performance since inception
Dec2004
Dec2009
50
60
70
80
90
100
110
120
Inde
xed
Per
form
ance
% change
Fund Index
Rolling performance (%)Description 1 Month 1 Year
annualised3 Years
annualised5 Years
annualised10 Years
annualisedInception
annualised
Fund Performance 5.93 11.74 17.69 2.12 2.27 1.66Index Performance 4.06 -4.76 18.38 -3.43 1.52 -0.93Fund Volatility 15.62 13.65 17.08 15.19 15.20
Index Volatility 22.43 20.17 24.74 20.52 20.76
Calendar performance (%)
Description 2007 2008 2009 2010 2011 YTD
Fund 2.79 -29.27 21.07 15.40 2.19 8.68Index 2.69 -43.65 31.60 11.10 -8.08 8.03+/- Index 0.09 14.38 -10.52 4.31 10.28 0.65
*Past performance is no guarantee of future results. Indices are used for comparison of past performance only.Performance calculation based on NAV to NAV variation expressed in euros. Fund volatility is calculated using weeklyperformance data.
Please see important information on final page All information and performance data is as of 29 February 2012 and is unaudited (unless otherwise stated)
Source: Comgest/FactSet, unless otherwise stated COMGEST GROWTH EUROPE | 29.02.2012 | page 2 of 2
COMGEST GROWTH EUROPE29 February 2012
InformationLegal StructureA sub-fund of Comgest Growth plc, an open-endedumbrella-type investment company with variablecapital and segregated liability between sub-fundsincorporated in IrelandUCITS IV compliant
Asset ClassEuropean equity
Investment ManagerComgest Asset Management International Ltd(Regulated by the Central Bank of Ireland)46 St. Stephen's GreenDublin 2, IrelandTel: +353 (0)76 688 [email protected]
Investment AdvisorComgest SA (Arnaud Cosserat, Laurent Dobler, FranzWeis)
Countries registered for saleListed on the Irish Stock ExchangeRecognised in Bahrain (expert investors only),Belgium, France, Germany, Italy (institutionalinvestors only), Luxembourg, Netherlands, Singapore(accredited investors only), Sweden, Switzerland,United Kingdom.
Fund CodesISIN: IE0004766675SEDOL: 0476667BLOOMBERG: COMGREA ID
Initial NAVEUR 10 per share on 15th May 2000Minimum initial investment: EUR 10,000Maximum sales commission: 4%Redemption fee: NoneManagement Fee1.5% per annum of the net asset valueDividend Policy: Capitalisation
Contact for subscriptions and redemptionsRBC Dexia Investor Services [email protected].: +353 1 440 6555Fax: +353 1 613 0401
Trading frequencyDaily, when the banks in Dublin and Luxembourg areopen for business
Cut-off12 noon Irish time on day D
An earlier deadline for receipt of application orredemption requests may apply if your request issent through a third party. Please enquire with yourlocal representative, distributor or other third party.
NAVcalculated using closing prices of DNAV knownD+1SettlementD+3
RiskThe value of shares and the income from them can go down as well as up and you may get back less than the initial amount invested.Movements in exchange rates can negatively impact both the value of your investment and the level of income received.A more detailed description of the risk factors that apply to the fund is set out in the full Prospectus.
IMPORTANT INFORMATION
Investment involves risk. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Figures used in this factsheet arefor illustrative purposes only and are not indicative of the actual return likely to be achieved.
This document is under no circumstances to be used or considered as an offer to buy any security. Under no circumstances shall it be considered as having any contractualvalue. Nothing herein constitutes investment, legal or other advice and is not to be relied upon in making an investment decision. You should obtain specific professionaladvice before making any investment decision.
The fund is aimed at investors with a long-term investment horizon. Calculation of performance data is based on the net asset value which does not include any salescommission or redemption fees. If taken into account, sales commission and redemption fees would have a negative impact on performance.
You should not subscribe into this fund without having first read the full and simplified prospectus of the fund and associated documentation. The full and simplifiedprospectus as well as the latest annual and interim reports and any country specific addendums can be obtained free of charge from the Investment Manager orAdministrator.
Contact details for local representatives/paying agents in countries where the fund is registered for distribution are available from the Investment Manager orAdministrator and can be found in the fund documentation.
The full and simplified prospectus as well as the latest annual and interim reports and any country specific addendums are also available from the local representatives,including -
For Belgium: Fastnet Belgium, SA, avenue Port, 86C Bte 320, B-1000 Brussels. Tel: +32 2 209 26 40. The fund may invest in other France, Luxembourg or Ireland-domiciledfunds within the Comgest range.
For Germany: Marcard, Stein & Co AG, Ballindamm 36, 20095 Hamburg.
For Switzerland: BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich.
Please see important information on final page All information and performance data is as of 29 February 2012 and is unaudited (unless otherwise stated)
PRESS RELEASE
Comgest named 2012 European Equity Fund Manager of the Year At an award ceremony in Vienna, Morningstar recognises Comgest fund managers Arnaud
Cosserat and Laurent Dobler for their long-standing track record and superb management of
Renaissance Europe
Paris, 16 March 2012 – Comgest fund managers Arnaud Cosserat and Laurent Dobler have been presented with
Morningstar’s European Fund Manager of the Year Award 2012. The two lead managers, who came out on top in
the category of European Equity Manager of the Year, received the coveted award at a ceremony in Vienna on
15 March for their success in managing Renaissance Europe. This French domiciled fund, available to
institutional and retail investors, has demonstrated strong risk-adjusted returns for more than 20 years.
In making its selection, the fund research team at Morningstar combed through more than 1,400 funds, assessing
them on the basis of qualitative analysis. Laurent Dobler and Arnaud Cosserat were selected as this year’s
winners not only for their strong performance over the past calendar year but also on the grounds of their superb
long-term performance. The award selection committee placed particular emphasis on the quality of fund
management, on the investment process and on Comgest’s organisation. The fee structure was among other
secondary criteria that led Morningstar to choose this Comgest fund.
“As a general rule, our funds do not invest in cyclical stocks,” explained Dobler. “We select only those companies
which we believe can demonstrate superior, predictable long-term earnings growth. With our Quality Growth
approach, we have been able to achieve steady, above-average growth for our investors even through the
turbulence of recent years.”
Alongside the French-registered Renaissance Europe fund, Comgest – an independent international fund
boutique – also offers a sister fund, Comgest Growth Europe, with the same investment strategy and a nearly
identical portfolio. Units in this fund are available for sale in Germany, Switzerland and other countries. The
company expects to receive further approval for sale in Austria within the current month of March. The team at
Comgest, which manages the Growth Europe fund, includes not only Dobler and Cosserat but also Franz Weis, a
German member of the team with more than 20 years’ experience in European investing.
The ceremony at which Dobler accepted the award was held in Vienna as part of a pan-European investment
conference organised by Morningstar.
Press contact:
Anne Sommerlatt Stockheim Media phone: +49 69 13 38 96-14 e-mail: [email protected] Jorge Person Stockheim Media phone: +49 69 13 38 96-20 e-mail: [email protected]
Quality growth in the long term
w w w. c o m g e s t . c o m
IndependenceCapital held by company founders and employees
Culture based on transparency, interaction and conviction
Disciplined investment approachQuality GARP consistently applied for over 25 years
Research-intensive, bottom-up stock selection
Long-term investment horizonTypical holding period of 3-5 years
Below-average volatility relative to a given index
P A R I S - h O N G k O N G - d u b l I N - t O k Y O - S I N G A P O R e