Estrategia de inversión
PROCESO DE INVERSIÓN
Con un enfoque de inversión bottom-up basado en la selección de acciones, construimos nuestras carteras con independencia de los índices de referencia, las regiones o los sectores. Nuestro equipo de inversión lleva a cabo un análisis fundamental sobre el terreno que abarca tanto factores financieros como extrafinancieros. Nos centramos en el análisis de las perspectivas fundamentales de las empresas, ya que, a largo plazo, la cotización de una compañía se orienta principalmente por la evolución de su beneficio por acción (BPA). Nuestro objetivo es construir carteras que generen un crecimiento medio anual del BPA a doble dígito en un horizonte de inversión de cinco años.
FOCUS
Our process begins with an overall review of the market to create a select “watchlist” of companies that meet our quality and growth criteria.
ANALYSE
We often conduct years of fundamental research to build an in-depth understanding of a company’s business model including analysis of fundamentals, identification of any controversial activities and engagement with management, competitors, suppliers, customers and sector experts.
WAIT
Our investment team creates a shortlisted “Universe” of investible companies that best fit our quality growth investment criteria. We monitor our opportunity set and invest only when valuation is deemed attractive – which can sometimes take years. Valuation is typically based on conservative, proprietary 5-year forecasts of earnings and dividends.
INVEST
We invest with a three-to-five year investment horizon, after building high-conviction, comprehensive views of select candidate companies and consensus through team-based discussions. Our focus is on quality and we build our concentrated portfolios of 25-50 stocks around this principle.
RISk MANAGEMENT
At Comgest, risk is viewed in an absolute sense, not relative to a benchmark. Our quality growth portfolios typically show high active share and lower long-term volatility than comparative indices. On an ongoing basis we monitor, amongst other aspects: fundamental risks and factors that may impact our EPS and valuation assessments; adherence to investment guidelines; regulatory restrictions; liquidity and performance. As all members of the investment team having been with Comgest with over five years of tenure are also shareholders, they view risk from the perspective of a business owner.
Investment Strategy
